TPG Capital, which may or may not succeed with its unpopular plan to inject £179 million ($356.7 million) into mortgage lender Bradford & Bingley plc in return for a 23% stake, is eyeing builders including Taylor Wimpey plc and Barratt Developments plc, according to a person familiar with the situation. Both builders have about £1.7 billion in debt. The former is locked in talks with new and potential investors after Wednesday scrapping plans to raise £500 million in a share placing because investors shunned the issue. New funds are Taylor Wimpey's only hope of persuading banks to ease loan agreements so that the builder can avoid breaching at least one of its covenants next year.
Meanwhile, in the world of marketing and advertising, the takeover saga starring WPP Group plc's CEO Martin Sorrell is getting nastier by the day.
Taylor Nelson Sofres plc, in rejecting WPP's latest £1.08 billion indicative offer, lambasted Sorrell's dealmaking tactics, including his habit of outlining his likely strategy in newspaper interviews. WPP, for its part, says Taylor Nelson is being obstructive and has denied it the information that Taylor Nelson's agreed merger partner, GfK AG, has enjoyed. The advertising and marketing services giant is now attempting to drum up support among Taylor Nelson shareholders for its offer. - Laura Board
