Corporate Financing Week provides complete coverage of M&A activity, IPOs, privatisations, equity and debt financing across US and emerging markets. CFW anticipates M&A and IPO trends by examining changes in financial flows and industry trends. CFW provides systematic tracking of trends through 'CFW Key Market Views'.
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Another failed deal has caught our attention this week. Beijing's decision to veto Tengzhong's acquisition of Hummer, which CFW forecast in 'Beijing Threatens Tengzhong-Hummer deal', CFW, 15 February 2010, testifies to the selectivity of Chinese authorities when it comes to outbound M&A. While the strategic rationale behind selectivity of inbound M&A is clearcut (see Beijing veto...
2010-03-01When Blackstone pulled two of its investments out of planned listings last week due to a frozen IPO market, it was a potent symbol of the difficulties which private equity (PE) has had in adjusting to the crisis. In particular, it symbolized the industry's inability to exit its investments in conditions of adverse market sentiment. This has further consequences in terms of private...
2010-02-18Australia's Arrow Energy has said that it has received an AUD3.7bn (US$3.4bn) offer from a vehicle jointly owned by Anglo-Dutch major Royal Dutch Shell and state-run PetroChina. Arrow is the largest holder of coal bed methane (CBM) acreage in Australia, making it an attractive target for Shell and PetroChina as they position themselves to gain from the unconventional gas boom...
2010-03-10Right issues are becoming increasingly popular in EMEA nations as firms turn to their existing shareholders to help fund their expansion plans. In fact, in every year since 2004, the volume of EMEA rights issuance has risen. And with the sole exception of 2009, the value of the proceeds of rights issues used to make M&A deals has also moved north. While company valuations...
2010-03-03If you ever had doubts that financial power confers political power, a quick look at Chilean President elect Pinera's campaign spending will nicely prove the point. Pinera spent US$9.6mn on his campaign or 50% of the total spent by 2010 Presidential candidates. On a relative scale, this even dwarves George Bush's US$345mn spending on the 2004 US campaign, which only amounted to...
2010-02-23There was a time when invitations from Libya's Colonel Ghadafi were discreetly declined, but emerging market investors are now increasingly drawn towards Libya, which Templeton Asset Management's Mark Mobius has rebranded 'the ideal frontier market'. This week, Libya invited foreign banks to submit applications to take minority interests in the country's banks. The Central Bank...
2010-02-22While conditions in the US are becoming increasingly fertile for M&A activity, at the same time we are also seeing a major upswing in share buybacks. The recent spike in share buybacks is indicative of the fact that firms have more cash on their balance sheets to spend. In February alone, US buyback volume stepped up a gear to US$56.2bn, according to data from Dealogic.
2010-03-10



