Friday, September 30, 2005
Lukoil and ConocoPhillips eyeing joint buys of European down stream assets
30/09/2005
Story: Lukoil, the Russian oil player, will be buying down stream European assets, in partnership with ConocoPhillips of the US. This was confirmed by Lukoil vice-president, Leonid Fedun, quoted in Vedomosti and The Moscow Times dailies.
According to Fedun, Lukoil and Conoco have formed a group for the European buys. The first asset that will be targeted is a Lithuanian oil refiner, Mazheikiu Nafta. Mazheikiu is in 53.7% owned by a Russian oil player, Yukos and another 40.66% stake in the refiner belongs to the Lithuanian government Vedomosti continued.
Fedun confirmed Vedomosti that Lukoil is eyeing 50% stake it does not own yet in the Kazakhstan oil venture, Turgay Petroleum. But Lukoil would bid alone for this asset, which it values at USD 700m, it added.
A source at Lukoil said that Lukoil and Conoco could seek targets in Western and Eastern Europe.
Lukoil resigned from a buy of Dragon Oil, an Emirates National Oil Corporation-controlled oil firm operating in the Caspian shelf. Fedun told Vedomosti that Lukoil is considering other projects in Turkmenistan.
Source: Vedomosti, Moscow Times
Value: $700m (50% stake in Turgay Petroleum)
Value:$700m (50% stake in Turgay Petroleum) "
Story: Lukoil, the Russian oil player, will be buying down stream European assets, in partnership with ConocoPhillips of the US. This was confirmed by Lukoil vice-president, Leonid Fedun, quoted in Vedomosti and The Moscow Times dailies.
According to Fedun, Lukoil and Conoco have formed a group for the European buys. The first asset that will be targeted is a Lithuanian oil refiner, Mazheikiu Nafta. Mazheikiu is in 53.7% owned by a Russian oil player, Yukos and another 40.66% stake in the refiner belongs to the Lithuanian government Vedomosti continued.
Fedun confirmed Vedomosti that Lukoil is eyeing 50% stake it does not own yet in the Kazakhstan oil venture, Turgay Petroleum. But Lukoil would bid alone for this asset, which it values at USD 700m, it added.
A source at Lukoil said that Lukoil and Conoco could seek targets in Western and Eastern Europe.
Lukoil resigned from a buy of Dragon Oil, an Emirates National Oil Corporation-controlled oil firm operating in the Caspian shelf. Fedun told Vedomosti that Lukoil is considering other projects in Turkmenistan.
Source: Vedomosti, Moscow Times
Value: $700m (50% stake in Turgay Petroleum)
Value:$700m (50% stake in Turgay Petroleum) "
Lukoil Overseas Holding buys Nelson Resources Limited of Bermuda for USD 2bn
30/09/2005
Story: Nelson Resources Limited of Bermuda has announced that it has entered into an agreement to negotiate with Lukoil Overseas Holding Ltd. concerning a proposal received from Lukoil to acquire 100% of the fully diluted common shares of Nelson for USD 2bn in cash, which based on currency exchange rates as of September 29, 2005, equates to a per share value of approximately GBP1.24 (GBP/US$1.7618) and CDN 2.57 (CDN/US$1.1725).
A special committee of Nelson's board of directors was established to review, with the assistance of independent counsel, this proposal and to protect shareholder interests, particularly minority interests, in this process. A financial advisor has been retained to render an opinion to the special committee with respect to the fairness of the consideration offered under the transaction to the shareholders. The special committee has been particularly focussed on ensuring that any offer would be made for 100% of the shares of Nelson.
Lukoil's proposal is subject to a number of customary conditions including support agreements with Nelson's principal shareholders owning in aggregate approximately 57% of outstanding shares, government and regulatory approvals, and negotiation and execution of definitive transaction agreements with customary provisions for transactions of this nature, including a 3% break fee. The parties have agreed to negotiate the definitive agreements by October 12, 2005. Nelson's obligation to proceed is subject to receiving the opinion of its financial advisor that the consideration under the offer is fair to the shareholders from a financial point of view.
There can be no assurance that a transaction will proceed or be successfully completed. Details of the terms of any final proposal will be disclosed upon signing of definitive agreements.
Nick Zana, Nelson's CEO and Chairman, noted that, "It is our goal to ensure that minority shareholders are treated fairly and are afforded the opportunity to participate along with and on the same basis as the majority shareholders in this transaction."
Nelson Resources Limited is an oil exploration and production company with operations in the Republic of Kazakhstan. The Company established its presence in the Kazakhstan oil sector in 2000 and its management team, comprising of both international and Kazakh executives, has extensive experience of the Kazakh operating environment.
The Company's shares are listed on the Toronto Stock Exchange and Alternative Investment Market (AIM) of the London Stock Exchange with approximately 912 million shares authorized on a fully diluted basis.
Full Details to follow in the Deal Database
Source: Stock Exchange Announcement(s)
Value: £2,000m (deal value)
Story: Nelson Resources Limited of Bermuda has announced that it has entered into an agreement to negotiate with Lukoil Overseas Holding Ltd. concerning a proposal received from Lukoil to acquire 100% of the fully diluted common shares of Nelson for USD 2bn in cash, which based on currency exchange rates as of September 29, 2005, equates to a per share value of approximately GBP1.24 (GBP/US$1.7618) and CDN 2.57 (CDN/US$1.1725).
A special committee of Nelson's board of directors was established to review, with the assistance of independent counsel, this proposal and to protect shareholder interests, particularly minority interests, in this process. A financial advisor has been retained to render an opinion to the special committee with respect to the fairness of the consideration offered under the transaction to the shareholders. The special committee has been particularly focussed on ensuring that any offer would be made for 100% of the shares of Nelson.
Lukoil's proposal is subject to a number of customary conditions including support agreements with Nelson's principal shareholders owning in aggregate approximately 57% of outstanding shares, government and regulatory approvals, and negotiation and execution of definitive transaction agreements with customary provisions for transactions of this nature, including a 3% break fee. The parties have agreed to negotiate the definitive agreements by October 12, 2005. Nelson's obligation to proceed is subject to receiving the opinion of its financial advisor that the consideration under the offer is fair to the shareholders from a financial point of view.
There can be no assurance that a transaction will proceed or be successfully completed. Details of the terms of any final proposal will be disclosed upon signing of definitive agreements.
Nick Zana, Nelson's CEO and Chairman, noted that, "It is our goal to ensure that minority shareholders are treated fairly and are afforded the opportunity to participate along with and on the same basis as the majority shareholders in this transaction."
Nelson Resources Limited is an oil exploration and production company with operations in the Republic of Kazakhstan. The Company established its presence in the Kazakhstan oil sector in 2000 and its management team, comprising of both international and Kazakh executives, has extensive experience of the Kazakh operating environment.
The Company's shares are listed on the Toronto Stock Exchange and Alternative Investment Market (AIM) of the London Stock Exchange with approximately 912 million shares authorized on a fully diluted basis.
Full Details to follow in the Deal Database
Source: Stock Exchange Announcement(s)
Value: £2,000m (deal value)
GlobalCustodian.com - The Bank Of New York Appointed As Depositary Bank For Universal Holdings
The Bank of New York has been selected by Universal Holdings Limited as the depositary for its American depositary receipt (ADR) program. Each Universal Holdings Limited ADR represents fifty (50) ordinary shares. The ADRs trade on the over-the-counter market under the symbol "ULHDY," and the ordinary shares are listed on the Hong Kong Stock Exchange under the symbol "419."
Headquartered in Hong Kong, Universal Holdings Limited, through its subsidiaries and partners, provides entertainment content in China.
Timothy Shen, chief financial officer of Universal Holdings, said, "We are pleased to be working with The Bank of New York as we bring our ADR program to the U.S. market. We wanted to work with a depositary familiar with our business and were impressed that the Bank services depositary receipt programs for media companies throughout Asia. We are confident that The Bank of New York will meet our needs and help us create demand for our ADR shares."
Headquartered in Hong Kong, Universal Holdings Limited, through its subsidiaries and partners, provides entertainment content in China.
Timothy Shen, chief financial officer of Universal Holdings, said, "We are pleased to be working with The Bank of New York as we bring our ADR program to the U.S. market. We wanted to work with a depositary familiar with our business and were impressed that the Bank services depositary receipt programs for media companies throughout Asia. We are confident that The Bank of New York will meet our needs and help us create demand for our ADR shares."
