Friday, 1 May 2015

Village gossip - Amanda Staveley to pick up multi-million pound fee from Qatar's £1.4 billion Maybourne purchase

It never ceases to amaze me what you can learn from hanging out in hotel lobbies.

I have just picked up that PCP Capital Partners - the corporate finance firm set up by dealmaker Amanda Staveley - is in line for a multi-million pound cash windfall after advising the Qatar-backed Constellation Hotels on the £1.4 billion purchase of Claridges, the Connaught and the Berkeley.

I also understand that the thrust of the Irish Times piece about Paddy McKillen selling his 36 pc stake in Maybourne Group to Constellation Hotels is accurate.

Here is a link to the article:  

http://www.irishtimes.com/business/commercial-property/qatari-group-buys-mckillen-s-stake-in-london-hotels-1.2191190

It's not clear exactly how much Staveley - who has advised gulf-based investors on buying stakes in Barclays and Manchester City Football Club - will earn from advising Constellation Hotels but  typically corporate financiers earn about 0.5pc of the purchase price.  

Qatar Holding, Constellation Hotels and PCP Capital Partners all declined to comment.

Hotel Buzz - part 3

A friendly analyst has got in touch with his view on what the likely combinations are from the next round of consolidation in the hotel sector. I will list them below - to be clear, this is just his speculation...

1. Accor combining with either Marriott International or Whitbread

Thursday, 30 April 2015

That meeting

Looking over last week's coverage of Deutsche Bank's $2.5 billion fine for fixing the Libor rate it struck me little has been made of fact that interest rate manipulation was being discussed at a British Bankers Association board meeting all the way back in 2008.

Indeed, tucked away at the back of the Financial Conduct Authority's press release is a rather interesting nugget:

Wednesday, 29 April 2015

Hotel buzz - part 2

So, it would appear little old Betaville made the right call running the story about Starwood Hotels, Senator and InterContinental Hotels a couple of weeks ago.

Tuesday, 28 April 2015

The BP political conundrum

There are some brilliant comment columns in today's British newspapers on the UK government's decision to tell BP it's not too keen on the idea of a foreign bidder gobbling up the FTSE 100 oil producer. 

Both Alistair Osborne of The Times and Nils Pratley of The Guardian make some good points in their respective opinion pieces on David Cameron's move whilst Alistair's colleagues suggest in a news article that Exxon Mobil is the most likely acquirer of BP.

Finally - Kier announces takeover of Mouchel

I'm glad to see that Kier Group has finally announced the £265 million takeover of Mouchel. Readers might recall that I broke the story late last year on Tip TV and Betaville - here is a link http://betaville123.blogspot.co.uk/2014/11/banks-edge-closer-to-400-million.html - that Kier Group was in talks to buy Mouchel for a decent chunk of change.

Kier is funding the deal with a £340 million equity capital fundraising.

Monday, 27 April 2015

Back on Tip TV talking about Quindell, BP, BioMarin and Sky

Zak invited back onto Tip TV today. Here is a link to today's session:

http://www.tiptv.co.uk/archives/weekly-ma-update/

Marlow cooks up another massive drugs deal

Ben Marlow's comment column in today's The Daily Telegraph caught my eye this morning. Not only is it a well written piece of prose but it also contains a story I myself had been chasing for the last month or so.

Ben's comment column - click on the link http://www.telegraph.co.uk/finance/11564744/If-its-Astra-bid-was-crazy-is-Pfizer-plotting-something-even-more-bonkers.html - appears to suggest US pharmaceutical giant Pfizer is plotting a multi-billion bid for GlaxoSmithKline.

Thursday, 23 April 2015

A Stemcor snippet - mystery US trade buyer swoops on steel trader - part 2

Some of my lending sources have got back in touch regarding the Stemcor story I wrote earlier this week.

Word is this "mystery US trade buyer" (see my previous post) has offered more for Stemcor's UK steel trading operations than what Apollo, the US vulture fund, is proposing as part of a debt-for-equity swap.

Wednesday, 22 April 2015

A newspaper review on a Wednesday

There are plenty of great market tales knocking about in the mainstream press today.

I particularly enjoyed Ben Martin's main story in his market report in The Daily Telegraph. IMI's shares were volatile - gaining 5pc - during yesterday's trading session and Ben found out why: a trader mis-interpreted a Bloomberg story, thinking IMI had received a takeover a bid when in fact the newswire was referring to an Isreael-based company with the same abbreviated name.

Tuesday, 21 April 2015

A Stemcor snippet - mystery US trade buyer swoops on steel trader

I picked up an interesting nugget on the Stemcor situation scurrying around in the undergrowth this afternoon.

For readers that don't recall, Stemcor - one of Britain's largest privately-owned companies - is in a tough situation following a financial restructuring.

Monday, 20 April 2015

Sunday, 19 April 2015

A weekend review

There were plenty of interesting business stories in the weekend newspapers this weekend but the ones that caught my eye were the tales involving Quindell, the controversial AIM-listed business.

Ben Martin, market reporter over at The Daily Telegraph, did well to get some quotes out of Robert Terry, the former chairman and founder of the business, about his plans for Daniel Stewart, the stockbroker. Here is a link to Ben's piece:

Thursday, 16 April 2015

Now this is a surprise - Rob Terry buys massive stake in Daniel Stewart - part 3

Wow - Daniel Stewart has just released a statement on the Regulatory News Service this evening telling the market Rob Terry, the founder and former chairman of Quindell, has asked the Financial Conduct Authority for permission to increase his stake in the stockbroker to above 10pc.

I have a theory about what might be going on here but for the moment I will keep it to myself.

Burmese business

Ping - an email arrives with the headline: "in the land of the internet virgins".

Now, before readers start to get the wrong idea let me explain this email contains one of the first bits of equity research on a company based in Myanmar, which has been emerging from five decades of military dictatorship.

Tuesday, 14 April 2015

Quelle surprise: Agnellis launch multi-billion dollar insurance/reinsurance takeover deal

It would appear Exor - the Agnelli family trust - has bitten the bullet and moved on from buying a 20pc stake in Swiss Re.

Exor - controlled by chairman and CEO John Elkann - has just announced it is launching a $6.4 billion all cash takeover offer for US-listed insurance and reinsurance company PartnerRe, trumping a previous $11 billion merger with Axis Capital. Here is a link to the Exor press release:

Mega deals are back in vogue ... and so are the rows with British banks over mis-selling and Libor - part 2

I have a little update to my story last week on the ongoing row between Guardian Care Homes and Lloyds Banking Group. In case you don't recall, here is a link to last week's story:

http://betaville123.blogspot.com.es/2015/04/mega-deals-are-back-in-vogueand-so-are.html

A Sunday review on a Tuesday

Sorry for the lack of posts Betavillers - I have been away for a few days.

Anyway, after catching up on the last few days' business coverage it struck me that none of the mainstream press have followed up Oliver Shah's latest piece on the sale of BHS in The Sunday Times this weekend. Here is the link:

Saturday, 11 April 2015

A newspaper review on a, er ... Thursday - part 2

Mark Kleinman of Sky News is now reporting that International Paper has hired Deutsche Bank to mount a £6 billion bid for Irish paper and packaging group Smurfit Kappa. Here is a link to Kleinman's piece:

http://news.sky.com/story/1462971/us-predator-eyes-bid-for-6bn-smurfit-kappa