Alliance & Leicester isn’t desperate any more 2 Jan 2008 The UK bank felt emboldened enough by last November s funding to spurn an opportunistic bid from Abbey National owner Santander. But if credit markets don t shore up, A&L may yet need a buyer. At least Abbey would be a good fit.
Venezuela’s strong bolivar is likely to weaken 2 Jan 2008 Hugo Chavez's currency redenomination is Venezuela's first since 1879. The next is unlikely to take so long. With inflation at 22.5% and the black market exchange rate three times the official rate, Venezuela is sliding towards traditional Latin American hyperinflation.
Credit crunch starts to derail private equity exit 2 Jan 2008 Blackstone won't complete its buyout of PHH. That s bad enough. But its exit from Freedom is also now on ice. These troubles show that it's not only going to be harder to borrow for buyouts, it's going to be harder to exit existing deals and to make a killing when doing so.