GlobalCustodian.com - BNY Selected As Depositary By Protherics PLC
The Bank of New York has been selected by Protherics PLC as depositary bank for its listed American depositary receipt (ADR) program. Each Protherics ADR represents ten ordinary shares. The ADRs trade on the NASDAQ Stock Market under the symbol "PTIL," and the ordinary shares are listed on the London Stock Exchange.
Headquartered in London, Protherics is a biopharmaceutical company engaged in the development, manufacture and sale of pharmaceutical products.
Andrew J. Heath, PhD, M.D., chief executive officer of Protherics, said, "As we expand our presence in the U.S., Protherics wanted to work with a depositary bank that would help streamline our program's administration and generate the greatest visibility, and we are confident that The Bank of New York will help us meet those challenges."
Christopher Sturdy, managing director and head of The Bank of New York's Depositary Receipt Division, said, "As the depositary bank for nearly 80% of all DR programs from pharmaceutical and biotechnology companies, we know the sector well and have the expertise necessary to help Protherics raise market awareness and stimulate interest in its program."
Headquartered in London, Protherics is a biopharmaceutical company engaged in the development, manufacture and sale of pharmaceutical products.
Andrew J. Heath, PhD, M.D., chief executive officer of Protherics, said, "As we expand our presence in the U.S., Protherics wanted to work with a depositary bank that would help streamline our program's administration and generate the greatest visibility, and we are confident that The Bank of New York will help us meet those challenges."
Christopher Sturdy, managing director and head of The Bank of New York's Depositary Receipt Division, said, "As the depositary bank for nearly 80% of all DR programs from pharmaceutical and biotechnology companies, we know the sector well and have the expertise necessary to help Protherics raise market awareness and stimulate interest in its program."
Thursday, September 29, 2005
E-Trade to buy JPMorgan's BrownCo for $1.6B
FT.com / Lex - Lex live: European exchanges
Wednesday, September 28, 2005
FT.com / By industry / Energy Utilities Mining - Gazprom to take over Sibneft in $13.1bn deal
New York Stock Exchange signals interest in merger with a European stock exchange
28/09/2005
Story: New York Stock Exchange (NYSE) has signalled interest in merging with one of the large European stock exchanges. According to a report from the German paper Handelsblatt, the head of NYSE, John Thain, mentioned that NYSE could merge with one of the three largest European players at a later time. He stated that at present discussions about which two of the three largest European stock exchange will merge are ongoing. He added that it appears two of the three largest stock exchanges plan to merge and the third one therefore would be a potential partner for NYSE later. Unnamed sources from the financial sector added that NYSE is said to have had a look at London Stock Exchange (LSE) in the past. Further talks are being held among Euronext and Deutsche Boerse which both eyed LSE in the past, the report added.
Source: Handelsblatt
Value:
Story: New York Stock Exchange (NYSE) has signalled interest in merging with one of the large European stock exchanges. According to a report from the German paper Handelsblatt, the head of NYSE, John Thain, mentioned that NYSE could merge with one of the three largest European players at a later time. He stated that at present discussions about which two of the three largest European stock exchange will merge are ongoing. He added that it appears two of the three largest stock exchanges plan to merge and the third one therefore would be a potential partner for NYSE later. Unnamed sources from the financial sector added that NYSE is said to have had a look at London Stock Exchange (LSE) in the past. Further talks are being held among Euronext and Deutsche Boerse which both eyed LSE in the past, the report added.
Source: Handelsblatt
Value:
Tuesday, September 27, 2005
Icelandic Stock Exchange wants to merge with OMX and LSE
27/09/2005
Story: Icex, the Icelandic stock exchange, wants to merge with Nordic stock exchange, OMX, and London Stock Exchange (LSE). According to a report from the German paper Financial Times Deutschland, the head of Icex’s managing director Thordur Fridjonsson stated in an interview with the paper that a merger of LSE OMX, Icex and the Oslo stock exchange would be “most attractive”. The report added that OMX, which comprises the stock exchanges in Stockholm, Copenhagen, Helsinki and the Baltic States, has been interested in Icex and the Oslo stock exchange for a while but both companies so far made no efforts to merge with OMX. Fridjonsson added that OMX would even become more attractive as a merger partner should it decide to cooperate with LSE and he added that Icex’s board will decide by year-end if it will enter merger talks with OMX. The report stated that this statement is leading to the assumption that talks between LSE and OMX are already being held. OMX did not wish to comment on the matter. OMX and Boston Consulting Group (BCG) have already presented a concept for a potential merger.
OMX has a stock exchange value of EUR 1.2bn.
Source: Financial Times Deutschland
Value: €1,200m (OMX stock exchange value)
Story: Icex, the Icelandic stock exchange, wants to merge with Nordic stock exchange, OMX, and London Stock Exchange (LSE). According to a report from the German paper Financial Times Deutschland, the head of Icex’s managing director Thordur Fridjonsson stated in an interview with the paper that a merger of LSE OMX, Icex and the Oslo stock exchange would be “most attractive”. The report added that OMX, which comprises the stock exchanges in Stockholm, Copenhagen, Helsinki and the Baltic States, has been interested in Icex and the Oslo stock exchange for a while but both companies so far made no efforts to merge with OMX. Fridjonsson added that OMX would even become more attractive as a merger partner should it decide to cooperate with LSE and he added that Icex’s board will decide by year-end if it will enter merger talks with OMX. The report stated that this statement is leading to the assumption that talks between LSE and OMX are already being held. OMX did not wish to comment on the matter. OMX and Boston Consulting Group (BCG) have already presented a concept for a potential merger.
OMX has a stock exchange value of EUR 1.2bn.
Source: Financial Times Deutschland
Value: €1,200m (OMX stock exchange value)
Monday, September 26, 2005
Exchange News / General
Saturday, September 24, 2005
AIM overtaking US markets as place to launch renewable energy IPOs - analysis
London's Alternative Investment Market (AIM) is increasingly seen by financiers and industry players as the preferable place to launch a renewable energy IPO, according to people familiar with the market.
Speaking during the Euromoney Renewable Energy Finance Forum in London, Jens Mathiesen, an executive at investment fund Bankinvest Technology, said that "most IPOs in renewable energy are now launched on AIM. This was not the case a few years ago, when most took place on the US exchanges." He added that the general capital markets had now accepted the renewable energy sector. However, Mathiesen underlined that trade sales and other M&A activity remained the most active sector in the energy technology space.
Graham Dallas, the senior international business development manager at the London Stock Exchange (LSE), speaking to this news service on the sidelines of the conference, cited the lack of bureaucracy and regulation associated with an AIM listing as being one of the reasons why renewable energy groups are attracted to the exchange. He noted that 80% of all IPOs (not just energy ones) in western Europe took place on the London Stock Exchange (LSE), and added that 80% of these (65% of all IPOs in western Europe) took place on AIM.
Dallas cited the GBP 75m of capital raised in the AIM IPO of US firm Clipper Windpower earlier this month as a particularly successful recent example, but also mentioned the AIM debuts of Clean Diesel Technologies and Biofuels Corp as other examples of successful AIM green energy IPOS.
However, the exchange is not without its critics. Speaking during questions at the conference, Gianni Opoerto, a private equity principal at energy investment group Sustainable Asset Management said that "AIM can not wash its hands of responsibility for no-mads [AIM-nominated brokers] taking companies onto AIM that should not be there."
However, Dallas defended AIM's light regulatory touch, saying that the exchange was simply a platform for companies to tell their story. He added that the nominated broker system, whereby a company's nominated broker effectively signs off on the listing document for the firm's AIM IPO, allowed for greater efficiency than takes place on other exchanges, and also that AIM itself licenses and vets brokers who can participate in the scheme. Dallas also noted that the AIM authorities themselves had recently taken regulatory action and censured one such nominated broker.
Source: mergermarket
Value: £75m (Value of Clipper Windpower launch )
Speaking during the Euromoney Renewable Energy Finance Forum in London, Jens Mathiesen, an executive at investment fund Bankinvest Technology, said that "most IPOs in renewable energy are now launched on AIM. This was not the case a few years ago, when most took place on the US exchanges." He added that the general capital markets had now accepted the renewable energy sector. However, Mathiesen underlined that trade sales and other M&A activity remained the most active sector in the energy technology space.
