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Buyout Firm Takes Stake in Bumi, Report Says
permalink: http://dealbook.blogs.nytimes.com/2008/12/01/buyout-firm-takes-stake-in-bumi-report-says/
Wed, Dec 03 at 07:06 PM
December 1, 2008, 7:55 am
Ancora Capital Management (Asia), an Indonesian private equity firm, has taken a stake of as much as 5 percent in the coal mining company Bumi Resources, worth about $75 million, Reuters reported, citing an unnamed source.
Bumi, the biggest Indonesian coal miner, was the prize asset in the diversified Bakrie group, which has been struggling to raise money to repay about $1.2 billion in debt at a time when investors are pulling out of emerging markets like Indonesia amid a global financial crisis and credit crunch. MORE »
Hawaiian Telcom Files for Bankruptcy
Wed, Dec 03 at 07:06 PM
December 2, 2008, 7:09 am
Hawaiian Telcom Communications, the largest telephone company in Hawaii, said Monday that it had filed for Chapter 11 bankruptcy protection.
The company, backed by a buyout shop, the Carlyle Group, had been working with creditors since October on a debt-restructuring agreement and said it decided the bankruptcy-protection filing was the best course of action. It blamed the filing partly on increased competition, economic volatility and its failure to meet capital expenditure needs. MORE »
K.K.R. to Take Stake in Chinese Dairy Business
permalink: http://dealbook.blogs.nytimes.com/2008/12/02/kkr-to-take-stake-in-chinese-dairy-business/
Wed, Dec 03 at 07:06 PM
December 2, 2008, 7:20 am
Kohlberg Kravis Roberts plans to invest $100 million in a Chinese dairy-farm business, Bloomberg News reported.
The buyout firm reportedly plans to to scoop up a minority stake in Modern Farm, making China Mengniu Dairy, the country’s largest liquid milk producer, its partner.
Last year, China’s dairy industry was worth $18 billion.
Carlyle Reported Out of the Bidding for Neuberger
permalink: http://dealbook.blogs.nytimes.com/2008/12/02/carlyle-reported-out-of-the-bidding-for-neuberger/
Wed, Dec 03 at 07:06 PM
December 2, 2008, 3:21 pm
The Carlyle Group appears to have lost interest in buying Neuberger Berman, Lehman Brothers‘ asset management unit. And it is unclear whether anyone else is interested besides two private equity firms, Bain Capital and Hellman & Friedman.
Carlyle, the private equity firm that helped instigate the current round of bidding for Neuberger, has decided not to bid after all, Bloomberg News and Reuters report, citing unidentified people familiar with the matter.
The Federal Bankruptcy Court handling the Lehman case has already extended the bidding deadline three times, from noon on Monday to 7 p.m. and finally to 2 a.m. on Tuesday, Reuters reports, citing court filings. That may imply a lack of bids, although the status of the bidding was uncertain on Tuesday afternoon. MORE »
Frenemies: Icahn Sues Leon Black’s Realogy
permalink: http://dealbook.blogs.nytimes.com/2008/12/02/friendship-aside-icahn-sues-leon-blacks-realogy/
Wed, Dec 03 at 07:06 PM
December 2, 2008, 6:22 pm
The billionaire financier Carl C. Icahn is taking one of his best pals to court.
Mr. Icahn’s High River Limited Partnership has filed a lawsuit against the Realogy Corporation, seeking to block the company’s $1.1 billion debt refinancing deal. Realogy, owner of the franchised real estate brokers Century 21 and Coldwell Banker, is controlled by the private equity giant Apollo Management — run by Mr. Icahn’s close friend and fellow billionaire, Leon Black.
Apollo, which bought Realogy for $6.6 billion in April 2007, wants to reduce the company’s debt load by up to $650 million as it tries to ride out the housing crisis. Realogy, which is based in Parsippany, N.J., is asking bondholders including Mr. Icahn to swap $1.15 billion in old bonds for about $500 million in new loans that pay a higher interest rate. (Read the lawsuit after the jump.) MORE »
Houghton Mifflin Publisher Resigns
Wed, Dec 03 at 07:06 PM
December 3, 2008, 7:06 am
In a sign of further setbacks at privately held Houghton Mifflin Harcourt, which represents authors like Philip Roth, Jonathan Safran Foer and Günter Grass, the publisher of the company’s adult trade division has resigned, The New York Times’s Motoko Rich reported.
