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Bubbles…
. . . and before you ask that isn't a reference to the late Michael Jackson's pet chimp, but China's latest runaway IPO.
From FT.com:
Bawang International, a Chinese herbal shampoo maker, shined on its market debut in Hong Kong on Friday, with the shares rising as much as 34 per cent in spite of a falling market....
Further reading
Elsewhere on Friday,
- So much for those 'green shoots'.
- How to read US employment figures.
- Smells like deflation.
- How AIG FP brought down the world.
- Statistics and basketball for beginners.
- The return of big pay packages.
- 83 stocks that doubled your money.
- Bill Gross:...
Snap news
Breaking pre-market news on Friday,
- Bank of Ireland sees impairment charges of €6bn in 3yrs to 2011 - statement.
- Friends Provident completes demerger of stake of in F&C Asset Management - statement.
- Balfour Beatty half year trading in line with expectations - statement.
- Climate Exchange reports 57 per cent rise in June trading - update....
US toughens up on bank buy-outs
Private equity that want to buy troubled banks would have to maintain significant capital levels and promise not to “flip’’ investments for at least three years, under proposals by US regulators. The proposed rules, which would require buyout firms to maintain a tier one capital ratio of at least 15% - three times the level typically required of other banks - for at least three years,...
Chinese approach Repsol YPF
Two of China’s biggest oil groups have approached Repsol YPF, the Spanish oil company, over possible asset purchases and joint ventures worth billions of dollars. Repsol is discussing a possible sale of its 75% stake in YPF, the Argentine company that accounts for two-thirds of the Spanish group’s oil production,...
IPIC raises $5bn to fund spree
The International Petroleum Investment Company, which is wholly owned by the Abu Dhabi government, on Thursday said it had raised $5bn in syndicated loan facilities to help finance a recent multibillion dollar spending spree. The funds will help pay for its purchase of Canada’s Nova Chemicals, in a deal worth $2.26bn in February,...
http://www.franktimis.co.uk/ - “a master entrepreneur”
This is Frank Timis.
And if you thought he was just some two bit share promoter on London's junior casino market, with a couple of convictions for possession of heroin, you'd be wrong. How do we know this? Because we have been reading Frank's website.
Now, we are not sure when it was last updated,...
Snap news
Breaking pre-market news on Thursday,
- Intermediate Capital announces rights issue to raise net £351m -- statement.
- Carpathian completes €235m debt restructuring -- statement.
- Rio Tinto rights issue receives acceptances for 96.97 per cent of rights issue -- statement.
- Corporate:...
Telefónica eyes T-Mobile UK bid
The prospect of a bidding war for T-Mobile UK loomed on Wednesday night as it emerged that Telefónica of Spain is considering a bid for the UK’s fourth largest mobile phone operator. Telefonica fears competitive threats to O2, its leading UK mobile business, if Vodafone buys T-Mobile UK from Deutsche Telekom....
StanChart, ANZ in talks for RBS assets
Standard Chartered and ANZ have both entered exclusive talks to acquire separate parts of the Asian retail and commercial assets being sold by Royal Bank of Scotland. Both bidders were last week granted preferred bidder status for different RBS assets, in effect giving them up to 45 days to seal a deal....
