Monday, 20 October 2014

The missing skyscraper story rumbles on...

Ping - an email arrives from a new reader.

It contains a picture of chap called Mr Seamas Daly, an Irish businessman who founded a printing company called Photo Images Ltd. He is picketing outside a law firm based in Dublin, Ireland.

Mr Daly, I am told, is in the middle of a dispute over money with the mysterious Irish property developer Tom Ryan.

For readers that don't recall, Mr Ryan was behind last year's plans to develop Hertsmere House in Canary Wharf into one of Europe's largest residential skyscrapers.

Here is a link to a Financial Times piece about Mr Ryan's plans:

However, after much fanfare the plans were abandoned and the was site sold to China's Greenland Group in March this year.

Still, lenders to Mr Ryan's proposed scheme and his bankers at Credit Suisse have been chasing them down ever since...    

A spokesperson for Mr Ryan's company Ryan Corporation declined to comment.

Thursday, 16 October 2014

Ferrovial consortium said to be closing in on £1 billion airports deal - part 2

Regular readers shouldn't be surprised to learn that the owners of Heathrow have just sold Aberdeen, Southampton and Glasgow airports to a consortium comprising Spain's Ferrovial and Macquarie for £1 billion.

That's because little old Betaville reported on Tuesday the deal was likely to be formally announced by the end of this week.

Wednesday, 15 October 2014

Paulson on Abbvie decision to ditch Shire deal

John Paulson's fund is clearly not happy about Abbvie's decision to examine backing out of the Shire deal. Here is what Paulson, who is a big shareholder in both Abbvie and Shire, has just told Bloomberg:

"We believe this transaction  creates enormous value for Abbvie shareholders. The combination is both strategic and accretive regardless of the tax considerations. As a large Abbvie shareholder we hope the  Abbvie Board reaffirms its commitment to the transaction after its review’’: 

Tuesday, 14 October 2014

Ferrovial consortium said to be closing in on £1 billion airports deal

Here is an interesting snippet on the sale of three airports by Heathrow Airport Holdings.

I have been told that the consortium comprising Spain's Ferrovial, Australia's Macquarie and Singapore fund GIC are close to finalising the £1 billion acquisition of Glasgow, Aberdeen and Southampton airports.

Monday, 13 October 2014

Back on Tip TV talking about GlenTinto, CSR and Microchip

Great to be invited back on Tip TV with hosts Moose and Zac.

Always a pleasure to chew the M&A market cud with these market veterans. Here is a link to today's show in case you missed it this morning:

Sunday, 12 October 2014

Pasta and mining

I must visit Santini more often.

Back in the days when I worked for The Daily Telegraph, it used to be one of my regular lunching spots as it is (literally) a stones throw away from the Telegraph offices in Victoria/Belgravia. It was also great place for people watching, as you would often see some of the City grandees, bankers and hedge managers dining at the restaurant.

Thursday, 9 October 2014

Sir Paul Judge: "curious conversations"

Interesting piece in the Financial Times today on the ongoing dust up between Eurasian Natural Resources Corporation and Sir Paul Judge, the company's former non-executive director and City grandee. 

For readers that don't recall, ENRC is suing Sir Paul for allegedly leaking stories to the media when he was a £125,000 a year non-executive director. 

Wednesday, 8 October 2014

Village gossip - has Bootle called off £100m sale of Capital Economics?

What has happened to strategic review of Capital Economics, the economics consultancy founded by well-known economist and Daily Telegraph commentator Roger Bootle?

Tuesday, 7 October 2014

When "old" news becomes new news...

Hat tip to the Bloomberg M&A reporting team for smoking out Glencore's approach to Rio Tinto about a $160 billion merger.

For anybody who hasn't been following closely, Bloomberg revealed yesterday that a few weeks ago mining giant Glencore approached Chinalco, one of Rio Tinto's largest shareholders, to gauge the state-backed company's interest in whether it would like to see to two mining groups combine.

Whimper...or not - part 2

I see Hewlett-Packard yesterday indicated that it is considering further dealmaking after confirming its demerger plans.

According to the venerable Financial Times, Cathie Lesjak , chief financial officer, said HP has material non-public information that is "not expected to be resolved before the end of Q4". Analysts interpreted this "information" as a potential acquisition, according to the Financial Times. Here is a link the Financial Times article:

Monday, 6 October 2014

Pub gossip - part 5

Scribblers round at Goldman Sachs last Friday published a particularly bearish note on Marston's, the FTSE 250 pub company, and reiterated the shares are a "conviction sell". Ouch.