Graham Dallas, the senior international business development manager at the London Stock Exchange (LSE), speaking to this news service on the sidelines of the conference, cited the lack of bureaucracy and regulation associated with an AIM listing as being one of the reasons why renewable energy groups are attracted to the exchange. He noted that 80% of all IPOs (not just energy ones) in western Europe took place on the London Stock Exchange (LSE), and added that 80% of these (65% of all IPOs in western Europe) took place on AIM.
Dallas cited the GBP 75m of capital raised in the AIM IPO of US firm Clipper Windpower earlier this month as a particularly successful recent example, but also mentioned the AIM debuts of Clean Diesel Technologies and Biofuels Corp as other examples of successful AIM green energy IPOS.
However, the exchange is not without its critics. Speaking during questions at the conference, Gianni Opoerto, a private equity principal at energy investment group Sustainable Asset Management said that "AIM can not wash its hands of responsibility for no-mads [AIM-nominated brokers] taking companies onto AIM that should not be there."
However, Dallas defended AIM's light regulatory touch, saying that the exchange was simply a platform for companies to tell their story. He added that the nominated broker system, whereby a company's nominated broker effectively signs off on the listing document for the firm's AIM IPO, allowed for greater efficiency than takes place on other exchanges, and also that AIM itself licenses and vets brokers who can participate in the scheme. Dallas also noted that the AIM authorities themselves had recently taken regulatory action and censured one such nominated broker.
Source: mergermarket
Value: £75m (Value of Clipper Windpower launch )
Friday, September 23, 2005
Old Mutual shrugs off Skandia rejection
FT.com / Lex - Lex live: Skandia/Old Mutual
BP declines comment on rumored Repsol bid - report
Story: British Petroleum, the listed UK oil giant, won't make comments about its rumoured bid for Repsol, the Spanish oil company, according to a 22 September AFX report.
The report cited a spokesman from BP who said the company would not address "rumours".
The report said rumours are currently circulating about BP making a EUR 30 per share offer for the Spanish company, and that Repsol shares began trading at EURO 26.99 on the news.
Repsol had a USD 40bn market cap in morning trading on the New York Stock Exchange.
Source: AFX
Value: $40,000m (Target market cap)
Skandia Advises Shareholders to Reject Old Mutual Bid
France - Greater Shareholders' Role at Meetings Sought
Earlier this month, France's financial markets regulator, l'Autorite des marches financieres (AMF), issued a report on obstacles to shareholder participation at corporate annual meetings. The report, prepared by an AMF task force, includes 24 recommendations to enhance the ability of shareholders to exercise voting rights and obtain more timely access to information before meetings.
The recommendations also seek to ensure that meetings run smoothly, to streamline the voting process and to establish shareholder rights and responsibilities. The report failed to recommend the elimination of double-voting rights, but AMF did call for better disclosure to shareholders about their impact on voting power at the meeting.
The report, issued Sept. 6, also notes that shareholder participation at annual meetings is improving and last year reached an average of 47 percent among the companies listed on France's CAC 40 index. This participation compares with 57 percent for the FTSE 250 companies in the U.K. and 47 percent for Germany's DAX index. The comparable figures for the U.S. and Japan are 80 and 83 percent, respectively, the report says.
The recommendations also seek to ensure that meetings run smoothly, to streamline the voting process and to establish shareholder rights and responsibilities. The report failed to recommend the elimination of double-voting rights, but AMF did call for better disclosure to shareholders about their impact on voting power at the meeting.
The report, issued Sept. 6, also notes that shareholder participation at annual meetings is improving and last year reached an average of 47 percent among the companies listed on France's CAC 40 index. This participation compares with 57 percent for the FTSE 250 companies in the U.K. and 47 percent for Germany's DAX index. The comparable figures for the U.S. and Japan are 80 and 83 percent, respectively, the report says.
Finextra: Russian depository signs for Tata clearing and settlement platform
Finextra: Russian depository signs for Tata clearing and settlement platform: "Russian depository signs for Tata clearing and settlement platform"
Thursday, September 22, 2005
BBC NEWS | Business | Aegis gets £1.57bn takeover bid
Wednesday, September 21, 2005
Russia - S&P Rates Corporate Openness
Telenor planning to apply for right to go above 45% in Vimpelcom, source says
20/09/2005
Proprietary Intelligence
Story: Telenor is preparing to apply for the right to raise its stake in Russian mobile firm Vimpelcom to as much as 100%, said a source close to the situation. NYSE-listed Vimpelcom is currently owned 26.6% by Norway's Telenor and 32.9% by Russia’s Alfa Telecom, but the two companies have been vying for majority control over Vimpelcom for several months. Telenor applied to Russia’s Federal Antimonopoly Service in May to raise its interest in Vimpelcom to 45%, a move which Alfa followed just days later by applying to increase its stake to 60%.
However, Telenor’s intention is now to request antimonopoly approval to go over the 45% level to 60% and possibly to as high as 100%, the source said. Telenor’s Russia country manager Goran Olson earlier this month said only that the company would be ‘very patient’ in its bid to raise its Vimpelcom stake to 45%.
Telenor and Alfa have also been in conflict over Vimpelcom’s possible acquisition of Ukrainian RadioSystems. Alfa proposed the acquisition, but Telenor is against such a move, which it says would not be value-accretive. Analysts have speculated that the conflict between Telenor and Alfa will result in one party exiting Vimpelcom. With Alfa seen more as a financial than a strategic investor, observers see Alfa as being the more likely party to exit.
Source: mergermarket
Value: $32,000m (vimpelcom mkt cap)
Proprietary Intelligence
Story: Telenor is preparing to apply for the right to raise its stake in Russian mobile firm Vimpelcom to as much as 100%, said a source close to the situation. NYSE-listed Vimpelcom is currently owned 26.6% by Norway's Telenor and 32.9% by Russia’s Alfa Telecom, but the two companies have been vying for majority control over Vimpelcom for several months. Telenor applied to Russia’s Federal Antimonopoly Service in May to raise its interest in Vimpelcom to 45%, a move which Alfa followed just days later by applying to increase its stake to 60%.
However, Telenor’s intention is now to request antimonopoly approval to go over the 45% level to 60% and possibly to as high as 100%, the source said. Telenor’s Russia country manager Goran Olson earlier this month said only that the company would be ‘very patient’ in its bid to raise its Vimpelcom stake to 45%.
Telenor and Alfa have also been in conflict over Vimpelcom’s possible acquisition of Ukrainian RadioSystems. Alfa proposed the acquisition, but Telenor is against such a move, which it says would not be value-accretive. Analysts have speculated that the conflict between Telenor and Alfa will result in one party exiting Vimpelcom. With Alfa seen more as a financial than a strategic investor, observers see Alfa as being the more likely party to exit.
Source: mergermarket
Value: $32,000m (vimpelcom mkt cap)
Standard Chartered considering South African acquisition
21/09/2005 - market report
Story: Standard Chartered, the UK-listed bank, is thinking about buying a South African group, according to rumours cited by a Daily Express market report. The unsourced item did not mention any specific targets. Standard Chartered shares were up 21p at 1208p, giving the bank a market capitalisation of GBP 15.72bn (EUR 23.26bn).
Source: Daily Express
Value: £15,728m (Standard Chartered market capitalisation
Story: Standard Chartered, the UK-listed bank, is thinking about buying a South African group, according to rumours cited by a Daily Express market report. The unsourced item did not mention any specific targets. Standard Chartered shares were up 21p at 1208p, giving the bank a market capitalisation of GBP 15.72bn (EUR 23.26bn).
Source: Daily Express
Value: £15,728m (Standard Chartered market capitalisation
Tuesday, September 20, 2005
BBC NEWS | Business | Shell buys out Dutch shareholders
Old Mutual & Skandia
Vimpelcom says Telenor should accept URS decision
19/09/2005 ; Alfa Telecom MD says vote was taken in accordance to Russian law
Story: Telenor, the Norwegian telecom company, would not be able to stop Russian counterpart Vimpelcom from acquiring Ukrainian mobile operator URS, according to Aftenposten.
The paper cited the managing director at Russia's Alfa Telecom, which also owns shares in Vimpelcom via its owner Alfa Group. Alfa´s Aleksej Reznikovitsj said that Vimpelcom´s board could no longer decide on this issue and that Wednesday´s vote at Vimpelcom´s general assembly was final. The paper reported that several Vimpelcom board members agreed with this and its chairman David Haines had expressed his irritation over the fact that Telenor could not accept the result of the vote.
