Acquisitions Monthly articles from November 2000

Acquisitions Monthly archives from November 2000

Major merger legislation in the UK as Europe adapts. (Overview).(cross-border acquisitions spawn competition laws)
November 1, 2000... National legislators are continuing their crusade to address the growing trend in cross-border M&A by changing national competition control legislation. UK Trade and Industry Minister Stephen Byers announced an entirely new merger control...

GE's batteries highly charged in Honeywell deal: GE, the US$130BN technology, services and manufacturing company, has agreed a US$45bn bid for Honeywell in the largest industrial takeover yet. (News).(Generel Electric)
November 1, 2000... Performing at the speed of light, Jack Welch, chairman and chief executive officer of General Electric, has sparked off the deal that could lead to a powerful current of technology deals flowing across the globe. October saw the announcement of...

Repsol's tale of woe. (News).(abandons bid for Iberdrola)
November 1, 2000... Spanish oil and gas group Repsol YPF's decision to abandon its plan to launch a hostile bid for Iberdrola, the country's second largest electricity company, has signalled an end to prime minister Jose Maria Aznar's fears of a bidding war in the...

European firms push into US funds. (News).(asset management industry)(related article: PwC Aims to Resolve Disputes)
November 1, 2000... Consolidation within the world's asset management industry gathered pace in late October as major European financial services groups revealed acquisition plans aimed at pushing fund operations into the US. Privatisation of pension provision and...

Stormy passage for Wind deal: plans to create Italy's second largest telecoms company have reaped a political whirlwind. (News).(Enel acquisition on Infostrada)
November 1, 2000... Italian utilities player Enel's agreement to buy telecoms operator Infostrada from Vodafone, in the process creating the country's second largest telecoms player, has attracted widespread political criticism. Enel will purchase Infostrada,...

BPI rejects Macfarlane's advances: BPI is made of sterner stuff than Macfarlane has bargained for, as the company discovered when its bid was firmly brushed aside. (News).
November 1, 2000... British Polythene Industries PLC (BPI) has released a rejection document, in response to the Macfarlane Group's 92.3m [pounds sterling] unsolicited bid for the company, which details the financial benefits of a restructuring programme announced...

Insolvency bond enhances newco credit. (News).(Brief Article)
November 1, 2000... Ever wondered how a vendor can insure against a newco's insolvency in a situation where part of the purchase price is deferred? A new financial instrument launched by specialist debt markets firm Corporate Finance Solutions has taken advantage...

Chase top men sidelined. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... The merger of Chase Manhattan and JP Morgan was forecast to have a high number of casualties and it looks as though two of Chase's highest-profile European investment banking officials could be the first to fall victim of the combination. ...

All the right moves. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... During October many of the big guns in corporate finance have fallen on their feet while others battle to keep their positions, in the all-out scrum that ensued after the investment banks announced their plans to merge in September and August,...

'Seven in one blow'. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... Deutsche Banc Alex Brown, the US investment banking arm of Deutsche Bank, has snatched seven bankers from Lehman Brothers to join its technology M&A business. Robert Thorton, former head of Lehman's technology M&A business, will take his...

Tattevin gives into temptation. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... Rothschild has made an all-time steal by luring M&A veteran Pierre Tattevin from rival boutique Lazard, snatching him from the clutches of a bulge-bracket US bank. Unsettled by changes and a number of uneasy departures, Tattevin--who has...

Barclay reaps merger benefits. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... Like Chase and JP Morgan, Dresdner Kleinwort Benson and Wasserstein Perella are also in the midst of reorganising their respective workforces. Although there will doubtless be casualties, David Barclay--former European head of M&A at DrKB and...

JP Morgan increases German M&A team. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... JP Morgan is the latest bank to raise its M&A presence in Germany, as the demand for specialist in the region increases. Dutch national Marc Monasch joins JP Morgan from Ermgassen & Co, where he spent four years advising large German...

Pastures new. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... Strategic adviser Greenhill has appointed Colin Roy, former co-head of investment banking at Merrill Lynch in Germany, to enhance its German M&A capabilities. Roy began his career at SG Warburg in London. He later transferred to Germany,...

