Mergers & Acquisitions

Whitehaven lifts stake in Ferndale project

22 May 2012 | Dan Hall

Listed coal producer Whitehaven Coal has earned the right to a 25 per cent interest in the Ferndale coal project in the Hunter Valley under a farm-in agreement with takeover target Coalworks.

Eaton Corp pays $US11.8bn for Cooper Industries

PRINT: Capital | 22 May 2012

The power management provider Eaton Corporation said it had agreed to acquire Cooper Industries for $US11.8 billion in a deal that would allow the companies to form a global electricity business.

Formula One chases $US3bn Singapore IPO

PRINT: Capital | 22 May 2012

The Formula One Group is aiming to raise as much as $US3 billion through a Singapore stock market listing, and the company is set to present the deal today to fund managers and other big institutional investors.

DaVita buys HealthCare Partners for $US4.4bn

PRINT: Capital | 22 May 2012

DaVita, an operator of kidney dialysis clinics throughout the United States, agreed on Monday to buy HealthCare Partners, which runs medical groups in several states, for $US4.4 billion.

Investors un-friend Facebook as reality sets in

22 May 2012 | Chuck Mikolajczak

Facebook shares sank 11 per cent in the first day of trading without the full support of the company's underwriters, leaving some investors to switch back to more established stocks such as Apple.

Barclays to sell entire stake in BlackRock

22 May 2012 |

Updated | Barclays plans to sell its $US6.1 billion stake in the investment management firm BlackRock, moving before a new banking regulation framework takes effect.

Chinese buy theatre giant

22 May 2012 | Zachary Mider

PRINT: 22 May 2012 | PAGE 4 | Chinese buy theatre giant

China’s largest entertainment group agreed to buy AMC Entertainment Holdings Inc. for US$2.6 billion including debt, expanding into the U.S. to create the world’s biggest cinema owner.

Hiatus for Jemena as HDUF slows play

22 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 22 May 2012 | PAGE 22 | Hiatus for Jemena as HDUF slows play

The radio silence on the outcome of the Lazard-run sales process for the Jemena gas transmission assets has sparked speculation of a lack of buyer interest – at least at the $1.5 billion price tag for the pipelines set by parent SingPower.

Final pieces fall into place for ING exit

22 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 22 May 2012 | PAGE 22 | Final pieces fall into place for ING exit

The sale of ING Real Estate Community Living Group’s remaining US assets – valued on the parent’s books at about $164 million and comprising six prime senior living sites in Long Island, New York – is expected to be announced today.

World briefs

22 May 2012 |

PRINT: 22 May 2012 | PAGE 19 |

British bank Barclays plans to sell its entire 19.6 per cent stake in BlackRock for $US6.1 billion. BlackRock will buy back as much as $US1 billion of the shares.

Dulux tweaks Alesco takeover bid

21 May 2012 | Michael Hobbs

DuluxGroup has made a number of minor changes to its bidder’s statement for Alesco, including the addition of a paragraph about the performance of the Alesco share price since the bid was announced.

Minemakers to reject UCL bid

21 May 2012 | Sarah Thompson and Anthony Macdonald

The impasse between the partners in the $400 million-plus Sandpiper phosphate project in Namibia is expected to continue today with Minemakers set to rebuff UCL Resources’ $51 million takeover offer.

PMP confirms takeover talks with TMA

21 May 2012 | Ben Holgate

PRINT: 22 May 2012 | PAGE 3 | PMP talks on TMA bid

Printing and distribution company PMP has confirmed it is in discussions with ticketing and labelling group TMA regarding a takeover offer.

CBA sees gloomy outlook for Fairfax

21 May 2012 | Sarah Thompson and Anthony Macdonald

CBA analyst Alice Bennett notes Fairfax Media is trading on a 12-month forward price to earnings ratio of 7.1 times, compared with a historical average of 10.1 times.

FW Holst & Co may be good fit with Baillieu

21 May 2012 | Sarah Thompson

Stockbrokers are bracing for another round of consolidation should equity market conditions keep deteriorating and retail investors remain on the sidelines.

Zuckerberg weds on day after IPO

21 May 2012 |

For Facebook founder and CEO Mark Zuckerberg, it was quite a week – from birthday, to IPO, to ‘I do’.

Yahoo! nears deal to sell Alibaba stake

21 May 2012 |

Yahoo may finally be nearing a deal to sell half of its prized stake in the major Chinese e-commerce provider Alibaba, which could be worth as much as $US7 billion.

Facebook must prove itself after flat debut

PRINT: Capital | 21 May 2012

Facebook now has some proving to do. On the first day of trading as a public company Facebook shares did not deliver the pop that many investors have come to expect from Internet companies.

RBS braces for culture shock

PRINT: Capital | 21 May 2012

Integrating cultures is crucial for successful mergers, says an organisational psychologist, as CIMB Malaysia prepares to enter Australia after buying the Asia-Pacific arm of RBS.

CBA can count on a fierce battle

21 May 2012 | Sally Patten

PRINT: 21 May 2012 | PAGE 3 | CBA can count on a fierce battle

Patten | If the poaching wars between MLC and AMP are anything to go by, CBA and its subsidiary Count have quite a fight on their hands.

