Delay in M&A

24 October 2003 By Rob Cox Follow @rob1cox

Regulators and takeover rules have conspired to make this the year of the long, drawn out takeover saga. This week the dam broke for Debenhams, Beiersdorf, CarltonGranada. But Canary Wharf and Safeway are still rumbling along.

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In the past few weeks, a handful of the biggest proposed and rumoured takeovers and mergers came to a head.

On Wednesday, CVC and Texas Pacific lodged a knockout £1.7bn bid for British retailer Debenhams, ending a battle for control with rival private equity firms Permira and Blackstone and Goldman Sachs.

On Thursday, Allianz announced the sale of most of its 44% stake in Beiersdorf, maker of Nivea skin creams, for some E4.4bn, to an investor group led by German coffee retailer Tchibo Holding.

Last week, CarltonGranada resolved shareholder concerns over management of the merged group following approval of the merger by UK competition authorities.

Canary Wharf this week gave potential bidders until next week to make firm offers, threatening to end the auction process if they do not.

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