DealBook: Edited by Andrew Ross Sorkin The New York Times
Tuesday, May 24, 2011
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To view this email with images, go to:
http://www.nytimes.com//
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------------------------------
For the latest updates, go to:
http://www.nytimes.com/
------------------------------
------------ ADVERTISEMENT-------------
San Antonio Means Business!
San Antonio is about connections, ideas, hospitality and staying
one step ahead of your needs. Let us pave the way for your
next successful meeting. Find out more at
meetings.visitsanantonio.com
http://ads.nyt.com/th.ad/db-
------------------------------
1. M & A: EBay's Plans for Its Skype Windfall
2. INVESTMENT BANKING: Goldman: Back in the (Former) U.S.S.R.
3. PRIVATE EQUITY: For Carlyle Investors, a Record Quarter
4. HEDGE FUNDS: Paulson Wants Rival Lehman Creditors to Disclose Holdings
5. OFFERINGS: Yandex Is Set for $1.3 Billion Stock Offering
6. VENTURE CAPITAL: Britain Plans 2012 Debut for Green Bank
7. LEGAL/REGULATORY: Schneiderman Extends Mortgage Investigation
TOP STORIES
------------------------------
Community Banks Lobby to Limit New
Regulations
Ads blanketing the Washington area right now have one clear
message: Lawmakers and regulators should tread lightly on
small banks.
The community banking industry has started a campaign aimed
at overturning certain aspects of Dodd-Frank, especially
consumer protection rules and limits on debit card fees,
DealBook reports. Their argument: Profits will fall, and
perhaps even a few institutions will fail.
But the regulation may not be as burdensome as the
advertising campaign - or the $1.2 million spent on
lobbying in the first quarter - implies. Community banks
and credit unions won exemptions from several of the law's
toughest provisions, and some of the rules put small banks
on more equal footing with big banks.
DEALBOOK:
http://dealbook.nytimes.com/
Cancer Sharpens Forstmann's Philanthropy
Focus
Theodore J. Forstmann, one of the original private equity
moguls, who coined the term "barbarians at the gate," is
tired.
Drained from treatments for brain cancer, Mr. Forstmann is
still in the office because he believes he has work to
accomplish. It's continuing the turnaround of IMG, the
agency he bought in 2004. It's a task where much has been
accomplished, but whose deadline is near, Andrew Ross Sorkin
writes in his latest DealBook column.
His goal, he says, is to generate more profit for
philanthropy. More specifically, buying IMG was to "make a
bunch of money, get it out of this thing and spent it on the
kids in the world."
DEALBOOK
http://dealbook.nytimes.com/
------------------------------
For the latest updates, go to:
http://www.nytimes.com/
------------------------------
------------ ADVERTISEMENT-------------
DEALS, FEES AND POWERFUL ANALYSIS IN EXCEL(R)
Thomson Reuters Deals Business Intelligence enables you to
Create ad hoc reports; Analyze market trends, Benchmark your
Performance and Identify Opportunities - all within Excel(R)
(Excel is a registered trademark of Microsoft Corporation).
Request a free sample report:
http://ads.nyt.com/th.ad/db-
------------------------------
DEAL NOTES
------------------------------
SkyBridge Chief to Raise Money for Romney
Anthony Scaramucci, the hedge fund manager who famously told
Barack Obama that the president's attitude toward Wall
Street had left him feeling like a "pinyata," is holding
a fund-raiser for Mitt Romney, the former Massachusetts
governor and private equity executive hoping to lead the
Republican ticket, MarketWatch reports.
MARKETWATCH http://www.marketwatch.com/
DEALBOOK http://dealbook.nytimes.com/
Billing Less by Paying Less
To keep a lid on costs, big law firms are restructuring
themselves, hiring lawyers for jobs that are in small towns,
off the partner-track, and that pay about half as much.
http://www.nytimes.com/2011/
New York Times http://www.nytimes.com/2011/
------------------------------
1. MERGERS & ACQUISITIONS ------------------------------
EBay's Plans for Its Skype Windfall
John Donahoe, eBay's chief executive, told The Wall Street
Journal that the $2.4 billion his company is set to be paid
for selling Skype to Microsoft would possibly go to new
deals or share buybacks.