Minemakers to reject UCL bid

21 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 21 May 2012 | PAGE 18 | Minemakers to reject UCL bid

The impasse between the partners in the $400 million-plus Sandpiper phosphate project in Namibia is expected to continue today with Minemakers set to rebuff UCL Resources’ $51 million takeover offer.

GraysOnline calls in UBS for review

21 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 21 May 2012 | PAGE 18 | GraysOnline calls in UBS for review

Online auction house and retailer GraysOnline is considering a partnership with a traditional retailer, including the possible sale of an equity stake, as part of a strategic review aimed at making the most of its online capabilities.

TMA is mystery PMP bidder

21 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 21 May 2012 | PAGE 18 | TMA is mystery PMP bidder

Ticketing and labelling group TMA, a market dog until it was delisted last year, has been confirmed as the mystery bidder for PMP

Both sides win in a Lend Lease deal with Crown

21 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 21 May 2012 | PAGE 18 | Both sides win

If Lend Lease and casino operator Crown are not already in formal negotiations about Sydney’s Barangaroo, then it would make sense for them to get cracking.

Ventus struggle may be portent for bigger IPOs ahead

21 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 21 May 2012 | PAGE 18 | Ventus struggle may be portent for bigger IPOs ahead

ASX hopeful Ventus Medical has been forced to extend its initial public offer after failing to raise $40 million by last week’s closing date.

Google approval

21 May 2012 |

PRINT: 21 May 2012 | PAGE 3 | Google approval

Google won approval from Chinese regulators for its $US12.5 billion purchase of Motorola Mobility Holdings, clearing a final hurdle for a deal that boosts its patents portfolio and steps up competition with Apple.

S&P warns on shrinking A-REIT sector

21 May 2012 | Ainslie Chandler

PRINT: 21 May 2012 | PAGE 1 | S&P warns on shrinking REIT sector

Further consolidation among Australian real estate investment trusts could reduce the sector’s appeal, ratings agency Standard & Poor’s has warned.

From its first ‘sell’ rating to short bets

19 May 2012 |

PRINT: 19 May 2012 | PAGE 1 |

The debut of Facebook shares on the Nasdaq brought an intense focus to the company, including its first brokerage sell rating and the prospect of some investors shorting the social network giant.

Facebook IPO marred by trading glitches

19 May 2012 |

PRINT: 19 May 2012 | PAGE 1 | UPDATE 3-Facebook fizzles in debut, shares skirt IPO price

Updated | For a company that is dramatically upending business strategies and social relationships around the world, shares in Facebook made a surprisingly modest debut on Friday.

Baby boomer owners need to prepare before selling

19 May 2012 | Jessica Gardner

PRINT: 19 May 2012 | PAGE 3 | Baby boomer owners need to prepare before selling

Retiring from a business you have set up requires succession and other planning, including legal and valuation expertise.

National briefs

19 May 2012 |

PRINT: 19 May 2012 | PAGE 3 |

A meeting of federal and state transport ministers in South Australia on Friday agreed to set up a national maritime regulator for domestic commercial vessels. The ministers also agreed to set up a land-use planning regime to prevent inappropriate developments around airports.

Facebook faces its moment of truth

19 May 2012 | Ruth Liew

PRINT: 19 May 2012 | PAGE 1 | Facebook faces its moment of truth

Facebook’s $100 billion initial public offering has its critics but former senior Microsoft executive Daniel Petre believes those who cashed in early would probably see their investments pay off.

Thakral Holdings appoints Grant Samuel

18 May 2012 | Ben Wilmot

Hotel landlord and property developer Thakral Holdings has appointed the well-regarded Grant Samuel to assess Brookfield Asset Management’s takeover proposal

Water everywhere but not a drop before time

PRINT: Capital | 18 May 2012

Fifteen senior deal makers gathered in Sydney to initial the final documents on a $2.3 billion deal to privatise the city’s desalination plant. They took care not to be seen – for good reason.

Eye Corp under CHAMP scrutiny

18 May 2012 | Ben Holgate, Anthony Macdonald and Stephen Shore

PRINT: 19 May 2012 | PAGE 2 | Eye Corp under CHAMP scrutiny

Ten Network Holdings is negotiating the sale its outdoor advertising business Eye Corp, saying it has entered into an exclusivity agreement with a bidder.

Woolley stalks US property trust

18 May 2012 | Sarah Thompson and Stephen Shore

Former Macquarie banker Greg Woolley has bounced back from a tussle with the Takeovers Panel and launched a cash takeover bid for the Real Estate Capital Partners USA Property Trust.

Long odds on a big Facebook payday

18 May 2012 | NATHANIEL POPPER

Facebook shares will be tempting to buy when they start trading. The company is well known, has hefty profit margins and may become the world’s primary gateway to the Internet.

Buffett bets on newspapers with Media General

18 May 2012 |

Media General said on Thursday that it had sold nearly all of its 63 newspaper properties to Warren Buffett’s Berkshire Hathaway for $US142 million in cash.

