Acquisitions Monthly articles from March 2009

Acquisitions Monthly archives from March 2009

Rio Tinto rankles investors.(EDITORIAL)
March 1, 2009... Rio Tinto faces an uncertain time over the next few months as it tries to persuade its institutional shareholders to back a plan to cut company debt by US$19.5bn through a controversial series of deals with Chinese partner Chinalco. This...

Spain: Enel SpA (ES) of Italy has agreed to raise its interest from 67% to 92.01% in Endesa SA (EN), a Madrid-based electric and gas utility company, by acquiring a further 25.01% stake, or 264.688m ordinary shares, from Finanzas Dos Enel SpA, a 50.01/49.99 joint venture between Finanzas Dos, a wholly-owned unit of Acciona SA, and ES, for 11.107bn [euro] (US$14.249bn) in cash.(February snapshot)
March 1, 2009... SPAIN: Enel SpA (ES) of Italy has agreed to raise its interest from 67% to 92.01% in Endesa SA (EN), a Madrid-based electric and gas utility company, by acquiring a further 25.01% stake, or 264.688m ordinary shares, from Finanzas Dos Enel SpA,...

Netherlands: Swedish state-owned Vattenfall AB (VA) has agreed to acquire a 49% stake in Dutch state-owned Nuon NV (NN), an Amsterdam-based electric and water utility company, and plans to acquire the remaining 51% of NN.(February snapshot)
March 1, 2009... NETHERLANDS: Swedish state-owned Vattenfall AB (VA) has agreed to acquire a 49% stake in Dutch state-owned Nuon NV (NN), an Amsterdam-based electric and water utility company, and plans to acquire the remaining 51% of NN. The two transactions...

Australia: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire a 15% stake in Hamersley Iron Pty Ltd, an iron ore mining company, from Rio Tinto PLC (RT), for A$7.887bn (Rmb35.14bn, US$5.15bn), through the formation of a joint venture.(February snapshot)
March 1, 2009... AUSTRALIA: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire a 15% stake in Hamersley Iron Pty Ltd, an iron ore mining company, from Rio Tinto PLC (RT), for A$7.887bn (Rmb35.14bn, US$5.15bn), through the formation of a...

Australia: Chinalco plans to raise its interest in Rio Tinto Ltd to 19% by acquiring bonds.(February snapshot)
March 1, 2009... AUSTRALIA: Chinalco plans to raise its interest in Rio Tinto Ltd to 19% by acquiring bonds convertible into a further 9.5% stake for A$6.265bn (Rmb27.975bn, US$4.1bn) in cash, in a privately negotiated transaction, subject to regulatory...

Announced deals worldwide: target region transaction volume year-to-date.(February snapshot)
March 1, 2009... ANNOUNCED DEALS WORLDWIDE: TARGET REGION TRANSACTION VOLUME YEAR-TO-DATE Americas US$123,748.24m 51.3% Europe US$654,33.24m 27.1% Central Asia/Asia-Pacific US$41,482.4m 17.2% Japan US$60,07.37m ...

Announced deals worldwide: target industry transaction volume year-to-date.(February snapshot)
March 1, 2009... ANNOUNCED DEALS WORLDWIDE: TARGET INDUSTRY TRANSACTION VOLUME YEAR-TO-DATE Healthcare US$72,210.46 29.9% Energy and power US$49,662.67 20.6% Materials US$41,873.52 17.4% Financials...

Top 20 global deals announced in February 2009.(February snapshot)
March 1, 2009... TOP 20 GLOBAL DEALS ANNOUNCED IN FEBRUARY 2009 Date ann Target Target advisers Acquirer name 21/02/09 Endesa SA (SP) Lazard/Citi Enel SpA (IT) 23/02/09 Nuon NV (NT) Goldman Sachs & ...

Spain: Acciona SA, a 59.6%-owned unit of Grupo Entrecanales SA, has agreed to acquire the renewable energy generation assets of Endesa SA.(February snapshot)
March 1, 2009... SPAIN: Acciona SA, a 59.6%-owned unit of Grupo Entrecanales SA, has agreed to acquire the renewable energy generation assets of Endesa SA, a Madrid-based electric and gas utility company, for 2.89bn [euro] (US$3.707bn) subject to regulatory...