WALL STREET JOURNAL http://online.wsj.com/article/
Is Burkle Preparing to Fight Malone Over Barnes &
Noble?
Yucaipa, the investment firm controlled by Ronald Burkle,
disclosed that it bought a further 603,000 shares of the
bookseller for about $18.49 each, leading to speculation
that the investor may push for a higher price from John
Malone's Liberty Media, which last week unveiled a $17 a
share bid for the company.
DOW JONES http://online.wsj.com/article/
DEALBOOK http://dealbook.nytimes.com/
Hertz to Begin Exchange Offer for Dollar
Thrifty
Hertz's bid for Dollar Thrifty is set to advance this week
as the car rental company opens a direct exchange for shares
of its target in an offer Hertz insists is friendly.
REUTERS http://www.reuters.com/
Nestle to Buy U.S. Healthcare Firm
Nestle has agreed to purchase Prometheus Laboratories, an
American firm specializing in gastrointestinal diagnostics,
as the Swiss food giant moves further into healthcare.
REUTERS http://www.reuters.com/
Johnson & Johnson Strikes Russian Deal
In an emerging market gambit, the American company said it
would buy several consumer cough and cold medicines sold in
Russia for $260 million.
REUTERS http://www.reuters.com/
PRESS RELEASE http://www.investor.jnj.com/
Bitterness in Kraft and Cadbury's Merger
More than a year after Kraft's offer for Cadbury was
accepted, frictions between the American company and British
lawmakers continue, and the slow, painful work of
integration has led to a raft of departures among Cadbury
executives, The Financial Times writes.
FINANCIAL TIMES http://www.ft.com/intl/cms/s/
Going Organic
M.&A. is heating up in Europe's organic foods sector,
attracting the attention of investors like Carl C. Icahn.
NEW YORK TIMES http://www.nytimes.com/2011/
Iceland Foods Founder Still Wants to Buy His Company
Back
Malcolm Walker told Reuters that he had no plans to sell his
minority stake in the frozen food retailer, which is being
auctioned by Landsbanki, the failed Icelandic bank. Reports
surfaced this week that William Morrison of Britain may be
looking at Iceland Foods, while buyout shops are also
expected to get into the action.
REUTERS http://www.nytimes.com/
The Winners With Jimmy Choo? Everybody
TowerBrook Capital has shown what private equity can do when
it wants to grow a business, and Labelux has acquired a
brand is poised to expand in China, for a decent multiple at
that.
http://www.nytimes.com/2011/
REUTERS BREAKINGVIEWS http://www.nytimes.com/2011/
------------------------------
2. INVESTMENT BANKING ------------------------------
Goldman: Back in the (Former) U.S.S.R.
Goldman Sachs has attempted to infiltrate the Russian market
twice before in the last 17 years without much success. This
time, the lender is chasing after deals with a $1 billion
private equity bet, and negotiating with the Kremlin for
advisory roles. The campaign looks to be paying off.
BLOOMBERG http://www.businessweek.com/
Barclays Capital Hires Former Fed Official
Brian F. Madigan, who played a leading role in the Fed's
emergency lending programs during the financial crisis, will
be a senior policy adviser at Barclays Capital.
DEALBOOK:
http://dealbook.nytimes.com/
BofA to Settle Overdraft Case
A deal brokered in a Miami court would see Bank of America
pay $410 million as a settlement in a class-action case over
charges linked to debit card overdrafts.
http://www.nytimes.com/2011/
New York Times http://www.nytimes.com/2011/
Face-Off Over Swaps
Royal Bank of Canada is in a tussle with a Pennsylvania
school district that the lender says owes it $10 million
tied to an interest-rate swap deal. While many cities and
local governments were lured into such swaps before the
financial crisis, this one has a twist: The school district
didn't actually borrow the money the swap was based on, or
build the school the nonexistent loan was slated for.