FT Alphaville
FT Alphaville from FT.com
D Telekom seeks asset swap for T-Mobile UK
The German telecoms operator is looking for a deal with would-be bidders for its underperforming UK unit to cushion the blow of pulling out of a big market
J&J takes $1bn Elan stake
Johnson & Johnson to buy 18 per cent of Irish-American biotech company. Deal ends months of uncertainty over group's financial stabiltity
Exelon sets out 'final' bid for NRG
Exelon increased its hostile bid for NRG Energy by 12 per cent to about $7.5bn and called the move its 'best and final offer'
Philip Morris in South African deal
The world's largest listed tobacco company extends its push into smokeless tobacco products with a move to buy Swedish Match's business for R1.75bn
Oaktree and DIC seek control of Almatis
The US distressed debt investor has teamed with Dubai International Capital, the owner of Almatis, in a bid to secure control of the heavily indebted German aluminium company through a debt restructuring
Chinese talk to Repsol about Argentine arm
Spanish oil company and two biggest mainland oil groups in talks over possible asset purchases and joint ventures
IN&M sells €22m Indian newspaper stake
Independent News & Media has raised €22m selling part of its investment in an Indian newspaper group as part of asset sales to repay a €200m bond
M&A activity lowest in five years
Record levels of capital markets activity during the first six months of the year failed to lift the volume of worldwide mergers and acquisitions
Record bankruptcy and distressed dealmaking
Bankers specialising in distressed assets and restructuring are reaping their crops now as volumes hit $160.6bn, the second highest total on record
Caution urged over M&A deals
Chief executives should exercise caution over mergers and acquisitions in the downturn because buying distressed or bankrupt companies does not guarantee higher returns, a study warns
Heritage Oil and Genel Energy unveil $6bn merger
The two groups are expected to create HeritaGE, a London-listed Anglo-Turkish petroleum company that will be the largest investor and developer in the Iraqi Kurdistan region
Banking fees are facing a backlash
Investment banking fees are starting to come under scrutiny at a time when investors are being deprived of dividends as they instruct their boards to watch how they spend every penny
Australia stamps its mark on M&A leagues
The country lacks a financial capital to rival New York or London but its ranking as one of the world's most vibrant capital markets has been underlined by a surge in equity issues and takeovers
M&A passes luxury brands by
Founders and egos block consolidation in spite of the sector suffering its worse slump in 20 years, with analysts warning that the catalysts are not yet in place
Segro bids for rival property group Brixton
After a decades-long rivalry between the two companies, Segro has made a takeover bid for rival property group Brixton, which is facing potential covenant default of certain bank facilities and bonds this summer
FT.com - Mergers and acquisitions
FT.com - Mergers and acquisitions
CSA Group Increases Global Certification and Testing Capabilities with Acquisition of UK-Based SIRA
Finish Line Announces That It Has Closed the Man Alive Transaction
Johnson & Johnson Completes Initial Tender Offer for Cougar Biotechnology
VanceInfo Announces Acquisition of Hong Kong-based CRM Solution and Service Provider
The PrivateBank Acquires All Deposits and Certain Assets of Founders Bank
First Financial Bancorp Announces Two Transactions with Irwin Union Bank and Trust Company
Knowledge Computing Corporation (KCC) Announces Its Merger With i2
Alliance One International, Inc. Completes Refinancing Transactions
TAG Oil Acquires Remaining Interest in Taranaki Basin Acreage
TAT Technologies Ltd. Completes Merger With Limco-Piedmont Inc.
VENOCO, Inc. Announces Cash Tender Offer and Consent Solicitation for Its 8 3/4% Notes Due 2011
Emdeon Acquires eRx Network, LLC
i2 Announces the Acquisition of Knowledge Computing Corporation (KCC)
CONTECH Acquires Thompson Culvert Company
CONTECH Acquires Plateau Pipe Company
Lebowa Acquisition Becomes Effective
CombinatoRx and Neuromed Sign Merger Agreement
PR Newswire: Acquisitions, mergers, takeovers
Acquisitions, mergers, takeovers press releases distributed via PR Newswire.
IPC Responds to Flagstone Offer
HAMILTON, Bermuda, July 2, 2009 (GLOBE NEWSWIRE) -- The Board of Directors of IPC Holdings, Ltd. (Nasdaq:IPCR) (BSX:IPCR BH) today responded to the offer announced by Flagstone Reinsurance Holdings Limited to acquire all outstanding shares of IPC for 2.6380 Flagstone shares for each IPC common share plus $5.50 per share in cash.
Acquisition of Rebel Testing Inc. Completed by Insight Management
ORCUTT, Calif., July 2, 2009 (GLOBE NEWSWIRE) -- Insight Management Corporation (OTCBB:ISIM) today announced that the acquisition of Rebel Testing Inc. (RTI) was completed on June 30, 2009. RTI will be a wholly-owned subsidiary.
NexHorizon Transiting to International by Acquiring Mexican Cable Company
WESTMINSTER, Colo., July 1, 2009 (GLOBE NEWSWIRE) -- NexHorizon Communications, Inc. (Pink Sheets:NXHZ) today announced that it has executed a Letter of Intent to form a Mexican owned subsidiary to acquire the assets of Cable California, S.A. de C.V. providing cable television and high speed Internet services to residents in Tijuana, Mexico, and providing a gateway into Central America. The 750 MHz fiber network is currently serving subscribers with voice, video and data in the Eastern suburbs of Tijuana. NexHorizon is building 1200 miles of fiber for its cable systems in Chula Vista and National City, California, on the Mexican border, adjacent to Tijuana, Mexico, creating the opportunity to combine the two networks to deliver faster Internet speeds, and Inter-country digital phone and data service. The Tijuana concession has approximately 15 years remaining on a 30 year renewable concession.
