Corporate Money articles from September 2000

Corporate Money archives from September 2000

CAPITAL MARKETS.
September 6, 2000... BONDS UK gilts closed slightly down on Wednesday as the market began its monthly wait for the Bank of England's decision on interest rates. The bank's monetary policy committee will decide Thursday whether to leave the rates steady for the...

Appointments.
September 6, 2000... Law firm DLA has strengthened its competition team in Brussels and London with two new appointments. David Cox joins the team after 25 years in the legal profession. Before moving into private practice two years ago, he was general counsel for...

Brunswick buys research unit.
September 6, 2000... Research consultancy SRU has been sold to Brunswick, the public relations firm. The terms of the deal were not disclosed. SRU was founded by Peter York, the social commentator, and Lord Stevenson, now chairman of Pearson. Brunswick has been...

Botts & Co to up WDB bid.
September 6, 2000... Private equity fund Botts & Co is preparing to increase its bid for Wolverhampton & Dudley Breweries (WDB) and make concessions on its previous demands for financial and management information. The company is understood to have shortened its...

Last of the Mohawks.
September 6, 2000... UK-based electricity and telecommunication networks operator National Grid (NG) is to acquire US energy services company Niagara Mohawk for $3.0bn ([pound]2.1bn) in cash and shares. The transaction is expected to be completed in late 2001...

National Express to auction airports.
September 6, 2000... Transport group National Express is to auction its UK airports to focus on its rail and bus operations. The auction will include East Midlands and Bournemouth airports and is expected to raise [pound]200m. National Express bought East...

FCIA finally nets Wickes.
September 6, 2000... Focus Do It All (FDIA) and Wickes have agreed to merge three months after FDIA's revised hostile bid failed. Privately-owned FDIA is offering 495p in cash for each Wickes share valuing the company at [pound]289.3m. Wickes shareholders on...

Chartered Trust sold.
September 6, 2000... Banking group Standard Chartered has agreed to sell its Chartered Trust consumer finance and contract hire unit to Lloyds UDT, a subsidiary of Lloyds TSB for [pound]627m in cash. The cash raised from the sale will go towards financing its...

Rank to sell Tom Cobleigh.
September 6, 2000... Leisure groups Rank is to sell its Tom Cobleigh pubs chain to private equity firm Electra Partners for [pound]90m. this latest sale is also part of the group's attempts to get back on its feet financially. It follows the earlier sale of the...

Emap moves on Times Mirror.
September 6, 2000... Publishing and radio group Emap is in competition to acquire Times Mirror Magazines (TMM), a US publisher of special interest magazines which is valued at roughly $400m ([pound]274m). The acquisition of TMM would further strengthen the...

Remy Cointreau and Bols merge.
September 6, 2000... Spirits manufacturers Remy Cointreau and Bols Royal Distilleries are to merge in a deal worth [epsilon]510m. Remy Cointreau will acquire 100% of Bols for a mix of cash and shares. To facilitate the deal Remy Cointreau will issue five...

Generali and BSCH up the stakes.
September 6, 2000... Generali and Banco Santander Central Hispano (BSCH) have both doubled their stakes in Commerzbank, Germany's fourth largest banking group. Both companies now each own 10% of Commerzbank. Italy's leading investment bank, Mediobanca, will...

EC trouble for transatlantic deals.
September 6, 2000... Two of the mergers that are reshaping the landscape of the global entertainment and information markets have met with heavy scrutiny from the European Commission (EC). AOL's $127bn acquisition of Time Warner looks set to have tough...

Iceland ready for foreign investors.
September 6, 2000... Iceland is see to allow foreign investors to take part in its privatisation programme for the first time. It is likely that foreign institutions will be able to take part in the partial privatisation of Iceland Telecom next year. The telecoms...

SAP SI set for float.
September 6, 2000... SAP, Europe's largest software company is set to float its SAP SI information consultancy arm later this month. The float is expected to raise up to [epsilon]181m for the Dresden-based which has set a range of [epsilon]16 to [epsilon]19 per...

Unicredito eyes Bank Austria.
September 6, 2000... Italy's third largest bank, Unicredito, may mount a bid for Bank Austria if the latter's planned [epsilon]7.8bn merger with HypoVereinsbank is blocked by the Austrian Takeover Commission. The Italian bank is understood to be keen on Bank...

Thomson capital raising.
September 6, 2000... Thomson Multimedia is expected to launch a [epsilon]3.5bn capital raising exercise to fund its previously announced expansion programme. The deal should mean that the French state's stake drops below 50%. The deal is expected to be in three...