Reviews can hit too close to home

18 May 2012 | Tony Boyd

PRINT: 18 May 2012 | PAGE 4 | Reviews can hit too close to home

When a chief executive utters the words “strategic review”, as Mike Wilkins at Insurance Australia Group did yesterday, you know a board of directors is no longer willing to live with a mess created by past managers.

Freehills set to lead in employee relations

18 May 2012 | Rachel Nickless

PRINT: 18 May 2012 | PAGE 1 | Freehills set to lead in employee relations

Freehills is planning to keep its high profile employee relations team of lawyers in a merger with British firm Herbert Smith.

Goldman to cash in $1bn of Facebook shares

18 May 2012 | Christine Harper New York

PRINT: 18 May 2012 | PAGE 3 | Goldman to cash in $1bn of Facebook shares

Goldman Sachs Group and funds managed by the firm will sell about $1 billion of stock in Facebook’s initial public offering, cashing out almost half their stake after the social network doubled in value.

Malaysia’s YTL wins hotel fund race

18 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 18 May 2012 | PAGE 18 | Malaysians win hotel fund race

Malaysia’s YTL Corp has won the race for the Commonwealth Property Hotel Fund portfolio in a $400 million deal.

Maoris resist Mighty River sale

18 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 18 May 2012 | PAGE 18 | Maoris resist Mighty River sale

Mighty River Power’s sale process has hit some resistance. A Maori group from NZ’s central North Island is threatening legal action to stop the selldown, saying it is in breach of a 172-year-old treaty.

Pacific Equity takes its time over Link deal

18 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 18 May 2012 | PAGE 18 | Pacific Equity takes its time over Link deal

Pacific Equity Partners is taking its time with Link Market Services, the $1.5 billion share registry business earmarked for sale.

QBE may look at IAG’s business if price is right

18 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 18 May 2012 | PAGE 18 | QBE may look at IAG’s UK business if price is right

QBE Insurance Group is one of Australia’s hungriest acquirers, so expect it to be on Insurance Australia Group’s hit-list as it tries to offload its battling United Kingdom business.

Facing up to the facts

18 May 2012 | John Sinclair

PRINT: 18 May 2012 | PAGE 2 | Facing up to the facts

There’s a reason for Facebook’s elevated $100bn valuation before its float.

Former Facebook man has no regrets

18 May 2012 | Brian Corrigan

PRINT: 18 May 2012 | PAGE 1 | Ex-Facebook man: no regrets

Brisbane family man Chris Adams is about to be even better friends with 30 of his mates from Facebook as they prepare to become multimillionaires, even billionaires.

PMP (PMP)

17 May 2012 |

PRINT: 17 May 2012 | PAGE 27 |

The share price of print and distribution company PMP soared by more than 100 per cent on 27th April to 62¢, after it disclosed that it had received a highly conditional non-binding indicative takeover offer in the range of 68¢ to 78¢ a share.

Coalworks steps up attack on takeover bid

17 May 2012 |

Coalworks has stepped up its calls for shareholders to reject a $142 million takeover offer as well as a separate bid to dump its chairman and chief executive.

IAG’s UK business under review

17 May 2012 | Ruth Liew

PRINT: 18 May 2012 | PAGE 2 | IAG to review unprofitable UK unit

Updated | IAG is to put its loss-making UK business under review for potential sale after considering options including improving the existing business and focusing more on motor insurance.

Brokers stop taking Facebook IPO orders

17 May 2012 |

PRINT: 17 May 2012 | PAGE 1 |

Investors who want Facebook shares when the No. 1 online social network goes public later this week may have lost the opportunity.

Facebook's IPO: who gets rich?

17 May 2012 |

The rich are going to get richer when Silicon Valley's biggest IPO starts trading on Friday.

Macquarie-led group to buy Open Grid Europe

17 May 2012 |

E.ON, Germany’s largest utility, said it has sold its Open Grid Europe gas distribution network to a consortium led by Macquarie for $4.1 billion, raising cash to pay down debt and fund expansion.

Facebook insiders, early investors selling more shares

17 May 2012 |

Insiders and early Facebook investors will be unloading more of their shares in the initial public offering, the company said on Wednesday, as they take advantage of investor demand.

Pipeline Partners sweeten HDUF offer

17 May 2012 | Kevin Chinnery

PRINT: 17 May 2012 | PAGE 2 | Pipeline Partners raises HDUF bid

One bidder had raised its offer for a gas pipeline owner, and another interested party has the cash reserves that it needs to boost its offer as well.

Move puts GE in mining sweet spot

17 May 2012 |

PRINT: 17 May 2012 | PAGE 25 | Move puts giant in mining sweet spot

Global giant GE’s purchase of mining equipment manufacturer Industrea makes good on a promise to diversify its local business away from financial services and industrial imports.

Echo plans defence to repulse Packer

17 May 2012 | Sarah Thompson

PRINT: 17 May 2012 | PAGE 24 | Echo plans defence to repulse Packer

There is no shortage of opinion about Echo Entertainment Group and how it should fend off James Packer’s Crown.

