Bad loan bank Cinda set for Hong Kong IPO

Cinda Market Cap (as of 22/11/13): N/A News surfaced on Thursday, November 21st that Chinese bad bank Cinda is finalizing the details of its long awaited Hong Kong IPO, which is expected to bring in up to HK$19bn (US$2.45bn) in fresh equity financing. The company will offer around 5bn shares at a price range of […]

T-Mobile raises $2bn to increase its footprint in the 4G market

T-Mobile US, Inc. Market Cap (as of 23/11/13): $19.2bn T-Mobile US, Deutsche Telecom majority-owned mobile operator is raising $2bn in an effort to increase its footprint in the 4G LTE market. T-Mobile is the fourth mobile operator in the US with 45M customers ranking after Verizon Wireless, AT&T Mobility and Sprint Nextel. On November 14, […]

Pharma’s Big Deal of the Year: Shire acquires ViroPharma

Shire PLC Market Cap (as of 15/11/13): £15.7bn ViroPharma Inc. Market Cap (as of 15/11/13): $3.3bn Monday, November 11th brought about the much rumored king-size deal of the year in the pharmaceutical sector: Shire PLC of Ireland acquired ViroPharma Inc., a US-based niche company focused on rare diseases, for a $4.2bn cash consideration. The $50 […]

Chinese move in the Latin American oil business

Petroleo Brasileiro Petrobras SA, Market Cap (as of 15/11/13):  US$112.19bn PetroChina Co Ltd, Market Cap (as of 15/11/13): US$226.3bn Brazil’s state-run oil company Petrobras announced on Wednesday 13th November that it was selling its Peruvian oil and gas assets to PetroChina for US$2.6 billion. The ownership structure underlying the deal is quite complex. Indeed, two […]

BSIC Special Report: Twitter IPO

Months of rumours have finally come to an end: Twitter is joining the ranks of listed internet companies with an IPO in Q4 2013. The market is hyped up and ready to go, but is this offering destined for ridicule as Facebook’s was? Correctly valuing Twitter is of paramount importance if we want to shed […]

Finmeccanica: a way out of the stalemate?

Finmeccanica Market Cap (as of 11/10/13): €3.23bn Fondo Strategico Italiano (FSI) Market Cap: N/A   Italian defence and industrial conglomerate Finmeccanica has agreed to sell its 55% stake in Ansaldo Energia, a maker of thermoelectric turbines, to Fondo Strategico Italiano (FSI), an arm of state-owned lender Cassa Depositi e Prestiti (CDP), for a total cash […]

Autogrill S.p.A.’s Spin-off

AGL Market Cap: 1.6 bn WDF Market Cap: 2.0 bn On the 1st of October 2013, Autogrill S.p.A. completed the spin-off of Travel Retail & Duty Free (TR&DF) that is now controlled by World Duty Free S.p.A. WDF started to trade at a price of €7.13 with AGL trading at €6.05, with a total value […]

KKR to acquire Acco and Crosby for US$1bn

KKR & Co. LP (Assets Under Management: US$83.5bn as of June 30th 2013) Melrose PLC (Market Cap: US$5.95bn as of October 10th 2013) On October 10th KKR & Co. L.P. announced the acquisition of The Crosby Group and Acco Material Handling Solutions from Melrose Industries PLC in a deal valued at US$1.01bn. Melrose, a London-based […]

Oi and Portugal Telecom to merge amidst shifting telecoms landscape

Oi Market Cap (as of 04/10/13): $2.78bn Portugal Telecom Market Cap (as of 04/10/13): $4.02bn On Wednesday, October 2nd, Oi of Brazil and Portugal Telecom (PT henceforth) agreed to merge after three years of alliance, forming a telecommunication heavyweight which will bring together 100mln customers across the Portuguese-speaking world. The deal takes place in an […]

Sotheby’s to adopt shareholder-right plan following takeover threat

Sotheby’s Market Cap (as of 4/10/13): $ 3.46bn Daniel Loeb, CEO of the hedge fund Third Point LLC, announced on the 2nd of October that he has upped his stake in the arts auctioneering firm Sotheby’s to 9.3%, making him the firm’s biggest shareholder. Mr Loeb now holds 6.8m shares worth $350m. In response to […]

Italian politics complicate the latest stage of a Telecom M&A Revival

Telefonica (Market Capitalization as of 27/09: €52.5bn) Telecom Italia (Market Capitalization as of 27/09: €10.6bn)   Recent news regarding Telefonica’s interest in Telecom Italia (“TI”) came to no surprise. The deal fits into the recent revival of dealmaking within the TMT sector and culminates months of speculation surrounding Telecom Italia. M&A Revamp in Telecommunications If […]

Follow up: Vodafone pockets $130bn from sale of Verizon Wireless Stake

  Verizon Communications (Market Capitalization as of 27/05/13: $134.5bn) Vodafone (Market Capitalization as of 27/05/13: $169.2bn)   In this follow up on our May 25th article(http://bsic.it/2013/05/25/vodafone-to-do-or-not-to-do-that-is-not-the-only-problem/) we analyze this year’s biggest M&A deal yet, the sale of Vodafone of its 45% stake in Verizon Wireless (henceforth VW) to Verizon Communications for $130bn. The blockbuster deal […]

$4.7bn bid for the fading mobile giant Blackberry

BlackBerry Limited (Market capitalization as of 27/09/2013: $4.20bn) Fairfax Financial Holding Limited (Assets under Management as of 30/06: $2.5bn)   On September 23rd, Fairfax Financial Holding Limited, a Canadian insurance and investment company, announced it was leading a group of investors to take over BlackBerry Limited, the Canadian smartphone company formerly known as Research In […]

Vodafone: To do or not to do? That is not the only problem

AT&T Inc. (Market Capitalization as of 24/05/2013: $197.6bn) Verizon Communications Inc. (Market Capitalization as of 24/05/2013: $147.0bn) Vodafone Group PLC (Market Capitalization as of 24/05/2013: $144.7bn)   Vodafone: M&A since 1985 The strong winds of market activity in the US telecom landscape have recently reignited a dormant flame in the relationship between Vodafone and Verizon […]

Danone continues with its efforts to penetrate the Chinese dairy market

Type of deal: Joint Venture Danone (Market Capitalization as of 23/05/2013 €34.63bn) COFCO: state-owned food company in China China Mengniu Dairy Company Ltd.: (Market Capitalization as of 23/05/2013 HK$ 46.87bn, i.e. €4.68bn) On May 20th 2013, with a press release, Danone, the world leader in fresh dairy products, announced its third attempt to enter the […]

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