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Due diligence can be a highly complicated exercise. It becomes even more so when the target company is involved in a joint venture that includes one or more partners. In this edition of Inside The Deal, Sullivan & Cromwell LLP M&A partner Frank Aquila says in this scenario a buyer...
Posted on August 11, 2009 8:37 AM
Certainly not, said Morgan Stanley (NYSE:MS) CFO Colm Kelleher, in response to the fastball pitched by Mike Mayo, an analyst for CLSA Asia-Pacific Markets, during Wednesday's earnings call. "We have no buyer's remorse; we are really comfortable with the acquisition and joint venture itself," Kelleher (pictured) replied. You can't blame...
Posted on July 22, 2009 4:50 PM
Add another round to the three-way grudge match between Jakks Pacific Inc. (NASDAQ:JAKK), THQ Inc. (NASDAQ:THQI) and World Wrestling Entertainment. At issue is a WWE video game license owned by a joint venture operated by toymaker Jakks and video game publisher THQ. Jakks on Wednesday said it intended to exercise an...
Posted on July 1, 2009 3:37 PM
Fifth Third Bancorp (NASDAQ:FITB) and the private equity firm Advent International Corp. have completed their $2.35 billion processing joint venture. As The Deal Pipeline subscribers learned in March, Advent agreed to acquire 51% of the Cincinnati bank's payment processing division for $561 million in cash. Fifth Third loaned $1.25 billion...
Posted on July 1, 2009 10:22 AM
Caterpillar Inc. (NYSE:CAT) is reportedly in talks with Indian manufacturer Mahindra & Mahindra Ltd. to create a joint venture. According to The Economic Times of India, the venture would make engines for Cat-branded tractors and would be 51% owned by M&M, a maker of automobiles and farm equipment. Neither company...
Posted on May 18, 2009 11:11 AM
Navajo Wind Energy Corp. has announced another deal in its strategy to harness a piece of China's wind power market. The company on Monday announced it's negotiating with wind turbine developer Mingchuang Energy Manufacturing Co. to form a joint venture to manufacture wind turbines in China. The JV is the...
Posted on March 9, 2009 11:00 AM
SABMiller plc (LSE:SAB) is acquiring three brewers in China through its long-standing joint venture with China Resources Enterprise Ltd. China Resources Snow Breweries Ltd., maker of the popular Snow brand beer, is snapping up brewers in Anhui, Liaoning and Zhejiang provinces. CR Snow will make the purchases through three newly formed...
Posted on February 26, 2009 12:15 PM
Bank of New York Mellon is planning a mutual joint venture in China with Chinese brokerage firm Western Securities Co. BoNY announced Monday that it expects approval from the Chinese Regulatory Securities Commission in time to launch BNY Mellon Western Fund Management Co. by the third quarter. BoNY will own...
Posted on February 24, 2009 11:23 AM
Russia's decision to block a Walt Disney Co. joint venture just four months after denying Google Inc.'s bid for a Russian online advertising company could give pause to other U.S. firms looking to enter the market. In the latest case, the Federal Anti-monopoly Service of Russia denied Disney's planned joint...
Posted on February 23, 2009 12:40 PM
BP plc has upped its investment in biofuels producer Verenium Corp. with a joint venture to develop and market cellulosic ethanol from nonfood feedstock. The companies will contribute a combined $45 million to build and operate an ethanol production facility in Florida. The JV builds on an existing R&D partnership...
Posted on February 19, 2009 2:15 PM
Debt-ridden Advanced Micro Devices Inc. came up short in soliciting enough stockholder votes to approve the spinoff of its manufacturing business into a joint venture with Middle Eastern investors. The deal would net AMD about $700 million from partner Advanced Technology Investment Co., which also assume about $1.2 billion of...
Posted on February 11, 2009 10:34 AM
Technology integration is almost always a complex exercise. And as we noted when Citigroup Inc. and Morgan Stanley announced plans to combine their brokerage businesses, it can be even more so in financial services, where vast customer databases must be merged and where security and confidentiality are critical. On Thursday,...