Dental innovator David Penn extracts $100m deal

17 May 2012 | Carrie LaFrenz

PRINT: 17 May 2012 | PAGE 4 | Dental innovator extracts $100m deal

Sydney dentist and medical appliance innovator David Penn has sold a majority stake in his Southern Cross Dental Laboratories to private equity player Ironbridge Capital in a deal worth nearly $100 million.

The problem with BHP

17 May 2012 | Tony Boyd

PRINT: 17 May 2012 | PAGE 1 | The problem with BHP Billiton

A speech in Sydney by BHP Billiton chairman Jac Nasser and an earlier presentation by CEO Marius Kloppers in Florida, did nothing for the stock.

Whitehaven Coal (WHC)

16 May 2012 | Qaiser Malik

PRINT: 17 May 2012 | PAGE 37 |

Shares of Whitehaven Coal fell by almost 8 per cent on Wednesday amid fears of a China slowdown and its attempted takeover of small-cap coal miner Coalworks.

‘Bigger’ Facebook IPO to raise $US15bn

16 May 2012 |

PRINT: 16 May 2012 | PAGE 1 |

Interest in the social networking stock has not been dimmed by debate over its long-term ability to make money.

Facebook ads not worth it: GM

16 May 2012 | Ben Woodhead

Automotive giant General Motors is threatening to rain on Facebook’s IPO party with a decision to withdraw advertising from the wildly popular social networking site over concerns the ads have limited impact.

GE offers $470m for Industrea

16 May 2012 | Luke Forrestal

PRINT: 16 May 2012 | PAGE 25 | GE makes $470m bid for Industrea

Industrea has been given approval to seek buyers for its contracting business after agreeing to a $470 million takeover from giant US conglomerate General Electric.

Toll shares dive on profit downgrade

16 May 2012 | Jenny Wiggins

PRINT: 16 May 2012 | PAGE 2 | Toll shares dive on downgrade

Toll Holdings’ chief executive Brian Kruger warned that the retail sector is struggling as he made his first writedowns since stepping into the role at the beginning of this year.

Battle has a long way to go until resolution

16 May 2012 | Michael Smith

PRINT: 16 May 2012 | PAGE 19 | Battle has a long way to go until resolution

Nothing is simple when it comes to Hastings Diversified Utilities Fund. While the fund has two offers on the table, which has bumped up the share price, both are highly conditional and potentially messy.

OZ looks at timeline to sell Sandfire stake

16 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 16 May 2012 | PAGE 18 | OZ looks at timeline for Sandfire stake

Ever since OZ Minerals picked up its 19.9 per cent stake in Sandfire Resources in June 2010, speculation has been rife as to what the endgame would be.

News’ Williams takes advice

16 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 16 May 2012 | PAGE 18 | News’ Williams takes advice

News Ltd boss Kim Williams returned to Australia over the weekend as discussions about James Packer’s $900 million stake in Consolidated Media Holdings continue.

APN Outdoor sees no place for Eye Corp in big picture

16 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 16 May 2012 | PAGE 18 | APN Outdoor sees no place for Eye Corp in big picture

APN Outdoor has pulled out of the race for Ten Network’s outdoor advertising business Eye Corp, preferring to deploy capital across its digital portfolio.

Facebook IPO could now raise $US12.8bn

16 May 2012 |

Already expected to be the largest-ever initial public offering for an internet company, Facebook is making its IPO even bigger.

Facebook lifts IPO range to $US34-38 a share

16 May 2012 |

Facebook has increased the price range on its IPO an average of 14 per cent to raise more than $US12 billion, giving the world’s No. 1 social network a valuation potentially exceeding $US100 billion.

Pipeline popularity contest

16 May 2012 | Tony Boyd

PRINT: 16 May 2012 | PAGE 1 | Pipeline popularity contest

Whatever way you look at it, Alan Cameron from Hastings Funds Management is a winner from the proposal by Pipeline Partners Australia.

The numbers behind Canada’s Caisse

15 May 2012 | Sarah Thompson and Stephen Shore

So who is Caisse de dépot et placement du Québec, the Canadian bidder that has teamed up with the Utilities Trust of Australia to bid for Hastings Diversified Utilities Trust?

Coty withdraws $US10.7bn offer for Avon

15 May 2012 |

Coty said that it was abandoning its pursuit of Avon Products, citing Avon’s “unwillingness to engage in discussions.”

Facebook raises IPO price range

15 May 2012 | Brian Corrigan

Facebook has raised the price range for its initial public offering ahead of what has arguably become the most eagerly anticipated technology listing in history.

Bidding war erupts for Hastings fund

15 May 2012 | Kevin Chinnery

PRINT: 16 May 2012 | PAGE 1 | Bidding war erupts for HDF

Updated | A bidding war has broken out over pipeline operator Hastings Diversified Utilities Fund, with the Pipeline Partners Consortium lobbing a $1.25 billion bid to rival APA’s cash and scrip offer.

In for a penny for HDUF

15 May 2012 | Sarah Thompson and Anthony Macdonald

Hastings Diversified Utilities Fund appears enmeshed in the year’s first billion-dollar bidding war, with the pipeline owner receiving a second offer on Tuesday morning.