New Nordic TMT head. (Movers: investment bank mergers drive top-level movers).(Mats Vilander)(Brief Article)
November 1, 2000... Arthur Andersen Corporate finance has hired Mats Vilander to head up its technology, media and telecoms (TMT) team in order to expand its Nordic M&A activities. The former director of strategic business development at Ericsson will be...

Commerzbank hires UK corporate group leader. (Movers: investment bank mergers drive top-level movers).(David Stogdale)(Brief Article)
November 1, 2000... Commerzbank AG has hired David Stogdale to head up its UK corporate group. Stogdale, who will be based in London, joins the bank from Credit Agricole Indosuez, where he was managing director for corporate finance and investment banking....

Lehman appoints new Iberian head. (Movers: investment bank mergers drive top-level movers).(Brief Article)
November 1, 2000... Corporate financier Juan Gich Roldan has been hired as the new head of investment banking in Spain and Portugal. Gich, previously an executive director with UBS Warburg, will be responsible for Lehman's corporate finance, debt and equity...

UBS Warburg plunders DrKB's structured finance team. (Movers: investment bank mergers drive top-level movers).(Dresdner Kleinwort Benson)(Brief Article)
November 1, 2000... Dresdner Kleinwort Benson has lost four members of its structured finance team to UBS Warburg, which is raising its presence in the German leveraged finance market. Victor von Mengersen heads the defecting team. Mengersen joins UBS Warburg...

CSFB and DLJ continue reshuffle. (Movers: investment bank mergers drive top-level movers).(Credit Suisse First Boston and Donaldson Lufkin & Jenrette Inc. )(Brief Article)
November 1, 2000... Credit Suisse First Boston and Donaldson Lufkin & Jenrette have revealed that Harold Bogle, Nils Nilsen and Ed Yorke will serve as co-heads of the enlarged group's leveraged finance team, as both companies continue to reorganise their...

Hawkpoint hires Kemball. (Movers: investment bank mergers drive top-level movers).(Hawkpoint Partners Ltd. hires Christopher Kemball)(Brief Article)
November 1, 2000... Independent corporate finance firm Hawkpoint has appointed Christopher Kemball as a vice-chairman of its corporate finance advisory business. Until the end of 1999, Kemball was managing director of corporate finance at ING Barings, where...

Capital Strategies appoints former M&A head. (Movers: investment bank mergers drive top-level movers).(Stan Patey)(Brief Article)
November 1, 2000... Stan Patey, former head of Pannell Kerr Forster's UK M&A division, has joined independent corporate finance group Capital Strategies as managing director of corporate finance. Before joining Pannell Kerr Forster, Patey worked for Coopers &...

PwC hires new corporate finance partner. (Movers: investment bank mergers drive top-level movers).(PricewaterhouseCoopers hires Smart McKee)(Brief Article)
November 1, 2000... PricewaterhouseCoopers has promoted director Smart McKee to the position of partner in the UK corporate finance team. McKee specialises in M&A in the consumer packaged goods sector and has worked on deals such as the disposal of Phillips...

New predator in town. (Movers: investment bank mergers drive top-level movers).(Tom King starts Private Banking Search and Selection International)(Brief Article)
November 1, 2000... Tom King, previously at Jonathan Wren, has left the recruitment firm to launch his own search company. Private Banking Search and Selection International will specialise in hiring across the private banking and private wealth asset...

Freshfields mourns loss. (Lawyers).(Iain Hunter )(Brief Article)
November 1, 2000... Iain Hunter, a leading M&A lawyer from Freshfields, has joined Clifford Chance as a partner in its investment banking group. During his time at Freshfields Hunter worked with some of the firm's most important banking clients, including...

Premiums exceeding 100% no longer rare. (Bid premiums).
November 1, 2000... Traditionally, the summer is a time to take a break and relax, but it has been full steam ahead for the UK M&A market in recent months. The third quarter saw a quickening of pace with 43 completed transactions, an increase on the 35 eligible...

