Demi Moore Is Officially Divorcing “Venture Capitalist” – Ashton Kutcher
UK Financial Investments said it has agreed to sell 100pc of Northern Rock to Virgin Money for £747m in cash immediately, but this could potentially rise to around £1bn.
Under the deal, another £50m is “expected” to be paid within six months. The Treasury will also benefit by up to £80m if the bank floats in the next five years and retain £150m of Tier 1 capital notes.
Northern Rock, which signalled the start of the financial crisis in Britain when it collapsed in August 2007, is the first bank to be returned to the private sector.
The Newcastle-based lender received a £1.4bn bail-out when it was nationalised in February 2008 at the height of the credit crunch. So on paper, taxpayers end up with a loss of £400m, but this could rise to £650m.
George Osborne said the deal was a “good thing” for taxpayers, consumers and the banking system.
Nov 17 (Reuters) – New China Life Insurance Co Ltd, 15 percent owned by Swiss insurer Zurich Financial , has received regulatory approval for the Shanghai leg of its planned $2.6 billion Shanghai-Hong Kong dual listing.
In a widely expected move, the China Securities Regulatory Commission (CSRC) said it had given the nod to China’s third-biggest life insurer’s plans to sell up to 158.54 million shares in Shanghai. The CSRC made the announcement on its website late on Wednesday, without elaborating.
The company, controlled by Central Huijin, a unit of China’s sovereign wealth fund, did not give a fundraising target but a source with direct knowledge of the matter has said the firm is aiming to raise about 6 billion yuan ($945.4 million) in Shanghai and 10 billion yuan in Hong Kong.
The insurer plans to sell as many as 358.4 million shares in Hong Kong, with an option to expand it by another 15 percent, according to a draft prospectus.
Nov. 17 (Bloomberg) — Delphi Automotive Plc, the former parts unit of General Motors Co., raised $530 million in its initial public offering, pricing the shares at the low of the range.
The company sold 24 million shares for $22 each, according to data compiled by Bloomberg, after offering them for $22 to $24 apiece. Delphi, based in Troy, Michigan, will trade on the New York Stock Exchange under the symbol DLPH.
The price range valued Delphi at a discount to other North American auto-parts makers as most of the proceeds went to the largest shareholder, Paulson & Co. The company had originally discussed a $1 billion IPO, with plans to use the funds for debt payments and working capital.
“It is impressive that they are able to get a cyclical company like Delphi public in a tough market,” said Wayne Wilbanks, chief investment officer at Wilbanks, Smith & Thomas in Norfolk, Virginia, which manages about $1.8 billion. “The recent bump in the market” gave them a short window to get the deal done, he said.
Nov. 16 (Bloomberg) — Stifel Financial Corp. is in exclusive talks to buy Regions Financial Corp.’s Morgan Keegan brokerage after prevailing over private-equity bidders, said people with knowledge of the matter.
Stifel remains days or weeks away from agreeing to an acquisition and may not reach a deal, said the people, who spoke on condition of anonymity because the discussions are private. Regions dropped talks with two groups of buyout firms, one comprising Carlyle Group and Blackstone Group LP, and the other made up of Thomas H. Lee Partners LP and Aquiline Capital Partners LLC, the people said.
(Reuters) – Angie’s List Inc., which provides consumer reviews of local professionals and businesses, priced its initial public offering at $13 a share, the higher end of the expected price range, according to an underwriter.
The offering consisted of about 6.3 million shares being sold by the company, with the rest by certain stockholders, including some members of Angie’s List’s senior management.
The IPO generated $114.3 million in proceeds. The company had planned to sell shares at between $11 and $13 per share in its IPO.
Chinese state media have accused US President Barack Obama of “scapegoating” Beijing for his country’s economic woes after he hit out at China’s currency policy.
Obama on Sunday betrayed increasing frustration over Beijing’s control of the yuan, saying it has not done enough to allow the unit to reach a fair market level and calling on a now “grown up” China to act more responsibly.
The official Xinhua news agency accused Obama of using the issue to attract votes, and said forcing the yuan to appreciate more quickly would bankrupt Chinese companies without resolving the US trade deficit with China.
“Squeezing China, especially on the yuan, is an old trick in the run-up to (the) US presidential election,” it said in a commentary late Monday.
“Such a tactic of scapegoating others may attract some voters’ attention, but is definitely no answer to America’s real problems.”
The state-run Global Times, a daily known for its nationalistic stance, said the United States felt “insecure” in the face of a rising China and Washington would have to accept that its economy was in decline.
“The US intends to solve economic problems by exerting political pressure on China. Such a mission is hollow and ultimately doomed to failure,” it said in an editorial Tuesday, accusing the US of “over-confidence”.
“Maybe the US should learn to accept the reality of a multi-polar world and change its mentality.”
Nisshin Steel and Nippon Metal Industry on Tuesday announced plans to merge in a deal that would create the second-largest maker of stainless steel in Japan.
The companies, which have a combined market capitalization of $1.6 billion, expect to complete the merger by October 2012. Nisshin, which already owns a 5 percent stake in Nippon Metal, has a stand-alone value of $1.4 billion.
The firms said they planned to create a holding company for the newly combined business, but did not provide specifics on the merger.
LONDON — Peabody Energy said on Wednesday that it had acquired more than 90 percent of Macarthur Coal of Australia. The announcement allows Peabody, an American coal company, to require Macarthur’s remaining shareholders, including the South Korean steel maker Posco, to sell their stakes.
Peabody is also increasing its offer for Macarthur by $100 million, to almost $5 billion, as part of its earlier terms. The company had said it would raise its bid to $16.52 a share from $16.27 a share if it gained a 90 percent stake in Macarthur.
Nov. 15 (Bloomberg) — The Federal Reserve is looking for ways to speed up its review of bank mergers, Chairman Ben S. Bernanke said today.
The Fed chairman said the U.S. central bank has “commissioned an internal review” of its processes for reviewing applications and notices for mergers and other acquisitions.
“This review is intended to help us find ways to reduce the inefficiencies and delays in that process,” Bernanke said in a Nov. 8 letter to Cass Sunstein, the administrator at the Office of Information and Regulatory Affairs at the White House’s Office of Management and Budge