Reznikovitsj said that Telenor´s statements were just a public exercise, and that Vimpelcom had done everything according to the law. Reznikovitsj also said that even if Telenor decided to take action, it would not be able to do so until the transaction was concluded, as Russian law would not stop a decision until it had actually occurred.
Source: aftenposten
Value: $200m (price of URS)
Story: Telenor, the Norwegian telecom company, would not be able to stop Russian counterpart Vimpelcom from acquiring Ukrainian mobile operator URS, according to Aftenposten.
The paper cited the managing director at Russia's Alfa Telecom, which also owns shares in Vimpelcom via its owner Alfa Group. Alfa´s Aleksej Reznikovitsj said that Vimpelcom´s board could no longer decide on this issue and that Wednesday´s vote at Vimpelcom´s general assembly was final. The paper reported that several Vimpelcom board members agreed with this and its chairman David Haines had expressed his irritation over the fact that Telenor could not accept the result of the vote.
Reznikovitsj said that Telenor´s statements were just a public exercise, and that Vimpelcom had done everything according to the law. Reznikovitsj also said that even if Telenor decided to take action, it would not be able to do so until the transaction was concluded, as Russian law would not stop a decision until it had actually occurred.
Source: aftenposten
Value: $200m (price of URS)
Polyus buys Aldanzoloto , Yuzhno-Verkhoyanskaya and Yakutskaya from IG Alrosa
20/09/2005
Story: ZAO Polyus announced on 19 September that it has purchased from IG ALROSA 99.2% of the shares of LLC Aldanzoloto GRK, 50% of the shares of OJSC Yuzhno-Verkhoyanskaya Mining Company and 100% of the shares of OJSC Yakutskaya Mining Company. The acquired companies hold licenses for three gold deposits - Kuranakh ore field, Kyutchus field and Nezhdaninskoye deposit - located in the region of the Republic of Sakha (Yakutia).
These three major gold assets located in the region of Yakutia were purchased by the Polyus Group as part of its strategic development plan which is aimed at the Polyus Group becoming one of the top global gold producers.
The total purchase price will not exceed USD 285m. In accordance with the terms of the transaction, Polyus has made a pre-payment in the amount of USD 115m.
Quoted in the statement, Polyus Group CEO Evgueny Ivanov, said: "We acquired unique assets and made a crucial effort for reaching our strategy's key goal - to create a true Russian international gold major".
LLC Aldanzoloto GRK is the largest gold producer in the region of the Republic of Sakha (Yakutia). In 2004 its production output reached 4,814 tones of gold (155 k oz).
Nezhdaninskoye gold filed is one of the largest gold deposits in the Russian Federation; by mineral base, according to the Russian classification system, it's ranked second in Russia, only behind the largest Russian gold deposit Sukhoi Log (Irkutsk region).
Source: Company press release(s)
Value: $285m (Upper value of the transaction)
Story: ZAO Polyus announced on 19 September that it has purchased from IG ALROSA 99.2% of the shares of LLC Aldanzoloto GRK, 50% of the shares of OJSC Yuzhno-Verkhoyanskaya Mining Company and 100% of the shares of OJSC Yakutskaya Mining Company. The acquired companies hold licenses for three gold deposits - Kuranakh ore field, Kyutchus field and Nezhdaninskoye deposit - located in the region of the Republic of Sakha (Yakutia).
These three major gold assets located in the region of Yakutia were purchased by the Polyus Group as part of its strategic development plan which is aimed at the Polyus Group becoming one of the top global gold producers.
The total purchase price will not exceed USD 285m. In accordance with the terms of the transaction, Polyus has made a pre-payment in the amount of USD 115m.
Quoted in the statement, Polyus Group CEO Evgueny Ivanov, said: "We acquired unique assets and made a crucial effort for reaching our strategy's key goal - to create a true Russian international gold major".
LLC Aldanzoloto GRK is the largest gold producer in the region of the Republic of Sakha (Yakutia). In 2004 its production output reached 4,814 tones of gold (155 k oz).
Nezhdaninskoye gold filed is one of the largest gold deposits in the Russian Federation; by mineral base, according to the Russian classification system, it's ranked second in Russia, only behind the largest Russian gold deposit Sukhoi Log (Irkutsk region).
Source: Company press release(s)
Value: $285m (Upper value of the transaction)
call options trading could signal further interest of Bank of America or Citigroup - market report
20/09/2005
Story: Barclays, the UK based bank was again the subject of takeover speculation based on the trading of December call options, a Daily Express market report said.
The item cited dealers who noted substantial demand for the call options, the value of which would only be realized should Barclays' shares be selling at higher than 654p on their expiration date. Some market professionals cited by the report think that the demand signals that a widely-tipped bid from Bank of America or Citigroup might still emerge. Barclays shares were 5p up at 568p, the report said. The UK-listed bank's market capitalisation stands at GBP 36.75bn (EUR 54.39bn).
Source: Daily Express
Value: £3,675m (Barclays market capitalisation)
Story: Barclays, the UK based bank was again the subject of takeover speculation based on the trading of December call options, a Daily Express market report said.
The item cited dealers who noted substantial demand for the call options, the value of which would only be realized should Barclays' shares be selling at higher than 654p on their expiration date. Some market professionals cited by the report think that the demand signals that a widely-tipped bid from Bank of America or Citigroup might still emerge. Barclays shares were 5p up at 568p, the report said. The UK-listed bank's market capitalisation stands at GBP 36.75bn (EUR 54.39bn).
Source: Daily Express
Value: £3,675m (Barclays market capitalisation)
Tesco denies US bid interest
Chief executive Terry Leahy denied press reports today on BBC radio that Tesco is interested in buying US grocer Albertsons.
Clipper Windpower flotation
Monday, September 19, 2005
Scotsman.com Business - Media & Leisure - Tesco plans US market raid
FK Uralsib eyeing an IPO in 2007 or 2008
19/09/2005
Story: Financial Corporation UralSib of Russia is planning an IPO in 2007 or 2008, according to a Vedomosti daily, quoting UralSib managing director, Alexei Chalenko. Currently the company is in the process of consolidation of its business, which is a preparation for the listing.
At present, the operational assets of Financial Corporation UralSib (formerly NIKoil Financial Corporation ) amount to USD 6.2bn, according to company's web site.
Source: Vedomosti, Company Web site
Value: $6,200m (Financial Corporation UralSib current operational assets )
Story: Financial Corporation UralSib of Russia is planning an IPO in 2007 or 2008, according to a Vedomosti daily, quoting UralSib managing director, Alexei Chalenko. Currently the company is in the process of consolidation of its business, which is a preparation for the listing.
At present, the operational assets of Financial Corporation UralSib (formerly NIKoil Financial Corporation ) amount to USD 6.2bn, according to company's web site.
Source: Vedomosti, Company Web site
Value: $6,200m (Financial Corporation UralSib current operational assets )
Euronext: shareholders trying to convince CEO to go for merger with Deutsche Boerse – report
19/09/2005
Story: Euronext, the bourse that operates in Paris, Amsterdam and Brussels, is seeing some important shareholders pushing chief executive Jean Francois Theodore to pursue a merger with Deutsche Boerse.
A report in the Wall Street Journal said that those shareholders are trying to convince Theodore to prefer Deutsche Boerse instead of LSE of the UK as a merger candidate. Euronext is waiting for the go ahead of the UK regulators before launching a bid on LSE. Today, WSJ said that Harris Associates, one of Euronext biggest shareholders, suggested Theodore move on Deutsche Boerse. The report said that other shareholders, among which hedge funds, share the same idea. The report quoted David Herro, chief investment officer at Harris, as saying that a deal with Deutsche Boerse makes more sense. Herro said that this is also due for price reasons since LSE is trading at GBP 5.8 per share. Herro was quoted as saying that he hasn’t discussed with Theodore price issues in the last meeting. However, he has always showed his reluctance to support a bid higher than GBP 5 a share. On Friday, LSE shares closed at GBP 5.79. LSE owns 9.82% of Euronext and 2.6% of Deutsche Boerse.