WALL STREET JOURNAL http://online.wsj.com/article/
------------------------------
For the latest updates, go to:
http://www.nytimes.com/
------------------------------
3. PRIVATE EQUITY ------------------------------
For Carlyle Investors, a Record Quarter
The Carlyle Group, which invested $7 billion last year on
increased buyout activity, distributed a record $6.4 billion
to investors in the first quarter, the private equity said
in its annual report released Monday.
BLOOMBERG http://www.bloomberg.com/news/
PRESS RELEASE http://www.carlyle.com/Media%
Blackstone to Sell Canadian Real Estate
Blackstone, the private equity firm and asset manager, has
hired CIBC World Markets to sell dozens of Canadian
properties for about $920 million, Bloomberg News reports.
BLOOMBERG http://noir.bloomberg.com/
Guo Guangchang's Long Game
The Chinese billionaire has a role model, and it's Warren
Buffett. Mr. Guo is combining private equity and a
value-investing mentality in his search for deals, and
quotes from the Oracle of Omaha are never far from his lips,
The Financial Times reports.
FINANCIAL TIMES http://www.ft.com/intl/cms/s/
A Home for Chinese 'Orphans'?
Chinese firms that have listed in America only to see their
share prices stagnate may find new hope in the private
equity industry, which has a number of deals in the pipeline
to delist firms whose prospects may be more promising than
the public market is ready to recognize.
REUTERS http://www.reuters.com/
BlackRock Adds Private Equity to Its
Line-Up
BlackRock has hired the three founders of Merrill Lynch's
private equity business to lead the build-out of its own
private equity platform, which the asset manager said it
expects to expand to include about 20 professionals within
the next year.
Pensions & Investments http://www.pionline.com/
PRESS RELEASE http://insurancenewsnet.com/
------------------------------
4. HEDGE FUNDS ------------------------------
Paulson Wants Rival Lehman Creditors to Disclose
Holdings
The hedge fund run by John Paulson has asked a court to
force Goldman Sachs and others in a rival creditors group to
disclose details of their claims against Lehman Brothers, as
the two groups seek to peddle their respective liquidation
plans for the failed investment bank.
BLOOMBERG http://www.bloomberg.com/news/
Fund Seeders Seek Next Big Thing in Asia
Morgan Stanley said it is negotiating several deals on
behalf of investors looking to seed new Asian hedge funds,
as institutions and wealthy individuals compete to back the
industry's next winner.
BLOOMBERG http://www.bloomberg.com/news/
Fund of Funds Firms to Merge
Saguenay Capital, based in New York, and London's
Strathmore Capital will combine to form a firm with $2
billion in assets under management, the latest deal in a
sector that's seeking scale after taking a beating in the
financial crisis.
PENSIONS & INVESTMENTS
http://www.pionline.com/
REUTERS http://www.nytimes.com/
------------------------------
5. I.P.O./OFFERINGS ------------------------------
Yandex Is Set for $1.3 Billion Stock
Offering
Yandex, one of the largest Web companies in Russia, is
pricing its offering at $25 a share, well above
expectations, according to a person briefed on the matter.
DEALBOOK:
http://dealbook.nytimes.com/
Rattner: The Inflating Tech Bubble
In an Op-Ed for The Financial Times, Steven Rattner calls
the LinkedIn I.P.O. "the most tangible manifestation" of
a euphoria that exhibits all the symptoms of a tech bubble.
"With revenues of just $243 million in 2010 and 19 pages
of risk factors in its offering prospectus, it struck pay
dirt on Wall Street," Mr. Rattner writes.
FINANCIAL TIMES http://www.ft.com/intl/cms/s/
Glencore Shares Still Below I.P.O.