SmartPros Acquires the Business and Assets of Executive Enterprise Institute (EEI)
HAWTHORNE, N.Y., July 1, 2009 (GLOBE NEWSWIRE) -- SmartPros Ltd. (Nasdaq:SPRO), a leader in the field of accredited professional education and corporate training, today announced that it has acquired the business and assets of Executive Enterprise Institute (EEI), a leading provider of live conferences and seminars for corporate finance, tax and legal industry professionals. EEI's live events present practical in-depth solutions from leading experts covering compliance challenges and best practices, and are designed to meet accredited continuing education requirements.
Pantheon China Acquisition Corp. Announces Shareholder Approval and Closing of Its Business Combination with China Cord Blood Services Corporation
BEIJING, July 1, 2009 (GLOBE NEWSWIRE) -- Pantheon China Acquisition Corp. ("Pantheon") (OTCBB:PCQC) announced today that its shareholders approved its Agreement and Plan of Merger, Conversion and Share Exchange by Pantheon, China Cord Blood Services Corporation ("CCBS") at Pantheon's special meeting of stockholders on June 29, 2009.
ITI Announces the Acquisition of Proficiency
MILFORD, Ohio, July 1, 2009 (GLOBE NEWSWIRE) -- International TechneGroup Incorporated (ITI) announced today that the ITI TranscenData business has acquired Proficiency, the leader in feature-based CAD data translation software. "Proficiency is a strategic acquisition that extends our interoperability capabilities and strengthens ITI's overall focus of product development productivity," said ITI Chairman and CEO, Mike Lemon.
Odyssey Acquires 51% of H-Power International (Pty) Ltd
JOHANNESBURG, South Africa, July 1, 2009 (GLOBE NEWSWIRE) -- Odyssey Oil & Energy, Inc. (OTCBB:OOGI) is pleased to announce the acquisition of 51% of H-Power International (Pty) Ltd.
Meridian Financial Services, Inc. Completes Acquisition of Resort Management International From EMCC, Inc.
ASHEVILLE, N.C., June 30, 2009 (GLOBE NEWSWIRE) -- Meridian Financial Services, Inc., a subsidiary of Interval Leisure Group, Inc. (Nasdaq:IILG), today announced that it has acquired substantially all of the assets of Resort Management International (RMI). Operated by EMCC, Inc., Mobile-based RMI offers collections solutions to the vacation ownership industry. Terms of the transaction were not disclosed.
NB&T Financial Group, Inc. to Acquire Community National Corporation
WILMINGTON and FRANKLIN, Ohio, June 30, 2009 (GLOBE NEWSWIRE) -- NB&T Financial Group, Inc. (Nasdaq:NBTF) ("NBTF"), parent company of The National Bank and Trust Company, Wilmington, Ohio, and Community National Corporation ("Community"), parent company of Community National Bank, Franklin, Ohio, today announced a definitive agreement for the merger of Community into NBTF in a cash and stock transaction.
The Pantry Completes Acquisition of 38 Convenience Stores
SANFORD, N.C., June 30, 2009 (GLOBE NEWSWIRE) -- The Pantry, Inc. (Nasdaq:PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced that it has completed the previously disclosed acquisition of 38 convenience stores from Herndon Oil Corp. The stores operate under a variety of banners, including Flamingo, and are primarily located in the Mobile, Alabama market, with the remainder in Florida, Mississippi and Louisiana.
LSI Industries Inc. Announces (1) Major National LED Crossover(r) Program and (2) Agreement in Principle to Acquire Solid-State LED Engineering and Manufacturing Business, and Comments On International LED Opportunities and Balance Sheet
CINCINNATI, June 29, 2009 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today announced the following two developments:
EGPI Firecreek, Inc. Completes Evaluation for Acquisition of Three Well Work Program
SCOTTSDALE, Ariz., June 29, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) is pleased to announce that it has completed its initial evaluation of an anticipated acquisition and turn-key work program for a 50% working interest in a program consisting of three existing wells, associated lease acreage and equipment.
Southern Energy Announces Secondary Listing On the Frankfurt Stock Exchange
SANTIAGO, Chile, June 26, 2009 (GLOBE NEWSWIRE) -- Southern Energy Company, Inc. (Pink Sheets:SOCI) (Frankfurt:8CE.F), a publicly traded resource exploration company, is pleased to announce that effective Monday, June 29, 2009, the Company will commence trading on the Frankfurt Stock Exchange in Germany under the trading symbol "8CE".