The report quoted sources familiar with Theodore's thinking that he is still willing to pursue the LSE takeover, although is not against a merger with Deutsche Boerse. However, a merger with the latter might trigger more regulatory issues than the takeover of LSE. The report also said that if Euronext changes its strategy, this might encourage players like Macquarie of Australia to move on LSE, as it had already announced in August.
The report said that Theodore needs approval of his shareholders in the case of the LSE bid and a simple majority is not enough.
Source: The Wall Street Journal Americas
Story: Euronext, the bourse that operates in Paris, Amsterdam and Brussels, is seeing some important shareholders pushing chief executive Jean Francois Theodore to pursue a merger with Deutsche Boerse.
A report in the Wall Street Journal said that those shareholders are trying to convince Theodore to prefer Deutsche Boerse instead of LSE of the UK as a merger candidate. Euronext is waiting for the go ahead of the UK regulators before launching a bid on LSE. Today, WSJ said that Harris Associates, one of Euronext biggest shareholders, suggested Theodore move on Deutsche Boerse. The report said that other shareholders, among which hedge funds, share the same idea. The report quoted David Herro, chief investment officer at Harris, as saying that a deal with Deutsche Boerse makes more sense. Herro said that this is also due for price reasons since LSE is trading at GBP 5.8 per share. Herro was quoted as saying that he hasn’t discussed with Theodore price issues in the last meeting. However, he has always showed his reluctance to support a bid higher than GBP 5 a share. On Friday, LSE shares closed at GBP 5.79. LSE owns 9.82% of Euronext and 2.6% of Deutsche Boerse.
The report quoted sources familiar with Theodore's thinking that he is still willing to pursue the LSE takeover, although is not against a merger with Deutsche Boerse. However, a merger with the latter might trigger more regulatory issues than the takeover of LSE. The report also said that if Euronext changes its strategy, this might encourage players like Macquarie of Australia to move on LSE, as it had already announced in August.
The report said that Theodore needs approval of his shareholders in the case of the LSE bid and a simple majority is not enough.
Source: The Wall Street Journal Americas
Innovene: Reliance considers USD 3bn offer this weekend
Story: Reliance Industries, the Indian petrochemicals giant, is today considering making an offer for Innovene, the Business reported. The article did not cite a source for the information but stated that the potential bid was worth USD 3bn (EUR 2.4bn). Innovene is a chemicals business belonging to BP, the report noted, adding that if a deal goes through it will be a sign that India is following in China’s acquisitive footsteps. The company is based in Chicago but is selling off its European businesses.
Source: The Business
Value: $3,000m (Potential offer size)
Source: The Business
Value: $3,000m (Potential offer size)
Alfa Wins Over VimpelCom Board
Sunday, September 18, 2005
BT Radianz Signs Euronext
LSE
Unilever set to scrap historic dual listing
Saturday, September 17, 2005
IR ON THE NET: UK ranks top for governance
Friday, September 16, 2005
TDC: Swisscom unlikely to acquire TDC; Vodafone linked to TDC’s mobile ops - report
16/09/2005
Story: Swisscom, the listed Swiss telecommunications giant, will unlikely consider acquiring Danish rival TDC. This was reported by Swiss daily Tagesanzeiger without providing any specific sources.
The article picked up a previous report published in Wall Street Journal, which claimed that Swisscom has mandated a financial adviser to evaluate the possibilities at TDC. However, Tagesanzeiger suggested that TDC is likely to be too big and too expensive for Swisscom. TDC has a price tag of between CHF 15bn (EUR 9.675bn) and CHF 16bn (EUR 10.320bn), but Swisscom can, according to its chief executive Jens Alder, only shoulder external funds of CHF 10bn (EUR 6.451bn), the report continued. This would not be enough, even though Swisscom might have to sell TDC’s Swiss mobile telecommunications subsidiary Sunrise on cartel grounds, it added. According to the report, Sunrise is valued at roughly CHF 3.4bn (EUR 2.193bn).
Tagesanzeiger mapped out a different scenario, which it sees as more likely to materialise. The article pointed out that TDC could be sold to financial investors, which would, according to sector experts, break-up the company. The article did not mention any specific financial investors. TDC owns mobile telecommunication companies and service businesses in Denmark, Switzerland (mentioned Sunrise), Germany, Austria, Poland and the Baltic states (Estonia, Lithuania, Latvia), the report said. The most likely buyer of TDC’s mobile operations is UK’s Vodafone, it concluded.
Swisscom is controlled by the Swiss state.
Source: Tagesanzeiger
Value: €10,320m (maximum estimated value of TDC)
(mentioned Sunrise), Germany, Austria, Poland and the Baltic states (Estonia, Lithuania, Latvia), the report said. The most likely buyer of TDC�s mobile operations is U"
Story: Swisscom, the listed Swiss telecommunications giant, will unlikely consider acquiring Danish rival TDC. This was reported by Swiss daily Tagesanzeiger without providing any specific sources.
The article picked up a previous report published in Wall Street Journal, which claimed that Swisscom has mandated a financial adviser to evaluate the possibilities at TDC. However, Tagesanzeiger suggested that TDC is likely to be too big and too expensive for Swisscom. TDC has a price tag of between CHF 15bn (EUR 9.675bn) and CHF 16bn (EUR 10.320bn), but Swisscom can, according to its chief executive Jens Alder, only shoulder external funds of CHF 10bn (EUR 6.451bn), the report continued. This would not be enough, even though Swisscom might have to sell TDC’s Swiss mobile telecommunications subsidiary Sunrise on cartel grounds, it added. According to the report, Sunrise is valued at roughly CHF 3.4bn (EUR 2.193bn).
Tagesanzeiger mapped out a different scenario, which it sees as more likely to materialise. The article pointed out that TDC could be sold to financial investors, which would, according to sector experts, break-up the company. The article did not mention any specific financial investors. TDC owns mobile telecommunication companies and service businesses in Denmark, Switzerland (mentioned Sunrise), Germany, Austria, Poland and the Baltic states (Estonia, Lithuania, Latvia), the report said. The most likely buyer of TDC’s mobile operations is UK’s Vodafone, it concluded.
Swisscom is controlled by the Swiss state.
Source: Tagesanzeiger
Value: €10,320m (maximum estimated value of TDC)
(mentioned Sunrise), Germany, Austria, Poland and the Baltic states (Estonia, Lithuania, Latvia), the report said. The most likely buyer of TDC�s mobile operations is U"
Thursday, September 15, 2005
Gazprom Eurobond by Citigroup
Business in Brief: "Gazprombank's $1Bln Bond
LONDON -- Gazprombank, an affiliate of gas monopoly Gazprom, sold a 10-year $1 billion eurobond at par with a yield of 6.50 percent, a market source familiar with the deal said on Thursday.
The bond has a spread of 190 basis points over midswaps, the measure of interest between floating and fixed rates, representing the tight end of the revised guidance range.
Lead managers of the deal are Citigroup and Dresdner Kleinwort Wasserstein.
The order book attracted over $6.5 billion from over 375 accounts, a market source said earlier. (Reuters)"
LONDON -- Gazprombank, an affiliate of gas monopoly Gazprom, sold a 10-year $1 billion eurobond at par with a yield of 6.50 percent, a market source familiar with the deal said on Thursday.
The bond has a spread of 190 basis points over midswaps, the measure of interest between floating and fixed rates, representing the tight end of the revised guidance range.
Lead managers of the deal are Citigroup and Dresdner Kleinwort Wasserstein.
The order book attracted over $6.5 billion from over 375 accounts, a market source said earlier. (Reuters)"
FT.com / Lex - Lex live: Skandia/Old Mutual
Russia wants to offer DVMP via IPO in London - report
14/09/2005
Story: Russia could offer a 19.8% stake in Far Eastern Shipping Company (DVMP), the domestic shipping firm, in a London IPO. This was confirmed by the Russian Economic Development and Trade Minister German Gref, quoted in Kommersant.
DVMP, one of the largest container shipping firms in Russia, generated net profits of over RUR 1bn (EUR 28.7m) on revenue of RUR 6.5bn (EUR 186.8m) in 2004. The company is controlled by Sergei Generalov’s Industrial Investors group of companies. A 62% stake in DVMP is the nominal holding of Depositary-Clearing Company.
Kommersant learned from Industrial Investors that the company would not oppose the VSMPO listing.
Source: Kommersant
Value: €186m (DVMP revenues in 2004)
Story: Russia could offer a 19.8% stake in Far Eastern Shipping Company (DVMP), the domestic shipping firm, in a London IPO. This was confirmed by the Russian Economic Development and Trade Minister German Gref, quoted in Kommersant.