Tuesday was the first official day of trading for Glencore
shares on the London Stock Exchange, and while they rose
10.5 pence, or 2 percent, in late morning trading, their
price of 5.24 pounds a piece is still below what they sold
for in the initial public offering.
REUTERS http://www.reuters.com/
BLOOMBERG http://noir.bloomberg.com/
Spanish Lotto Eyes $10.6 Billion I.P.O.
The chief of the Spanish lottery, Loterias y Apuestas del
Estado, told The Wall Street Journal on Tuesday that Madrid
was getting nearer to choosing the financial advisers that
would help it take the company public, in an initial public
offering that could be worth as much as 7.5 billion euros,
or $10.6 billion.
WALL STREET JOURNAL http://online.wsj.com/article/
Chrysler to Pay Off Loans. Next Up: An
I.P.O.?
The automaker is set to announce the repayment of some $7.5
billion in government loans, a move that will allow Fiat to
raise its stake in Chrysler and may bring the company closer
to an initial public offering.
REUTERS http://www.nytimes.com/
WALL STREET JOURNAL http://online.wsj.com/article/
------------------------------
6. VENTURE CAPITAL ------------------------------
Britain Plans 2012 Debut for Green Bank
The state-backed green investment bank, the first of its
kind, will be seeded with 3 billion pounds ($4.8 billion)
from the British Treasury and aims "to bridge the gap
between venture capital and the green economy," Deputy
Prime Minister Nick Clegg said.
ASSOCIATED PRESS http://www.nytimes.com/
BBC http://www.bbc.co.uk/news/
Rent the Runway Sashays Away With $15
Million
Kleiner Perkins Caufield & Byers ponied up the entire $15
million round for the start-up, which lets women achieve
their luxury ambitions by renting designer dresses and
accessories by mail.
BITS http://bits.blogs.nytimes.com/
With New App, Do@ Seeks to Tailor Mobile
Search
Do@, which is looking to take on Google in the mobile search
arena, has received $7 million in financing led by Draper
Fisher Jurvetson.
BITS http://bits.blogs.nytimes.com/
------------------------------
7. LEGAL/REGULATORY ------------------------------
Schneiderman Extends Mortgage Investigation
JPMorgan, Deutsche Bank and UBS are said to have each been
subpoenaed by New York Attorney General Eric Schneiderman as
he extends his investigation into mortgage securitization,
Bloomberg News reports. Four bond insurers are also being
investigated.
BLOOMBERG http://www.bloomberg.com/news/
Madoff Trustee Disputes Mets Owners' Claims of
Cooperation
In their legal fight, the trustee for the victims of Bernard
L. Madoff's fraud and the owners of the Mets are at odds
over just how transparent the club's owners, Fred Wilpon
and Saul Katz, have been during the investigation of their
finances.
NEW YORK TIMES http://www.nytimes.com/2011/
S.E.C. to Join Fray in Forex Inquiry?
The agency is scrutinizing foreign currency trades by Bank
of New York Mellon and State Street, which are accused by a
whistleblower group of misrepresenting the activity and
mispricing trades for their pension fund clients, according
to The Wall Street Journal.
WALL STREET JOURNAL http://online.wsj.com/article/
Moody's Puts 14 British Banks on List for
Review
Moody's is looking at downgrading the debt ratings of 14
British banks, including Lloyds and Royal Bank of Scotland,
concerned that when the British government cuts its support,
credit risks will rise.
BLOOMBERG http://www.bloomberg.com/news/
Chinese Company Under Baleful Eye of S.E.C.
The software maker Longtop, which provides applications to
financial services companies, has seen its chief financial
officer resign, its auditor Deloitte drop the account, and
now it is coming under regulatory scrutiny in the United
States, where it listed in 2007.
http://www.nytimes.com/2011/
REUTERS http://www.nytimes.com/2011/
Tuesday, May 24, 2011
-----
To view this email with images, go to:
http://www.nytimes.com//
-----
------------------------------
For the latest updates, go to:
http://www.nytimes.com/
------------------------------
------------ ADVERTISEMENT-------------
San Antonio Means Business!
