MILAN (Reuters) – Italian fashion house Prada said on Friday it had turned down an approach by investors interested in buying a minority stake. “There are no discussions to sell a stake in the company even though I cannot deny that there are investors interested in (Prada),” a spokesman said. Last Saturday, Italian business daily […]
NEW YORK (Reuters) – Kohlberg Kravis Roberts & Co’s deal to sell IPO stocks through Fidelity Investments suggests it might be gearing up to take public some of the companies in its portfolio, despite a market that remains inhospitable to deals backed by private equity. Under terms of a deal announced Monday, Fidelity alone among […]
A Daring Trade Has Wall Street Seething: Texas Brokerage Firm Outwits the Big Banks in a Mortgage-Related Deal, and Now It's War. (WSJ) Was is smart or conniving? Deal Journal breaks it down. (Deal Journal) The Drinkable Portfolio: As an investment, wine has outperformed the market and delivered handsome returns. What you need to know about liquid assets. (WSJ) Bold: Venezuela has banned Coke Zero, saying its poses a health danger. (Reuters) Welcome: Shanghai has opened its doors to private equity firms establishing wholly owned units in the city. (DJ) LP Churn? Private Equity pros are going to have to fund new investors, according to a new survey. (Dealscape)
NEW YORK (Reuters) - Chemical giant Huntsman Corp (HUN.N) is due to go to trial on Monday against lenders Credit Suisse (CSGN.VX) and Deutsche Bank (DBKGn.DE) in a Texas state court after a delay related to jury selection. Huntsman launched a multibillion suit against the banks after its failed takeover last year by private equity-backed Hexion. The trial had been due to start on Thursday in Conroe, Texas but was delayed due to some pretrial motions and as jury selection continued, a Huntsman spokesman confirmed.
LONDON (Reuters) – Candover Investments (CDI.L), the listed private equity vehicle, said on Thursday one of its funds was in exclusive talks about selling its equity stake in energy research and consulting firm Wood Mackenzie. Earlier this week a person familiar with the matter said private equity firm Charterhouse Capital Partners [CHCAP.UL] was in exclusive […]
May was a big month for junk bonds: More than $15.9 billion worth of the high yield notes were issued, which was the highest monthly total since June 2008. That figure includes issuances from several buyout-backed companies, including large offerings from Harrah's Entertainment, Apria Healthcare and Gibson Energy Holdings. Buyouts' Ari Nathanson wrote that the action offers a glimmer of hope that investors might be more comfortable with risk, and perhaps hungry to invest in high yield debt for new leveraged buyouts. I'm wondering if it's not based on risk appetite at all, but simply reflects a desire to invest in anything. Some of these issuers go beyond "risk." Harrah's, for example, raised $1.323 billion worth of junk bonds, an increase from the original plan to sell $1 billion. Since its debut, the company's notes traded at a respectable 96 to 97 cents on the dollar.
TOKYO/HONG KONG(Reuters) – Permira and Bain Capital are among the private equity firms interested in bidding for a Japanese telemarketer expected to be sold by Citigroup Inc (C.N) in a deal that could be worth around $1.5 billion, six people familiar with the matter said. The sale of Bellsystem24 Inc was originally scheduled for last […]
NEW YORK (Reuters) – The New York Times Co has hired Goldman Sachs to manage the possible sale of The Boston Globe, and plans to request bids in the next couple of weeks, The Boston Globe reported on Wednesday. The report comes after the Globe’s largest union, the Boston Newspaper Guild, rejected a $10 million […]
NEW YORK (Reuters) – A U.S. bankruptcy judge told auto parts maker Delphi Corp (DPHIQ.PK) on Wednesday to open the sale of its assets to other potential bidders who could compete with an offer from private equity firm Platinum Equity. Judge Robert Drain said Delphi should provide information to other potential bidders, subject to confidentiality […]
NEW YORK (Reuters) – Moody’s Investors Service on Wednesday raised its rating on auto and mortgage lender GMAC LLC by one notch, saying the risk of bankruptcy is reduced because of support from the U.S. government. Moody’s raised GMAC’s senior unsecured rating to Ca, or 10 steps below investment grade, from C, and said it […]