May-June 2007

Posted on June 15, 2007 at 5:30 PM
Filed under: 2007 | Acquisitions | Corporate Strategy | Cover Story | Divesting and Restructuring | May-June 2007 | People | The Magazine
Tagged: Altoids , Ashbury , CopperTop , deals , drugs , Duracell , Gatorade , Gilette , Johnson & Johnson , Kellogg , Kilts , Lender's Bagels , M&A , movers , Nabisco , Oreo , Peter Klein , Procter & Gamble , Sterling Drug , strategy , Tonto

Peter Klein helped Jim Kilts turn around and then sell Nabisco and Gillette. But those are just two of the high points in his long and eventful career as a consumer-products strategist and dealmaker.  Continue reading

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Posted on June 15, 2007 at 5:25 PM
Filed under: 2007 | Acquisitions | Integration | May-June 2007 | The Magazine
Tagged: Apex , Bob Nardelli , construction supply , deals , Edson Electric , exit , Frank Blake , HD Supply , Home Depot , Hughes Supply , integrate , restructuring , take-private , target , White Cap

Home Depot CEO Frank Blake must decide: follow through on a deal-driven expansion into contractor supply or concentrate on fixing the core retail business.  Continue reading

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Posted on June 15, 2007 at 5:20 PM
Filed under: 2007 | Corporate Strategy | May-June 2007 | The Magazine
Tagged: acquisition , bankrupt , bidders , Carstanjen , CDI , Churchill Downs , corporate strategy , deals , joint venture , Kentucky Derby , licensing , M&A , New York Racing Association , NYRA , Robert Evans , trackNet , TVG

More than 100,000 spectators packed the grandstands and infield at Churchill Downs on May 5 to watch as Street Sense followed in the hoofprints of Aristides, who won the first Kentucky Derby in 1875. The Derby is by a long shot the biggest day of the year for the...  Continue reading

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Posted on June 15, 2007 at 4:17 PM
Filed under: 2007 | Acquisitions | CD Community | Corporate Tool | May-June 2007 | The Magazine
Tagged: corporate tool , dealmakers , Josh King , listen , M&A

Dealmakers tend to be clever people who like to talk. But the really smart ones also know how to listen.  Continue reading

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Posted on June 15, 2007 at 4:10 PM
Filed under: 2007 | Counterparties | May-June 2007 | The Magazine | Thinkery
Tagged: books , investment bankers , Mergers and Acquisitions Deal-Makers , strategy , target identification , valuation

Michael Frankel unmasks the faces that get deals done by diving deep into the responsibilities of the corporate dealmakers and others.  Continue reading

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Posted on June 15, 2007 at 4:04 PM
Filed under: 2007 | Acquisitions | Corporate Strategy | May-June 2007 | The Magazine | Thinkery
Tagged: buyers , customer data , due diligence , IT , Kevin McCarty , M&A , technology

Security, compatibility, looming upgrades - there's a lot to ask about. The answers affect price, and even the decision to go forward with a deal.  Continue reading

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Posted on June 15, 2007 at 3:58 PM
Filed under: 2007 | Acquisitions | Law | May-June 2007 | The Magazine | Thinkery
Tagged: accounting , acquired , amortization , assets , Congress , dealmakers , depreciation , M&A , NOLs , Sec. 269 , Sec. 382 , tax , trafficking

A couple of key developments, still not widely appreciated by dealmakers, have begun to change the way net operating losses can be used.  Continue reading

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Posted on June 15, 2007 at 3:52 PM
Filed under: 2007 | Legal Brief | May-June 2007 | The Magazine
Tagged: bankruptcy , Bankruptcy Code , Delaware , lock-up agreement , M&A , Magticom , Metromedia , SEC , Section 363

Those who deal regularly with distressed M&A transactions are well aware of the advantages of using Section 363 of the Bankruptcy Code to implement asset sales. The best known is the ability of a debtor to sell its assets "free and clear" of liens or other third-party interests in...  Continue reading

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Posted on June 15, 2007 at 3:42 PM
Filed under: 2007 | Integration | Intellectual property | May-June 2007 | The Magazine | Thinkery
Tagged: Alcatel-Lucent , Bell Labs , cross-border , deal , Dinella , G.E. Smith , intellectual property , portfolio , researchers , thinkery , W.S. Boyle

Integrating the IP of the newly formed telecom giant is a big job with major implications - for both the company itself and its competitors.  Continue reading

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Posted on June 15, 2007 at 3:33 PM
Filed under: 2007 | Acquisitions | Best Practices | May-June 2007 | The Magazine
Tagged: acquirers , acquisition , clarity , coporate development , HR , IT , M&A , M&A cycle , M&A disconnect , marketing , strategy , transaction best practices

Keeping a major acquisition moving toward the goals the transaction was designed to achieve is a challenge. It takes decisions and cooperation from many segments of both organizations over months or even years and requires surmounting many distractions, temptations and impediments. The complexity confronting those in charge of the M&A...  Continue reading