Sector by sector--price fluctuations. (Price Index).
November 1, 2000... The Private Company Price Index (PCPI) is used by a wide range of advisers concerned with valuation issues surrounding private companies. The index is produced each quarter by calculating a price earnings multiple (p/e) for each private company...

News Corp straddles the Globe: Murdoch and Malone are to become the terrible twins of the media. (TMT sector report).
November 1, 2000... It was big, it was complex, and it caught the world's media pundits completely off-guard. On September 27, Rupert Murdoch, chairman and chief executive of News Corporation, unveiled a deal that saw John Malone, the US media mogul, become the...

A month of money management M&A: the forces of consolidation hit the fund management industry with a vengeance last month as the hungry larger financial institution groups have been increasingly prepared to pay high prices for targets. (Fig sector report).
November 1, 2000... Aberdeen Asset Management Scottish fund manager Murray Johnstone has been a takeover target ever since Old Mutual bought its parent. Boston-based United Asset Management, earlier this year. Old Mutual made it clear in August that it...

Chevron wins its stripes at worst time for oil M&A: as oil prices hit 10-year highs the political auspices for oil company acquisitions are not good, while regulators are always eagle-eyed during an industry consolidation, Andrew Cavenagh reviews the market reaction to Chevron's merger with Texaco. (Utilities sector report).
November 1, 2000... The upstream oil and gas sector grabbed the headlines in October, with the announcement that Chevron and Texaco would merge to create the world's fourth largest publicly quoted oil company with a market capitalisation of US$80m. Like the...

Moving in the mid-markets (US$500m-US$50m).
November 1, 2000... Overview In this month's mid-markets section we feature an interview with Ray Soudah, chairman of MilleniumAssociates, a firm set up to advise on mergers and acquisitions in the wealth management sector. Soudah says that this year has seen...

Logistics market going places: Europe's major postal operators are driving a continued trend towards consolidation in the logistics sector. (Mid-market news).
November 1, 2000... Liberalisation of the European postal market is driving a strong trend of logistics deals, the bulk of which are mid-market sized. Deutsche Post is the major player in the process with around 25 acquisitions since the beginning of 1999,...

AA accounts for its mid-market focus: Arthur Andersen is building a strong presence for itself advising on mid-market M&A, Cherry Canovan talks to partner Martin Kitcatt. (Mid-market news).(Brief Article)
November 1, 2000... Arthur Andersen, a defiantly mid-market player when it comes to M&A advice, is obviously doing something right. Last month, when AM published its nine-month review of 2000, the erstwhile accountant--now a "professional services firm"--came in...

Wealth management for the millennium: a new M&A adviser has been founded that will concentrate on deals in the wealth management sector with a transaction value of US$100m upwards. Cherry Canovan talks to Ray Soudah, chairman of MilleniumAssociates. (Mid-market news).
November 1, 2000... Wealth management is a hugely fragmented industry--and there is a strong need for specialist advice in the round of industry consolidation that is now getting going, according to one new player. Ray Soudah, chairman and managing partner of...

Good chemistry.(Brief Article)
November 1, 2000... Intercare Group plc is building its focus on pharmaceuticals with its 82.6m [pounds sterling] reverse takeover of Macarthy Group Ltd, a manufacturer of specialist generic pharmaceuticals for hospitals and retail pharmacists trading principally...

Tomkins gets out of mow-town.(Tomkins sells Murray Inc. and Hayter Ltd. to Summersong Investment Inc.)
November 1, 2000... Tomkins PLC is selling its lawn-mover operations, Murray Inc and Hayter Ltd, to Chicago-based Summersong Investment for a total consideration of US$220.9m. The proceeds of the disposal will be used to develop Tomkins' core businesses. ...

Battery-powered.(Saft to acquire Hawker Eternacell)(Brief Article)
November 1, 2000... Saft, the battery activity of Alcatel, has reached agreement with Invensys PLC to acquire its Hawker Eternacell Inc and Hawker Eternacell Ltd operations. Hawker, which is a business unit of Invensys Power Systems, has manufacturing...

