Sept.-Oct. 2007

Posted on October 15, 2007 at 8:00 PM
Filed under: 2007 | Cover Story | Movers & Shakers | People | Sept.-Oct. 2007 | The Magazine
Tagged: Abzug , Andarko , Aqua America , Carmel , Cisco , Constellation Brands , corp dev , corporate dealmakers , corporate development , Dewees , Hetterich , IHS , Intuit , JDSU , Kropilak , Lehman , Linter , Lovell , Meredith , movers , movers & shakers , qulifications , Richey , Rock Ridge , Rockwell , strategics , talent , VC , Walker

By nearly any measure - qualifications needed, compensation issues, likely career path - a job in corporate development is different from other corporate gigs. There are good reasons for that.  Continue reading

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Posted on October 15, 2007 at 7:53 PM
Filed under: 2007 | Acquisitions | Case Studies | Sept.-Oct. 2007 | The Magazine
Tagged: acquisitions , biotech , Ceredase , deals , DNA , enzyme , Genzyme , Henri Termeer , multi-stage acquisition

As the only big biotech dedicated to relentless acquisition, the company may point the way to consolidation in the sector.  Continue reading

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Posted on October 15, 2007 at 7:49 PM
Filed under: 2007 | Best Practices | Law | Sept.-Oct. 2007 | The Magazine
Tagged: accounting , accretion-dillution , backlog , balance sheet , deals , defensive value , fair-value , fair-value accounting rules , FASB , goodwill , impairment risk , intangible assets , law , M&A , post closing , pre-letter of intent , R&D , SFAS , SFAS 141R , SFAS 157 , transaction

The fair-value accounting rules taking effect this fall make it more important than ever for dealmakers to value intangible assets accurately -- and as early as possible.  Continue reading

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Posted on October 15, 2007 at 7:47 PM
Filed under: 2007 | Joint Ventures and Alliances | Sept.-Oct. 2007 | The Magazine
Tagged: Clare Hart , Dow Jones , Factiva , joint venture , JV , new media , news , Reuters , technology

Dow Jones' Clare Hart on the successful ramp-up and wind-down of the Factiva joint venture between Dow Jones and Reuters.  Continue reading

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Posted on October 15, 2007 at 7:42 PM
Filed under: 2007 | Corporate Venture Capital | Sept.-Oct. 2007 | The Magazine
Tagged: corporate venture capital , CVC , financial services , FT , FTVentures , M&A , Visa

A few financial companies, such as Visa International and Goldman, Sachs & Co., maintain dedicated CV groups.  Continue reading

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Posted on October 15, 2007 at 7:35 PM
Filed under: 2007 | People | Sept.-Oct. 2007 | The Magazine
Tagged: Chevron , corporate development , EMPG , Jack Kennedy , Jeremy Dickens , John Watson , M&A , movers , News Corp. , strategic planning , Unocal

Change champion at Chevron Having spent 27 years with Chevron Corp., John Watson will move into his latest role--as executive vice president for strategy and development--amid a major restructuring. The company is reorganizing its worldwide exploration and production group, which Watson, who starts in January, may know better than...  Continue reading

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Posted on October 15, 2007 at 7:30 PM
Filed under: 2007 | Growth Strategy | Sept.-Oct. 2007 | The Magazine
Tagged: acquisition , Canadian Pacific Railway , CP , Dakota , DM&E , ethanol , M&A , Minnesota & Eastern Railroad , railrods

CP plans to acquire publicly held DM&E for up to $2.48 billion--$1 billion of which would come through contingency payments over 18 years.  Continue reading

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Posted on October 15, 2007 at 7:24 PM
Filed under: 2007 | Acquisitions | People | Sept.-Oct. 2007 | The Magazine
Tagged: AT&T , CLEC , dealmaker , Dudley Slater , Integra Telecom , movers , Verizon

Integra Telecom's Dudley Slater discusses managing growth and dealmaking in a constricted credit market.  Continue reading

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Posted on October 15, 2007 at 7:21 PM
Filed under: 2007 | From Ken | Sept.-Oct. 2007 | The Magazine
Tagged: corporate dealmaker , editor , editor's letter , Klee