OMG, Facebook raises price range for IPO

15 May 2012 | Peter Wells

Facebook has raised the price range for its much-anticipated initial public offering to $US34 to $US38 a share, the Wall Street Journal is reporting as breaking news

Pacbrands to let go unwanted lines

15 May 2012 | Sue Mitchell

PRINT: 16 May 2012 | PAGE 2 | Pac Brands to let go unwanted lines

Socks and jocks maker Pacific Brands has given up hope of attracting a full takeover offer but may sell unwanted brands to erstwhile suitors. But one of the parties that approached Pacific Brands may be interested in buying one or some of the brands under review as part of the manufacturer’s rationalisation strategy.

Concho Resources pays $US1bn for Three Rivers

15 May 2012 |

Concho Resources will buy the Three Rivers Operating Company, which had planned an initial public offering, for $US1 billion from the Carlyle Group and Riverstone.

Facebook to close books early on IPO

15 May 2012 |

Updated | Facebook will close the books on its mammoth $US10.6 billion initial public offering Tuesday, two days ahead of schedule, according to a source familiar with the deal.

Company briefs

15 May 2012 |

PRINT: 15 May 2012 | PAGE 4 |

MF Global Australia’s creditors have voted in favour of a proposal to allow clients to transfer their accounts to third parties head

Hardly magnum Opus, but worthy

15 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 15 May 2012 | PAGE 18 | Hardly magnum Opus, but worthy

Corporate activity has turned the listed media and printing industry on its head and another stock worth considering is the newly formed Opus Group.

No white knight in sight for Alesco

15 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 15 May 2012 | PAGE 18 | No white knight in sight for Alesco

The chances of a white knight emerging for construction materials company Alesco may be slim, but cannot be ruled out.

PEP peruse the sweet freezer

15 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 15 May 2012 | PAGE 18 | PEP peruses the sweet freezer

The sales process for Nestlé’s iconic Peters icecream business is quietly moving along, with selected suitors being courted away from the public eye.

Fairfax, Saltbush and UBS intrigue

15 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 15 May 2012 | PAGE 18 | Fairfax, Saltbush and UBS intrigue

It is interesting to note Fairfax is taking counsel from under-the-radar-boutique advisory, Saltbush Capital Markets, and its chairman Patrick Allaway.

Desal advice hoists league table

15 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 15 May 2012 | PAGE 18 | Desal work whets the appetite for more privatisations

Providing advice to the Hastings and Ontario Teachers Pension plan consortium, the successful bidder for NSW’s desalination plant, has given Morgan Stanley and RBC Capital Markets a healthy kick up the investment banking league tables.

Teaser tactics: KKR puts BIS in fast lane

15 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 15 May 2012 | PAGE 18 | Teaser tactics: KKR puts BISin the fast lane

Kohlberg Kravis Roberts & Co can claim to have one of the better reads on the transaction environment, so when the firm starts playing strange games with its own sales processes, it is worth taking notice.

Facebook premium slips to 18pc

15 May 2012 | Ruth Liew

PRINT: 15 May 2012 | PAGE 1 | Facebook premium slips to 18pc

Mum and dad investors are speculating Facebook’s market cap will reach $112.5 billion at the end of its first day of trading, as the countdown begins to one of the most highly anticipated initial public listings in years.

Wozniak to Zuckerberg - watch your back

15 May 2012 | Paul Smith

PRINT: 15 May 2012 | PAGE 1 | No friends in business: Wozniak

Apple co-founder Steve Wozniak has told Facebook’s Mark Zuckerberg to watch out for possible backlash from shareholders after he takes his social media company public.

Wagner writes score for Morgan Stanley’s success

PRINT: Capital | 14 May 2012

Morgan Stanley has had a busy start to 2012. The bank is involved in two billion-dollar asset sales from the NSW government and had a hand in two of the year’s biggest capital markets deals.

Generators next on NSW agenda

14 May 2012 | Sarah Thompson and Stephen Shore

Morgan Stanley has won bragging rights for the first asset sale to come from a NSW Liberal government that has made no secret of its privatisation agenda. But the other banks are wasting no time getting their ducks in a row for the next phase.

Westgold accepts Metals X $92m offer

14 May 2012 | Luke Forrestal

Westgold Resources has agreed to a $92 million merger offer from major shareholder Metals X in a move that should help fund development of the company’s Australian gold assets.

Coalworks board rejects takeover offer

14 May 2012 |

Coalworks has urged its shareholders to reject a $142 million takeover offer from Whitehaven Coal because it undervalues the company.

Truth in takeovers rule needed to address bid confusion

PRINT: Capital | 14 May 2012

Comment | A recent seminar showed just how confusing truth in takeovers has become, as merger advisers call for the Takeovers Panel to publish a rule clarifying the application of ASIC’s controversial policy.

Ascendas set to list hotel trust

14 May 2012 | Ben Wilmot

PRINT: 14 May 2012 | PAGE 50 | Ascendas

Singaporean investment giant Ascendas is to launch the float of a new hotel trust on the Singapore Stock Exchange that includes Australian properties.