Chile: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire a 49.75% stake in Rio Tinto Escondida Ltd.(February snapshot)
March 1, 2009... CHILE: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire a 49.75% stake in Rio Tinto Escondida Ltd, a copper mining company, from Rio Tinto PLC (RT), for Ps2.02trn (Rmb23.117bn, US$3.388bn in cash, in the formation of a...

Australia: Vodafone Group PLC has agreed to merge its Australian telecoms businesses with those of Hutchison Telecommunications (Australia) Ltd, a wireless telecoms services provider and a majority owned unit of Hutchison Whampoa Ltd, for A$4.714bn (US$3.197bn), including A$4.214bn (US$2.858bn) in assets and a A$500m (US$339.15m) equalisation payment.(February snapshot)
March 1, 2009... AUSTRALIA: Vodafone Group PLC has agreed to merge its Australian telecoms businesses with those of Hutchison Telecommunications (Australia) Ltd, a wireless telecoms services provider and a majority owned unit of Hutchison Whampoa Ltd, for...

UK: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire bonds convertible into a 9% stake in Rio Tinto PLC (RTP), a London-based copper, gold and coal mining company, for 2.156bn [pounds sterling] (US$3.1bn).(February snapshot)
March 1, 2009... UK: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire bonds convertible into a 9% stake in Rio Tinto PLC (RTP), a London-based copper, gold and coal mining company, for 2.156bn [pounds sterling] (US$3.1bn). Upon completion,...

Switzerland: Berkshire Hathaway Inc plans to raise its stake from 5% to 25% in Zurich-based Swiss Reinsurance Co.(February snapshot)
March 1, 2009... SWITZERLAND: Berkshire Hathaway Inc plans to raise its stake from 5% to 25% in Zurich-based Swiss Reinsurance Co by acquiring 70.611m ordinary shares in the open market for SFr3bn (US$2.59bn).

Australia: China Minmetals Nonferrous Metals Co Ltd, a unit of Chinese state-owned China Minmetals Corp, agreed to acquire the entire ordinary share capital of OZ Minerals Ltd, a copper, lead, zinc, and gold mining company, for A$3.775bn (Rmb16.717bn, US$2.452bn).(February snapshot)
March 1, 2009... AUSTRALIA: China Minmetals Nonferrous Metals Co Ltd, a unit of Chinese state-owned China Minmetals Corp, agreed to acquire the entire ordinary share capital of OZ Minerals Ltd, a copper, lead, zinc, and gold mining company, for A$3.775bn...

Kazakhstan: Kazakhstan state-owned Samruk-Kazyna Fund plans to acquire a 78% interest in BTA Bank JSC.(February snapshot)
March 1, 2009... KAZAKHSTAN: Kazakhstan state-owned Samruk-Kazyna Fund plans to acquire a 78% interest in BTA Bank JSC, a banking and financial services provider, for 251.3bn Kazakhstan tenge (US$2.094bn).

Canada: Abu Dhabi state-owned International Petroleum Investment Co has agreed to acquire Nova Chemicals Corp, a manufacturer of commodity plastics and chemicals, for C$7.504 (US$6) in cash per share, or a total f C$624.04m (US$498.966m).(February snapshot)
March 1, 2009... CANADA: Abu Dhabi state-owned International Petroleum Investment Co has agreed to acquire Nova Chemicals Corp, a manufacturer of commodity plastics and chemicals, for C$7.504 (US$6) in cash per share, or a total f C$624.04m (US$498.966m). The...

Hongkong: China Energy Development Holdings Ltd has agreed to acquire the entire share capital of Zhong Guo Nian Dai Energy Investment (Hong Kong) Ltd, an oil and gas exploration and production company, from Totalbuild Ltd, for HK$10bn (US$1.29bn).(February snapshot)
March 1, 2009... HONGKONG: China Energy Development Holdings Ltd has agreed to acquire the entire share capital of Zhong Guo Nian Dai Energy Investment (Hong Kong) Ltd, an oil and gas exploration and production company, from Totalbuild Ltd, for HK$10bn...

