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TODAY'S TOP HEADLINES | Thursday, February 28, 2008M & A: Nextel Write-Down Pushes Sprint to Big LossBANKING: ABN Amro Posts $2.36 Billion Write-Down PRIVATE EQUITY: The Private Equity Lawsuit of the Year HEDGE FUNDS: Simons' $60 Million Gift to Stony Brook OFFERINGS: China Railway Raises $3.1 Billion in Shanghai I.P.O. VENTURE CAPITAL: LinkedIn's Newest Member: Bill Gates LEGAL: Top F.T.C. Official Expected to Resign TOP STORY
![]() ADIA is the largest of the world's sovereign wealth funds, giant pools of money controlled by cash-rich governments, particularly in Asia and Middle East. But Abu Dhabi, the wealthiest of the seven Arab emirates, says little about its fund, which recently formed a small team that is now buying big stakes in Western companies such as Citigroup. Few outsiders know for sure where ADIA invests -- or even how much money it controls. But ADIA's secrecy is drawing increased scrutiny. Go to Article from The New York Times» Highlights from Wednesday's coverage of the Super Return conference in Munich: ![]() Go to Item from DealBook» If shell-shocked banks can't or won't provide loans for buyouts, just steer around them -- that's one strategy that seems to be gaining traction at the biggest private equity firms. Go to Item from DealBook» You've heard of the wisdom of crowds: Here's the wisdom of the private equity crowd, in the form of a snap poll conducted among attendees at Super Return. Go to Item from DealBook» ADVERTISEMENT MERGERS & ACQUISITIONS![]() Go to Article from The Associated Press via The New York Times» Go to News Release from Sprint» A dispute over marketing rights held by mining group Xstrata's biggest shareholder is threatening a possible takeover by Brazil's Companhia Vale do Rio Doce worth around $90 billion, Reuters reported citing an unnamed source. Go to Article from Reuters via The New York Times» Microsoft's $44.6 billion offer to buy the Internet company Yahoo is not an aberration but part of a broader trend in which suitors make bold unsolicited bids during a time of weak stock prices and tight credit markets. Go to Article from Reuters via The International Herald Tribune» ![]() Go to Item from The Deal Professor» ![]() Go to Article from The Associated Press via The New York Times» Electronic Arts's chief financial officer suggested Wednesday that the video game publisher is prepared to launch a hostile bid for Take-Two Interactive after its previous approach was rejected. Go to Article from The Deal.com» Go to Article from The New York Post» ![]() Go to Article from CNet News.com» ![]() Go to Report from The 451 Group» Consumer products maker Newell Rubbermaid said Wednesday it has agreed to buy an Illinois maker of touch-free washroom dispensers and other devices for $445 million, its second acquisition announced this week. Go to Article from The Associated Press via The Chicago Tribune» CollaGenex Pharmaceuticals said Wednesday that it would be bought for about $420 million by Galderma Laboratories. Go to Article from The Philadelphia Inquirer» INVESTMENT BANKING![]() Go to Article from Reuters via The New York Times» ![]() Go to Article from The New York Times» ![]() Go to Article from The Wall Street Journal (Subscription Required)» Deutsche Bank's chief executive says that he expects further writedowns at other banks as they continue to calculate unrealized losses from assets tied to risky mortgages and loans made to finance private equity deals. Go to Article from Bloomberg News» European Union regulators on Wednesday said they would investigate whether bailouts of two German banks hit by the subprime lending crisis had violated rules on state aid for ailing enterprises. Go to Article from The New York Times» PRIVATE EQUITYThe question that Clear Channel Communications and Providence Equity Partners are raising in their court battle is nothing less than this: Is the current structure of private equity deals workable under Delaware law?Go to Item from The Deal Professor» ![]() Go to Article from Reuters» Go to Article from The Associated Press via CNN Money» Go to Related Article from The Associated Press via CNN Money» The announcement Wednesday that Cairo-based private equity firm Citadel Capital is preparing to go public had Breakingviews wondering if an even-bigger private equity shop looking for a regional presnence might swoop in and pre-empt an I.P.O. Go to Article from Breakingviews» HEDGE FUNDS![]() Go to Article from The New York Times» Go to Article from The Financial Times» Jewelry retailer Zale, which has searched in vain for a winning formula even in better economic times, announced Wednesday that it would close more stores and cut 20 percent of its headquarters staff to save more than $65 million a year. Go to Article from The Boston Globe» Go to Article from The Dallas Morning News» I.P.O. / OFFERINGChina Railway Construction, which built part of the controversial train line to Tibet, said Thursday it raised 22.25 billion yuan ($3.1 billion) from a domestic initial public offering.Go to Article from Agence France Presse» A lot of people have talked about selling stock in bands as a means to help finance promising musicians. In Britain, a company called Slicethepie.com is enabling fans to trade shares of music acts the way they would a publicly traded company. Go to Article from CNet News.com» Go to Article from Reuters» VENTURE CAPITAL![]() Go to Article from The Associated Press via The New York Times» Proofpoint, a company that provides e-mail and data security to large corporate and government customers, announced Wednesday that it has closed a new $28 million round of financing to accelerate its global expansion. Go to Article from The San Jose Mercury News» Yelp, the business reviews site that has gained a loyal following of opinionated young urbanites, as well as a couple of haters, announced on Wednesday that it has raked in a fresh $15 million in venture dough. Go to Article from CNEt News.com» LEGALThe chairwoman of the Federal Trade Commission, Deborah Platt Majoras, is expected to resign her post next month to take a senior position at Procter & Gamble, according to press reports.Go to Article from TheDeal.com» Go to Article from The New York Times» A former executive at UBS who sold nonpublic information about the bank's stock recommendations and a former trader who used those tips pleaded guilty Wednesday to charges of insider trading. Go to Article from Reuters via The New York Times» State-owned sovereign wealth funds, armed with billions of dollars, are welcome to invest in the European Union, but they should be more open about their motives and methods, the bloc's executive body said Wednesday. Go to Article from Reuters via The International Herald Tribune» | Live From Super Return 2008Some of the biggest names in private equity gathered in Munich to share strategies for weathering the industry's recent downturn. More» Mergers in a Time of BearsA new study found that deals are most likely to succeed in rough markets -- like the one we are in now. More» Revolving DoorThe latest hires, promotions and departures at Vanguard, Morgan Stanley, Citigroup and more. More» DealBook Talks YahooDealBook's Andrew Ross Sorkin discussed Microsoft's offer for the Internet giant on "Charlie Rose." Watch here. More» Microsoft's |
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