San Antonio is about connections, ideas, hospitality and staying
one step ahead of your needs. Let us pave the way for your
next successful meeting. Find out more at
meetings.visitsanantonio.com
http://ads.nyt.com/th.ad/db-
------------------------------
1. M & A: EBay's Plans for Its Skype Windfall
2. INVESTMENT BANKING: Goldman: Back in the (Former) U.S.S.R.
3. PRIVATE EQUITY: For Carlyle Investors, a Record Quarter
4. HEDGE FUNDS: Paulson Wants Rival Lehman Creditors to Disclose Holdings
5. OFFERINGS: Yandex Is Set for $1.3 Billion Stock Offering
6. VENTURE CAPITAL: Britain Plans 2012 Debut for Green Bank
7. LEGAL/REGULATORY: Schneiderman Extends Mortgage Investigation
TOP STORIES
------------------------------
Community Banks Lobby to Limit New
Regulations
Ads blanketing the Washington area right now have one clear
message: Lawmakers and regulators should tread lightly on
small banks.
The community banking industry has started a campaign aimed
at overturning certain aspects of Dodd-Frank, especially
consumer protection rules and limits on debit card fees,
DealBook reports. Their argument: Profits will fall, and
perhaps even a few institutions will fail.
But the regulation may not be as burdensome as the
advertising campaign - or the $1.2 million spent on
lobbying in the first quarter - implies. Community banks
and credit unions won exemptions from several of the law's
toughest provisions, and some of the rules put small banks
on more equal footing with big banks.
DEALBOOK:
http://dealbook.nytimes.com/
Cancer Sharpens Forstmann's Philanthropy
Focus
Theodore J. Forstmann, one of the original private equity
moguls, who coined the term "barbarians at the gate," is
tired.
Drained from treatments for brain cancer, Mr. Forstmann is
still in the office because he believes he has work to
accomplish. It's continuing the turnaround of IMG, the
agency he bought in 2004. It's a task where much has been
accomplished, but whose deadline is near, Andrew Ross Sorkin
writes in his latest DealBook column.
His goal, he says, is to generate more profit for
philanthropy. More specifically, buying IMG was to "make a
bunch of money, get it out of this thing and spent it on the
kids in the world."
DEALBOOK
http://dealbook.nytimes.com/
------------------------------
For the latest updates, go to:
http://www.nytimes.com/
------------------------------
------------ ADVERTISEMENT-------------
DEALS, FEES AND POWERFUL ANALYSIS IN EXCEL(R)
Thomson Reuters Deals Business Intelligence enables you to
Create ad hoc reports; Analyze market trends, Benchmark your
Performance and Identify Opportunities - all within Excel(R)
(Excel is a registered trademark of Microsoft Corporation).
Request a free sample report:
http://ads.nyt.com/th.ad/db-
------------------------------
DEAL NOTES
------------------------------
SkyBridge Chief to Raise Money for Romney
Anthony Scaramucci, the hedge fund manager who famously told
Barack Obama that the president's attitude toward Wall
Street had left him feeling like a "pinyata," is holding
a fund-raiser for Mitt Romney, the former Massachusetts
governor and private equity executive hoping to lead the
Republican ticket, MarketWatch reports.
MARKETWATCH http://www.marketwatch.com/
DEALBOOK http://dealbook.nytimes.com/
Billing Less by Paying Less
To keep a lid on costs, big law firms are restructuring
themselves, hiring lawyers for jobs that are in small towns,
off the partner-track, and that pay about half as much.
http://www.nytimes.com/2011/
New York Times http://www.nytimes.com/2011/
------------------------------
1. MERGERS & ACQUISITIONS ------------------------------
EBay's Plans for Its Skype Windfall
John Donahoe, eBay's chief executive, told The Wall Street
Journal that the $2.4 billion his company is set to be paid
for selling Skype to Microsoft would possibly go to new
deals or share buybacks.
