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TODAY'S TOP HEADLINES | Wednesday, March 12, 2008M & A: Approval of DoubleClick Deal May Help MicrosoftBANKING: Fed Hopes to Ease Strain on Economic Activity PRIVATE EQUITY: Gore Raises $5 Billion for Investment Fund HEDGE FUNDS: London Fund Faces Charges in Switzerland OFFERINGS: How KKR Could Pull the I.P.O. Plug VENTURE CAPITAL: V.C.'s Throw $55 Million into Highwinds LEGAL: The Spitzer Hit List TOP STORY
![]() On Tuesday, Jeffrey L. Bewkes, the chief executive of Time Warner, AOL's parent company, acknowledged weakness in the business and said he was open to combining AOL with another company -- "whatever configuration makes it the strongest and the most valuable." But he may have been soft-pedaling what seems to be an increasingly troublesome situation at AOL, which has bet its future on a new strategy of selling advertising across the Internet and has spent more than $1 billion on related acquisitions. Go to Article from The New York Times» MERGERS & ACQUISITIONS![]() Go to Article from The New York Times» Go to Item from DealBook» Go to Article from CNet News.com» ![]() Go to Report from The 451 Group» ![]() Go to Article from The New York Times» Go to Item from DealBook» BNP Paribas could set out terms for any offer for embattled rival Societe Generale in May, La Tribune newspaper reported on Wednesday without saying where it got the information. Go to Article from Reuters via The New York Times» Go to Previous Article from The Associated Press via The International Herald Tribune» Top U.S. refining company Valero Energy said on Tuesday it is considering selling nearly a third of its North American refineries amid a U.S. economic slowdown that is crimping fuel demand. Go to Article from Reuters via The New York Times» HSBC, Europe's biggest bank, Bank of China and Malaysia's Malayan Banking Bhd have emerged as the final bidders for Singapore state investor Temasek's stake in Bank Internasional Indonesia, valued at more than $800 million, Reuters reported. Go to Article from Reuters via The New York Times» Chinese medical device maker Mindray Medical Tuesday said it planned to buy Datascope's patient monitoring business for $202 million in cash. Go to Article from The New Jersey Star-Ledger» INVESTMENT BANKINGThe Federal Reserve on Tuesday offered to let the biggest investment banks on Wall Street borrow up to $200 billion in Treasury securities in exchange for hard-to-sell mortgage-backed securities as collateral.Go to Article from The New York Times» ![]() Go to Article from Reuters via The New York Times» Go to Related Article from Reuters via The New York Times» ![]() Go to Article from The Wall Street Journal (Subscription Required)» Go to Article from Bloomberg News» Lazard said Tuesday that it has hired Brendan Dyson as a managing director in its corporate finance advisory group, based in San Francisco. Mr. Dyson was previously a managing director at Piper Jaffray and led that firm's convertible securities group. Go to Lazard Press Release» PRIVATE EQUITY![]() Go to Article from Bloomberg/Reuters via The International Herald Tribune» Sovereign wealth fund assets may soon surpass total official foreign reserves held by central banks and become the main vehicle for capital investment, a Morgan Stanley economist said on Tuesday. Go to Article from Reuters via The New York Times» Taking a look at the situation surrounding Carlyle Group's listed fund, Carlyle Capital, Breakingviews finds it odd that the buyout shop known for its diversified and sophisticated investing is now watching as its affiliate finds itself on the brink. Go to Article from Breakingviews» Go to Related Article from Financial News» ![]() Go to Item from DealBook» HEDGE FUNDSLaxey Partners, the activist British hedge fund, is facing a possible criminal prosecution in Switzerland after the country's banking regulator said it had breached disclosure laws while building a 23 percent stake in a local construction company.Go to Article from The Times of London» Media General will meet with Harbinger Capital Partners, the hedge fund seeking to improve profitability by nominating directors to the board at the family-owned newspaper publisher and television station operator. Go to Article from The Associated Press via The Houston Chronicle» The Citadel Investment Group, the Chicago-based hedge fund and financial services group, has hired a portfolio manager from London hedge fund Moore Capital Management to manage global macro strategies. Go to Article from Financial News» I.P.O. / OFFERING![]() Go to Item from The Deal Professor» The European initial public offering volume this year is at its lowest level for five years and there is nothing in the pipeline for April and May, as volatile markets continue to shake investor confidence, according to Thomson Financial. Go to Article from Financial News» BlackRock, the U.S. money manager, said on Tuesday it is planning to launch a London-listed closed-end fund of hedge funds that will offer exposure to its $11 billion (5.5 billion pound) Appreciation Strategy. Go to Article from Reuters» The chief executive of Time Warner, Jeffrey Bewkes, signaled Tuesday that he was leaning toward a spin off of Time Warner Cable, saying that the cable business might perform better for shareholders if it were not "locked to the rest of the businesses." Go to Article from The Hollywood Reporter» Go to Article from BetaNews» VENTURE CAPITALHighwinds Network Group on Tuesday said it closed a $55 million round of venture financing led by General Catalyst Partners and Alta Communications.Go to Article from The Red Herring» Pixim, a maker of visual surveillance chips, has raised $21.6 million in a new round of funding, VentureBeat reported. Go to Article from VentureBeat» LEGAL![]() Go to Item from DealBook» In hiring a legal defense team, Mr. Spitzer is turning to a name he's familiar with: Paul, Weiss, Rifkind, Wharton & Garrison. Go to Item from DealBook» The testimony on the second day of a trial to settle a dispute over the control of IAC/InterActiveCorp reduced a clash between media titans Barry Diller and John C. Malone to a debate about detail. Go to Article from The New York Times» Alabama's Jefferson County is teetering on the brink of bankruptcy after a series of exotic bond deals that its Wall Street bankers concocted went wrong, and the interest on its debts, rather than shrinking as the bankers had promised, has ballooned like a bad subprime mortgage. Go to Article from The New York Times» Law firm Milberg Weiss, set to go on trial later this year on charges of paying illegal kickbacks to clients, was the top-ranked U.S. class-action firm last year with $3.8 billion in settlement winnings for plaintiffs, according to a new report. Go to Article from Reuters via The New York Times» Michael Frishberg, a former partner in Kirkland & Ellis' restructuring department, has joined Kurtzman Carson Consultants, a claims and noticing agent for companies undergoing restructuring. Go to Kurtzman Carson Press Release» | Hostility in Tech-LandLarry Ellison may deserve much of the credit for breaking down Silicon Valley's stigma on hostile bids. More» Spitzer SchadenfreudeMany Wall Streeters were taking pleasure in the scandal around New York's governor, who aggressively policed the Street in his previous job. (80 comments) More» The Deal ProfessorA blog-within-a-blog that looks at mergers, private equity and corporate governance through a legal lens, written by Steven M. Davidoff, a professor at Wayne State University Law School and a former lawyer at Shearman & Sterling. More» 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» 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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