Brookfield, rivals pursue Thakral

14 May 2012 | Gretchen Friemann

PRINT: 14 May 2012 | PAGE 50 | Brookfield, rivals pursue Thakral

Brookfield Office Properties, the real estate giant listed on the New York Stock Exchange, is expected to encounter rivals in its $410 million pursuit of Thakral Holdings.

Cometh the hour, cometh the nerd

14 May 2012 | Evelyn Rusli

PRINT: 14 May 2012 | PAGE 2 | Cometh the hour, cometh the nerd

Mark Zuckerberg may be a genius but is he grown up enough to run a listed leviathan? On the eve of Facebook’s IPO, those who know him best say he’s ready.

PE pumps up the PR

14 May 2012 | William Alden

PRINT: 14 May 2012 | PAGE 28 | PE pumps up the PR

The private equity industry’s lobby group has released an educational video portraying buyout firms as friendly business partners which give struggling companies a helping hand.

Suncorp bid to lure advisers to insurance arm

14 May 2012 | Ruth Liew

PRINT: 14 May 2012 | PAGE 20 | Suncorp bid to lure advisers to insurance arm

Suncorp Group is hoping to lure more financial advisers to use its ­general insurance distribution (GID) services after buying AMP’s GID business in January.

Alesco rolls up with fightback plan against Dulux

14 May 2012 | Michael Hobbs

PRINT: 14 May 2012 | PAGE 2 | Alesco rolls up with fightback plan

Alesco chairman Mark Luby is set to argue that an improvement in its garage doors and openers division has lifted the value of the company beyond suitor DuluxGroup’s $188 million takeover offer.

Coalpac on the block – again

14 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 14 May 2012 | PAGE 18 | Coalpac on the block – again

Macquarie is quietly testing the market’s appetite for NSW coalminer Coalpac, 80 per cent owned by a private investment vehicle of Melbourne’s Liberman family.

UBS prepares for Ezibuy sale

14 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 14 May 2012 | PAGE 18 | UBS prepares for EziBuy sale

There’s said to be roughly 18 sale information memorandums circulating the market or poised to be sent out and Street Talk can now add to this list.

Och-Ziff to take stake in Lamboo

14 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 14 May 2012 | PAGE 18 | Och-Ziff to take stake in Lamboo

It’s a tiddler but emerging graphite explorer Lamboo Resources is expected to have Och-Ziff Capital Management Group take up a significant amount of Monday’s raising.

Arthur Galan may be next exclusive brand to join Myer

14 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 14 May 2012 | PAGE 18 | Arthur Galan may be next exclusive brand to join Myer

Sixteen months after leaving David Jones for “greener pastures” at Myer, Melbourne-based fashion brand Arthur Galan looks to be on the verge of formalising its relationship with the mid-market department store chain.

ACCC decision in NSW bodes well for Loy Yang deal

14 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 14 May 2012 | PAGE 18 | ACCC decision in NSW bodes well for Loy Yang deal

The competition regulator will deliver its verdict on Thursday, May 24, on AGL Energy’s buyout of its partners in Great Energy Alliance Corp, which owns Victoria’s Loy Yang A power station.

Guggenheim, Deutsche Bank asset talks falter

12 May 2012 |

Guggenheim Partners’ talks to buy a full range of asset management businesses from Deutsche Bank for €1.4 billion have fallen apart, a source familiar with the situation said.

Qatar to buy major stake in Royal Dutch Shell

12 May 2012 |

Gas-rich Qatar is ploughing more of its commodity wealth back into the sector with the purchase of a major stake in Royal Dutch Shell, while also reportedly eyeing a chunk of Italian oil major ENI.

Mobile application is top priority: Zuckerberg

12 May 2012 |

Updated | Facebook CEO Mark Zuckerberg on Friday laid out his 2012 goals to investors in Silicon Valley, saying his first priority was improving the social network’s mobile application.

Don’t forget franchisees during M&A

12 May 2012 | Jessica Gardner

PRINT: 12 May 2012 | PAGE 2 | Don’t forget franchisees during M&A

The experience of the Mrs Fields chain shows the importance of keeping franchisees in the loop during mergers.

Cotton On gets two Specialty seats for its stake

11 May 2012 | Sarah Thompson and Anthony Macdonald

After creeping up the register of womenswear retailer Specialty Fashion over the past two years, Nigel Austin’s Cotton On Group has finally snared not one, but two board seats.

APA offers to sell key Hastings asset

11 May 2012 | Angela Macdonald-Smith

PRINT: 11 May 2012 | PAGE 2 | APA ups takeover ante

APA Group is proposing to sell one of Hastings Diversified Utilities Fund’s key assets in an effort to win approval from the competition regulator for its planned $840 million tie-up with the fund.

Dulux’s Alesco bid won’t stick

11 May 2012 | MICHAEL SMITH

While Alesco has told its shareholders to take no action over Dulux Group’s $188m offer for the company, it’s clear the board has no intention of backing the bid.

Dulux-Alesco bid stirs to life

11 May 2012 | Sarah Thompson and Anthony Macdonald

There is movement in the DuluxGroup and Alesco takeover situation after the paint maker submitted its bidder’s statement last night.