Basically, the Goldman analyst argues Martson's is slightly stuck between a rock and hard place because it needs to throw money at its pubs to reposition its estate into larger food-led outlets but can't do this as it also needs to "de-lever" its balance sheet.

Pizzas and burgers

Old Russell Chambers got a mention in Dominic Walsh's diary column in The Times last Friday.

For readers that don't know, Russell is a Credit Suisse banker who became well-known for lending the former PM, Tony Blair, a pair of swim shorts during a holiday on the financier's boat in Barbados. Chambers was subsequently dubbed "Tony Blair's favourite banker".

Thursday, 2 October 2014

Lord Mayor setback for Sir Paul

Interesting to see that former Kleinwort Benson banker Alan Yarrow was earlier this week elected to be the new Lord Mayor of London.

Last time I checked, Sir Paul Judge was one of the leading candidates to become Lord Mayor. Here is a link to a Daily Mail article on the topic:

Wednesday, 1 October 2014

Top Deutsche Bank dealmaker predicts another "leg to this upcycle"

I was expecting dealmaking the UK to roar back into life after Summer. But it's unusually quiet in the UK M&A market at the moment, with only just a couple of mid-market deals knocking around, such as Greene King's £700m bid for Spirit.

Henrik Aslaken, though, is still reasonably bullish about dealmaking. The head of M&A at Deutsche Bank just told the Financial Times: "we haven't seen the hubris in the boardroom yet, with no outsized megadeal being announced. So it feels like there is another leg to this upcycle."

Monday, 29 September 2014

Microchip Technology appoints...nobody, apparently

I have spent the last few weeks trying to find out which investment bank has been advising Microchip  Technology on its approach for CSR, the London-listed chipmaker. So far, I haven't turned up with anything.

Anyway, it turns out there might be a good reason why I haven't managed to find out (apart from being a rubbish journalist). According to some sources following this situation, Microchip hasn't been using a financial adviser since the negotiations began.

Thursday, 25 September 2014

Supermarket sweep

Mike Ashley's multi-million pound punt on Tesco has certainly caused a stir in the London market this morning.

Ashley is a born trader and maverick entrepreneur and I would certainly be wary of betting against him. However, let's not forget that some of the sharpest "professional" investors in global stock markets have already this year taken substantial positions in listed British supermarkets and, so far, it doesn't appear (I say "appear" as these positions may have been hedged) to have been a good trade.

German humour

Alistair Osborne's business comment column in The Times today is well worth read. Osborne is an acerbic writer and professional wind up merchant who I used to work with at The Daily Telegraph. His comment on Rocket Internet's IPO is particularly amusing. Here is a link to it:

Wednesday, 24 September 2014

Pub gossip - part 4

It's a bit late in the day but just a quick note to congratulate Bryce Elder, the stock market reporter over at the Financial Times, on yesterday's scoop about Greene King's £700m takeover approach for rival Spirit. Here is a link to Bryce's piece:

Dom Walsh over at The Times also did an excellent follow piece with a comprehensive list of counter bidders for Spirit, including Stonegate and Marston's. However, from what I am hearing I'm not sure Marston's is in the financial position to launch a bid for Spirit.

Tuesday, 23 September 2014

Hikma Pharmaceuticals eyes $1 billion purchase of CorePharma

I realise most of the dealmaking community is currently focused on the risk that some large pharmaceutical deals may collapse. But I have stumbled across a potential pharmaceutical deal that is unlikely to be affected by the US government's attempt to clamp down on corporate "tax inversions".

I have been told by reliable sources that FTSE 250-listed Hikma Pharmaceuticals, which manufactures branded and non-branded generic pharmaceutical products, has been looking at buying US-based CorePharma for up to $1 billion.

Monday, 22 September 2014

It's not just Parky...

Gary Parkinson has written another cracking 'Trade Secrets' column in The Times this morning and here is a link to it:

But this week Gary isn't the only reporter over at The Times to have delivered a beautifully crafted piece of prose. Dominic Walsh has written an excellent profile on Charlene de Carvalho-Heineken, the heiress of the Dutch brewing giant.