Steel giant ArcelorMittal favourite to acquire ThyssenKrupps Alabama plant

January 17, 2013, 12:52 am

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Luxembourg-based steel and mining group ArcelorMittal (AMS:MT) is one of the two top bidders for German steelmaker ThyssenKrupp AG’s (ETR:TKA) steel business in the Americas, offering USD1.5bn (EUR1.1bn) for the company’s Alabama plant, according to a report by the Wall Street Journal.

Companhia Siderurgica Nacional (NYSE:SID), or CSN, is the other leading competitor with an offer of USD3.8bn for the Alabama plant and a stake in ThyssenKrupp’s mill in Brazil, but sources cited by the paper said CSN has less balance sheet flexibility and lacks supply of high-quality slabs and that limits the chances of its bid.

ThyssenKrupp expects binding offers by mid-February, with a decision regarding a buyer to be made this fiscal year to end September 2013. The Americas operations were offered for sale in 2012, with their parent targeting a price equal to their book value of USD8.86bn, it has said.

ArcelorMittal confirmed last week it had made an offer for the Alabama plant, which its CFO Aditya Mittal described as a world-class quality asset, the Wall Street Journal said. The Luxembourg steel group also said last week it had raised USD4bn from issuing stock and bonds.

This plant has some 1,500 employees, while the one in Brazil employs 3,500.

The German group announced last year plans to sell these operations or seeking partnerships with the view of putting an end to losses at the mills and focusing on its business in Europe.
It had also received offers from other suitors, but these are not seen as strong rivals to ArcelorMittal and CSN due to their weaker financial position, the Wall Street Journal said.

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Virgin agrees $23bn merger with US-based Liberty Global

February 6, 2013, 12:59 am

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US cable TV operator Liberty Global Inc (NASDAQ:LBTYA) has agreed to take over UK broadband andcommunication group Virgin Media Inc (NASDAQ:VMED, LON:VMED) in a cash-and-stock deal worth some USD23.3bn (EUR17.1bn), in a move that would create the world’s leader in broadband communications, the pair said.

Under the terms of the deal, Virgin Media’s shareholders stand to receive USD17.50 cash, 0.2582 Liberty Global series A shares and 0.1928 Liberty Global series C shares for each of their Virgin Media unit. The transaction reflects a value of USD47.87 per share for Virgin Media, based on the buyer’s closing on 4 February.

The combined business will have 25m customers and cover 47m homes in 14 countries, the companies said. The merged entity will concentrate on the strongest and most strategic markets in Europe.

The two companies, with complementary strengths in product portfolio and expertise across digital TV, broadband and telephony services, digital TV, expect the increased scale to generate significant synergies. Liberty Global said the acquisition, in line with its value creation strategy, will add to its free cash flow.

The buyer will issue some 86m own class A shares and 65m class C shares as part of the price, which gives Virgin Media an equity value of USD16bn. The cash component will amount to USD5.9bn and will be covered with debt and available liquidity, Liberty said. The share exchange will see Virgin Media’s shareholders controlling some 36% of Liberty’s pro forma shares outstanding and around 26% of its votes. Following the merger, Liberty Global will redomicile from Delaware to the UK and be listed on the Nasdaq, with plans to also seek a European listing.

Subject to shareholders approval, the transaction is expected to wrap up in the second quarter of 2013.

LionTree Advisors, Credit Suisse Group AG (NYSE:CS), Shearman & Sterling LLP and Ropes & Gray acted as advisors to Liberty Global. Virgin Media used the advisory services of Goldman Sachs & Co, JPMorgan Chase & Co (NYSE:JPM) Fried Frank Harris, Shriver & Jacobson LLP and Milbank, Tweed, Hadley & McCloy LLP.

Flybe’s expansion plans negatively impacted by EC’s expected decision to block Ryanair-Aer Lingus deal

February 13, 2013, 1:13 am

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UK regional airline company Flybe Group Plc (LON:FLYB) said it is disappointed by the news that the European Commission (EC) will most certainly block Irish low-cost carrier Ryanair Holdings Plc’s (LON:RYA) planned buyout of Aer Lingus Group Plc (LON:AERL).

EC’s expected decision would not only prevent Ryanair from securing the 70% it does not already own in its smaller rival, but also hinder Flybe’s deal to acquire 43 Aer Lingus UK and European routes plus some aircraft for EUR1m (USD1.3m).

This latest agreement is part of Ryanair’s “unprecedented” remedies package in connection with the Aer Lingus bid. The company had also agreed to sell all of its and Aer Lingus’ London-Gatwick operations to International Airlines Group (LON:IAG).

Yesterday, Ryanair announced it was notified by the EC of its intention to ban the buyout despite the offered concessions. The company also noted it would appeal any prohibition decision to the European Courts. In its own statement, Flybe said it would wait to see the outcome of that process.

Ryanair is offering a price of EUR1.30 (USD1.75) per share to buy the remaining shares in Aer Lingus, thus valuing the company at EUR694m.

IBM acquires US-based cloud computing infrastructure group SoftLayer

June 4, 2013, 11:37 pm

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US information technology major International Business Machines Corp (NYSE:IBM), or IBM, said it had inked a final accord to acquire domestic cloud computing infrastructure provider SoftLayer Technologies Inc for an undisclosed sum.

The deal, which hinges on the receipt of the requisite regulatory approvals, is seen to be finalised in the third quarter of this year.

Upon closing, SoftLayer will merge with IBM SmartCloud into a global platform as part of a new cloud services division at the buyer, bringing a complementary suite of services to the existing portfolio, IBM said.

The acquisition of SoftLayer, which caters to some 21,000 clients through 13 data centres located in the US, Asia and Europe, is seen to cement IBM’s presence in cloud computing, the company noted. The target is seen to speed up IBM’s ability to integrate public and private clouds for its clients, the buyer added.

Betfair and Paddy Power plan to merge

August 26, 2015, 6:59 am

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UK betting and gaming company Betfair and Irish bookmaker Paddy Power have announced plans for possible...

Poundland gets green light to acquire 99p Stores

September 18, 2015, 5:29 am

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British variety store chain Poundland has received formal clearance from the UK’s Competition and Markets Authority...

MOU signed in ThyssenKrupp/Tata Steel merger

September 20, 2017, 4:40 am

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The first step has been taken towards merging Tata Steel and Thyssenkrupp, in a move which would create Europe’s second-largest steel group, according to BBC News. The two companies have been discussing a … Continue reading "MOU signed in ThyssenKrupp/Tata Steel merger"

GKN rejects hostile £7.4bn takeover bid from Melrose

January 17, 2018, 8:51 am

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The engineering giant GKN has fought off a £7.4bn hostile takeover from Melrose Industries, according to BBC News. Melrose, which specialises in turning around struggling businesses, claimed it could “deliver significantly greater benefits” … Continue reading "GKN rejects hostile £7.4bn takeover bid from Melrose"

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Suppliers worried about Asda/Sainsbury’s merger

May 1, 2018, 6:38 am

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Suppliers to supermarkets Sainsbury’s and Asda have expressed concern that the merger of the two chains could lead to increased pressure on price, according to BBC News. Mike Coupe, chief executive of Sainsbury’s … Continue reading "Suppliers worried about Asda/Sainsbury’s merger"

Clydesdale and Yorkshire Banks to merge with Virgin Money

June 20, 2018, 1:15 am

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Two major banking brands are set to disappear from the High Street following a Virgin Money takeover of Clydesdale and Yorkshire banks, according to the Guardian. The £1.7bn acquisition is expected to lead … Continue reading "Clydesdale and Yorkshire Banks to merge with Virgin Money"