Is Facebook’s IPO a fizzer?

11 May 2012 | Ben Woodhead

PRINT: 11 May 2012 | PAGE 1 |

Facebook’s $US10.6bn float is the talk of Wall Street - but not all of that talk is going the way the social media giant and its hoodie-wearing chief would want.

NSW desalination deal defended

11 May 2012 | Michaela Whitbourn

PRINT: 12 May 2012 | PAGE 12 | Desal deal defended

NSW Treasurer Mike Baird has denied the sale of Sydney’s desalination plant will drive up water bills after the state government signed off on a $2.3 billion deal.

Listing could trigger IPO surge: Nasdaq

11 May 2012 |

Nasdaq OMX Group is looking forward to a spike in the number of companies going public in the near term as they look to take advantage of the market buzz created by Facebook’s listing next week.

Dick Smith lures turn-around specialist

11 May 2012 | Sarah Thompson and Anthony Macdonal

PRINT: 11 May 2012 | PAGE 20 | Dick Smith lures turn-around specialist

Anchorage has been named as one of six parties conducting due diligence on Dick Smith, put on sale by Woolworths in January.

JCDecaux out of Eye Corp battle

11 May 2012 | Sarah Thompson

PRINT: 11 May 2012 | PAGE 20 | JCDecaux out of Eye Corp battle

Ten Network’s sale of its outdoor advertising business Eye Corp has taken an interesting turn, with France’s JCDecaux understood to have withdrawn from the fray.

Private equity and trade compete for CVC’s Mantra

11 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 11 May 2012 | PAGE 20 | Private equity and trade compete for CVC’s Mantra

Archer Capital is said to be front runner for CVC Asia Pacific-owned Mantra (the re-badged Stella Hospitality Group. It can be revealed that larger rival Carlyle Group is also in pursuit of the business, which owns or manages 108 hotels.

Rio rids itself of Friedland ties

11 May 2012 | Matthew Stevens

PRINT: 11 May 2012 | PAGE 1 | Rio rids itself of Friedland ties

Having stumped up $US20m to help ease Robert Friedland out of Ivanhoe, Rio Tinto is moving to exorcise his corporate ghost.

Japan takes over Tepco in $12.5 billion bailout

11 May 2012 | Hiroko Tabuchi

PRINT: 11 May 2012 | PAGE 3 | Japan to nationalise Tepco in $12.4 billion bailout

Japan is set to nationalise Tokyo Electric Power, operator of the ravaged Fukushima Daiichi nuclear power plant, under a ¥1 trillion ($12.5 billion) bailout plan.

Kumai takes high-risk road to Mongolia

10 May 2012 | Tony Featherstone

PRINT: 11 May 2012 | PAGE 5 | Kumai takes high-risk road to Mongolia

Kumai Energy is the latest float raising funds to develop Mongolian projects and lift the presence of Australian junior explorers in the emerging mining hot spot.

Alesco rebuff looms for Dulux

10 May 2012 | Michael Hobbs

PRINT: 10 May 2012 | PAGE 25 | Alesco rebuffs Dulux

Alesco has given its strongest indication yet that it will reject Dulux’s bid of $2 per share and labelled the price “illusory” after the paint manufacturer released its bidding statement.

Billabong far from shore

10 May 2012 | Sarah Thompson and Stephen Shore

Analysts have welcomed the news that former Target head Launa Inman is the new boss of Billabong International, but warned the retailer is far from the safety of shore.

Virgin-Skywest tie-up gets ACCC OK

10 May 2012 |

Virgin Australia and Skywest Airlines have received final approval to jointly bid for corporate contracts and charter operations as part of an expanded alliance.

Crown denies stealth on Echo

10 May 2012 | Sarah Thompson and Anthony Macdonald

Crown Ltd has denied it is using derivatives to secretly creep up Echo Entertainment Group’s register.

Aura uranium up for grabs

10 May 2012 | Sarah Thompson and Anthony Macdonald

Junior explorer Aura Energy has hired Gresham Advisory Partners to review its Swedish uranium project after receiving a number of offers for the asset.

Dewey’s top leaders to leave troubled law firm

10 May 2012 |

Two of Dewey & LeBoeuf’s four leaders are jumping ship, as the ailing US law firm prepares for mass layoffs of employees and junior lawyers, the firms that are hiring them said.

Spain takes over Bankia to combat crisis

10 May 2012 |

Spain has taken over Bankia, the country's fourth biggest lender, trying to dispel concerns over the government's ability to clean up the financial sector four years after the banks were hit by a property crash.

Four in running for second BOSI property loan portfolio

PRINT: Capital | 15 May 2012

At least four parties have made it to the next round in the sale process for Lloyds Banking Group’s $1.9 billion portfolio of distressed real estate loans.

Spain seizes Bankia as debt crisis escalates

10 May 2012 |

Spain was poised on Wednesday night to nationalise crippled lender Bankia in a dramatic move to contain the escalating crisis and restore faith in the country's management.