DVMP, one of the largest container shipping firms in Russia, generated net profits of over RUR 1bn (EUR 28.7m) on revenue of RUR 6.5bn (EUR 186.8m) in 2004. The company is controlled by Sergei Generalov’s Industrial Investors group of companies. A 62% stake in DVMP is the nominal holding of Depositary-Clearing Company.
Kommersant learned from Industrial Investors that the company would not oppose the VSMPO listing.
Source: Kommersant
Value: €186m (DVMP revenues in 2004)
VimpelCom shareholders vote in favour of URS takeover
15/09/2005
Story: VimpelCom yesterday, Wednesday, saw its shareholders' extraordinary general meeting approve a potential acquisition of the Ukrainian mobile firm, Ukrainian Radio Systems (URS), the Russian press reported.
VimpelCom is a Russian mobile player, in which the largest shareholders are Telenor, the Norwegian telecom firm, and Alfa Group, the Russian investment company.
Kommersant, which referred to VimpelCom’s announcement, reported that 51.2% of VimpelCom shareholders supported the bid. Cited by the paper, Alfa-Telecom general director, Alexey Reznikovich, suggested that the results of the voting give VimpelCom the opportunity to freely grow in the Ukraine.
Telenor, which opposes the deal, regards the voting as not valid and wants to block the URS deal at a 16 September meeting of VimpelCom board of directors, said Telenor’s vice-president, Dag Melgard.
Telenor warned that the decision of VimpelCom's EGM could be annulled by the Russian court, reported Vedomosti.
According to an agreement between VimpelCom and URS’s owners, VimpelCom will pay USD 206.5m for URS, both papers reported.
Source: Kommersant, Vedomosti, Moscow Times
Value: $206m (URS deal value)
Story: VimpelCom yesterday, Wednesday, saw its shareholders' extraordinary general meeting approve a potential acquisition of the Ukrainian mobile firm, Ukrainian Radio Systems (URS), the Russian press reported.
VimpelCom is a Russian mobile player, in which the largest shareholders are Telenor, the Norwegian telecom firm, and Alfa Group, the Russian investment company.
Kommersant, which referred to VimpelCom’s announcement, reported that 51.2% of VimpelCom shareholders supported the bid. Cited by the paper, Alfa-Telecom general director, Alexey Reznikovich, suggested that the results of the voting give VimpelCom the opportunity to freely grow in the Ukraine.
Telenor, which opposes the deal, regards the voting as not valid and wants to block the URS deal at a 16 September meeting of VimpelCom board of directors, said Telenor’s vice-president, Dag Melgard.
Telenor warned that the decision of VimpelCom's EGM could be annulled by the Russian court, reported Vedomosti.
According to an agreement between VimpelCom and URS’s owners, VimpelCom will pay USD 206.5m for URS, both papers reported.
Source: Kommersant, Vedomosti, Moscow Times
Value: $206m (URS deal value)
Innovene USD 1bn flotation plans could prompt Reliance bid – reports
14/09/2005
Story: Innovene, BP’s petrochemical arm, is to be spun off in a flotation, according to a report in the Daily Telegraph. Citing registration documents which BP filed with the Securities & Exchange Commission, the article stated that the IPO, believed to offer between 20% and 30% for sale in the first instance, may flush out an offer from Reliance Industries. Reliance, the Indian petrochemicals business, has been mooted as a possible suitor, the report said, adding that BP had confirmed it had received approaches from potential trade bidders.
The business, based in Chicago, is believed to have a value of approximately USD 7bn (EUR 5.7bn), the article stated. It added that USD 1bn could be raised from the IPO, although this number was purely for assessment of the registration charges, the company said. UBS, Morgan Stanley, Lehman Brothers and Goldman Sachs are underwriting the transaction.
Source: Financial Times
Value: $1,000m (Potential cash to be raised in IPO)
Story: Innovene, BP’s petrochemical arm, is to be spun off in a flotation, according to a report in the Daily Telegraph. Citing registration documents which BP filed with the Securities & Exchange Commission, the article stated that the IPO, believed to offer between 20% and 30% for sale in the first instance, may flush out an offer from Reliance Industries. Reliance, the Indian petrochemicals business, has been mooted as a possible suitor, the report said, adding that BP had confirmed it had received approaches from potential trade bidders.
The business, based in Chicago, is believed to have a value of approximately USD 7bn (EUR 5.7bn), the article stated. It added that USD 1bn could be raised from the IPO, although this number was purely for assessment of the registration charges, the company said. UBS, Morgan Stanley, Lehman Brothers and Goldman Sachs are underwriting the transaction.
Source: Financial Times
Value: $1,000m (Potential cash to be raised in IPO)
Rosneft IPO Delay?
Economic Development and Trade Minister German Gref on Wednesday signaled a possible delay in state oil firm Rosneft's planned London flotation, saying it may happen at the end of 2006 at the earliest.
Officials had previously said the initial public offering would take place by the end of 2006. But Gref told reporters: "If it [the IPO] happens, it will happen at the end of 2006 at the earliest."
Gref said the government was waiting for a fresh valuation of Rosneft due in by October. (Reuters)
Officials had previously said the initial public offering would take place by the end of 2006. But Gref told reporters: "If it [the IPO] happens, it will happen at the end of 2006 at the earliest."
Gref said the government was waiting for a fresh valuation of Rosneft due in by October. (Reuters)
Telegraph | Money | Government will not get in way of Centrica bidders
Wednesday, September 14, 2005
FT.com / By region / UK - Innovene spin-off moves closer
FT.com / Home UK - HSBC left off bookrunner list
Barclays shares buoyed by bid speculation
14/09/2005 - reported rumours
Story: Barclays saw its shares rise amidst what the Independent's market report described as vague rumours that BBVA, the Spanish banking group, might be mulling a bid for the group. The Telegraph's market report cited unidentified traders as suggesting that Citigroup might be interested in Barclays. A report in the Daily Express referred to unspecified bid rumours for Barclays
Source: Independent, Daily Telegraph, Daily Express
Value:
Story: Barclays saw its shares rise amidst what the Independent's market report described as vague rumours that BBVA, the Spanish banking group, might be mulling a bid for the group. The Telegraph's market report cited unidentified traders as suggesting that Citigroup might be interested in Barclays. A report in the Daily Express referred to unspecified bid rumours for Barclays
Source: Independent, Daily Telegraph, Daily Express
Value:
mergermarket.comScottishPower board poised to recommend E.On offer – market report
14/09/2005
Story: ScottishPower, the UK-listed power company, is poised to recommend E.On’s 600p-per-share bid, according to the Guardian’s market report. The unsourced item noted that ScottishPower’s shares rose 4.75p to 574p on the back of rumours that the German energy giant’s offer would be backed by the board. Analysts believe E.On could pay as much as 650p a share, the report added. ScottishPower has a market capitalisation of GBP 10.71bn (EUR 15.9bn).
Source: The Guardian
Value: £10,710m (ScottishPower market cap)
Story: ScottishPower, the UK-listed power company, is poised to recommend E.On’s 600p-per-share bid, according to the Guardian’s market report. The unsourced item noted that ScottishPower’s shares rose 4.75p to 574p on the back of rumours that the German energy giant’s offer would be backed by the board. Analysts believe E.On could pay as much as 650p a share, the report added. ScottishPower has a market capitalisation of GBP 10.71bn (EUR 15.9bn).
Source: The Guardian
Value: £10,710m (ScottishPower market cap)
SABMiller pondering further buys on Chinese market
13/09/2005
Story: SABMiller, the listed UK/South African beer giant, is considering further acquisitions in China. Andre Parker, managing director of SABMiller’s African and Asian operations told the South African daily Business Day that one or two Chinese brewing groups could be up for sale, but he didn’t supply any further information. Parker confirmed that his company would be interested, but added that all other international competitors would eye the deal, the report continued.
According to its homepage, SABMiller achieved a group turnover of USD 11.366bn in 2004.
Source: Business Day
Value: $11,366m (SABMiller group turnover 2004)
) "
Story: SABMiller, the listed UK/South African beer giant, is considering further acquisitions in China. Andre Parker, managing director of SABMiller’s African and Asian operations told the South African daily Business Day that one or two Chinese brewing groups could be up for sale, but he didn’t supply any further information. Parker confirmed that his company would be interested, but added that all other international competitors would eye the deal, the report continued.