Australia: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire a 30% stake in the Weipa bauxite mine of Rio Tinto PLC (RTP), a London-based copper, gold and coal mining company, for A$1.834bn (Rmb8.188bn, US$1.2bn), in the formation of a joint venture.(February snapshot)
March 1, 2009... AUSTRALIA: Chinese state-owned Aluminum Corp of China (Chinalco) plans to acquire a 3070 stake in the Weipa bauxite mine of Rio Tinto PLC (RTP), a London-based copper, gold and coal mining company, for A$1.834bn (Rmb8.188bn, US$1.2bn), in the...

Italy: Assicurazioni Generali SpA (GS) has agreed to acquire the 49.59% stake, or 209.918m ordinary shares, it does not already own, in Alleanza Assicurazioni SpA (AL), a Milan-based insurance company, in a stock swap transaction valued at 902.626m [euro] (US$1.146bn).(February snapshot)
March 1, 2009... ITALY: Assicurazioni Generali SpA (GS) has agreed to acquire the 49.59% stake, or 209.918m ordinary shares, it does not already own, in Alleanza Assicurazioni SpA (AL), a Milan-based insurance company, in a stock swap transaction valued at...

Singapore: Chinese state-owned Aluminum Corp of China (Chinalco) has agreed to acquire notes convertible into an 8.5% stake in Shining Prospect Pte Ltd, a special purpose acquisition vehicle, from Alcoa Inc, for S$1.540bn (Rmb96.966bn, US$1.021bn).(February snapshot)
March 1, 2009... SINGAPORE: Chinese state-owned Aluminum Corp of China (Chinalco) has agreed to acquire notes convertible into an 8.5% stake in Shining Prospect Pte Ltd, a special purpose acquisition vehicle, from Alcoa Inc, for S$1.540bn (Rmb96.966bn,...

US: H Lundbeck A/S (HL), through its wholly owned Lundbeck Inc unit, has agreed to acquire all the outstanding stock of Ovation Pharmaceutical Inc (OP), a manufacturer of pharmaceuticals, from GTCR Golder Rauner LLC, for an estimated US$900m, including US$600m in cash and up to US$300m in profit-related payments.(February snapshot)
March 1, 2009... US: H Lundbeck A/S (HL), through its wholly owned Lundbeck Inc unit, has agreed to acquire all the outstanding stock of Ovation Pharmaceutical Inc (OP), a manufacturer of pharmaceuticals, from GTCR Golder Rauner LLC, for an estimated US$900m,...

Peru: an investor group comprising South Korean state-owned Korea National Oil Corp (KNOC) (50%) and Colombia state-owned Empresa Colombia de Petroleos SA (Ecopetrol) (50%) has acquired Petro-Tech Peruana SA (PT), an oil and gas exploration and production company, from Offshore International Group (OI), for 2.836bn Peruvian sol (US$900m).(February snapshot)
March 1, 2009... PERU: An investor group comprising South Korean state-owned Korea National Oil Corp (KNOC) (50%) and Colombia state-owned Empresa Colombia de Petroleos SA (Ecopetrol) (50%) has acquired Petro-Tech Peruana SA (PT), an oil and gas exploration and...

Philippines: Q-Tech Alliance Holdings Inc has agreed to acquire a 19.91% stake, or 628.667m ordinary shares, in San Miguel Corp.(February snapshot)
March 1, 2009... PHILIPPINES: Q-Tech Alliance Holdings Inc has agreed to acquire a 19.91% stake, or 628.667m ordinary shares, in San Miguel Corp, a malt liquors producer and wholesaler, from Kirin Holdings Co Ltd for Ps63 ([yen] 122.226, US$1.31) per share, or...

China: Hongkong Electric (Holdings) Ltd agreed to acquire the entire share capital of Outram Ltd.(February snapshot)
March 1, 2009... CHINA: Hongkong Electric (Holdings) Ltd agreed to acquire the entire share capital of Outram Ltd, a power plant owner and operator, from Cheung Kong Infrastructure Holdings Ltd, an 84.5870-owned unit of Hutchison Whampoa Ltd, for Rmb4.997bn...