ACQUISITIONS.
September 6, 2000... ACQUISITIONS Bids, megers, demergers and disposals - week ending 03/09/00 BIDDER TARGET BC Partners Acquisition General Healthcare...

Harrogate to acquire Axiom.
September 6, 2000... Following a period of evaluation of its various investment options, Harrogate Plc has decided to acquire Axiom Internet Group for [pound]6.9m in shares. Harrogate is also planning to raise roughly [pound]2m (roughly [pound]1.775m after...

Cinven sells General Healthcare.
September 6, 2000... Private equity provider Cinven together with other investors, has sold General Healthcare Group (GHG), the UK's largest private hospital provider, for [pound]1.275bn. The buyer is another private equity firm, BC Partners. The move comes...

SKB sells brands to Roche and Novartis.
September 6, 2000... SmithKline Beecham (SKB) has signed two agreements to divest two of its brands. The divestitures are being undertaken to secure regulatory approval for SKB's merger with Glaxo Wellcome which markets drugs similar to those being sold. The...

Anglo American sells Tarmac America.
September 6, 2000... Anglo American (AA) has sold Tarmac America (TA) to Titan Cement for $636m bringing the group's income from the disposal of non-core assets this year to over $1.lbn. AA stated its intention to sell TA when it announced its offer for Tarmac...

Man buys Glenwood units.
September 6, 2000... ED&F Man Group, a leader in fast-growing field of alternative investment products, has entered into an agreement to acquire Glenwood Capital Investments and Glenwood Global Management, as well as the 40% of Man-Glenwood which it does not...

EQUITY ISSUES.
September 6, 2000... EQUITY ISSUES UK equity issues - week ending 03/09/00 BIDDER ADVISERS Firth Holdings Sponsor: Arthur Andersen (to be renamed Kinetech) ...

Corporate Money Top 35 Law Firms.
September 6, 2000... Corporate Money Top 35 Law Firms by deal value (2000 year to date) Law Firm Value [pound]m No. 1 Slaughter & May 93,836.48 63...

Corporate Money Top 35 Financial Advisers.
September 6, 2000... Corporate Money Top 35 Financial Advisers by deal value (2000 year to date) Financial Adviser Value [pound]m No. 1 Goldman Sachs 127,069.85 31...

Corporate Money Top 10 Accountants.
September 6, 2000... Corporate Money Top 10 Accountants by deal value (2000 year to date) Accountant Value [pound]m No. 1 PricewaterhouseCoopers 29,894.54 97 2 KPMG ...

Corporate Money Top 10 Brokers.
September 6, 2000... Corporate Money Top 10 Brokers by deal value (2000 year to date) Broker Value [pound]m No. 1 Cazenove & Co 60,704.61 42 2 Hoare Govett ...

Corporate Money Top Placing Brokers.
September 6, 2000... Corporate Money Top Placing Brokers by deal value (2000 year to date) Broker Value [pound]m No. 1 ABN AMRO Rothschild 1,100.00 1 2 Hoare Govett ...

Corporate Money Top Placing Underwriters.
September 6, 2000... Corporate Money Top Placing Underwriters by deal value (2000 year to date) Underwriter Value [pound]m No. 1 ABN AMRO Rothschild 1,368.70 2 2 Investec Bank ...

Corporate Money Top Sponsors.
September 6, 2000... Corporate Money Top Sponsors by market cap (2000 year to date) Sponsor Value [pound]m No. 1 Lazard 7,500.00 2 2 Goldman Sachs ...

Corporate Money Top Stockbrokers.
September 6, 2000... Corporate Money Top Stockbrokers by market cap (2000 year to date) Broker Value [pound]m No. 1 Credit Suisse First Boston 4,981.68 4 2 Hoare Govett ...

Corporate Money Top Flotation Law Firms.
September 6, 2000... Corporate Money Top Flotation Law Firms by market cap (2000 year to date) Law Firm Value [pound]m No. 1 Lovells 7,500.00 1 1...

Corporate Money Top Flotation Accountants.
September 6, 2000... Corporate Money Top Flotation Accountants by market cap (2000 year to date) Accountant Value [pound]m No. 1 KPMG 8,760.00 15 2 Arthur Andersen ...

CAPITAL MARKETS.
September 13, 2000... BONDS Gilts remained unchanged at close on Wednesday. Few were willing to take any positions ahead of the publication of the government's key UK pensions review -- the year-long actuarial analysis of the 'minimum funding requirement'. The...