The publisher, Becky Saletan, who took the job in January, will leave the company Dec. 10.
Last week, the publisher temporarily stopped acquiring new books as its parent company, Education Media and Publishing Group, an Irish private equity concern, said it was not allocating as much capital to the consumer book business. MORE »
China Wealth Fund Lacks Stomach For Financial Buys
permalink: http://dealbook.blogs.nytimes.com/2008/12/03/china-wealth-fund-lacks-stomach-for-financial-buys/
Wed, Dec 03 at 07:06 PM
December 3, 2008, 7:09 am
The China Investment Corporation, the sovereign wealth fund that has incurred steep paper losses on its stakes in U.S. financial firms, said on Wednesday it is “not brave enough” to invest in foreign financial firms and lacks confidence in the shifting U.S. financial regulatory situation, Reuters reported.
“It’s changing every week. How can I be confident?,” Lou Jiwei, chairman of CIC, said during the Clinton Global Initiative event in Hong Kong, referring to U.S. government efforts to rescue the devastated financial services sector. MORE »
Temasek Unloads Power Company for $2.5 Billion
permalink: http://dealbook.blogs.nytimes.com/2008/12/03/temasek-unloads-power-company-for-25-billion/
Wed, Dec 03 at 07:06 PM
December 3, 2008, 7:12 am
Singapore’s state-owned investment company Temasek Holdings said it sold electricity generator PowerSeraya to Malaysia’s YTL Power International for 3.8 billion Singapore dollars ($2.5 billion).
Sabre Energy, a unit of YTL Power International, will pay 3.6 billion Singapore dollars ($2.4 billion) and assume 201 million Singapore dollars ($131 million) of PowerSeraya’s debt by early 2009, Temasek said in a statement late Tuesday, The Associated Press reported. MORE »
Terra Firma Shows Executives the Door, Report Says
permalink: http://dealbook.blogs.nytimes.com/2008/12/03/terra-firma-shows-executives-the-door-report-says/
Wed, Dec 03 at 07:06 PM
December 3, 2008, 7:14 am
Senior architects of Guy Hands’s buyout of EMI are to lose their jobs after the financier’s private equity firm was forced to inject more cash into the British music group to avoid breaching banking covenants, The Financial Times reported.
Chris Roling, appointed by Mr. Hands as EMI’s chief operating officer and chief financial officer, and Ashley Unwin, the music group’s chief operating officer for the U.K. and North America, are among those who are leaving Terra Firma, according to the newspaper. MORE »
Yahoo Buyout May Be Unlikely
permalink: http://dealbook.blogs.nytimes.com/2008/12/03/a-private-equity-bid-for-yahoo-may-be-unlikely/
Wed, Dec 03 at 07:06 PM
December 3, 2008, 7:38 am
It takes only a glimmer of hope to excite Yahoo shareholders these days.
Investors bid up shares in Yahoo by 7 percent on Tuesday after The Wall Street Journal reported that Jonathan Miller, the former chief executive of AOL, had been talking to private equity and sovereign wealth funds to raise $28 billion to $30 billion to buy Yahoo. That would work out to $20 to $22 a share; Yahoo’s stock closed up 76 cents at $11.50.
The New York Times’s Brad Stone, citing people in private equity circles, said that Mr. Miller had discussed possible options for Yahoo on and off since he left AOL two years ago. (Mr. Miller, now a partner at Velocity Interactive Group, a venture capital firm, did not respond to a request for comment, The Times said.) MORE »
Harvard’s Endowment Loses $8 Billion in 4 Months
permalink: http://dealbook.blogs.nytimes.com/2008/12/03/harvards-endowment-loses-8-billion-in-4-months/
Wed, Dec 03 at 07:06 PM
December 3, 2008, 12:14 pm
In a sign of the economic times, Harvard has sent a letter to its deans saying that the university’s $36.9 billion endowment fund lost 22 percent of its value in the last four months, or about $8 billion, and could decline as much as 30 percent by the end of the fiscal year on June 30, The New York Times’s Geraldine Fabrikant reports.
Normally, Harvard reports on the endowment’s performance once a year, but the letter signed by the university’s president, Drew Faust, and the executive vice president, Edward C. Forst, cited the “current extraordinary circumstances” as the rationale for providing an interim report.