Abbey's lease of life.(Brief Article)
November 1, 2000... A new bread of "structured" leaseback was used as part of Abbey National's sale of its property portfolio to Mapeley Columbus. Abbey National says it is entering a long-term partnership with Mapeley--the specialist property company backed by...

Accounting for change.(Mazars to merge with Paardekooper and Hoffman)(Brief Article)
November 1, 2000... International accountancy and consultancy group Mazars is to merge with Dutch accountancy firm Paardekooper & Hoffman, which UK arm Mazars Neville Russell says makes it the largest accountancy partnership in Europe outside the "big five". The...

FIGgy in the middle. (Mid-market news).(Brief Article)
November 1, 2000... UK life assurance company Prudential is strengthening its position in Asia with the purchase of 88% of Taiwanese mutual fund company Core Pacific Securities Investment Trust Enterprise. Prudential, which is paying 71m [pounds sterling] in the...

South of England supplement. (Mid-market news).(Brief Article)
November 1, 2000... Deal flow in the south of England is receiving a boost from multinationals siting their European offices in the area, the influx of smaller US corporates and the rapid growth of local high-tech start-ups. Meanwhile internet and high-technology...

Legal supplement. (Mid-market news).(Brief Article)
November 1, 2000... Significant mergers among European legal firms are becoming essential in order for them to build up their M&A practices. Our dedicated legal supplement examines some of the routes firms are taking to become major cross-border M&A legal...

Behind the buyouts.
November 1, 2000... Overview We are living in an age of unprecedented private equity activity, with buyouts and development capital helping all kinds of industries. Apart from the occasional doom merchant, most VC s seem happy with a competitive investment...

KKR buys fizz as Laporte finds focus: US house makes third European investment in 12 months as Laporte ends five year restructuring programme. (Buyout of the month: Laporte sells non-core portfolio).
November 1, 2000... Private equity again succeeded where the equity markets failed last month when Laporte returned 200m [pounds sterling] ($300m) to shareholders with the 810 [pounds sterling] million ($1.18bn) sale of its non-core portfolio to KKR. The deal...

Duke Street turns to Great Mills after Homebase loss: buyout house turns to buy-and-build. (Behind the buyouts).
November 1, 2000... Duke Street Capital will turn its attention to the acquisition of Great Mills, the DIY business of RMC, after it was forced out of the running for Homebase at the end of last month. Duke Street--in talks for Homebase for six weeks--had...

Customer strife scuppers CVC deal: Belgian buyout scrapped after profit warnings. (Buyouts News).(CVC Capital Partners abandons Barco Graphics deal)
November 1, 2000... CVC Capital Partners has walked away from its imminent MBO with Barco Graphics after two of its key clients issued profits warnings. One of Barco's customers Xerox, has been in difficulty for some time, but the deal was scrapped on October...

ING enters US secondaries market. (Buyout news).(Brief Article)
November 1, 2000... Dutch bank ING is entering the US secondary private equity market. It has formed a partnership with leading fund-of-fund investor Pomona Capital, and aims to increase Pomona's firepower by adding significantly to future funds. The move is...

Global venture capital market hits $136bn. (Behind the buyouts).(Brief Article)
November 1, 2000... Worldwide VC investing increased by 65% last year to reach $136bn. Contrary to a popular perception that Europe saw the main growth last year, a new survey by 3i and PwC points to a 77% increase in the US market as the main driver. A US buyout...

UBS raids Dresdner. (European Buyout moves).(Brief Article)
November 1, 2000... UBS Warburg's leveraged finance recruitment drive continues with four new hires from Dresdner Kleinwort Benson for its Frankfurt debt unit. Victor von Mengerson becomes head of German leveraged finance, having held a similar position at DKB. He...

Three quit MGPE. (European Buyout moves).(Brief Article)
November 1, 2000... Three directors have quit Morgan Grenfell private equity. Andy MacFie, Toby Boyle and Mark Weston left the 30-strong buyout house, which is on the brink of negotiating its independence from Deutsche Bank. All have been with MGPE since its...