MAJOR DEALS.
September 13, 2000... MAJOR DEALS BONDS Issuer Currency Value (m) Type Haven Funding GBP 66.00 Secured bonds EQUITIES Issuer Market ...

COSTS OF CAPITAL.
September 13, 2000... COSTS OF CAPITAL 3 Mth Money 10 Yr Bond Div Yield PE Ratio France 4 27/32% 5.45% 1.85% 22.50 Germany 4 27/32% 5.28% 1.34% 22.10 Japan 13/32% ...

M&A WEEKLY SUMMARY.
September 13, 2000... M&A WEEKLY SUMMARY [pound]m No Year to date Total 8,279.53 32 320,481.11 1,295 Uk Public Bids/Mergers 38.50 1 145,401.58 192 Private Equity 135.10...

M&A NEW BUSINESS.
September 13, 2000... M&A NEW BUSINESS ACCOUNTANTS PricewaterhouseCoopers 7,940.00 2 Deloitte & Touche 1,800.00 1 Arthur Andersen 128.50 3 KPMG 83.70 3 Grant Thornton 78.28 2...

HP confirms PwC talks.
September 13, 2000... Computer group Hewlett Packard (HP) has confirmed it is in talks to acquire the information technology consulting arm of Price waterhouse-Coopers with a bid in the region of $17bn-$18bn. The move is part of the company's attempts to increase...

GE set to clinch Scottish Life deal.
September 13, 2000... GE Capital, the financial services arm of US conglomerate General Electric, is close to securing a deal to buy Scottish Life, a UK mutual pensions provider, for around [pound]lbn. The Scottish firm has a good reputation for its technology and...

Glaxo/SKB deal delayed.
September 13, 2000... The merger of Glaxo Wellcome and SmithKline Beecham (SKB) was delayed on September 11. until an unspecified date later this year, due to continuing scrutiny from the US Federal Trade Commission (FTC). The FTC is thought to have surprised the...

ICG launches [epsilon]350m fund.
September 13, 2000... Intermediate Capital Group (ICG) has launched a new [epsilon]350m fund - its third successful fund launch in just over a year. The fund, the second collateralised debt obligation (CDO) managed by ICG, was placed by Morgan Stanley. CDOs provide...

Chase/JPM $38bn deal.
September 13, 2000... Chase Manhattan Corporation and JP Morgan & Co (JPM) have agreed to merge. The new firm will be known as JP Morgan Chase & Co and will have assets of roughly $660bn. On a pro forma basis, JP Morgan Chase & Co would have had net income of...

Hutchison loosens Vodafone tie.
September 13, 2000... Hutchison Whampoa, the Hong Kong-based conglomerate, has moved closer to cutting its ties with Vodafone Group through the successful placement of $2.Sbn of convertible bonds against 1% of its shareholding in the UKbased mobile telecoms...

Abbey/Scot Prov agree merger.
September 13, 2000... Abbey National and mutual life insurer Scottish Provident have agreed terms for their [pound]1.8bn merger. Under the terms of the deal, Abbey National will provide [pound]1.8bn subject to completion for, among other things, the movement in...

Spirent in [pound]284m all-share US buy.
September 13, 2000... UK-based, international network technology firm Spirent has entered into a conditional agreement to acquire Zarak Systems Corporations (ZSC), a leading Californian designer and manufacturer of communications test equipment. Spirent will pay for...

ING sells 40% of ABN Amro stake.
September 13, 2000... Dutch financial services group ING is to raise [epsilon]3.1bn from the sale of around 40% of its stake in rival ABN Amro. The revenue from the sale will go towards funding recent acquisitions such as the purchase of US insurer Aetna for $7.7bn...

IX Europe to float next quarter.
September 13, 2000... IX Europe, an internet server hosting firm, has raised a further [pound]40m from investors to continue its European expansion before its floatation which may come before the end of the year. The investment from companies such as Banc of America...

Appointments.
September 13, 2000... Wayne Rapozo, European counsel for Skadden Arps, Slate, Meagher & Flom, is to join the London office of Weil, Gotshal & Manges as a partner, Rapozo, a US capital markets and financing specialist, will focus on IPOs, high yield and acquisition...

$930m Diamond Cluster deal.
September 13, 2000... US e-business services firm Diamond Technology Partners (DTP) is to acquire Cluster Consulting, a pan-European management consulting firm specialising in wireless technology, the internet and digital strategies and based in Spain. The new...