How will deals be done in 2009? Vendor loans, equity swaps, all-stock combinations, and sovereign wealth funds are going to be facilitating M&A in 2009, proposed a panel of experts at Acquisitions Monthly/Merrill Datasite's web-based roundtable in early February.(MARKET INTELLIGENCE)
March 1, 2009... The liquidity-constrained environment was, not surprisingly, the common denominator to the discussion, which brought together Hernan Cristerna, co-head of M&A at JP Morgan; Alistair Asher, a partner at Allen & Overy; Brian McKay, co-head of...

Beyond the bailouts: bailout 1 saved the banks from destruction. Since then, the global economy has collapsed into recession. Will the latest bailouts and lending stimuli do the trick?(SECTOR REPORTS: FOCUS ON FIG)
March 1, 2009... [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] How much do the bailouts come to now? When the first Wall Street bailout was...

Renewables revolution stumbles: the financial crisis has crimped M&A activity in most industries and the renewables sector is no different. Nonetheless, the sector's future remains bright thanks in part to so much government support to make it a success.(SECTOR REPORTS: FOCUS ON UTILITIES)
March 1, 2009... [ILLUSTRATION OMITTED] Western countries are attempting an energy revolution, one that could be as important economically as the introduction of the steam engine and later petrol and diesel engines. The target of reducing dependence on...

Politics engulfs Ukrtelecom: it's taken almost a decade to privatise Ukraine's national telecoms operator, Ukrtelecom. And, now because of political infighting between President Victor Yushchenko and Prime Minister Yulia Tymoshenko, the US$1 bn sell-off of the telco keeps being delayed. The contracting economy and the risk of default by the government are not speeding up the process.(SECTOR REPORTS: FOCUS ON TMT)
March 1, 2009... Back in 2000, the Verkhovna Rada--Ukraine's unicameral parliament, where there are occasional bouts of fisticuffs between political rivals--adopted a draft law setting out the process for Ukrtelecom's privatisadon. The state would retain a...

Pfizer's final fling? The US$68bn acquisition of Wyeth could signal the end of the era of mega deals as large pharmaceutical companies seek alternative ways to replace lost earnings.(SECTOR REPORTS: FOCUS ON PHARMACEUTICALS)
March 1, 2009... [ILLUSTRATION OMITTED] At the end of January, Pfizer, the world's largest pharmaceutical producer, made an agreed US$68bn offer for another top 10 player, Wyeth, creating a company that has nearly double the drug sales of the second...

Managing in a materials world: the worsening global economy appears to be bringing with it many consolidation opportunities for those players in the mining and materials sector in a position to capitalise on them.(SECTOR REPORTS: FOCUS ON MATERIALS)
March 1, 2009... [ILLUSTRATION OMITTED] The materials sector has rife with deal-making news and speculation during 2009. Amid falling commodity prices and a worsening financial crisis, those with the available funds have made the industry the second most...

Carbon issues turn up the heat on M&A: historically focused on contaminated land and asbestos issues, environmental due diligence providers will see their role in M&A advisory become more important going forward as climate change drives legislation.(LEGAL & REGULATORY)
March 1, 2009... [ILLUSTRATION OMITTED] The environmental business has been shaken by the drop off in M&A. With many fewer deals, it has fallen back on its traditional compliance roots. While the environmental advisory space, like all deal advisories...

CSR eyes bargain: the purchase of GPS chipmaker SiRF for little more than its cash shows bargains are attracting acquirers in the technology sector.(MID-MARKET VIEW)
March 1, 2009... [ILLUSTRATION OMITTED] More evidence is emerging that bargain hunters are starting to snap up opportunities after vast acres of the economy have been hit, knocking back valuations in the process. On February 10, Bluetooth chipmaker CSR...

Raven makes property bet on Russia: in a complex move, property investor Raven Russia is raising 125m [pounds sterling] through a rights issue and buying parent group Raven Mount, increasing its bet on the Russian economy's revival.(MOVING THE MID-MARKETS)
March 1, 2009... [ILLUSTRATION OMITTED] The capital drought has left many real estate companies struggling for survival. Along with emerging markets, the sector is out of favour. One such company, Raven Russia, combines both risks. Raising funds has...