PwC's regional bosses. (European Buyout moves).(Brief Article)
November 1, 2000... PwC corporate finance has promoted two former bankers to oversee buyouts and other M&A work in two of the UK's busiest regions. Colin Gillespie--ex-ZW--takes over from Peter Longinotti to head up the Manchester office. Longinotti had combined...

Penta raids BoS. (European Buyout moves).(Penta Capital hires from Bank of Scotland)(Brief Article)
November 1, 2000... Glasgow-based midmarket newcomers Penta Capital have hired cross-border specialist Michael Scherpenhuijsen Rom from BoS structured finance. While at BoS, he set up its German and Dutch debt operations, and has experience of continental buyouts....

BBC tunes into TMT. (European Buyout moves).(BancBoston Capital hires two for telecommunications, media, technology group)(Brief Article)
November 1, 2000... FleetBoston's private equity arm BancBoston Capital (BBC) has recruited two more to its European technology and communications group. Roberto Liguori, 30, joins from CIBC World Markets media and telecoms group, while Paul Newsome, 27, comes...

Scots VC raises game. (European Buyout moves).(venture capital company Northern Ventures)(Brief Article)
November 1, 2000... Edinburgh-based VC Northern Ventures has hired Colin Kidd from Scottish IT group Motherwell Bridge. Kidd joins as director and will be responsible for raising NV's investment rate in Scotland and the North of England. Kidd was managing director...

More at Mercury. (European Buyout moves).(Brief Article)
November 1, 2000... Former captive buyout house Mercury private equity has hired Roman Pelka to its LBO team. Pelka joins from the European Bank for Reconstruction and Development, where he invested private equity in Eastern Europe. Mercury has also appointed...

Who's who in private equity--3i. (Buyouts News).(Brief Article)
November 1, 2000... Who? 3i's origins can be traced to 1945. Created to lend to postwar SMEs, it was backed by UK retail banks as a sop to prevent their nationalisation. Bad debts nearly sank the fledgling 3i, so it spread into expansion capital for quoted...

Boston LBO party tops $5bn. (Funds is Brief).(Brief Article)
November 1, 2000... Boston buyout house Thomas H Lee has announced a close of $5.2bn on its fifth fund, and says the fund could top $6bn with final commitments. Thomas Lee Equity Partners V dwarfs its previous 1998 fund of $3.4bn. And despite concerns from many US...

Prudential Corp mezz fund. (Funds is Brief).(Brief Article)
November 1, 2000... Pricoa Capital Partners, the European mezzanine arm of US insurer Prudential Corp, has closed its second fund at 540m [euro]. 12 investors have made commitments with a split of a third European and 59% North America. PCPPII has a third...

Eastern bloc gets VC injection. (Funds is Brief).(Brief Article)
November 1, 2000... Argus Capital has closed a $172m private equity fund aimed at Eastern Europe. The firm, which is owned by US insurer Prudential Corp, received commitments from around the globe and will invest mainly in Poland, Hungary and the Czech...

SwissRe raises insurance fund. (Funds is Brief).(Brief Article)
November 1, 2000... Insurance giant SwissRe has closed a $100m fund to invest in early-stage insurance deals. The fund will be invested by SwissRe's VC arm Securitas Capital, and will be called Securitas Ventures. Entrepreneurs can submit business plans through...

Teather launches buyout arm. (Funds is Brief).(Brief Article)
November 1, 2000... UK midmarket stockbroker Teather & Greenwood is looking for three new hires as it prepares to launch a 150m [pounds sterling] ($215m) private equity fund. The move follows rivals Peel Hunt and Beeson Gregory who have their own VC operations....

TNT primed for e-commerce explosion. (Funds is Brief).(Brief Article)
November 1, 2000... Dutch parcel group TNT Post has hooked up with Insight Capital Partners to invest $25m in European e-business start-ups. Insight will manage the fund on behalf of TNT and is target early-stage B2B and B2C software and services stories. Dutch...

Three VC s hook up for dotbam offering.(Brief Article)
November 1, 2000... Three US midmarket buyout houses have formed a joint venture to transform old economy businesses into online success stories. Indosuez Capital, part of Credit Agricole, Vestar Capital and JW Childs set up Internet Venture Works (IVW) as a...