Harvard depends on its endowment for about 35 percent of its operating budget and some of its schools rely on endowment income to cover more than 50 percent of their expenses. As a result, the letter noted that the endowment’s performance would have a significant impact on budgets. MORE »
2 More Bidders Emerge for Neuberger Berman
Wed, Dec 03 at 07:06 PM
Private Equity
December 3, 2008, 1:44 pm
The private equity firms Bain Capital Partners and Hellman & Friedman are facing competition after all in their bid for Lehman Brothers’ investment management business.
Two other bidders have emerged for the business, which includes Neuberger Berman, Lehman’s bankruptcy lawyer, Shai Waisman, told reporters Wednesday outside Federal Bankruptcy Court in Manhattan. Mr. Waisman declined to identify the other bidders or what they bid.
The court is holding an auction on Wednesday afternoon for the investment management business. There was some question on Tuesday of whether others besides the Bain-Hellman group would join the bidding after the bid deadline was extended twice and news agencies reported that the private equity firm Carlyle Group had dropped out. MORE »
Temasek May Sell Stake in Singapore Foods
Mon, Dec 01 at 04:44 PM
December 1, 2008, 6:56 am
Singapore Food Industries said on Monday its majority shareholder, Temasek Holdings is in talks to sell its stake in the firm.
Temasek owns 69.7 percent of the food manufacturing firm. MORE »
The Buyout Firm and the Four-Star General
Mon, Dec 01 at 04:44 PM
December 1, 2008, 7:27 am
At the center of The New York Times’s investigation into the myriad business ties of Barry R. McCaffrey, the former four-star general and well-known military analyst, is a private equity firm that has become a major player in the defense industry.
Veritas Capital, a New York-based firm that has acquired contracts whose profits soared from the wars in Afghanistan and Iraq, figures heavily in General McCaffrey’s business associations, often undisclosed to media outlets like NBC News even as he gave very public statements about the progress of the Iraq war.
According to The Times, the general has earned at least $500,000 from the buyout firm, several of whose businesses also profited from statements of support by General McCaffrey. MORE »
Citi Buys Sacyr Unit for $10 Billion
Mon, Dec 01 at 04:44 PM
December 1, 2008, 7:33 am
Spanish building giant Sacyr Vallehermoso has inked a deal to sell highway operator Itinere Infraestructuras to a Citigroup fund for 7.9 billion euros ($10 billion).
The deal has a cash component of 2.87 billion euros and 5 billion euros of assumed debt. The sale of the company to Citi Infrastructure Partners comes as Spain’s fifth-largest construction company is trying to cut debt. By unloading Itinere, Sacyr will cut its debt down to 12.5 billion euros, the company said. MORE »
An End Run Around Realogy’s Lenders
Sat, Nov 29 at 03:35 PM
Private Equity
November 28, 2008, 8:35 am
It was as badly timed a takeover as there was during the private equity boom.
At the end of 2006, Apollo Management, the private equity firm headed by Leon Black, agreed to buy Realogy, a conglomerate with a number of franchised real estate businesses, among them Century 21 and Coldwell Banker, for $7 billion in cash. Now, The New York Times’s Floyd Norris writes, a struggle is emerging over how the unfortunate lenders should be treated. Realogy, under the direction of Apollo, is using a classic divide-and-conquer strategy. Bondholders are screaming that the tactics are illegal. MORE »
Here's the start of Feedwhip's latest snapshot
taken Wed, Dec 03 at 07:06 PM
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The private equity firms Bain Capital Partners and Hellman & Friedman are facing competition after all in their bid for Lehman Brothers’ investment management business.
Two other bidders have emerged for the business, which includes Neuberger Berman, Lehman’s bankruptcy lawyer, Shai Waisman, told reporters Wednesday outside Federal Bankruptcy Court in Manhattan. Mr. Waisman declined to identify the other bidders or what they bid.
The court is holding an auction on Wednesday afternoon for the investment management business. There was some question on Tuesday of whether others besides the Bain-Hellman group would join the bidding after the bid deadline was extended twice and news agencies reported that the private equity firm Carlyle Group had dropped out. MORE »
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[image: INSERT DESCRIPTION]
In a sign of the economic times, Harvard has sent a letter to its deans saying that the university’s $36.9 billion endowment fund lost 22 percent of its value in the last four months, or about $8 billion, and could decline as much as 30 percent by the end of the fiscal year on June 30, The New York Times’s Geraldine Fabrikant reports.