WALL STREET JOURNAL http://online.wsj.com/article/
Is Burkle Preparing to Fight Malone Over Barnes &
Noble?
Yucaipa, the investment firm controlled by Ronald Burkle,
disclosed that it bought a further 603,000 shares of the
bookseller for about $18.49 each, leading to speculation
that the investor may push for a higher price from John
Malone's Liberty Media, which last week unveiled a $17 a
share bid for the company.
DOW JONES http://online.wsj.com/article/
DEALBOOK http://dealbook.nytimes.com/
Hertz to Begin Exchange Offer for Dollar
Thrifty
Hertz's bid for Dollar Thrifty is set to advance this week
as the car rental company opens a direct exchange for shares
of its target in an offer Hertz insists is friendly.
REUTERS http://www.reuters.com/
Nestle to Buy U.S. Healthcare Firm
Nestle has agreed to purchase Prometheus Laboratories, an
American firm specializing in gastrointestinal diagnostics,
as the Swiss food giant moves further into healthcare.
REUTERS http://www.reuters.com/
Johnson & Johnson Strikes Russian Deal
In an emerging market gambit, the American company said it
would buy several consumer cough and cold medicines sold in
Russia for $260 million.
REUTERS http://www.reuters.com/
PRESS RELEASE http://www.investor.jnj.com/
Bitterness in Kraft and Cadbury's Merger
More than a year after Kraft's offer for Cadbury was
accepted, frictions between the American company and British
lawmakers continue, and the slow, painful work of
integration has led to a raft of departures among Cadbury
executives, The Financial Times writes.
FINANCIAL TIMES http://www.ft.com/intl/cms/s/
Going Organic
M.&A. is heating up in Europe's organic foods sector,
attracting the attention of investors like Carl C. Icahn.
NEW YORK TIMES http://www.nytimes.com/2011/
Iceland Foods Founder Still Wants to Buy His Company
Back
Malcolm Walker told Reuters that he had no plans to sell his
minority stake in the frozen food retailer, which is being
auctioned by Landsbanki, the failed Icelandic bank. Reports
surfaced this week that William Morrison of Britain may be
looking at Iceland Foods, while buyout shops are also
expected to get into the action.
REUTERS http://www.nytimes.com/
The Winners With Jimmy Choo? Everybody
TowerBrook Capital has shown what private equity can do when
it wants to grow a business, and Labelux has acquired a
brand is poised to expand in China, for a decent multiple at
that.
http://www.nytimes.com/2011/
REUTERS BREAKINGVIEWS http://www.nytimes.com/2011/
------------------------------
2. INVESTMENT BANKING ------------------------------
Goldman: Back in the (Former) U.S.S.R.
Goldman Sachs has attempted to infiltrate the Russian market
twice before in the last 17 years without much success. This
time, the lender is chasing after deals with a $1 billion
private equity bet, and negotiating with the Kremlin for
advisory roles. The campaign looks to be paying off.
BLOOMBERG http://www.businessweek.com/
Barclays Capital Hires Former Fed Official
Brian F. Madigan, who played a leading role in the Fed's
emergency lending programs during the financial crisis, will
be a senior policy adviser at Barclays Capital.
DEALBOOK:
http://dealbook.nytimes.com/
BofA to Settle Overdraft Case
A deal brokered in a Miami court would see Bank of America
pay $410 million as a settlement in a class-action case over
charges linked to debit card overdrafts.
http://www.nytimes.com/2011/
New York Times http://www.nytimes.com/2011/
Face-Off Over Swaps
Royal Bank of Canada is in a tussle with a Pennsylvania
school district that the lender says owes it $10 million
tied to an interest-rate swap deal. While many cities and
local governments were lured into such swaps before the
financial crisis, this one has a twist: The school district
didn't actually borrow the money the swap was based on, or
build the school the nonexistent loan was slated for.