Sectorwatch--European housebuilding. (Buyouts News).(Brief Article)
November 1, 2000... Opinion is divided on the merits of VC involvement in construction. Heavy regulation, a cyclical nature, and the need to take a long-term view have turned off many European VCs. But a recent crop of PTPs in the UK has seen the sector saved from...

LBOs test appetite. (Debt finance news).(leveraged buyouts)(Brief Article)
November 1, 2000... Banks will be testing investor appetite for LBO bonds in a series of deals due to hit the market next month. Industri Kapital's two big deals of the year, Alfa Laval and Nordkemi, are first up. DLJ and UBS Warburg are arranging a 220m [euro]...

Bearn Stearns joins mezz rush. (Debt finance news).(Brief Article)
November 1, 2000... Bear Stearns is continuing with its push into leveraged finance with a new mezzanine operation. A team of three led by John Sabre have been recruited from First Dominion Capital to set up the division, with the aim of servicing the growing US...

Lehman treads boards. (Debt finance news).(Brief Article)
November 1, 2000... Lehman Brothers is roadshowing a 80m [pounds sterling] bond issue for UK entertainment venue company Really Useful Theatres. RUT, which comprises 13 London theatres, was backed by Bridgepoint Capital earlier this year for 87m [pounds sterling]....

High yield honcho: Brian McBride, head of leveraged finance at JP Morgan, distills the respective merits of the high yield and mezzanine markets for financing mergers and acquisitions. (The AM Interview).
November 1, 2000... Brian McBride has been hired by JP Morgan as UK head of leveraged finance from Deutsche Bank, where, as managing director of the leveraged finance group, he won plaudits for his handling of the debt financing for the 919m [pounds sterling]...

Exploiting European links: Linklaters is the law firm to beat in Europe, but on a global basis the US firms are still pre-eminent.
November 1, 2000... Linklaters & Alliance is still top of the tree when it comes to European M&A, heading Thomson Financial's table of legal advisors for completed deals with European target or acquirer. In the first nine months of 2000, Linklaters advised on...

Breaking with tradition: with markets more dynamic than ever, traditional valuation models alone are failing to provide information about the value of intangible company assets. As a result, the trend for corporates and venture capitalists to outsource commercial and market due diligence work to specialist consultants is gathering pace. (Feature: Valuing and due diligence).
November 1, 2000... Traditional shareholder value models have changed and non-financial performance is becoming more important for companies looking for investment opportunities. As non-financial factors increasingly influence company portfolios, more and more...

Integrity due diligence: Brian Stapleton discusses how Integrity Due Diligence[TM] can address questions that can seldom be asked--in even the most frank of talks. (Sponsored Statement).
November 1, 2000... As businesses increasingly find themselves exploring opportunities in unknown markets the process of establishing trust between counterparties becomes ever more taxing. Any company about to make a significant investment or acquisition, or form...

Food and drink consolidation whets appetite and slakes thirst: consolidation has hit the food and drink sector as hard as any this year, with acquisition fever taking hold among conglomerates and sell-offs of subsidiaries another symptom. Natasha berg and Jonathan Isaacs review some of the year's headline-grabbing deals and assess emerging M&A trends in the sector. (Feature: food & drink).
November 1, 2000... M&A activity in the food sector has in recent years been focused on a handful of transactions among the four or five biggest food producers, reflecting a trend by these multinationals to concentrate on a small number of global brands. The...

Bid defences--avoiding the mincer: in the heat of a takeover battle defence techniques are inevitably sophisticated, using leverage against a hostile bid is one defence which has demonstrated considerable success, but also has costs. Nicola Barbini of Thomson Financial/Carson analyses the options. (Bid defence techniques).
November 1, 2000... How can a company facing a hostile takeover best respond using its debt position? Given that a target company tends to have attractive financial characteristics, such as low profitability, a low leverage ratio, high liquidity, and low...