Elan strengthens American presence.
September 13, 2000... Dublin-based pharmaceuticals group, Elan Corporation, has entered into a definitive agreement to acquire Dura Pharmaceuticals and boost its North American position for $1.8bn in shares. The board of Dura, a Californian specialty...

Mediaset takes Kirch stake.
September 13, 2000... Mediaset, the TV group controlled by Italian politician Silvio Berlusconi, has taken a 2.48% stake in Germany's Kirch Media. The company is also in negotiations to acquire another 5% stake in Spanish TV channel Telecinco. Mediaset's decision to...

Deutsche Post lowers IPO tranche.
September 13, 2000... The German government is to lower the size of the stake it is selling in the initial tranche of the privatisation of Deutsche Post, the German mail and logistics group. The IPO is now expected to be at the lower end of the 25-33% range first...

CNT stops approach for Airtours.
September 13, 2000... C&N Touristic (CNT), the German tour operator, has stopped its approach for the UK's second largest package holiday group, Airtours. It is believed to have broken off talks because of failure to reach an agreement on price. CNT is instead in...

MBO at BPI flexibles.
September 13, 2000... British Polythene Industries (BPI) has agreed to sell its flexibles business to Inhoco 2017, a company formed by a management buy-out team. The team is led by Geoffrey Stewart, the managing director of BPI's flexibles arm. The proceeds will be...

ACQUISITIONS.
September 13, 2000... ACQUISITIONS Bids, mergers, demergers and disposals - week ending 10/09/00 BIDDER TARGET Abbey National Scottish Provident UK listed personal financial...

RPS acquires Chapman Warren.
September 13, 2000... RPS, Europe's largest environmental consultancy, is to acquire the business and certain assets of Chapman Warren (CW), a leading UK town planning consultancy. The consideration payable at completion is [pound]7.65m to be satisfied by...

Anglo American disposes of King Lun stake.
September 13, 2000... Mining group Anglo American is to sell its entire shareholding in King Lun Holdings to Dr Victor Fung and William Fung, the company's only other shareholders, as part of its ongoing refocusing on core activities. King Lun is a substantial...

Wates acquires Vintners' Place.
September 13, 2000... Wates City of London Properties has conditionally agreed to buy the 50% stake in Vintners' Place which it does not already hold for [pound]26.7m from Sumitomo Corporation. Wates has also conditionally agreed to sell four investment...

Walker Greenbank sells units.
September 13, 2000... Walker Greenbank has agreed to sell its Cole & Son and John Perry businesses to Karen Beauchamp Limited (KBL) for a total consideration of [pound]3m. Cole & Son was founded in 1875. It distributes a range of hitorical wallpapers. The hand...

EQUITY & BOND ISSUES.
September 13, 2000... EQUITY & BOND ISSUES UK equity issues, domestic and international bond issues - week ending 10/09/00 BIDDER ADVISERS Henderson European Sponsor:...

Corporate Money Top 35 Law Firms.
September 13, 2000... Corporate Money Top 35 Law Firms by deal value (2000 year to date) Law Firm Value [pound]m No. 1 Slaughter & May 95,674.98 65...

Corporate Money Top 35 Financial Advisers.
September 13, 2000... Corporate Money Top 35 Financial Advisers by deal value (2000 year to date) Financial Adviser Value [pound]m No. 1 Goldman Sachs 127,069.85 31 2 UBS Warburg...

Corporate Money Top 10 Accountants.
September 13, 2000... Corporate Money Top 10 Accountants by deal value (2000 year to date) Accountant Value [pound]m No. 1 PricewaterhouseCoopers 38,087.51 100 2 KPMG ...

Corporate Money Top 10 Brokers.
September 13, 2000... Corporate Money Top 10 Brokers by deal value (2000 year to date) Broker Value [pound]m No. 1 Cazenove & Co 61,256.61 44 2 Hoare Govett ...

Corporate Money Top Placing Brokers.
September 13, 2000... Corporate Money Top Placing Brokers by deal value (2000 year to date) Broker Value [pound]m No. 1 ABN AMRO Rothschild 1,100.00 1 2 Hoare Govett ...

Corporate Money Top Rights Brokers.
September 13, 2000... Corporate Money Top Rights Brokers by deal value (2000 year to date) Broker Value [pound]m No. 1 Cazenove & Co 878.32 2 2 Goldman Sachs 850.00 1 3 Peel Hunt &...