According to its homepage, SABMiller achieved a group turnover of USD 11.366bn in 2004.
Source: Business Day
Value: $11,366m (SABMiller group turnover 2004)
) "
Tuesday, September 13, 2005
FT.com / By industry / Financial services - D Bourse to appoint SWX chairman as chief
FT.com / World - EU orders cut in dealing costs
VimpelCom : Telenor's request to deprive Alfa of votes over URS takeover rejected
Story: Telenor’s request that Alfa Group should be deprived of voting rights at VimpelCom shareholders meeting was rejected by a US court, on Thursday. This is according to reports in Vedomosti and The Moscow Times, citing unnamed sources familiar with the situation. Telenor of Norway and Russia’s Alfa are the key shareholders in the Russian listed cellular operator, VimpelCom.
VimpelCom shareholders meeting, scheduled for 14 September, is to decide over a potential acquisition of Ukraine’s mobile player, Ukrainian RadioSystems (URS). According to Kommersant, which did not specify sources for this information, Telenor is against the transaction and the main decision over the potential bid will depend on VimpelCom’s minority shareholders (34% stake).
VimpelCom has signed an agreement to buy RadioSystems for about USD 200m and has until 1 October to finalize the transaction, Vedomosti reported, without referring to any specific sources.
Telenor has requested that Alfa make corrections on documents sent to the US securities commission (SEC) and other VimpelCom shareholders, regarding the RadioSystems purchase, Vedomosti reported, quoting Telenor’s spokesperson. Cited by Vedomosti and Kommersant, Alfa-Telecom (Alfa Group subsidiary) vice- president, Kirill Babaev, denied any Alfa wrongdoing.
Quoted by Vedomosti, VimpelCom spokesperson Yuliya Ostroukhova, confirmed that VimpelCom’s position in the dispute was neutral. She said that although VimpelCom regards expansion in Ukraine as economically expedient, the final decision will belong to shareholders.
Source: Vedomosti, Moscow Times, Kommersant
Value: $200m (URS deal value)
Tesco gains as doubts emerge over rumoured bid for Albertson's - market report
13/09/2005
Story: Tesco shares were up on doubts regarding recent rumours that the UK-listed group is considering a bid for Albertson's, a Times market report said. Tesco shares rose 2.5p to 332p, the report noted. Albertson's, the US-listed supermarket chain, bought Shaw's from Sainsbury, the item noted. Albertson's shares fell by USD 0.24 to close at USD 24.62. The US group has a market capitalisation of USD 9.07bn.
Source: The Times
Value: $9,070m (Albertson's market capitalisation)
Story: Tesco shares were up on doubts regarding recent rumours that the UK-listed group is considering a bid for Albertson's, a Times market report said. Tesco shares rose 2.5p to 332p, the report noted. Albertson's, the US-listed supermarket chain, bought Shaw's from Sainsbury, the item noted. Albertson's shares fell by USD 0.24 to close at USD 24.62. The US group has a market capitalisation of USD 9.07bn.
Source: The Times
Value: $9,070m (Albertson's market capitalisation)
Monday, September 12, 2005
FT.com / By industry / IT - Oracle snaps up rival Siebel in $5.85bn deal
Mellon chatter puts custody sector in focus
Moydow Mines International to file for AIM listing next month: ThePost.ie
Sunday, September 11, 2005
Telegraph | Money | Scottish & Southern wants to forge tartan utility giant
Friday, September 09, 2005
ScottishPower: SSE could enter fray with financial partner, industry sources say
Scottish Power (SP), the UK utility that was this week the subject of public takeover interest from E.On AG, could see a rival bid interest from Scottish and Southern Energy (SSE), backed by a financial partner, according to industry participants.
Several industry sources suggested that Scottish and Southern Energy (SSE) could be in the early stages of considering a bid for ScottishPower with a financial partner. SSE has been linked previously with a possible bid for ScottishPower, and the group even took preliminary steps towards a bid around three years ago. However, it has not been previously suggested that the group would launch a bid with an external financial partner. An SSE spokesperson said that the group had no comment on any aspect of the situation.
One industry source described SSE as one of the “better run companies” in the UK power sector, noting that Chief Executive Ian Marchant was very well-regarded within the industry. The source added that the group could potentially bring more to a combination with Scottish Power than E.On, and also have less regulatory difficulties with the transaction.
The person also noted that an SSE/SP link-up did not have many of the competition disadvantages of an E.On/ Scottish Power combination. The person said that the latter could have “too much generation pricing power” to get the transaction approved, and that such a merger would alomost certainly lead to a reference to the Competition Commission and may lead to mandated disposals.
A second industry source said that were SSE to bid solely for ScottishPower it would likely have to go to the debt markets to finance the transaction. The source indicated that the presence of a financial partner could facilitate an SSE bid without recourse to further debt.
One of the sources also said that there did not appear to be any other companies particularly interested in bidding for ScottishPower besides SSE.
Meanwhile, speculation continued as to the motivation for the timing of E.On’s statement to the markets regarding its interest in ScottishPower. Two of the sources noted a report about the situation in the weekend press, and said that E.On had likely come under very strong pressure from the Takeover Panel to disclose its hand, following a further ramp-up in the ScottishPower share price last week. However, a third UK power market source said that E.On’s decision to go public at this time (especially with an all-cash offer) could also serve as a way of scaring off others from entering the fray.
It was also unclear if E.On had intentionally leaked news of its potential bid and the appointment of investment bank Lazard as financial advisor for the situation, and so precipitated Takeover Panel pressure. However, one source noted that E.On could now be constrained in its potential bid for ScottishPower, as its intentions had been revealed and the element of surprise was lost from its approach.
A spokesperson for the Takeover Panel said that it was organisation policy to never comment on specific situations. ScottishPower has a market capitalisation of around GBP 10.3bn.
Source: mergermarket
Value: £10,300m (ScottishPower market cap)
Several industry sources suggested that Scottish and Southern Energy (SSE) could be in the early stages of considering a bid for ScottishPower with a financial partner. SSE has been linked previously with a possible bid for ScottishPower, and the group even took preliminary steps towards a bid around three years ago. However, it has not been previously suggested that the group would launch a bid with an external financial partner. An SSE spokesperson said that the group had no comment on any aspect of the situation.
One industry source described SSE as one of the “better run companies” in the UK power sector, noting that Chief Executive Ian Marchant was very well-regarded within the industry. The source added that the group could potentially bring more to a combination with Scottish Power than E.On, and also have less regulatory difficulties with the transaction.
The person also noted that an SSE/SP link-up did not have many of the competition disadvantages of an E.On/ Scottish Power combination. The person said that the latter could have “too much generation pricing power” to get the transaction approved, and that such a merger would alomost certainly lead to a reference to the Competition Commission and may lead to mandated disposals.
A second industry source said that were SSE to bid solely for ScottishPower it would likely have to go to the debt markets to finance the transaction. The source indicated that the presence of a financial partner could facilitate an SSE bid without recourse to further debt.
One of the sources also said that there did not appear to be any other companies particularly interested in bidding for ScottishPower besides SSE.
Meanwhile, speculation continued as to the motivation for the timing of E.On’s statement to the markets regarding its interest in ScottishPower. Two of the sources noted a report about the situation in the weekend press, and said that E.On had likely come under very strong pressure from the Takeover Panel to disclose its hand, following a further ramp-up in the ScottishPower share price last week. However, a third UK power market source said that E.On’s decision to go public at this time (especially with an all-cash offer) could also serve as a way of scaring off others from entering the fray.
It was also unclear if E.On had intentionally leaked news of its potential bid and the appointment of investment bank Lazard as financial advisor for the situation, and so precipitated Takeover Panel pressure. However, one source noted that E.On could now be constrained in its potential bid for ScottishPower, as its intentions had been revealed and the element of surprise was lost from its approach.
A spokesperson for the Takeover Panel said that it was organisation policy to never comment on specific situations. ScottishPower has a market capitalisation of around GBP 10.3bn.