Domestic European deals nearly double: Europe and US cross border deals decline. (M&A Data).
November 1, 2000... Total European deals have declined marginally this month in value terms to $63.68bn from $64.2bn in October, but there has been a marked shift in the value of these deals from cross-border European deals to domestic deals within Europe. This...

Benelux. (Acquisitions in Europe).
November 1, 2000... Target ASR Verzekeringsgroep NETHERLANDS --INSURANCE COMPANY Sales ($): n/a Net Profits ($): 158m Bidder Fortis BELGIUM --INSURANCE COMPANY; BANK Sales ($): 715m Announcement date: 09-Oct-00 ...

France. (Acquisitions in Europe).
November 1, 2000... Target Crouzet Automatismes FRANCE --MANUFACTURE AIRCRAFT PARTS, CAPACITORS Sales ($): 166.4m Net Profits ($): n/a Bidder Schneider Electric FRANCE --MANUFACTURE, WHOLESALE ELECTRONICS EQUIPMENT Sales...

Germany. (Acquisitions in Europe).(Brief Article)
November 1, 2000... Target Hamburgische Electricitats--Werke GERMANY 37.2% --ELECTRIC AND GAS UTILITY Sales ($): 4,355.8m Net Profits ($): 98m Bidder Vattenfall SWEDEM --ELECTRIC UTILITY; HOLDING COMPANY Sales ($): n/a...

Italy. (Acquisitions in Europe).
November 1, 2000... Target BNL Vita ITALY 51.0% --INSURANCE COMPANY Sales ($): n/a Net Profits ($): n/a Bidder Unipol Assicurazioni ITALY --INSURANCE COMPANY Sales ($): n/a Announcement date: 11-Oct-00 Value ($):...

Nordic. (Europe).
November 1, 2000... Target Allgon SWEDEN --MANUFACTURE WIRELESS TELEPHONY EQUIPMENT Sales ($): 251m Net Profits ($): 9.5m Bidder Remec UNITED STATES --MANUFACTURE MICROWAVE MODULES Sales ($): 218.3m Announcement date:...

Spain and Portugal. (UK Publics).(Brief Article)
November 1, 2000... Target Iberdrola SPAIN --ELECTRIC UTILITY Sales ($): 6,293.5m Net Profits ($): 821.9m Bidder Endesa SPAIN --ELECTRIC UTILITY Sales ($): n/a Announcement date: 17-Oct-00 Value ($): 12,961.4m ...

New bids for UK public companies. (UK Publics).
November 1, 2000... Definitions: N/A--Not available EPS(p)--Earnings per share, in pence, as reported by the company at the most recent accounting year end. Net Assets/Share(p)--Net assets per share, in pence, excluding intangibles, minority...

Pending bids for UK public companies. (UK Publics).
November 1, 2000... Target Ash & Lacy --OWN AND OPERATE BOILER SHOPS Financial Adviser--Williams de Broe Target Lawyer--Martineau Johnson Year End Sales EPS(p) Net Assets/Shares(p) 31-DEC-99 135M [pounds sterling] ...

Completed bids for UK public companies. (UK Publics).
November 1, 2000... Target Allied Zurich --INSURANCE COMPANY Financial Adviser--Goldman Sachs International / Cazenove Target Lawyer--Herbert Smith Year End Sales EPS(p) Net Assets/Shares(p) 31-DEC-98 10,225M [pounds...

Completed acquisitions of UK private companies. (UK Privates).
November 1, 2000... Target Element 14 UNITED KINGDOM --MANUFACTURE SEMICONDUCTORS CHIPS Sales: n/a Pre-tax Profits: n/a Bidder Broadcom UNITED STATES --MANUFACTURE SILICON CIRCUITS Net Assets: 843.7m [pounds...

UK divestments. (Divestments).
November 1, 2000... Target Caradon --SHOWERS, BATHROOM FIXTURES Bidder HSBC Private Equity --VENTURE CAPITAL FIRM SUB/DIV BEING SOLD: CARADON--PLUMBING DIVISION--Manufacture radiators, boilers, showers Announcement date: 09-Oct-00 ...