Normally, Harvard reports on the endowment’s performance once a year, but the letter signed by the university’s president, Drew Faust, and the executive vice president, Edward C. Forst, cited the “current extraordinary circumstances” as the rationale for providing an interim report.
Harvard depends on its endowment for about 35 percent of its operating budget and some of its schools rely on endowment income to cover more than 50 percent of their expenses. As a result, the letter noted that the endowment’s performance would have a significant impact on budgets. MORE »
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[image: 03yahoo.75.jpg]
It takes only a glimmer of hope to excite Yahoo shareholders these days.
Investors bid up shares in Yahoo by 7 percent on Tuesday after The Wall Street Journal reported that Jonathan Miller, the former chief executive of AOL, had been talking to private equity and sovereign wealth funds to raise $28 billion to $30 billion to buy Yahoo. That would work out to $20 to $22 a share; Yahoo’s stock closed up 76 cents at $11.50.
The New York Times’s Brad Stone, citing people in private equity circles, said that Mr. Miller had discussed possible options for Yahoo on and off since he left AOL two years ago. (Mr. Miller, now a partner at Velocity Interactive Group, a venture capital firm, did not respond to a request for comment, The Times said.) MORE »
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Senior architects of Guy Hands’s buyout of EMI are to lose their jobs after the financier’s private equity firm was forced to inject more cash into the British music group to avoid breaching banking covenants, The Financial Times reported.
Chris Roling, appointed by Mr. Hands as EMI’s chief operating officer and chief financial officer, and Ashley Unwin, the music group’s chief operating officer for the U.K. and North America, are among those who are leaving Terra Firma, according to the newspaper. MORE »
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Singapore’s state-owned investment company Temasek Holdings said it sold electricity generator PowerSeraya to Malaysia’s YTL Power International for 3.8 billion Singapore dollars ($2.5 billion).
Sabre Energy, a unit of YTL Power International, will pay 3.6 billion Singapore dollars ($2.4 billion) and assume 201 million Singapore dollars ($131 million) of PowerSeraya’s debt by early 2009, Temasek said in a statement late Tuesday, The Associated Press reported. MORE »
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[image: chinaflag75x75.jpg]
The China Investment Corporation, the sovereign wealth fund that has incurred steep paper losses on its stakes in U.S. financial firms, said on Wednesday it is “not brave enough” to invest in foreign financial firms and lacks confidence in the shifting U.S. financial regulatory situation, Reuters reported.
“It’s changing every week. How can I be confident?,” Lou Jiwei, chairman of CIC, said during the Clinton Global Initiative event in Hong Kong, referring to U.S. government efforts to rescue the devastated financial services sector. MORE »
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In a sign of further setbacks at privately held Houghton Mifflin Harcourt, which represents authors like Philip Roth, Jonathan Safran Foer and Günter Grass, the publisher of the company’s adult trade division has resigned, The New York Times’s Motoko Rich reported.
The publisher, Becky Saletan, who took the job in January, will leave the company Dec. 10.
Last week, the publisher temporarily stopped acquiring new books as its parent company, Education Media and Publishing Group, an Irish private equity concern, said it was not allocating as much capital to the consumer book business. MORE »
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Private Equity
2 More Bidders Emerge for Neuberger Berman
December 3, 2008, 1:44 pm[image: INSERT DESCRIPTION]
The private equity firms Bain Capital Partners and Hellman & Friedman are facing competition after all in their bid for Lehman Brothers’ investment management business.
Two other bidders have emerged for the business, which includes Neuberger Berman, Lehman’s bankruptcy lawyer, Shai Waisman, told reporters Wednesday outside Federal Bankruptcy Court in Manhattan. Mr. Waisman declined to identify the other bidders or what they bid.