Source: mergermarket
Value: £10,300m (ScottishPower market cap)
Proxy & Voting bits and pieces
Cats and Kings. A fierce catfight over Institutional Shareholder Service’s reputation as a proxy advisor has spilled from mainstream media into the blogosphere. The row erupted on August 21 when New York Times columnist Gretchen Morgenson lambasted ISS for harboring undisclosed potential conflicts when it recommended in favor of Washington Mutual’s controversial takeover of Providian Financial. ISS CEO John Connolly responded with a scathing rebuttal letter and demand for a meeting with NYT publisher Arthur Sulzberger, Jr. Then blogs such as Gawker and Romenesko picked up the story, according to The Deal. The duel demonstrates the rise in media scrutiny of proxy advisors—particularly market-dominating ISS—as they increasingly are seen as corporate kingmakers.
Vote+. As expected, Proxy Governance (PG) this week unveiled what it calls a “heavy duty, high-capacity, state of the art” platform for online voting. It is aimed to money managers, offering research and vote recommendations, policy guideline development, execution of voting decisions, ballot processing, record keeping and reporting. PG’s leading full-service rival in the US is Institutional Shareholder Services. Other domestic competitors are ADP and Swingvote, which provide electronic voting platforms but no in-house generated research, and Glass Lewis and Egan Jones, which specialize in research. Elsewhere, Manifest in the UK and Proxinvest in France offer electronic voting platforms but so far with limited international reach. Proxy Governance’s version, “millions of dollars” in development, is based on voting technology from parent FOLIOfn.
Vote+. As expected, Proxy Governance (PG) this week unveiled what it calls a “heavy duty, high-capacity, state of the art” platform for online voting. It is aimed to money managers, offering research and vote recommendations, policy guideline development, execution of voting decisions, ballot processing, record keeping and reporting. PG’s leading full-service rival in the US is Institutional Shareholder Services. Other domestic competitors are ADP and Swingvote, which provide electronic voting platforms but no in-house generated research, and Glass Lewis and Egan Jones, which specialize in research. Elsewhere, Manifest in the UK and Proxinvest in France offer electronic voting platforms but so far with limited international reach. Proxy Governance’s version, “millions of dollars” in development, is based on voting technology from parent FOLIOfn.
FT.com / By industry / Financial services - SWX chief �leads running� to head B�rse
Telegraph | Money | Tax bill rebels furious over Shell '�2bn saving'
Thursday, September 08, 2005
Sibos Observers: Corporate Actions Standards Slow to Take Off
Capita acquires Channel House Financial Services Group
Finextra: Deutsche B�rse acquires majority stake in UK reference data vendor
Wednesday, September 07, 2005
Capita acquisition
Finextra: DrKW establishes digital markets division
Reuters may be eyed by Google – market reports
Reuters, the news and information service, may be a target for Google, according to a market report in the Guardian. Citing market chatter, the item noted that Reuters shares were buoyed to 368.5p on the back of rumours that the Silicon Valley-based search engine may be considering a takeover, however unlikely it may seem. London-listed Reuters has a market capitalisation of GBP 5.3bn (EUR 7.8bn).
Google’s intention to raise USD 4bn of new funds from a secondary share issue has fuelled talk of acquisitions, the report said, although it commented that analysts believe the business will probably purchase in companies such as China.
The Daily Telegraph market report also printed the rumours, adding that Google was believed to have Yell Group in its sights as well, according to traders. It stated that Reuters was planning to meet with investors today; it did not imply this was linked to the takeover rumours.
Source: The Guardian, Daily Telegraph
Value: £5,300m (Reuters market cap)
=20050907&AlertProfileSysID=185546&instanceid=127482&selectedItems=229882&mode=4&style=20&page=1&contextid=9107992&legacycontextid=9107991">mergermarket.com
Google’s intention to raise USD 4bn of new funds from a secondary share issue has fuelled talk of acquisitions, the report said, although it commented that analysts believe the business will probably purchase in companies such as China.
The Daily Telegraph market report also printed the rumours, adding that Google was believed to have Yell Group in its sights as well, according to traders. It stated that Reuters was planning to meet with investors today; it did not imply this was linked to the takeover rumours.
Source: The Guardian, Daily Telegraph
Value: £5,300m (Reuters market cap)
=20050907&AlertProfileSysID=185546&instanceid=127482&selectedItems=229882&mode=4&style=20&page=1&contextid=9107992&legacycontextid=9107991">mergermarket.com
Tuesday, September 06, 2005
Telegraph | Money | Stockbroker attacks archaic law
Saturday, September 03, 2005
GlobalCustodian.com - Citigroup And Lloyds TSB Form Joint Payments Network In The UK
Citigroup Global Transaction Services has joined forces with Lloyds TSB to provide a payments network and cash management services in the UK.
Under the terms of the deal, Citigroup GTS will use Lloyds TSB's UK branch network and domestic payments capabilities to enhance the range of services offered by the US bank to corporate and institutional clients around the world.
For its part, Lloyds TSB aims to leverage the global reach of Citigroup as "one of its preferred providers of product in selected areas, using these to distinguish itself from domestic competitors and support the ever more international needs of its client base."
"This deal is an example of our successful Borderless Banking approach which seeks to build `win-win' partnerships," explains Francesco Vanni d'Archirafi, Chief Executive Officer of Citigroup Global Transaction Services in EMEA. "We are able to leverage the domestic strengths of Lloyds TSB, a leading financial institution, while they are able to differentiate themselves by plugging into our unparalleled international network."
Ernie Battey, Head of Transaction Services at Lloyds TSB describes the deal as "a unique tie-up between two leading banks - utilizing our domestic lead in UK cash management and Citigroup's international presence."
Naveed Sultan, Head of EMEA Cash Management at Citigroup Global Transaction Services, says the partnership is a "core part" of the bank's cash management strategy for Europe.
Implementation of the new arrangement will begin immediately and both parties have committed themselves to identifying additional joint working opportunities in transaction services.
Under the terms of the deal, Citigroup GTS will use Lloyds TSB's UK branch network and domestic payments capabilities to enhance the range of services offered by the US bank to corporate and institutional clients around the world.
For its part, Lloyds TSB aims to leverage the global reach of Citigroup as "one of its preferred providers of product in selected areas, using these to distinguish itself from domestic competitors and support the ever more international needs of its client base."
"This deal is an example of our successful Borderless Banking approach which seeks to build `win-win' partnerships," explains Francesco Vanni d'Archirafi, Chief Executive Officer of Citigroup Global Transaction Services in EMEA. "We are able to leverage the domestic strengths of Lloyds TSB, a leading financial institution, while they are able to differentiate themselves by plugging into our unparalleled international network."
Ernie Battey, Head of Transaction Services at Lloyds TSB describes the deal as "a unique tie-up between two leading banks - utilizing our domestic lead in UK cash management and Citigroup's international presence."
Naveed Sultan, Head of EMEA Cash Management at Citigroup Global Transaction Services, says the partnership is a "core part" of the bank's cash management strategy for Europe.
Implementation of the new arrangement will begin immediately and both parties have committed themselves to identifying additional joint working opportunities in transaction services.
Friday, September 02, 2005
Telenor-Alfa Suit Delayed
Business in Brief: "Telenor-Alfa Suit Delayed
A U.S. court has postponed a suit by Norway's Telenor to deny voting rights to Alfa Group at a meeting of their jointly held telecoms firm VimpelCom, a source close to Alfa shareholders said on Thursday.
Alfa and Telenor have long been at odds over Alfa's desire for Russian-based cell phone firm VimpelCom to expand into the fast-growing Ukrainian market, and the extraordinary shareholders meeting set for Sept. 14 will discuss Alfa's plan for VimpelCom to purchase Ukrainian RadioSystems.
Telenor has accused Alfa of making misleading statements in its proposal for VimpelCom, in which they are both minority shareholders, to buy URS, a small mobile phone company. (Reuters)"
A U.S. court has postponed a suit by Norway's Telenor to deny voting rights to Alfa Group at a meeting of their jointly held telecoms firm VimpelCom, a source close to Alfa shareholders said on Thursday.
Alfa and Telenor have long been at odds over Alfa's desire for Russian-based cell phone firm VimpelCom to expand into the fast-growing Ukrainian market, and the extraordinary shareholders meeting set for Sept. 14 will discuss Alfa's plan for VimpelCom to purchase Ukrainian RadioSystems.
Telenor has accused Alfa of making misleading statements in its proposal for VimpelCom, in which they are both minority shareholders, to buy URS, a small mobile phone company. (Reuters)"
Thursday, September 01, 2005
General
