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TODAY'S TOP HEADLINES | Monday, March 3, 2008M & A: Volkswagen to Raise Stake in ScaniaBANKING: HSBC Profits Rise 10% PRIVATE EQUITY: Carlyle Hires UBS' Sarkozy for Financial Deals HEDGE FUNDS: Peloton Blames Credit Squeeze for Liquidation OFFERINGS: I.P.O. Cancellations Hit $21.4 Billion VENTURE CAPITAL: Eisner: A New-Wave Media Mogul LEGAL: Buffett's State of the World: There's Folly in Wonderland TOP STORY
![]() In Diebold, United Technologies sees a chance to expand its electronic security business with one of the field's largest players. The bid is $40 a share in cash, or a 66 percent premium over Diebold's Friday closing price of $24.12, United Technologies said. The move was just the latest in a string of unsolicited or hostile offers made public this year, despite an overall slowdown in deal-making activity. Go to Article from The New York Times» Go to Press Release from United Technologies» ADVERTISEMENT MERGERS & ACQUISITIONS![]() Go to Article from Reuters via The New York Times» HSBC Holdings, Europe's largest bank, said Friday it has received an offer of about $3.2 billion in cash for its French regional banking subsidiaries from France's Banque Federale des Banques Populaires. Go to Article from The Associated Press via CNN Money» Restoration Hardware is completing a proposed buyout from Catterton Partners after deciding a competing bid from Sears Holdings was inferior. Go to Article from The Chicago Tribune» Go to Article from The Associated Press via BusinessWeek» The Australian miner Oxiana launched an agreed 6 billion Australian dollar, or $5.6 billion, takeover offer for Zinifex on Monday, as they look to diversify to benefit from booming global minerals demand. Go to Article from Reuters via The International Herald Tribune» Xstrata said Monday it was still in deal talks with Brazil's Companhia Vale do Rio Doce after reporting that its profit more than tripled for the year, helped by the acquisition of Canada's Falconbridge and by emerging-markets demand for metals. Go to Article from MarketWatch» ![]() Go to Article from Bloomberg News» INVESTMENT BANKINGHSBC's profits rose 10 percent last year, just below analysts' forecasts, as strong gains in Asia helped Europe's biggest bank absorb a $17.2 billion hit for bad debts largely due to U.S. housing problems.Go to Article from Reuters via The New York Times» ![]() Go to Article from The International Herald Tribune» ![]() Go to Item from DealBook» PRIVATE EQUITYThe Carlyle Group said Monday that it has hired Oliver Sarkozy, one of UBS's top investment bankers for financial services deals, to work as co-head of a similar practice at the giant private equity firm.Go to Article from Reuters» Go to Article from Bloomberg News» Candover, the private equity firm, has made an approach to acquire Expro International in a deal that could value the oilfield services company at 1.3 billion pounds ($2.6 billion), The Financial Times reported. Go to Article from Article from The Financial Times» Go to Item from The Deal Professor» KKR Private Equity Investors, the publicly traded buyout fund of Kohlberg Kravis Roberts, wrote down stakes in seven investments as a slowing economy hurt earnings and declining bond prices eroded the value of holdings. Go to Article from Bloomberg News via The International Herald Tribune» HEDGE FUNDSPeloton Partners, the hedge fund manager that is liquidating a $1.8 billion asset-backed fund, says that it is a victim of Wall Street's reduced lending.Go to Article from Bloomberg News via The International Herald Tribune» Phillip Goldstein, who two years ago successfully sued the Securities and Exchange Commission to overturn a rule requiring hedge fund managers to register as investment advisers, is planning to sue the regulator to lift its ban on hedge fund marketing and advertising. Go to Article from The Financial Times» Go to Article from InvestmentNews» ![]() Go to Article from The New York Post» Go to Article from The Associated Press via Google News» ![]() Go to Article from The Associated Press via CNN Money» Go to Article from BusinessWeek» Go to Article from The Fianncial Times» ![]() Go to Article from The Associated Press via The Chicago Tribune» I.P.O. / OFFERINGThe global credit crisis has forced companies to shelve initial public offerings totaling $21.4 billion so far this year, almost double the value of new equity issuance, Thomson Financial data showed.Go to Article from Reuters» China Merchants Bank that country's largest credit card issuer, said that it is interested in buying into Visa's initial public offering, but needs Chinese regulatory approvals first, according to Reuters. Go to Article from Reuters» Seven Bank rose 24 percent on its market listing on Friday in the biggest initial public offering in Japan since October. Go to Article from The Financial Times» VENTURE CAPITAL![]() Go to Article from The New York Times» ![]() Go to Article from The New York Times» Y Combinator has seeded about 80 start-ups since 2005 through a series of remarkably small investments -- "just barely enough to cover living expenses for three months," the San Jose Mercury News writes. Go to Article from The San Jose Mercury News» Yelp, whose Web site lets users review local services, isn't likely to hold an initial public offering anytime soon, its chief executive, Jeremy Stoppelman, told The Deal's VC Ratings blog. Go to Item from VC Ratings Blog» LEGAL![]() Go to Article from The New York Times» E*Trade Financial plans to give Donald Layton, currently the chairman of the online brokerage, the additional role of chief executive, The Wall Street Journal reported. Go to Article from Reuters via The New York Times» Go to Article from Bloomberg News» ![]() Go to Article from The New York Times» A growing number of states and cities say that Wall Street ratings firms are setting prices for municipal bonds that makes borrowing needlessly expensive for many localities. Go to Article from The New York Times» With both Wilbur L. Ross and Warren E. Buffett in the bond insurance game, can you tell who seems willing to lend a hand to beleaguered players like MBIA and Ambac Financial -- and who seems willing to try and bury them? Go to Item from DealBook» With credit markets in turmoil and the clock ticking to save a $6.1 billion financing package needed for Delphi to exit from Chapter 11 protection by its target, the end of March, General Motors has stepped forward as a lender of last resort. Go to Article from Reuters via The International Herald Tribune» Dechert confirmed a Legal Intelligencer report that it will lay off 13 associates in its finance and real estate practice. Dechert's chairman, Barton J. Winokur, said in a statement that the associates will be offered positions in other practice groups. Go to The Legal Intelligencer via Law.com» | Schwarzman's School TiesA buyout boss turns up in a Bronx classroom to support a nonprofit fund and discuss the business of education. (29 comments) 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» 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 Goldman Sachs, Vanguard, Morgan Stanley 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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