Surviving the retail roller-coaster: the UK retail sector has already seen some well-known brands disappear while many more struggle to survive.(MOVING IN THE MID-MARKETS)
March 1, 2009... News that children's clothing retailer Adams has been acquired from its administrators by former owner John Shannon will no doubt bring relief to the 1,900 staff employed at the group's remaining 120 shops. But the growing list of businesses...

Boutiques benefit from bonus bans: independent advisory firms are already picking up M&A bankers from investment banks now that bonuses have been decided.(MOVING IN THE MID-MARKETS)
March 1, 2009... The current controversy over whether banks that have accepted state bailouts should pay out bonuses, effectively with public money, is benefiting smaller boutiques that are less constrained. A flurry of M&A bankers, whose remuneration might...

Dana Petroleum buys Bow Valley.(MOVING IN THE MID-MARKETS)
March 1, 2009... FTSE-250 constituent Dana Petroleum has agreed to acquire Bow Valley Energy, the Canadian oil and gas exploration and production company, for US$177m in cash, including US$142m worth of net debt. "The acquisition of Bow Valley is directly...

Japan's square Enix buys Eidos.(MOVING IN THE MID-MARKETS)
March 1, 2009... Eidos, a UK computer games maker best known for its Tomb Raider series and the iconic Lara Croft, has been acquired by Japanese peer Square Enix. Square Enix agreed to pay 32p in cash per share for Eidos, valuing the target at...

G4S completes European exit.(MOVING IN THE MID-MARKETS)
March 1, 2009... Security giant G4S has sold its French unit, completing its plan to exit its underperforming businesses on the Continent. G4S Holdings (France) was acquired by Neo Securite, a management buy-in vehicle led by Jean-Michel Houry, formerly a...

'Death of buyouts' much exaggerated: Javier Echarri, Secretary General of the European Private Equity and Venture Capital Association (EVCA), argues that the private equity industry must draw on its operational expertise during this downturn and show policymakers there's more to buyouts than leverage.(GUEST COLUMN)
March 1, 2009... The buyout in Europe began as something rather different from the US leveraged buyout (LBO) of RJR Nabisco notoriety. Here, from the mid-1980s, private equity began in the development capital market, quickly taking the form of management...

Alliance Boots confident despite bleak outlook: executive chairman Stefano Pessina says the KKR-backed chemist, the subject of Europe's largest ever leveraged buyout, wants to grow despite the current tough market.(BEHIND THE BUYOUTS)
March 1, 2009... [ILLUSTRATION OMITTED] Alliance Boots' executive chairman says the healthcare retailer is starting its second year in private ownership with optimism, despite facing an increasingly turbulent economic outlook. In an exclusive...

Remaining relevant: Simon Walker, Chief Executive of the British Private Equity and Venture Capital Association (BVCA), calls for the UK private equity industry to focus on its portfolio companies and try to work with the government to prove itself in the current environment.(BEHIND THE BUYOUTS)(Industry overview)
March 1, 2009... With much of Europe officially in recession and economic uncertainty likely to last through 2009 and possibly beyond, the challenge facing private equity is unprecedented. The well-worn adage that downturns are a good time to invest may be...

Tough times for 3i as Yea departs: global private equity firm 3i has had a challenging start to 2009, in which it has to date lost its chief executive of five years, significantly written down the value of its largest portfolio investments, pulled out of the highly public Gatwick deal, and sold part of its stake in listed fund 3i Infrastructure. It has, however, managed to divest some of its minority shareholdings.(BEHIND THE BUYOUTS)
March 1, 2009... In late January, Philip Yea, a former chief executive at Investcorp, resigned his position at 3i, to be succeeded by Michael Queen, previously managing partner of 3i's infrastructure business. When Yea joined 3i in the summer 2004, he was...

Not so super: the bad news flowed from private equity's SuperReturn conference in Berlin but Carlyle's David Rubenstein offered some hope, stressing the need for private equity capital in the current climate. The overriding gloom, however, drowned out any optimism--LPs are going to become more assertive and some buyout firms will fail.(BEHIND THE BUYOUTS)(Conference notes)
March 1, 2009... Private equity bosses at the industry's annual SuperReturn conference were brutal in their assessment of the current state of the market for buyouts. With debt all but unavailable, the mood was sombre, and if they weren't already feeling it,...

