Asia’s M&A boom leaves old guard in charge 7 Jul 2015 Regional deals could be worth $1 trln this year. But the bonanza offers less than investors might hope. Backing from states and tycoons makes many companies bid-proof. That means fewer premium bids, less pressure on firms to shape up, and more stitch-ups of minority shareholders.
South Korean M&A quirks hold perils for investors 24 Jun 2015 A $9.2 bln merger led by Samsung’s holding company has cast a spotlight on the country’s peculiar stock market rules. The dealmaking shows the limits of measures designed to protect independent investors and how the wider system is stacked in favour of the chaebols.
Hardball Samsung move sets up chaebol reform test 11 Jun 2015 Samsung C&T has sold a 6 pct stake to a friendly party to neuter opponents of its $10 bln merger with the South Korean conglomerate’s holding company. Official reaction to the underhand maneouvre will show whether the country really wants to rein in its large corporations.
Samsung’s $8 bln restructuring offer looks cheeky 26 May 2015 The South Korean group’s ruling Lee family is offering shares in its Cheil Industries holding company for Samsung C&T at almost no premium. The deal looks central to the clan’s succession plan. With 4 pct of Samsung Electronics at stake, C&T investors can hold out for more.
Seat PG bond swap finally dials down debt 7 Mar 2012 Creditors are taking over another overstretched directories publisher. Seat Pagine Gialle’s 1.2 billion euro debt swap will leave private-equity and public shareholders almost nothing. Post-deal gearing looks manageable – provided the Italian firm can reinvent itself online.