Acquisitions Monthly articles from February 2008

Acquisitions Monthly archives from February 2008

The perfect storm of uncertainty.(EDITORIAL)
February 1, 2008... January 21 to 25 was a week when fears of a US recession, trouble in the monoline insurance market, sub-prime write-offs by the big Western banks, monsters of inflation raising their ugly heads, expensive debt and continuing lack of market...

January snapshot: synopses of the largest global deals announced in the last month.(MARKET INTELLIGENCE)
February 1, 2008... US: An investor group comprising the state-owned Government of Singapore Investment Authority, Kuwait Investment Authority (KIA), Prince al-Waleed bin Talal, Capital World Investor, Capital Research Global Investors, New Jersey Division of...

Fourth quarter sees premia hike; despite a severe drop in volume, the final three months of 2007 gave rise to the highest average premia of the year.(MARKET INTELLIGENCE)
February 1, 2008... The fourth quarter of 2007 proved to be one of two extremes. The last three months of the year not only generated the lowest quarterly number of eligible offers for UK public companies of the year but they also produced the highest average one...

The end of the beginning: the time-span of the credit crunch--now seven months and with no sign of recovery--is unprecedented. Still, major leveraged finance professionals covering the German market remain cautiously optimistic.(REGIONAL REPORT: GERMANY)
February 1, 2008... [ILLUSTRATION OMITTED] "I believe that there will be some positive signals in the second quarter, which will help create a third and fourth quarter more comparable to 2005/2006," says Jochen Koenig, head of structured finance, Germany,...

Outlook for Germany in 2008: what is the outlook for the German M&A market this year and does this differ from the rest of Europe? Which German industry sectors do market professionals think will experience the most M&A activity over the next 12 months and why?(REGIONAL REPORT: GERMANY)(Company overview)
February 1, 2008... [ILLUSTRATION OMITTED] "Last year was another record one for M&A. It was marked by a surge of M&A activity in the first half, followed by a, well, somewhat less dynamic development in the second. However, even the turbulence in financial...

Great expectations: gulf boom draws in private equity: business in the Gulf has never looked so promising. Surging oil revenues, liberalisation and succession issues for family-run firms are proving an intoxicating allure to private equity.(LEAD FEATURE: FOCUS ON MIDDLE EAST)(Cover story)
February 1, 2008... [ILLUSTRATION OMITTED] At a distance, Dubai's glass and steel structures shimmer like a mirage in the choking desert heat. But on getting closer, it quickly becomes clear that this no mirage. The Emirate resembles one of the largest...

Sword of Damocles hangs over EADS: EADS's over-reliance on Airbus revenues and the weakness of the US dollar are forcing the Franco-German political aerospace and defence behemoth to seek US acquisitions, move operations overseas to China and India, and build up its defence and services business. FADS has dubbed the strategy "Vision 2020".(SECTOR REPORTS: FOCUS ON AEROSPACE)
February 1, 2008... [ILLUSTRATION OMITTED] EADS--the European Aeronautic Defence and Space Company, which owns Airbus--is not in the best of shape when its chief executive, Louis Gallois, uses the Sword of Damocles metaphor to describe the state of his...

What next for BAE systems? The chief executive who replaces Mike Turner will have to deal with lingering corruption allegations and the uncertain outcome of the US elections.(SECTOR REPORTS: FOCUS ON ENGINEERING)
February 1, 2008... [ILLUSTRATION OMITTED] The outcome of the November US elections will prove to be a far more pivotal moment for BAE Systems than the appointment of a new chief executive in August. A number of political analysts believe that the next US...

Can Tata succeed where Ford failed? Tata looks poised to own two of Britain's most famous motoring brands. Despite Ford's best efforts, big challenges still remain. Can Tata Motors really do any better?(SECTOR REPORTS: FOCUS ON AUTOMOTIVES)
February 1, 2008... [ILLUSTRATION OMITTED] When the Jaguar E-type was launched at the 1961 Geneva motor show it was a sensation. It epitomised the very best of a previous incarnation of cool Britannia. The charismatic E-type's graceful lines oozed glamour,...