Second post for CVC: CVC Capital Partners has agreed to sell its minority stake in post office group Post Danmark to the Danish state for an undisclosed sum.(BEHIND THE BUYOUTS)
March 1, 2009... CVC said that it had entered into conditional sale agreement with the Danish state for its 22% stake following the US$7.5bn merger between Post Danmark and Sweden's Posten, which is expected to complete this year. CVC rationalised its...

Nationalised Carnegie sold to private equity.(BEHIND THE BUYOUTS)
March 1, 2009... Swedish investment bank Carnegie and its insurance brokerage unit Max Matthiesen have both been acquired by Swedish private equity investors Altor Fund III and Bure Equity. The two investors paid SKr2.28bn (218m [euro]) for the two units. ...

GMT completes rare refinancing.(BEHIND THE BUYOUTS)
March 1, 2009... GMT Communications Partners has refinanced Spanish outdoor advertising portfolio company Redext in a 26.5m [euro] deal. The media and communications-focused private equity firm sought fresh debt facilities for Redext after deciding it would...

HGCapital cuts Amsterdam and consumer teams.(BEHIND THE BUYOUTS)
March 1, 2009... HgCapital is shutting down its Amsterdam office and consumer and leisure teams as part of a "strategy rethink" that will see four staff members leave the firm and the Benelux region served from its remaining London and Munich bases. The...

NDS Group.(M&A capital markets round-up)
March 1, 2009... A deal that saw sponsor Permira become 51% owner of set-top box maker NDS Group funded in late January has opened up the prospect of a new issue deal coming to syndication in Europe in the coming month. Former 72% owner News Corp retains a 49%...

Bodycote Testing.(M&A capital markets round-up)
March 1, 2009... Bodycote Testing has been relaunched to syndication. In September the deal went out to banks in an early bird phase but was never launched to general syndication. The 225m [pounds sterling] debt package supports Clayton, Dubilier & Rice's...

CeBi-Cerved.(M&A capital markets round-up)
March 1, 2009... Mandated lead arrangers and physical bookrunners BNP Paribas, Calyon, HSBC, HVB-UniCredit, Intesa Sanpaolo and MPS Capital Services, along with mandated lead arrangers and non physical bookrunners IKB and Natixis, have raised a significant...

N&W Global Vending.(M&A capital markets round-up)
March 1, 2009... Bookrunners Bank of Ireland, Barclays, BNP Paribas, Calyon, ING, Intesa Sanpaolo, Natixis and SG have closed syndication of debt backing the buyout of N&W Global Vending, with a smaller oversubscription. The deal has been in the market...

Powerlines Group.(M&A capital markets round-up)
March 1, 2009... Syndication of C 100m of debt backing Gilde's buyout of Austria's Powerlines Group has closed oversubscribed, through bookrunners Sal Oppenheim and Deutsche Bank. Investkredit joined as mandated lead arranger ahead of closing, with three...

M&A deal data.
March 1, 2009... M&A DEAL DATA This country analysis included acquisitions and buyouts announced between 11 January 2009 and 17 February 2009. Benelux Target Bidder Luxempart Energie SA RWE AG...

Increasing deal confidence during recession.(POST MERGER INTEGRATION)
March 1, 2009... As the commercial climate worsens, we're observing an interesting dynamic emerge in mergers and acquisitions. The opportunity to buy distressed businesses is tempting many into a programme of multiple quick-fire deals: Provided they are faster...

The bleeding economy: Prime Minister Vladimir Putin has confronted his country's downturn by bailing out the banks and oligarchs with US$230bn while using US$100bn-plus to defend the rouble. Whether the strategy is successful or not, 2009 will be a terrible year for Russian M&A.(RUSSIAN OVERVIEW)(Company overview)
March 1, 2009... How times have changed. This time last year, certain deal-makers were predicting that 2008 would be a bigger year for M&A in Russia than 2007--and that 2009 would be even better. They thought the credit crunch would not impact on Russia--at...

