By Tessa Walsh and Alasdair Reilly LONDON, Dec 18 (Reuters) – Talks on the loan financing backing the sale of European soft drinks manufacturer Refresco are continuing and a sale is anticipated early next year if a compromise is reached on valuation, banking sources said. The distressed sale of the number one European manufacturer of […]
I have never used this space to write about the protracted battle between Huntsman Corp. and Hexion Specialty Chemicals. And it would seem that the opportunity has passed me by, given that both sides recently agreed to a termination of their $6.5 billion merger agreement, and to a $1 billion settlement of Huntsman’s litigation against Hexion owner Apollo Management. But I beg of your indulgence, because I’ve been left with a nagging question since the settlement was announced on Sunday night: Namely, who exactly is paying the various pieces of that $1 billion? To be sure, it isn’t all coming out of Leon Black’s pocket. Perhaps more importantly, some of the pockets involved seem to be getting picked. What follows is based on interviews with limited partners in some, or all, of Apollo’s past four funds. In addition, peHUB has obtained confidential correspondence that Apollo sent its investors on December 15. Apollo itself declined to comment.
TORONTO (Reuters) – Telecom giant BCE Inc (BCE.TO) has sued its would-be buyers in a failed C$34.8 billion ($29.2 billion) takeover agreement over the collapsed deal’s C$1.2 billion ($1 billion) break-up fee. According to a court document filed in the province of Quebec and posted on BCE’s website, the company says it’s entitled to the […]
BIA Digital Partners has acquired the assets of Douglas Publications LLC, a Richmond, Va.-based business information resources company. No financial terms were disclosed for the deal, which includes renaming the acquired company Briefings Media Group LLC.
Marsun Company Ltd., a Thai shipbuilder, has raised $5.6 million from the Aureos South-East Asia Fund.
Buyouts Magazine is now accepting nominations for its 9th annual Deals Of The Year Awards, which honor the best majority-stake transactions, LBO firms and other industry participants. Yeah, we get the irony -- but tradition is tradition. Like we did last year, the awards will focus on exits, rather than new deals, in order to ensure that successful transactions are recognized. Awards will be announced at the Buyouts Awards Dinner, which is part of Buyouts East at New York's Grand Hyatt Hotel on March 26. For more information about award categories, nominee qualifications and how to submit nominees, please refer to this downloadable document. Good luck to all!
Checksmart Financial Co., a Dublin, Ohio-based check cashing business owned by Diamond Castle Holdings, has closed its payroll advance operations in Ohio. The move comes following a new state law that made the business more difficult to maintain, and caused Moody’s to suggest that Checksmart may be unable to service its leveraged loans. www.checksmart.com
MatlinPatterson has agreed to make a $250 million PIPE investment in Flagstar Bancorp Inc. (NYSE: FBC), the largest publicly-held savings bank based in the Midwestern U.S. Following the transaction, MatlinPatterson would own approximately 70% of Flagstar’s fully diluted outstanding equity.
DETROIT (Reuters) – Citing a credit crisis and dwindling sales, Chrysler LLC on Wednesday said it would shut down all of its manufacturing operations from the end of this week for at least a month. The blanket shutdown marked a deepening of the financial crisis for the embattled U.S. auto industry and came as Chrysler […]
Windjammer Capital Investors LLC is in talks to buy S.T. Specialty Foods Inc., a Brooklyn Park, Minn.-based maker of pasta and rice dishes, from Swander Pace Capital, according to a regulatory filing and an official at Windjammer Capital. Windjammer Capital will make the investment out of Windjammer Senior Equity Fund III LP, a $575 million vehicle […]