Technology acquisitions unaffected by slowdown fears: despite current concerns about the state of the global economy, the level of technology acquisitions in 2007 kept pace with the all-time high established in 2006, according to the latest findings from Regent Associates.(SECTOR REPORTS: FOCUS ON TMT)
February 1, 2008... Analysis of acquisitions involving European technology companies throughout 2007 has revealed a total of 3,215 transactions, a slight decline of 2% on the 3,295 deals completed in 2006. However, despite there being fewer transactions than in...

The smell of fear: France gathers around vulnerable Societe Generale to protect it against opportunistic takeover predators.(SECTOR REPORTS: FOCUS ON FIG)
February 1, 2008... You can virtually smell the fear which perfumes the explanatory note released by Societe Generale, detailing blow-by-blow what happened as the French bank discovered that its 31-year-old proprietary trader Jerome Kerviel had got away with...

Scottish & Newcastle break-up: the takeover of Scottish & Newcastle by Carlsberg and Heineken will be transformational for both the industry and the acquirers. The first will become a growth company, the latter the dominant player in Europe.(SECTOR REPORTS: FOCUS ON BREWERIES)
February 1, 2008... January 25, the date on which the 7.8bn [pounds sterling] takeover of Scottish & Newcastle was agreed, also happens to be the birthday of one of Scotland's most famous poets, Robert Burns. Ironically, it's traditional in Scotland to...

Cash flows into British utilities: while many of the world's largest investment banks are licking multi-billion dollar wounds from mortgage-related losses, UK companies that provide two of life's essentials--water and energy--have seen their valuations soar as investors and their financiers perceive them to be safe havens in the current volatile environment.(SECTOR REPORTS: FOCUS ON UTILITIES)
February 1, 2008... [ILLUSTRATION OMITTED] British utilities have been big winners from the global credit crunch. Nowhere has this syndrome been more evident than in the UK water business. The share prices of the listed companies in the sector have fluctuated...

The race to renewables: wind power is just one of the many sectors that have seen heightened consolidation as more stringent regulations on renewable energy and emissions reductions have come into play.(LEGAL & REGULATORY)(Company overview)
February 1, 2008... [ILLUSTRATION OMITTED] The issues surrounding climate change and emissions reductions provoke strong feelings, and many would say rightly so, but the latest row between the EU and the US concerns recently announced plans by Jose Manuel...

More pension deals expected: increasing numbers of pension scheme trustees are exploring options to reduce liabilities.(LEGAL & REGULATORY)
February 1, 2008... The final quarter of last year saw a boom in the number of companies seeking long-term solutions for their pension schemes. Traditionally, major insurers such as Legal & General and Prudential have offered bulk annuities to cover future...

Advent International makes promotions; the global private equity firm has announced the promotion of 17 members of its global investment team.(INSTITUTIONS)
February 1, 2008... Chris Mruck, with the Central and Eastern European team in Prague, and Dave McKenna, a member of the North American deal team in Boston, have been promoted to managing partners by Advent International. The global private equity firm has...

Editorial calendar for 2008.(INSTITUTIONS)(Calendar)
February 1, 2008... Editorial Calendar for 2008 March April Sector focus Utilities Media Country reviews Austria/Switzerland Turkey Other features Corporate finance Post merger...

Networks face challenges ahead: in a shrinking world, networks need to formalise their arrangements if they are to continue to prosper.(MOVING IN THE MID-MARKETS: MID-MARKETS VIEW)
February 1, 2008... The past year has never been more active for cross border deals in the mid markets. Even quite small companies are attracting interest from overseas bidders. Given this trend it seems strange to predict the decline of international networks of...

Tough outlook for Wolseley: serial acquirer says profits will fall by a third as weak US housing markets impact.(MOVING IN THE MID-MARKETS: MID-MARKETS VIEW)
February 1, 2008... Wolseley said its pretax profit for the five months to the end of December is likely to have fallen by around a third due to challenging conditions in the US, especially in the deteriorating housing market. The building supplies group has...