Posted on February 6, 2009 1:40 PM
The joint venture merging the mobile chip operations of Ericsson AB and STMicroelectronics NV is open for business. The 50-50 JV combines Ericsson's mobile platform business with ST-NXP, the company created in July when STM and European rival NXP BV combined their wireless operations. STM on Tuesday bought out NXP's...
Posted on February 4, 2009 10:02 AM
We don't know much yet about the nuts and bolts of the much-speculated joint venture between Citigroup Inc. and Morgan Stanley. But we know enough about banking industry integration to presume that failing to devote the necessary time, money and management expertise to the venture could undermine the business' longterm...
Posted on January 12, 2009 12:30 PM
News Corp.-owned Dow Jones & Co. earlier this week acquired the database assets of the Library House Ltd., a bankrupt U.K.-based provider of venture capital data on emerging European companies. Terms of the deal weren't disclosed, but the transaction wasn't large enough to draw much attention. It's worth mentioning here, though,...
Posted on January 8, 2009 11:33 AM
The economic slowdown in China is being felt by General Motors Corp.'s passenger vehicle joint venture. Shanghai General Motors Corp., the crippled giant's joint venture with SAIC Motor Corp., on Monday posted a 7% drop in 2008 sales. Overall, GM sales in China rose 6% in 2008, carried by sales...
Posted on January 6, 2009 2:30 PM
When Dow Chemical Co.'s planned $19 billion joint venture with Kuwait's Petrochemical Industries Co. failed on Sunday, it cast doubt on the chemical giant's other blockbuster deal: its $18.8 billion acquisition of Rohm and Haas Co. Why? Because as The Deal's Kenneth Klee noted in early December, the proceeds from...
Posted on December 29, 2008 12:40 PM
The Walt Disney Co. has announced a joint venture with Media-One Holdings Ltd. to launch a family entertainment channel on 30 Media-One-owned television stations in Russia. Slated to launch in early 2009, the new channel will air popular Disney programs and original Russian programming. In addition to a cash investment,...
Posted on December 17, 2008 11:03 AM
Despite a darkening domestic economic outlook, the Chinese government remains wary of foreign investment by private equity firms. Reuters reported Wednesday that the China Securities Regulatory Commission had rejected a proposal by Hank Greenberg's (pictured) Starr International to raise a $145 million investment fund with Shanghai-listed Citic Securities Co. Ltd....
Posted on December 10, 2008 11:01 AM
A month after Office Depot Inc. rejected a bid by Grupo Gigante to buy out the U.S. retailer's share in their joint venture, the companies appear set to expand. According to Reuters, the companies are expanding into Colombia through the JV, which operates more than 160 stores in Latin America...
Posted on December 9, 2008 4:00 PM
Rio Tinto plc may sell its stake in a China joint venture as it fights devastating commodity prices and towering debt. Reuters quotes unnamed sources at Rio's JV partner Qingtongxia Aluminum as saying a sale may be near as state-owned Qingtangxio consolidates its operations in advance of a takeover by...
Posted on December 8, 2008 11:00 AM
American Electric Technologies Inc. is setting up in the fast-growing Brazilian offshore drilling market. Through a joint venture with Lifting Services Ltda. and Five Star Services Ltda., both based in Brazil, the company will supply electrical parts and services to companies in the drilling and exploration market. This is AETI's first...
Posted on December 4, 2008 2:10 PM
J.P. Morgan Chase & Co. has finalized plans for a credit card joint venture in Mexico with Ixe Grupo Financiero SA. The new venture, to be called Ixe Tarjetas SA, will operate as a nonbank finance company. Ixe Grupo, with about $3 billion in assets and 121 branches, said when announcing...
Posted on December 4, 2008 10:19 AM
Alternative energy is one of the few sectors predicted to see decent deal activity in 2009, and based on investment of late, solar power will be a hot one. On Monday, we told you how Sharp Corp. is planning a $1 billion joint venture with Enel SpA, Italy's largest power...
Posted on December 2, 2008 1:19 PM
Sharp Corp. has announced plans for a $1 billion solar joint venture with Italian energy company Enel SpA, which produces and sells power to customers in 21 countries in Europe, and North and Latin America. The venture, to be established in spring 2009, will construct and operate a handful of...
Posted on December 1, 2008 3:07 PM
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