WALL STREET JOURNAL http://online.wsj.com/article/
------------------------------
For the latest updates, go to:
http://www.nytimes.com/
------------------------------
3. PRIVATE EQUITY ------------------------------
For Carlyle Investors, a Record Quarter
The Carlyle Group, which invested $7 billion last year on
increased buyout activity, distributed a record $6.4 billion
to investors in the first quarter, the private equity said
in its annual report released Monday.
BLOOMBERG http://www.bloomberg.com/news/
PRESS RELEASE http://www.carlyle.com/Media%
Blackstone to Sell Canadian Real Estate
Blackstone, the private equity firm and asset manager, has
hired CIBC World Markets to sell dozens of Canadian
properties for about $920 million, Bloomberg News reports.
BLOOMBERG http://noir.bloomberg.com/
Guo Guangchang's Long Game
The Chinese billionaire has a role model, and it's Warren
Buffett. Mr. Guo is combining private equity and a
value-investing mentality in his search for deals, and
quotes from the Oracle of Omaha are never far from his lips,
The Financial Times reports.
FINANCIAL TIMES http://www.ft.com/intl/cms/s/
A Home for Chinese 'Orphans'?
Chinese firms that have listed in America only to see their
share prices stagnate may find new hope in the private
equity industry, which has a number of deals in the pipeline
to delist firms whose prospects may be more promising than
the public market is ready to recognize.
REUTERS http://www.reuters.com/
BlackRock Adds Private Equity to Its
Line-Up
BlackRock has hired the three founders of Merrill Lynch's
private equity business to lead the build-out of its own
private equity platform, which the asset manager said it
expects to expand to include about 20 professionals within
the next year.
Pensions & Investments http://www.pionline.com/
PRESS RELEASE http://insurancenewsnet.com/
------------------------------
4. HEDGE FUNDS ------------------------------
Paulson Wants Rival Lehman Creditors to Disclose
Holdings
The hedge fund run by John Paulson has asked a court to
force Goldman Sachs and others in a rival creditors group to
disclose details of their claims against Lehman Brothers, as
the two groups seek to peddle their respective liquidation
plans for the failed investment bank.
BLOOMBERG http://www.bloomberg.com/news/
Fund Seeders Seek Next Big Thing in Asia
Morgan Stanley said it is negotiating several deals on
behalf of investors looking to seed new Asian hedge funds,
as institutions and wealthy individuals compete to back the
industry's next winner.
BLOOMBERG http://www.bloomberg.com/news/
Fund of Funds Firms to Merge
Saguenay Capital, based in New York, and London's
Strathmore Capital will combine to form a firm with $2
billion in assets under management, the latest deal in a
sector that's seeking scale after taking a beating in the
financial crisis.
PENSIONS & INVESTMENTS
http://www.pionline.com/
REUTERS http://www.nytimes.com/
------------------------------
5. I.P.O./OFFERINGS ------------------------------
Yandex Is Set for $1.3 Billion Stock
Offering
Yandex, one of the largest Web companies in Russia, is
pricing its offering at $25 a share, well above
expectations, according to a person briefed on the matter.
DEALBOOK:
http://dealbook.nytimes.com/
Rattner: The Inflating Tech Bubble
In an Op-Ed for The Financial Times, Steven Rattner calls
the LinkedIn I.P.O. "the most tangible manifestation" of
a euphoria that exhibits all the symptoms of a tech bubble.
"With revenues of just $243 million in 2010 and 19 pages
of risk factors in its offering prospectus, it struck pay
dirt on Wall Street," Mr. Rattner writes.
FINANCIAL TIMES http://www.ft.com/intl/cms/s/
Glencore Shares Still Below I.P.O.