How Facebook’s giant IPO was won

10 May 2012 | Evelyn Rusli

PRINT: 10 May 2012 | PAGE 35 | How Facebook’s giant IPO was won

Silicon Valley doesn’t have much love for Wall Street, perceiving buttoned-up financiers as fee-obsessed number crunchers who don’t really understand technology.

No thirst to distribute Calpis here

10 May 2012 | Sue Mitchell and wires

PRINT: 10 May 2012 | PAGE 3 | Schweppes: no thirst to distribute Calpis here

Schweppes has no immediate plans to start distributing Calpis, a popular drink in Japan, following Asahi’s $1.5 billion acquisition of Calpis’s parent company.

Dulux, Alesco battle heats up

10 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 10 May 2012 | PAGE 28 | Dulux, Alesco battle heats up

The missing piece of the puzzle, Dulux’s bidder statement behind its $2 per share cash offer for Alesco, is expected on Thursday.

ConsMedia blocks trade sweet option for UBS

10 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 10 May 2012 | PAGE 28 | ConsMedia blocks trade sweet option for UBS

News Ltd should be considered front runner for James Packer’s $900 million Consolidated Media stake, but should it and other trade buyers turn down the asset institutional investors might be interested.

Capital questions could return to haunt Billabong

10 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 10 May 2012 | PAGE 28 | Capital questions could return to haunt Billabong

Now that Billabong International has installed new CEO Launa Inman, investors expect a period of writedowns, downgrades and restructuring charges as the new boss clears the decks.

PacBrands in same boat with Billabong

09 May 2012 | Sarah Thompson and Anthony Macdonald

Changes at the helm of Billabong International show what can happen when a board is forced to take a long hard look at itself following a takeover offer, so expect the spotlight to shine on another – Pacific Brands.

Mirabela’s plunge sparks fears for sector

09 May 2012 | Sarah Thompson and Stephen Shore

Mirabela Nickel’s woes have gone from bad to worse, with the stock plunging 30 per cent before trading was halted on Wednesday afternoon.

Alesco trades higher, Dulux bidder statement due

09 May 2012 | Sarah Thompson and Anthony Macdonald

Traders, more likely hedge funds, appear to be taking a bullish point of view of Dulux’s bid for Alesco.

Glencore under fire over Congo as investors meet

09 May 2012 | Reuters

PRINT: 10 May 2012 | PAGE 1 | Glencore under fire over Congo as investors meet

Commodities trader Glencore faced calls for greater transparency around its deals in Congo, one of its most promising but most controversial jurisdictions, as it prepares for its first shareholder meeting since listing.

New Billabong chief welcomed, raising still on cards

09 May 2012 | Sarah Thompson and Anthony Macdonald

Billabong’s chief executive Derek O’Neill has been dumped to be replaced by former Target managing director Launa Inman.

Launa don’t surf but she will run Billabong

09 May 2012 | Carrie LaFrenz

PRINT: 10 May 2012 | PAGE 1 | Launa don’t surf but she runs Billabong

Former Target managing director Launa Inman has been appointed managing director and chief executive of troubled surfwear retailer Billabong International following the shock departure of Derek O’Neill.

AMC said to talk to Chinese buyer

09 May 2012 |

AMC Entertainment is in talks to sell the company or a significant stake in it to the Wanda Group, one of China’s largest theatre owners, insiders say.

America Movil pays €2.6bn to up KPN stake

09 May 2012 |

Updated | America Movil is offering €2.6 billion, or $US3.4 billion, to increase its stake in KPN, the Dutch wireless phone and Internet service provider.

Rio move could push Ivanhoe out

09 May 2012 | Sarah Thompson and Anthony Macdonald

Emmerson could end up with full ownership of its Tennant Creek joint venture with Ivanhoe Australia now Rio Tinto has taken control.

Petronas stake goes round and round

09 May 2012 | Sarah Thompson and Anthony Macdonald

Musical chairs set tongues wagging and hearts racing with sale of Petronas stake.

CLP yet to commit to TRU IPO

09 May 2012 | Angela Macdonald-Smith

PRINT: 09 May 2012 | PAGE 3 | CLP yet to commit to TRU IPO

CLP Group chief executive Andrew Brandler has insisted that no decision has been made on whether to proceed with an IPO of TRUenergy in Australia even as preparations for a float pick up pace in the local market.

ConsMedia included in Telstra’s plans

09 May 2012 | John McDuling

PRINT: 09 May 2012 | PAGE 2 | ConsMedia included in telco’s plans

Telstra is working with investment bank Credit Suisse on its media strategy, including a potential tilt at James Packer’s pay TV investment vehicle, Consolidated Media Holdings.

Nexus nutting out Crux details

09 May 2012 | Sarah Thompson and Anthony Macdonald

The commercial and legal minds at Royal Dutch Shell, Nexus and Osaka Gas are set for a few days of nutting out the deal over the Crux gas deposit in the Timor Sea.

Unitas refinances Exego to wait for a better price

09 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 09 May 2012 | PAGE 16 | Private equity refinances to wait for better price

Unitas Capital has locked in a $300 million unsecured refinance facility for automotive parts business, Exego Group, showing some private equity groups would prefer to hang on to assets then sell in the current climate.