310 Holdings Inc. Reads (Transcribes) Seismic Data Stored On Legacy Computer Backup Tapes Due to Acquisition of John Bordynuik Inc.
NIAGARA FALLS, Ontario, June 26, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (OTCBB:TRTN) yesterday announced a definitive agreement to acquire customized tape data migration hardware and systems from John Bordynuik Inc. An 8k was filed today that includes an agreement for the first of three acquisitions. Subsequent agreements to purchase approximately $1M in remaining related hardware and intellectual property will be announced shortly.
AuGRID Global Holdings Corporation Declines Merger With Silver Star Capital Holdings, Inc.
HOUSTON, June 26, 2009 (GLOBE NEWSWIRE) -- AuGRID Global Holdings Corporation (Pink Sheets:AGHD), announced today that its shareholders and management rejected the merger with Silver Star Capital Holdings, Inc. (Pink Sheets:SSTA). The transaction was subject to final negotiation, execution of a definitive merger agreement and the approval of both AuGRID and Silver Star shareholders. In these final negotiations the two Companies were not able to agree on all deal points. "It is a disappointment," says MJ Shaheed. "I looked forward to working with a good and efficient team."
Avro Energy, Inc. Announces Negotiations to Acquire Oil and Gas Interests in Northern Louisiana
WEST SUSSEX, England, June 26, 2009 (GLOBE NEWSWIRE) -- Avro Energy, Inc. (OTCBB:AVOE) is pleased to announce that it has entered into negotiations to acquire oil and gas interests in Northern Louisiana, U.S.A. The Company's primary focus will be to acquire producing oil assets with the overall plan to re-complete the wells to increase production.
MediciNova and Avigen Confirm Understanding for Key Terms for a Business Combination
SAN DIEGO and ALAMEDA, Calif., June 25, 2009 (GLOBE NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company that is publicly traded on the Nasdaq Global Market (Nasdaq:MNOV) and the Hercules Market of the Osaka Securities Exchange (Code Number:4875), and Avigen, Inc. (Nasdaq:AVGN), a biopharmaceutical company, today announced that they have confirmed their understanding of certain key terms for a proposed acquisition of Avigen by MediciNova that would combine the companies' broad neurological clinical development programs based on ibudilast (Avigen's AV-411 and MediciNova's MN-166).
First Place Bank to Acquire Three AmTrust Bank Branches in Lake County, Ohio
WARREN, Ohio, June 24, 2009 (GLOBE NEWSWIRE) -- First Place Bank, a wholly-owned subsidiary of First Place Financial Corp. (Nasdaq:FPFC), announced today that it signed a purchase and assumption agreement with AmTrust Bank ("AmTrust") to acquire three AmTrust branches in Lake County, Ohio. The transaction will include the assumption of approximately $225 million in deposits in exchange for certain fixed assets of the offices, a pool of mortgage loans currently estimated to be approximately $160 million by closing and cash, net of a 3% premium paid on deposits. The acquisition is anticipated to be accretive to diluted earnings per share by approximately $0.11 in the first year of operation exclusive of transaction costs of $0.02 per diluted share. The three branches include:
Aries Maritime Transport Limited Signs Letter of Intent for Acquisition of Control by Grandunion
ATHENS, Greece, June 24, 2009 (GLOBE NEWSWIRE) -- Aries Maritime Transport Limited (Nasdaq:RAMS) today announced that it has entered into a non-binding letter of intent with Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36.0 million in exchange for 15,977,778 newly issued shares of the Company, and a change of control of the Company's Board of Directors.
ev3 Closes Acquisition of Chestnut Medical Technologies, Inc.
PLYMOUTH, Minn., June 24, 2009 (GLOBE NEWSWIRE) -- ev3 Inc. (Nasdaq:EVVV), a global endovascular device company, today announced that it has closed the acquisition of Chestnut Medical Technologies, Inc., a privately held, California-based company focused on developing minimally invasive therapies for interventional neuroradiology. The transaction broadens ev3's neurovascular product portfolio by adding the Pipeline Embolization Device for the treatment of cerebral aneurysms and the Alligator Retrieval Device for foreign body retrieval to ev3's existing embolic product and access technologies.
GlobeNewswire: Acquisitions News
GlobeNewswire: Acquisitions News