mergers and acquisitions

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Yang's Departure Gives Microsoft New Opening
Yang's Departure Gives Microsoft New Opening
ANALYSIS
Nov 18, 2008 9:54 AM CST

Yang's Departure Gives Microsoft New Opening

Analysts see 'beginning of the end for Yahoo' as CEO steps down

(Newser) - Investors are hoping Jerry Yang’s departure will lead to renewed talks with Microsoft, BusinessWeek reports. “This is probably the beginning of the end for Yahoo,” said one. “Microsoft will probably come back with an offer.” Microsoft has repeatedly denied interest in reviving a deal, but...

Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

(Newser) - Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis is getting a 32% premium...

Bank of China in Talks to Buy UK's No. 1 Bank

HBOS would be largest overseas acquisition by Chinese institution

(Newser) - The state-owned Bank of China emerged last night as the main player in a new takeover bid for Halifax Bank of Scotland. HBOS, the largest bank in Britain, is currently being taken over by Lloyds, but a former HBOS executive is now putting together a counteroffer. If the deal goes...

Citigroup Looks to Buy Bank After Wachovia Misstep

Seeking to ease embarrassment from its failed bid, it looks to buy a regional player

(Newser) - After losing Wachovia to Wells Fargo, Citigroup is again looking to buy a bank to bolster its deposit base in the face of continuing economic turmoil, reports the Wall Street Journal. The latest target is a regional bank considerably smaller than Wachovia. Citi recently drew $25 billion from the Treasury...

Feds OK Delta-Northwest Deal
 Feds OK Delta-Northwest Deal 
Oct 29, 2008 2:49 PM CDT

Feds OK Delta-Northwest Deal

Merger would create world's largest airline

(Newser) - Delta’s $2.6 billion offer to buy Northwest Airlines has passed the scrutiny of federal antitrust regulators. Ensuing labor issues aside, official say the merger—which creates the world’s most patronized airline—would not "substantially lessen competition" and will benefit customers, Reuters reports.

VW Gamble Nets Porsche $20B, Wallops Hedge Funds

Short bets could push some European traders to bankruptcy after stock soars

(Newser) - Hedge funds that bet on a dive in Volkswagen shares are nursing some pretty stiff hangovers—to the tune of a possible $20 billion in losses—after the shares soared when rival Porsche announced over the weekend it had secretly acquired a 74% stake in its fellow German automaker, reports...

Chrysler Flirts With Nissan- Renault as GM Seeks Credit

Alliance would keep Detroit automaker intact, but expose Cerberus to more risk

(Newser) - Chrysler is considering joining Nissan-Renault, adding a North American arm to the Japanese-French auto alliance that could rescue Chrysler’s operations, the Wall Street Journal reports. Cerberus, Chrysler’s majority owner, prefers a merger with General Motors, but overlap with a Detroit competitor would likely eliminate half of Chrysler’s...

Treasury Hopes Bailout Will Spur Bank Mergers

Paulson seeks to reshape banking with new capital

(Newser) - Treasury's $250 billion cash infusion into financial institutions is meant to increase liquidity and get banks to start lending to each other again, but it might have another effect: accelerating mergers. The New York Times reports that the government's unprecedented recapitalization is also meant to give bigger banks the...

Morgan in Talks to Keep Critical Mitsubishi Money

Japanese bank seeks more favorable terms for $9B investment

(Newser) - Morgan Stanley scrambled today to keep an investment from a major Japanese bank as Wall Street held its breath, the New York Times reports. Japan’s Mitsubishi UFJ Financial Group agreed last month to invest $9 billion, but wants better terms after Morgan's market value plunged last week. The talks...

GM/Chrysler Merger 'Too Horrible to Contemplate'

(Newser) - GM and Chrysler are indeed seriously discussing a merger, sources tell Tom Walsh of the Detroit Free Press, which just proves “how desperately some people want to exit the automobile business.” Both companies are already too big—put them together and they’d be “way, way, way”...