KPMG in Russia and the CIS.(SPONSOR'S PROFILE)
March 1, 2009... [ILLUSTRATION OMITTED] KPMG in Russia and the CIS is part of KPMG's global network of over 137,000 staff in 144 countries and provides a range of advisory services that help the firm's clients develop and achieve their strategies. In...

Spreading light in the darkness: Tim Stanley, associate director, Forensic, KPMG in Russia and the CIS, considers an intelligent approach to managing in a time of krizis.(SPONSOR'S ARTICLE KPMG)
March 1, 2009... Around this time last year, as it became clear that a smooth transition of power from President Putin to President Medvedev was not going to result in any of the more lurid scenarios played out by the Washington think-tanks, or even lead to any...

Oil and gas companies come unstuck: the banking crisis and the collapse in world oil prices since July last year will severely limit the expansionist ambitions of the big Russian oil and gas companies in 2009 and beyond.(RUSSIAN OIL & GAS)
March 1, 2009... [ILLUSTRATION OMITTED] The four main players in Russia's upstream industry are all under pressure to expand their global presence through acquisitions for different reasons. In the case of the two privately owned strategic oil companies,...

CMS in Russia--legal and tax experts: CMS is one of the leading law and tax firms in Russia, with over 130 lawyers qualified in Russian, English, French and German law.(SPONSOR'S PROFILE CMS)
March 1, 2009... [ILLUSTRATION OMITTED] Having been active in Moscow since 1992, CMS has significant experience in the market advising major international and domestic banks, investors, developers and other market participants on all areas of law and tax....

A strategic sector perspective: John Hammond and Natalia Kozyrenko, from CMS in Russia look at the legal issues arising from M&A in Russia.(SPONSOR'S ARTICLE CMS)
March 1, 2009... In 2008, the M&A market in Russia was plagued with heightened political risk, tighter credit and volatile financial markets and while we believe this is likely to continue to prevail in 2009, periods of adverse economic and financial...

Bailing out the banks: the Kremlin is pumping funds into Russian banks to secure liquidity and stability. Commercial banks have not been left out of the bailout as the crisis drives consolidation of Russia's private banks.(RUSSIAN BANKS)
March 1, 2009... [ILLUSTRATION OMITTED] Like European and US banks, Russian banks are being recapitalised by their government. But unlike the European and US situation, the Russian bailouts are not emergency, over-the-weekend, rushed solutions but a...

Punctured tyres: the tyres fell off Amtel Vredestein over a year ago, still aren't back on, and now other restructurings have overtaken it.(RUSSIAN RESTRUCTURING)
March 1, 2009... Overstretched and over-leveraged by its ambitious US$255m (equity rank value) acquisition of Dutch tyre maker Vredestein Banden back in 2004, Russian tyre maker Amtel skidded off into a classic debt restructuring situation towards the end of...

All quiet on the Eastern front: despite an almost total absence of debt financing and largely untapped markets, private equity investment in Russia is still a challenging proposition, both for domestic and foreign firms.(RUSSIAN PRIVATE EQUITY)
March 1, 2009... Investing in Russia is a risky business by Western private equity standards. Other than Lion Capital, which has made two forays into the country's drinks sector, first with the US$500m leveraged buyout of juice maker Nidan in October 2007 and...

Oligarchs face the Russian bear hug: ill-fated acquisitions, funded by loans against core holdings, are coming back to haunt many of Russia's leading business luminaries.(RUSSIAN OLIGARCHS)
March 1, 2009... At this year's annual meeting of the World Economic Forum in Davos, former KGB officer Vladimir Putin addressed the flag bearers of capitalism with a stark message. "Investment banks, the pride of Wall Street, have virtually ceased to exist,"...

UES fallout: Prosperity Capital, a US$3bn international fund manager that invests in Russia and the CIS, is battling with two controversial oligarchs, Mikhail Prokhorov and Leonid Lebedev, over their refusal to buy out its shares in two power-generating companies spun out of Unified Energy System.(RUSSIAN UTILITIES)
March 1, 2009... [ILLUSTRATION OMITTED] Prosperity Capital has accused Mikhail Prokhorov and Leonid Lebedev of refusing to follow the letter of the law--although they believe they are acting within it--and buy out its minority stakes, worth hundreds of...