Investors force KKR to pay more 18 Feb 2005 Faced with defeat in its bid for Canadian doormaker Masonite, the buyout firm has reluctantly upped the price by 5% to C$2.8bn. This may be enough. But the wrangling demonstrates how suspicious investors are about being bought out cheaply in publictoprivate deals.
Holcim in talks to buy Aggregate for £2.4bn 12 Jan 2005 Holcim is highly indebted, yet its offer is a rich one a 33% premium, in cash. The Swiss concrete maker appears to be playing catchup in the concrete consolidation game, and paying for it too.
Honeywell trumps shell with £1.2bn Novar bid 13 Dec 2004 Melrose came up with a clever offer designed to turn round an ailing miniconglomerate without taking it private. The snag was that this highlighted the value of Novar's crown jewel its controls business. And that smoked out a cash rich trade buyer.
BBVA denies Sacyr board seat 3 Dec 2004 The Spanish bank argues that just because Sacyr says it will buy a 3.6% stake, that doesn t mean it should have a seat. That s quite right. Even if the interloper had a bigger stake, it wouldn't deserve a director. Its intentions are completely opaque.
Sacyr makes bizarre BBVA investment 30 Nov 2004 Why would a smallish Spanish construction company buy a small stake in a bank 14 times its size, increasing its capital by a third to do so? Some scent a plan to oust BBVA's chairman. Given the bank's good performance, that looks a reckless move. Why would a smallish Spanish construction company buy a tiny stake in a bank 14 times its size, increasing its capital by a third to do so? Some scent a plan to oust BBVA's chairman. Given the bank's good performance, that looks a reckless move.
Are private equity incentives justified in PLCs? 9 Nov 2004 This question has been brought into stark relief by Melrose s proposed £650m bid for Novar. The answer is a qualified yes. But this particular approach doesn t tick all the boxes.
Cemex to buy RMC for £3.2bn 27 Sep 2004 The Mexican cement producer has launched a knockout bid for the UK concrete business a 40% premium paid in cash. The industrial logic behind the deal is sound. Nevertheless, the synergy target provided to justify the premium looks ambitious.
Public-private partnerships prove troublesome 7 Sep 2004 The UK private sector hasn't been very good at providing government services. This part of the ThatcherBlair revolution has largely failed. Governments are inefficient builders and operators. But the combination of banks an the private sector is not necessarily better.
RWE sells Hochtief stake for E950m 25 Feb 2004 The German utility will sell its 56% holding in the construction company in a combined stock and convertible offering. By selling now, RWE fulfils its promise to simplify its structure and hedges its bets on continuing economic recovery.
Italian IPO finds new way to tempt buyers 21 Oct 2003 Like so many of the tiny companies that make up Italy s economy, Trevisan is illiquid and would find it hard to attract institutional money. So the current owners are offering some downside protection. If results disappoint, they will give new investors some of their own shares.
HeidelbergCement new plaything of hedge funds 12 Nov 2002 Shortsellers have divebombed the German cement group's bonds in anticipation of liquidity problems. The bonds may now tread water pending a planned asset sale. The odd thing is that the shares have held up.