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

(Newser) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but...

Wells Fargo Buys Wachovia for $15.4B, Trumps Citigroup

After initial no, Bay Area bank buys out troubled lender

(Newser) - Wells Fargo will buy struggling bank Wachovia in a $15.4 billion takeover, reports the Wall Street Journal. The deal was announced today and comes just days after Wachovia had reached an agreement to sell its banking operations to Citigroup. The Wells Fargo purchase requires no government assistance, and the...

JPMorgan Chief Had Long Drooled Over WaMu

Firm writes down $31 billion in bad debt, but builds nation's largest bank

(Newser) - The failure of Washington Mutual was an opportunity for JPMorgan Chase CEO Jamie Dimon, who long held a desire to buy the bank, the Seattle Times reports, and saw its large West Coast presence as particularly attractive. Now Dimon, who incorporated Bear Stearns earlier this year, has used the credit...

Shareholders OK Delta-Northwest Merger

Deal awaits approval from antitrust regulators

(Newser) - Shareholders of Delta and Northwest voted nearly unanimously today to approve the airlines' merger, the Atlanta Journal-Constitution reports. With shareholders in agreement, federal antitrust regulators must now approve the deal. A Justice Department decision is expected late this year, but labor issues remain. Dozens of workers protested today outside the...

Mitsubishi's $8.4B Will Buy Up to 20% of Morgan Stanley

Japanese firm reverses course, agrees to buy stake in Wall Street giant

(Newser) - Japan’s Mitsubishi UFJ Financial Group has agreed to invest as much as $8.4 billion in Morgan Stanley, Bloomberg reports, in exchange for a stake of 10%-20% in the investment bank. The move by Mitsubishi—which last week said it planned to steer clear of investing in US banks—...

Barclays to Buy Parts of Lehman's Brokerage

Deal to give UK giant a US presence believed to be worth about $2B

(Newser) - Barclays has reached a deal to buy part of Lehman Brothers’ US business, the Financial Times reports. Lehman’s international divisions could eventually be brought into the deal, or the deal could allow for their acquisition later. Exact terms are unclear, but the Wall Street Journal adds that the figure...

Under Pressure, Sirius XM Tries to Look Ahead

Merged company works to develop subscribers, refinance debt

(Newser) - Satellite radio’s fortunes—thought to be peaking after Sirius and XM merged in July—are falling as the united company’s stock continues to tumble and management scrambles to refinance debt, reports the Wall Street Journal. Still, CEO Mel Karmazin says, the company is “heading toward making a...

Bank of America CEO Lands His Biggest Fish Yet
Bank of America CEO Lands His Biggest Fish Yet
ANALYSIS
Sep 15, 2008 10:29 AM CDT

Bank of America CEO Lands His Biggest Fish Yet

Merrill bid puts bold Lewis over $150B in acquisitions

(Newser) - Like predecessor Hugh McColl, Bank of America CEO Kenneth Lewis loves enormous deals. His 7-year reign has seen flashy conquests adding up to more than $150 billion, but never has he bagged a bigger trophy than Merrill Lynch, Reuters reports. The deal should fulfill Lewis’ oft-frustrated ambition to make BofA,...

Bank of America to Buy Merrill Lynch for $44B

(Newser) - In a day of toppling dominoes on Wall Street, Bank of America agreed to buy Merrill Lynch for $44 billion, or $29 a share—about two-thirds of what it was worth a year ago and 50% of its highest value in 2007, the Wall Street Journal reports. The deal, struck...

Maker of Marlboros May Buy Skoal for $10B

(Newser) - The nation’s largest cigarette maker, Altria Group, is in talks to acquire UST, the producer of Skoal and Copenhagen smokeless tobaccos for a rumored $10 billion, the New York Times reports. Altria, a spinoff of Philip Morris, makes Marlboro cigarettes. Negotiators were poised to strike a deal over the...

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