takeovers news stories on Newser

BoA, Wells Fargo Wrap Up Takeovers

Drew Nelles — Thu, 01 Jan 2009 15:27:06 CST

Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7...

Low-Key Lawyer to Moderate Dow Buyout

Heather McPherson — Fri, 20 Jul 2007 14:51:19 CDT

One man stands between News Corp. chief Rupert Murdoch and the Dow Jones-controlling Bancroft Family: a reserved, unassuming Boston lawyer named Michael B. Elefante, who has managed most of the Bancrofts' trust accounts for decades. Next week, beginning with Monday's strictly informational meeting, Elefante will mediate the $5B transaction.

Hot LBO Market Takes Hit

Sam Gale Rosen — Fri, 08 Jun 2007 09:40:14 CDT

The red-hot market for LBOs may be hitting a long-awaited rough patch. Several big deals—including Apollo's $1.3 billion Linens 'n Things buy and the multigroup $17.6 billion acquisition of Freescale Semiconductor Holdings—have turned sour, with the companies struggling to generate enough cash to pay down debt...

Alcan Steels Itself Against Alcoa Bid

J. Kelman — Tue, 22 May 2007 18:17:45 CDT

Canadian aluminum maker Alcan has rejected the $24.7-billion bid from rival Alcoa that would have been the biggest takeover in the metals industry, and signalled its intention to look elsewhere. Alcoa’s $74.60-per-share bid was inadequate, Alcan’s CEO said today, reigniting rumors that both companies may be ripe takeover...

Burgeoning Saudi Firm Snags GE Plastics

J. Kelman — Mon, 21 May 2007 13:29:02 CDT

A Saudi chemical company will take over General Electric's plastics division in a deal worth $11.6 billion, the companies said today. Saudi Basic Industries Corp., or Sabic, beat out Dutch-owned Basell for GE Plastics, which was put up for sale in January. The purchase, the largest ever by a...

Blackstone Makes $7.8B Deal for Alliance

J. Kelman — Thu, 17 May 2007 14:55:01 CDT

Blackstone has snapped up credit card services provider Alliance Data for $7.8 billion, joining a surge of private equity into dull but profitable back-office firms. The 30% above-market offer for Alliance, which also runs a data processing unit, is the latest in a wave of takeovers in the financial-processing...

Private Equity Firm Eyes Bausch & Lomb

J. Kelman — Wed, 16 May 2007 11:34:50 CDT

Bausch & Lomb is seeing the private equity light at the end of the tunnel. After a year of costly recalls, accounting snafus, and lawsuits that have shaken the contact lens giant, B&L is entertaining a $4.5 billion offer—including $830 million in debt—from Warburg Pincus. The company...

Qantas Deal Crashes

J. Kelman — Sat, 05 May 2007 08:00:00 CDT

Qantas Airlines will keep flying solo, after what would have been the biggest airline takeover in history fell through yesterday evening. Airline Partners Australia, the private equity consortium that offered $11.1 billion for the company, failed to secure the 50% of stock it needed to move the deal to...