Capricorn circles Clapham House: restaurant groups face predatory approaches as trading becomes tougher.(MOVING IN THE MID-MARKETS: MID-MARKETS VIEW)
February 1, 2008... [ILLUSTRATION OMITTED] Consolidation is expected amongst restaurant operators as a string of public businesses reported tougher trading over the vital Christmas period. On January 9, shares in Restaurant Group, which owns the...

Israelis target Fiberweb: shares in UK non-woven fabrics producer Fiberweb rise on possible Israeli offer.(MOVING IN THE MID-MARKETS: MID-MARKETS VIEW)
February 1, 2008... Avgol Industries, an Israeli non-woven fabrics producer, has made an approach to UK rival Fiberweb regarding a possible offer of 100p per share in cash. The putative bidder would also honour a declared dividend of 2.5p per share. The total...

Battle for Newbury Racecourse: Berkshire track turns down fresh 11.50 [pounds sterling] a share bid from major shareholder Guinness Peat.(MOVING IN THE MID-MARKETS: MID-MARKETS VIEW)
February 1, 2008... [ILLUSTRATION OMITTED] The independent directors of Newbury Racecourse have rejected an increased offer from major shareholder Guinness Peat Group. On January 22, the bidder, which has a 20.83% stake in the Berkshire track, lifted its...

Football crazy: interest from outside acquirers in the North West reached fever pitch last year as foreigners snapped up the region's major football clubs.(MOVING IN THE MID-MARKETS: MID-MARKETS VIEW)(Company overview)
February 1, 2008... [ILLUSTRATION OMITTED] Legendary Liverpool manager Bill Shankly once said: "Football is more important than life and death." Many in the North-West would agree, regarding their football teams as the area's most sacred assets. A third...

French connection: French placement agency Triago has witnessed huge changes in private equity during its 15-year lifespan. Robert Venes reports from Paris on the firm's growth and how it is dealing with one of the industry's toughest times.(BEHIND THE BUYOUTS: PRIVATE EQUITY PROFILE)
February 1, 2008... Surrounded by champagne and dancing girls, Antoine Drean, founder and chief executive of French placement agency Triago and its secondary specialist unit Triago-X, kicked off his firm's 15th birthday party celebrations with a thank you to his...

Our friends in the North-West: over the past several years, many of the UK private equity mid-market's larger players have moved out of the regions, but Manchester has remained a dominant force in the industry and attracts significant deal flow in the North-West.(PRIVATE EQUITY PROFILE: BEHIND THE BUYOUTS)(Company overview)
February 1, 2008... [ILLUSTRATION OMITTED] The private equity scene in the UK particularly London-centric. Any finance house injecting capital in deals with enterprise values north of 50m [pounds sterling] has a London base and none of the major buyout firms...

Lowest level of buyouts for three years: the total value of buyouts in the final quarter of 2007 fell by nearly 50% to 21bn [euro] compared with 42bn [euro] in Q3. This reflects the dramatic fall in the number of large buyouts.(PRIVATE EQUITY PROFILE: BEHIND THE BUYOUTS)
February 1, 2008... The lack of large buyouts in the fourth quarter of 2007, caused by worsening conditions in the credit markets, brought values down to the lowest quarterly total for several years--almost half that of the third quarter and nearly two-thirds less...

Hands forced to cut at EMI.(PRIVATE EQUITY PROFILE: BEHIND THE BUYOUTS)
February 1, 2008... Private equity has come under the hammer once again, with pan-European buyout firm Terra Firma chief executive Guy Hands announcing that one-third of the staff will be sacked at EMI, the UK music group he took private for about 4bn [pounds...

Exponent bags fashion brand Radley.(PRIVATE EQUITY PROFILE: BEHIND THE BUYOUTS)
February 1, 2008... UK-based luxury handbag, luggage and accessories maker Radley has been acquired by Exponent Private Equity. The UK mid-market firm formed in 2004 by four senior executives at 3i is Radley's second private equity Am owner in two years. ...