Bear Stearns set the tone early this summer, taking a big hit from a hedge fund it manages called the High-Grade Structured Credit Strategies Enhanced Leverage Fund. And I'm wondering, when the folks at Bear were marketing this thing, did they by any chance use a sock puppet? I can...  Continue reading

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Posted on October 15, 2007 at 9:23 AM
Filed under: 2007 | CD Community | Corporate Tool | Sept.-Oct. 2007 | The Magazine
Tagged: buyout , cash , cheap debt , corporate buyer , corporate tool , debt , Josh King , M&A , PE , strategics

It's hard to blame the buyout crowd for using all that cheap debt. It's also easy to be glad they'll have to stop for a while.  Continue reading

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Posted on October 15, 2007 at 9:18 AM
Filed under: 2007 | Sept.-Oct. 2007 | The Magazine | Thinkery
Tagged: accounting , CSS , reverse spinoff , RSS , separation , sharesholders , splitoff , stock , tax , tex efficient , X Corp.

There are various reasons why corporations engaged in more than one line of business would want to separate those businesses, ranging from internecine competition for capital to investor opinion and beyond. There are also various means of accomplishing a separation. Most obvious is an outright sale of one of the...  Continue reading

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Posted on October 15, 2007 at 9:11 AM
Filed under: 2007 | Legal Brief | Sept.-Oct. 2007 | The Magazine | Thinkery
Tagged: arbitral awards , China , contractual provisions , defective goods , exporters , FDA , food , investigations , mandatory testing , product recalls , recall , safety

Importers may find they face significant liabilities, but the right contractual provisions can mitigate your company's risks.  Continue reading

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Posted on October 15, 2007 at 9:05 AM
Filed under: 2007 | Intellectual property | Sept.-Oct. 2007 | The Magazine | Thinkery
Tagged: Coding Technologies , DVD , Larry Horn , licensing , Motorola , MPEG , patent pool , patents , technology

They can smooth the path to market for complex technologies, but they do entail some loss of control for licensors.  Continue reading

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Posted on October 15, 2007 at 8:57 AM
Filed under: 2007 | Deal International | Q&A | Sept.-Oct. 2007 | The Magazine | Trends
Tagged: 1872 , China , deals , HR , Joerg Ayrle , liabilities , M&A , microelectronics , multinationals , negotiations , private companies , SASAC , securities regulation , Siemens , SOE , solar , tax , valuation , value , water , wind

Asia-Pacific M&A chief Joerg Ayrle talks about valuation, the effect of a hot local stock market, and more.  Continue reading

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Posted on October 15, 2007 at 8:46 AM
Filed under: 2007 | Corporate Strategy | Joint Ventures and Alliances | Sept.-Oct. 2007 | The Magazine
Tagged: Apple , axis , CBS , coexistence , download , Fox , illegal , iTunes , leverage , media , mobile entertainment , music , MySpace , TV , web , web consortium , YouTube

To prosper on the web, content companies need a strategy for building up the leverage they can wield against distributors.  Continue reading

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Posted on October 15, 2007 at 8:39 AM
Filed under: 2007 | Acquisitions | Law | Sept.-Oct. 2007 | The Magazine
Tagged: compliance , consulting , deals , due diligence , execute , fees , gating issue , indemnification , large company , legal , M&A , regulatory , small company

In regulation-sensitive industries, small companies rarely have compliance regimes on a par with those at larger ones. That can pose challenges for dealmakers.  Continue reading

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Posted on October 15, 2007 at 8:18 AM
Filed under: 2007 | Integration | Sept.-Oct. 2007 | The Magazine
Tagged: controls , deal cycle , dealmaking , due diligence , employee turnover , integration , M&A , non-compliance , Phase 1 , Phase 2 , post-integration , post-integration controls , Section 404 , SOX , target controls

Rapid integration can help capture a target's value. The trick is to accomplish it without getting burned by noncompliance with Sarbanes-Oxley rules.  Continue reading

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