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Posted on June 15, 2007 at 1:44 PM
Filed under: 2007 | Acquisitions | Corporate Strategy | May-June 2007 | Q&A | The Magazine
Tagged: acquisitions , Bank of China , China , China Mobile , China National Bluestar , Corus , DaimlerChrysler , David Good , IBM , Maytag , MSK , overseas , Q&A , SOE , Suntech Power , Tata Group , trends , Unocal

Chinese companies haven't flocked into overseas acquisitions, but they're becoming more active, and the trend will likely accelerate.  Continue reading

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Posted on June 15, 2007 at 1:36 PM
Filed under: 2007 | Acquisitions | Best Practices | Integration | May-June 2007 | The Magazine
Tagged: assets , due diligence , integration , M&A , protocol , resources , seller's market , strategic acquirers

Strategic acquirers should resist pressure to divert resources from due diligence to integration.  Continue reading

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Posted on June 15, 2007 at 10:50 AM
Filed under: 2007 | Acquisitions | Corporate Strategy | Cover Story | May-June 2007 | Q&A | The Magazine
Tagged: brewers , brewing , consolidation , dealmaker , deals , emerging market , Gauthier de Biolley , InBev , InterBrew , Latin America , M&A , scale

Gauthier de Biolley, the dealmaker behind many of InBev's key transactions, reflects on a decade of change in the beer industry.  Continue reading

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Posted on June 15, 2007 at 10:34 AM
Filed under: 2007 | Cover Story | May-June 2007 | The Magazine
Tagged: Blackstone , consumer products , cover intro , M&A , Muslims , Nestle , Novartis , Pinnacle , transactions

How do you grow an $81 billion food company, already the world's largest? For Nestlé, there are multiple answers. Among them: Build a $3 billion Halal food business to serve the world's 1.6 billion Muslims. Make acquisitions when the opportunity arises, as happened last month when Nestlé agreed to...  Continue reading

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Posted on June 15, 2007 at 10:18 AM
Filed under: 2007 | Acquisitions | May-June 2007 | Q&A | The Magazine
Tagged: acquisitions , Bain , bribery , Kenneth Myers , partnering , private equity , Q&A , scandal , Siemens , Silver Lake , strategic , UGS Corp. , Warburg Pincus

Kenneth Meyers is vice president of M&A for Siemens Corp., the New York-based holding company for the 11 U.S. divisions of Siemens AG. And despite a bribery scandal that has toppled Siemens' two top leaders in Germany, he's getting the job done. "Nobody is concerned about whether Siemens will...  Continue reading

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Posted on June 15, 2007 at 10:11 AM
Filed under: 2007 | Joint Ventures and Alliances | May-June 2007 | Outsourcing | The Magazine
Tagged: aluminum , financial buyers , Global Alumina , joint ventures , outsourcing , private equity , Qingtongxia , strategics , Tokuyama

Joint ventures: aluminum industry Aluminum prices are hot, up nearly 10% in the first quarter of 2007 over the same period last year. Demand in China and other emerging markets is driving prices, and companies are using JVs to access natural resources and enter foreign markets: China's Qingtongxia Aluminum...  Continue reading

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Posted on June 15, 2007 at 10:05 AM
Filed under: 2007 | May-June 2007 | People | The Magazine
Tagged: Adobe , Bristol-Myers , dealmakers , Intel Capital , movers , Rob Tarkoff , Robert Immele , Schneider Electric , Sudheer Kuppam , Tama Howson

Intel Capital's international march Intel Capital continues to strengthen its global reach with the appointment of Sudheer Kuppam as its new managing director for India, Japan, Australasia and southeast Asia. Kuppam formerly headed Intel Capital's flash memory and semiconductor investments. Now, he'll oversee the VC unit's $250 million fund...  Continue reading

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Posted on June 15, 2007 at 9:54 AM
Filed under: 2007 | Growth Strategy | May-June 2007 | The Magazine
Tagged: deal , growth strategy , Gucci , PPR , Puma , sales , Yves

The Players: French retailer PPR SA, owner of luxury brands including Gucci, Yves Saint Laurent, Alexander McQueen and Stella McCartney, and retail businesses with holdings in home furnishings, appliances, automobiles, pharmaceutical products; and Puma AG, the German maker of sportswear and accessories. The Plan: PPR, which posted 2006 sales...  Continue reading

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Posted on June 15, 2007 at 9:44 AM
Filed under: 2007 | Corporate Strategy | May-June 2007 | The Magazine
Tagged: Bankers Life , build , buy , Coventry , Medicare Plan D , partner , Scott Goldberg

Build, buy or partner: Corporate strategists are familiar with those choices. But Scott Goldberg says when the new Medicare Plan D drug benefit program dramatically changed the landscape for Bankers Life and Casualty Co. in 2003, his company faced a slightly different set of options. "It was more like...  Continue reading

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Posted on June 15, 2007 at 9:34 AM
Filed under: 2007 | From Ken | May-June 2007 | The Magazine
Tagged: corporate dealmaker. Klee , editor , editor's letter

When he was a deal lawyer at General Electric, Bill Carstanjen's assignments included work on the attempted GE-Honeywell merger and the purchase of pipeline assets from the rubble of the Enron bankruptcy. Then he moved on to Churchill Downs Inc., home of the Kentucky Derby. Now, with no previous experience...  Continue reading

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