(Reuters) – EMI’s parent company said on Wednesday further equity injections may be needed, particularly in 2011, as the music group continues to struggle under the weight of its debt in spite of an improved trading performance. The music business, controlled by Guy Hands’s buyout firm, Terra Firma [TERA.UL], generates enough cash to cover interest […]
(Reuters) – Private equity funds Permira, Providence Equity Partners, Bain Capital and Australian investment bank Macquarie Group Ltd (MQG.AX) have been shortlisted for second-round bids to buy Taiwan cable company China Network Systems (CNS), IFR reported on Wednesday. The deadline for submission of second-round bids was Sept. 20, the report said. North Asia-focused private equity […]
The day’s biggest takeover battle has at least one tie to private equity. Canadian fertilizer company Potash Corp today rebuffed a $130 per share offer from BHP Billiton, saying it was insufficient. Subsequent speculation has been that BHP may sweeten its offer and that the mining industry will consolidate the potash industry (potash refers to a powdery salt used primarily in fertilizers).
The possible auction of Pioneer Investments, which is owned by UniCredit Group, may finally be getting off the ground. peHUB has learned that Pioneer’s book is nearly completed and should be out to potential bidders soon. In July, I reported that the auction for Pioneer was set to begin in September because UniCredit didn’t have broken-out financials for Pioneer’s U.S. businesses. Books couldn’t be sent out until they had them, sources have told peHUB.
NEW YORK (Reuters) – Reynolds Group Holdings Ltd plans to buy Hefty bag maker Pactiv Corp (PTV.N) for about $6 billion, further consolidating the competitive food packaging industry and uniting two iconic brands under one banner. The privately held aluminum foil maker, controlled by New Zealand billionaire and former tow-truck driver Graeme Hart, will pay […]
Don’t bet on a private equity firm buying Bank of America’s 34% stake in BlackRock. BofA is reportedly considering selling its 34% holding in the world’s largest asset manager. Any buyer would require considerable heft since BlackRock has a $29.12 billion market capitalization. A bid would be valued at roughly $10 billion. “That’s really pricey,” a banker says.
Summit Materials, an acquisition platform in the building materials market, has made two acquisitions: Kilgore Paving and Maintenance LLC, an asphalt production and paving company, and the aggregates, ready-mix concrete and construction assets of Harper Companies. No financial terms were disclosed for either deal. Summit was formed last fall by The Blackstone Group, Silverhawk Capital Partners and former BHP Billiton CEO Charles Goodyear. It has up to $780 million in capital commitments.
Refresco Holding BV, a portfolio company of 3i Group, has agreed to acquire Soft Drinks International, a German maker of softdrinks and bottled waters. No financial terms were disclosed.
LONDON (Reuters) – Goldman Sachs (GS.N) and Groupe Eurotunnel have expanded their bidding group for Britain’s only high-speed rail line, a consortium spokesman said on Tuesday, as first-round bids were due for the 1.5 billion pound route. The British government is selling “High Speed 1”, which has a 30-year concession to run a 110 kilometre […]
SYDNEY (Reuters) – Australia and New Zealand Banking Group (ANZ.AX) is expected to decide by mid-October whether to bid for a majority stake in Korea Exchange Bank (004940.KS), worth about $4 billion at current prices, three sources said on Tuesday. If successful, the KEB deal will represent ANZ’s biggest ever acquisition as Australia’s No. 4 […]