The court is holding an auction on Wednesday afternoon for the investment management business. There was some question on Tuesday of whether others besides the Bain-Hellman group would join the bidding after the bid deadline was extended twice and news agencies reported that the private equity firm Carlyle Group had dropped out. MORE »
•Link to This •Add a comment •E-mail this
Harvard’s Endowment Loses $8 Billion in 4 Months
December 3, 2008, 12:14 pm[image: INSERT DESCRIPTION]
In a sign of the economic times, Harvard has sent a letter to its deans saying that the university’s $36.9 billion endowment fund lost 22 percent of its value in the last four months, or about $8 billion, and could decline as much as 30 percent by the end of the fiscal year on June 30, The New York Times’s Geraldine Fabrikant reports.
Normally, Harvard reports on the endowment’s performance once a year, but the letter signed by the university’s president, Drew Faust, and the executive vice president, Edward C. Forst, cited the “current extraordinary circumstances” as the rationale for providing an interim report.
Harvard depends on its endowment for about 35 percent of its operating budget and some of its schools rely on endowment income to cover more than 50 percent of their expenses. As a result, the letter noted that the endowment’s performance would have a significant impact on budgets. MORE »
•Link to This •Add a comment •E-mail this
Yahoo Buyout May Be Unlikely
December 3, 2008, 7:38 am[image: 03yahoo.75.jpg]
It takes only a glimmer of hope to excite Yahoo shareholders these days.
Investors bid up shares in Yahoo by 7 percent on Tuesday after The Wall Street Journal reported that Jonathan Miller, the former chief executive of AOL, had been talking to private equity and sovereign wealth funds to raise $28 billion to $30 billion to buy Yahoo. That would work out to $20 to $22 a share; Yahoo’s stock closed up 76 cents at $11.50.
The New York Times’s Brad Stone, citing people in private equity circles, said that Mr. Miller had discussed possible options for Yahoo on and off since he left AOL two years ago. (Mr. Miller, now a partner at Velocity Interactive Group, a venture capital firm, did not respond to a request for comment, The Times said.) MORE »
•Link to This •Comments (2) •E-mail this
Terra Firma Shows Executives the Door, Report Says
December 3, 2008, 7:14 amSenior architects of Guy Hands’s buyout of EMI are to lose their jobs after the financier’s private equity firm was forced to inject more cash into the British music group to avoid breaching banking covenants, The Financial Times reported.
Chris Roling, appointed by Mr. Hands as EMI’s chief operating officer and chief financial officer, and Ashley Unwin, the music group’s chief operating officer for the U.K. and North America, are among those who are leaving Terra Firma, according to the newspaper. MORE »
•Link to This •Add a comment •E-mail this
Temasek Unloads Power Company for $2.5 Billion
December 3, 2008, 7:12 amSingapore’s state-owned investment company Temasek Holdings said it sold electricity generator PowerSeraya to Malaysia’s YTL Power International for 3.8 billion Singapore dollars ($2.5 billion).
Sabre Energy, a unit of YTL Power International, will pay 3.6 billion Singapore dollars ($2.4 billion) and assume 201 million Singapore dollars ($131 million) of PowerSeraya’s debt by early 2009, Temasek said in a statement late Tuesday, The Associated Press reported. MORE »
•Link to This •Add a comment •E-mail this
China Wealth Fund Lacks Stomach For Financial Buys
December 3, 2008, 7:09 am[image: chinaflag75x75.jpg]
The China Investment Corporation, the sovereign wealth fund that has incurred steep paper losses on its stakes in U.S. financial firms, said on Wednesday it is “not brave enough” to invest in foreign financial firms and lacks confidence in the shifting U.S. financial regulatory situation, Reuters reported.
“It’s changing every week. How can I be confident?,” Lou Jiwei, chairman of CIC, said during the Clinton Global Initiative event in Hong Kong, referring to U.S. government efforts to rescue the devastated financial services sector. MORE »
•Link to This •Comment (1) •E-mail this
Houghton Mifflin Publisher Resigns
December 3, 2008, 7:06 amIn a sign of further setbacks at privately held Houghton Mifflin Harcourt, which represents authors like Philip Roth, Jonathan Safran Foer and Günter Grass, the publisher of the company’s adult trade division has resigned, The New York Times’s Motoko Rich reported.
The publisher, Becky Saletan, who took the job in January, will leave the company Dec. 10.
Last week, the publisher temporarily stopped acquiring new books as its parent company, Education Media and Publishing Group, an Irish private equity concern, said it was not allocating as much capital to the consumer book business. MORE »
•Link to This •...