Corporate Money Top Nominated Advisers.
September 13, 2000... Corporate Money Top Nominated Advisers by market cap (2000 year to date) Nominated Adviser Value [pound]m No. 1 Peel Hunt & Co 293.30 9 2 J. Henry Schroder &...

Corporate Money Top Placing Underwriters.
September 13, 2000... Corporate Money Top Placing Underwriters by deal value (2000 year to date) Underwriter Value [pound]m No. 1 ABN AMRO Rothschild 1,368.70 2 2 Investec Bank ...

Corporate Money Top Rights Underwriters.
September 13, 2000... Corporate Money Top Rights Underwriters by deal value (2000 year to date) Underwriter Value [pound]m No. 1 Cazenove & Co 850.00 1 1 Goldman Sachs 850.00 1 3 UBS Warburg...

Corporate Money Top Nominated Brokers.
September 13, 2000... Corporate Money Top Nominated Brokers by market cap (2000 year to date) Nominated Broker Value [pound]m No. 1 Peel Hunt & Co 324.30 10 2 J.Henry Schroder &...

CAPITAL MARKETS.
September 20, 2000... BONDS Gilts ended slightly down at the close on Wednesday. Some analysts believe the market was dampened by continuing fears about rate hikes but there was little actual activity. The minutes of the Bank of England's monetary policy...

BP Amoco in Vastar purchase.
September 20, 2000... BP has completed the purchase of onshore and offshore oil exploration and production company Vastar Resources, Inc (VRI). The consideration for the deal was approximately $1.5bn in shares offered at $83 per share. The deal was clinched after BP...

Granada and Accor in talks.
September 20, 2000... Accor, Europe's largest hotel group has said it is in exploratory talks with the UK's Granada Compass to buy its hotel division. Granada's hotel interests include: the Posthouse and Heritage hotels in the UK and the 'Le Meridien' international...

Five bidders for Murray Johnstone.
September 20, 2000... Asset manager Murray Johnstone, which was put up for sale last month, has narrowed the list of potential buyers to five. They include: Aberdeen Asset Management, Allied Irish Banks, Royal London and two overseas institutions. It is understood...

Smiths Industries snaps up TI Group.
September 20, 2000... Smiths Industries is to acquire rival TI Group for [pound]1.77bn in shares to create a new entity in the specialist engineering sector with a pro forma market capitalisation of [pound]4.5bn -- based on the London Stock Exchange closing prices...

Thames Water analyses bid.
September 20, 2000... The UK's Thames Water has said it is in "advanced discussions regarding a recommended cash offer for the company at 1,215p per share" from an unspecified bidder. The offer values the company at around [pound]4.lbn and is a premium of 32.7%...

Cadbury Schweppes: [pound]1bn US expansion.
September 20, 2000... Cadbury Schweppes has made an agreed bid to acquire US soft drinks manufacturer Snapple Beverage Group (SBG) from Triac for $1,450m ([pound]1,028m). The consideration for the deal will be satisfied through a cash payment of $910m, the...

Concessions proposed by EMI.
September 20, 2000... The merger of EMI and Warner Music which has been hanging in the balance for some weeks, may have been saved at the last minute. The merger was facing a possible veto by European Commission (EC) anti-trust regulators but EMI and Warner are...

Appointments.
September 20, 2000... Merrill Lynch Europe, Middle East and Africa (MLEMEA) has appointed a new head of M&A. Philip Yates is to fill the position left open by Dan Dickinson when he was promoted to global co-head of M&A. Yates was previously co-head of M&A for the...

Dresdner finally succeeds in merging.
September 20, 2000... Dresdner Bank, Germany's third largest, will pay $1,369m ([epsilon]1,569m) in shares for fellow bank Wasserstein Perella and will combine the new unit with its own investment banking operations, Dresdner Kleinwort Benson. The combined entity...

Telecom Italia buys Jet for [epsilon]900m.
September 20, 2000... Telecom Italia, through its 94%-owned French subsidiary 9 Telecom, is to acquire Jet Multimedia, a leading French web services company. 9 Telecom will pay [epsilon]83 per Jet share valuing the target company at [epsilon]887m after dilution. ...

Transamerica sells portfolio.
September 20, 2000... Transamerica Finance Corporation (TFC), part of Dutch insurance group Aegon, has sold a $530m porfolio of consumer loans to a US-based affiliate of Goldman Sachs. The sale was completed at roughly book value, resulting in "immaterial" effect on...