Segulah carriers out rare recap.(PRIVATE EQUITY PROFILE: BEHIND THE BUYOUTS)
February 1, 2008... Segulah, a Swedish private equity house, has defied the collapse of the credit markets to complete an SKr2bn (US$316m) recapitalisation of portfolio company Dacke, a hydraulics, pneumatics and industrial automation group. The refinancing...

Platina sells windfarmsin run-up to EREF.(PRIVATE EQUITY PROFILE: BEHIND THE BUYOUTS)
February 1, 2008... Platina Finance, a UK and France-based private equity firm with a focus on energy Investments, has sold its 25% stake in SFE, France's second largest windfarm developer, to Sorgenia for 86.25m [euro] (US$128m), based on an enterprise value of...

Scandlines.(M&A capital markets round-up)
February 1, 2008... The loan backing the acquisition of the Scandlines ferry business by Allianz SE has been relaunched. The mandated lead arrangers are ING, Mizuho, SG and RBS. Syndication will now be for an eight-year 1.28bn [euro] deal, as opposed to the 1.5bn...

Applus.(M&A capital markets round-up)
February 1, 2008... Syndication of senior and second lien tranches of the loan backing the buyout of Applus ] by Carlyle Group has closed and allocated via Barclays, Calyon, Caja Madrid, SG and ICG. Syndication was to a mix of banks, including local Spanish banks,...

Firth Rixson.(M&A capital markets round-up)
February 1, 2008... The 900m [euro] facilities backing the buyout of Firth Rixson have allocated, with all tranches oversubscribed. Lehman Brothers was bookrunner across both the 650m [euro] senior and 250m [euro] mezzanine debt, GE Commercial Finance is...

Almatis.(M&A capital markets round-up)
February 1, 2008... UBS as global coordinator, mandated lead arranger and bookrunner has completed the US$970m debt package backing Dubai International Capital (DIC) acquisition of Almatis from Rhone Capital and Ontario Teacher's Pension Plan Board. In addition to...

GET.(M&A capital markets round-up)
February 1, 2008... BNP Paribas and RBS have launched syndication of the NKr3.71bn (462m [euro]) debt package supporting Quadrangle and GS Capital's secondary buyout of GET, a Norwegian cable operator. Facilities are split between a NKr525m seven-year term loan A...

Bridgepoint Capital sold Alliance Medical, a healthcare imaging business, to DIC, for 600m [pounds sterling].(M&A capital markets round-up)
February 1, 2008... Bridgepoint Capital sold Alliance Medical, a healthcare imaging business, to DIC, for 600m [pounds sterling]. The company, based in Warwickshire, UK, operates more than 190 scanners in the UK, including MRI, CT and PET for the NHS and private...

Drie Mollen International.(M&A capital markets round-up)
February 1, 2008... CapVest has mandated Rabobank as mandated lead arranger and bookrunner on the 275m [euro] loan package backing the buyout of Drie Mollen International. AIB, BOI and ING joined the transaction as mandated lead arrangers. The facility is...

Nobel Explosifs Frances.(M&A capital markets round-up)
February 1, 2008... Credit Mutuel-CIC (physical bookrunner) and Natixis have underwritten the 85m [euro] senior debt package supporting LFPI and FPG's buyout of Nobel Explosifs Frances as well as the refinancing of Finexplo. Both companies have been merged into a...

M&A deal data.(Company overview)
February 1, 2008... This country analysis included acquisitions and buyouts announced between 19 December 2007 and 18 January 2008. Benelux Target Bidder Dolmen Computer Application NV Gores Group LLC (US)...

Country codes.
February 1, 2008... COUNTRY CODES AA Albania AB Aruba AD Andorra AF Afghanistan AI Abu Dhabi AJ Ajman AL Algeria AM Armenia AN Angola AQ Antigua AR Argentina AS Austria AU Australia AZ Azerbaijan BA...