Tuesday was the first official day of trading for Glencore
shares on the London Stock Exchange, and while they rose
10.5 pence, or 2 percent, in late morning trading, their
price of 5.24 pounds a piece is still below what they sold
for in the initial public offering.
REUTERS http://www.reuters.com/
BLOOMBERG http://noir.bloomberg.com/
Spanish Lotto Eyes $10.6 Billion I.P.O.
The chief of the Spanish lottery, Loterias y Apuestas del
Estado, told The Wall Street Journal on Tuesday that Madrid
was getting nearer to choosing the financial advisers that
would help it take the company public, in an initial public
offering that could be worth as much as 7.5 billion euros,
or $10.6 billion.
WALL STREET JOURNAL http://online.wsj.com/article/
Chrysler to Pay Off Loans. Next Up: An
I.P.O.?
The automaker is set to announce the repayment of some $7.5
billion in government loans, a move that will allow Fiat to
raise its stake in Chrysler and may bring the company closer
to an initial public offering.
REUTERS http://www.nytimes.com/
WALL STREET JOURNAL http://online.wsj.com/article/
------------------------------
6. VENTURE CAPITAL ------------------------------
Britain Plans 2012 Debut for Green Bank
The state-backed green investment bank, the first of its
kind, will be seeded with 3 billion pounds ($4.8 billion)
from the British Treasury and aims "to bridge the gap
between venture capital and the green economy," Deputy
Prime Minister Nick Clegg said.
ASSOCIATED PRESS http://www.nytimes.com/
BBC http://www.bbc.co.uk/news/
Rent the Runway Sashays Away With $15
Million
Kleiner Perkins Caufield & Byers ponied up the entire $15
million round for the start-up, which lets women achieve
their luxury ambitions by renting designer dresses and
accessories by mail.
BITS http://bits.blogs.nytimes.com/
With New App, Do@ Seeks to Tailor Mobile
Search
Do@, which is looking to take on Google in the mobile search
arena, has received $7 million in financing led by Draper
Fisher Jurvetson.
BITS http://bits.blogs.nytimes.com/
------------------------------
7. LEGAL/REGULATORY ------------------------------
Schneiderman Extends Mortgage Investigation
JPMorgan, Deutsche Bank and UBS are said to have each been
subpoenaed by New York Attorney General Eric Schneiderman as
he extends his investigation into mortgage securitization,
Bloomberg News reports. Four bond insurers are also being
investigated.
BLOOMBERG http://www.bloomberg.com/news/
Madoff Trustee Disputes Mets Owners' Claims of
Cooperation
In their legal fight, the trustee for the victims of Bernard
L. Madoff's fraud and the owners of the Mets are at odds
over just how transparent the club's owners, Fred Wilpon
and Saul Katz, have been during the investigation of their
finances.
NEW YORK TIMES http://www.nytimes.com/2011/
S.E.C. to Join Fray in Forex Inquiry?
The agency is scrutinizing foreign currency trades by Bank
of New York Mellon and State Street, which are accused by a
whistleblower group of misrepresenting the activity and
mispricing trades for their pension fund clients, according
to The Wall Street Journal.
WALL STREET JOURNAL http://online.wsj.com/article/
Moody's Puts 14 British Banks on List for
Review
Moody's is looking at downgrading the debt ratings of 14
British banks, including Lloyds and Royal Bank of Scotland,
concerned that when the British government cuts its support,
credit risks will rise.
BLOOMBERG http://www.bloomberg.com/news/
Chinese Company Under Baleful Eye of S.E.C.
The software maker Longtop, which provides applications to
financial services companies, has seen its chief financial
officer resign, its auditor Deloitte drop the account, and
now it is coming under regulatory scrutiny in the United
States, where it listed in 2007.
http://www.nytimes.com/2011/
REUTERS http://www.nytimes.com/2011/
New York Times DealBook: Community Banks Push Back on New Rules; Forstmann's Sharpened Focus on Philanthropy
*****
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