Reuters: Private Equity: Banca Generali June net inflows 139 mln euros

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Banca Generali June net inflows 139 mln euros Jul 5th 2012, 05:32 MILAN, July 5 | Thu Jul 5, 2012 1:32am EDT MILAN, July 5 (Reuters) - Italian asset manager Banca Generali said on Thursday it posted net inflows in May of 139 million euros compared to inflows of 219 million euros in May. In a statement the company said total net inflows in the first half amounted to 1.04 billion euros ($1.30 billion), equal to 83 percent of total net inflows in 2011. Banca Generali is 64.7 percent owned by Italy's biggest insurer Assicurazioni Generali. ($1 = 0.7994 euros) (Reporting by Antonella Ciancio)

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Reuters: Private Equity: UPDATE 2-Li Ning CEO steps down, founder and TPG exec to lead

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UPDATE 2-Li Ning CEO steps down, founder and TPG exec to lead Jul 5th 2012, 04:43 Thu Jul 5, 2012 12:43am EDT * Chief executive steps down with immediate effect * Founder Li Ning to help run firm during search for new CEO * Shares jump on hopes of stronger management By Donny Kwok HONG KONG, July 5 (Reuters) - China's best known local sportswear group Li Ning Co Ltd, grappling with a slowdown that has halved its share price in recent months, replaced its chief executive on Thursday and said it will focus more on its business in China. The company said founder and Olympic gymnast Li Ning and executive vice-chairman Kim Jin-Goon, who is a managing director at U.S. private equity fund TPG Capital that invested in the retailer this year, will lead the firm during the search for a new CEO after the departure of Zhang Zhiyong. Shares in the company, which have dropped abount 20 percent this year, jumped on the news on hopes of more effective management and a clearer strategy for China. "Investors put a bet on the new jockey. Kim has a strong track record in retail and comes from the private equity front, and that fuels hopes of better prospects going forward," said Steve Chow, head of research of Kingsway Group Research. "It's set to strengthen the management team. At least the management is now facing the problems of the industry and trying to solve them." Li Ning, backed also by Singapore sovereign fund GIC, has struggled in recent months as China's economy has slowed, leaving inventories bloated. Like many other local sportswear groups, it plans to cut back on new stores openings after an expansion blitz following the 2008 Beijing Olympics. "The first most important focus for us is to build a very clear and strong brand with clear brand strategy that focuses on the core businesses in China," Kim said on a conference call. "Secondly, to continue to make investments into this brand with a much clearer focus in building comparatively exciting products with much better design and technology, and shortern the development cycle to keep track with market changes." Li Ning said Zhang, who has been with the company for 20 years, had agreed the time was right for new leadership, but would continue as an executive director and adviser. The change of management comes just three weeks after Li Ning, which competes with local player Anta Sports as well as Adidas and Nike, warned that profits for 2012 would be weaker than expected because of soft sales and high marketing costs. Kim said it could take 6-12 months for inventories to return to a normal level, while it may be three years before the group's earnings rise steadily. Li Ning's inventores of finished goods swelled to 1.25 billion yuan as of December 2011, up from 872 million a year earlier. SHARES JUMP Li Ning's shares rose nearly 6 percent to HK$4.96, outpacing a 0.4 percent drop in the benchmark Hong Kong index. They have shed half their value since a mid-March peak. "It brings new excitement and may help strengthen the management," said Patrick Yiu, a director at CASH Asset Management. "It brings new hope of a potential breakthrough in a struggling industry." Kim has a successful track record in driving transformation at consumer and retail companies in South Korea and China, including Dell Korea, China Grand Auto and footwear and apparel distributor Daphne International Holdings Ltd. He was previously an executive at Daphne, a family-run Taiwan shoe firm in which TPG invested through a convertible bond in 2009 and turned the company around. TPG's other investments in China have included Shenzhen Development Bank and Wumart. TPG and GIC agreed in January to invest around $115 million in Li Ning through a convertible bond, giving much-needed capital to a company whose stock fell more than 60 percent in 2011. TPG also acquired 5 percent of existing stock of the company from a family trust. Li Ning also appointed Samuel Su as an independent non-executive director. Su is Chairman and CEO of the China Division of YUM! Brands, Inc, a restaurant group with brands including Pizza Hut, KFC, Taco Bell and Little Sheep. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: Carlyle acquires 49 pct of mid-market China hotel chain

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Carlyle acquires 49 pct of mid-market China hotel chain Jul 5th 2012, 05:08 HONG KONG, July 5 | Thu Jul 5, 2012 1:08am EDT HONG KONG, July 5 (Reuters) - U.S. buyout fund Carlyle Group LP said on Thursday that it has acquired 49 percent of China's Mandarin Hotel Holdings Ltd for an undisclosed sum, giving it control of the company. Eric Zhang, a managing director at Carlyle, will become the company's co-chairman. Mandarin Hotel owns and operates 25 designer hotels in the mid-market segment under the Crystal Orange Hotel and Orange Hotel brands, with rooms priced from 300 yuan to 700 yuan ($47 to $110) per night. The hotels target business and leisure travellers, with operations in Beijing, Dalian, Hangzhou, Nanjing, Ningbo and Tianjin.

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Reuters: Private Equity: INDIA PRESS-Green Infra in talks to raise $200 mln for projects, expansion-Mint

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INDIA PRESS-Green Infra in talks to raise $200 mln for projects, expansion-Mint Jul 5th 2012, 03:09 Wed Jul 4, 2012 11:09pm EDT Note: Reuters has not verified these stories and does not vouch for their accuracy. (Compiled by Ranjit Gangadharan in Mumbai)

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Reuters: Private Equity: David Jones suitor's history of headlines

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David Jones suitor's history of headlines Jul 4th 2012, 16:16 By Simon Meads LONDON, July 4 | Wed Jul 4, 2012 12:16pm EDT LONDON, July 4 (Reuters) - John Edgar, the man behind a controversial aborted bid for Australia's No.2 department store chain, may be hard to track down, but he is no stranger to grabbing the headlines, having once claimed to sell the world's most expensive whisky. Edgar and his company EB Private Equity have gone to ground after withdrawing a A$1.65 billion ($1.7 billion) offer for David Jones amid a roller-coaster ride in the company's shares and a regulatory investigation. "Go as far as you can see; when you get there, you'll be able to see farther," is a quotation on EB's sparse website attributed to John Pierpoint Morgan, one of the founders of JPMorgan. But for people trying to find out about Edgar and EB, it's very difficult to see anything at all. Neither is registered with Britain's financial services watchdog, while the firm is not listed at either Companies House in Britain or the Jersey Financial Services Commission. Private equity data firm Preqin also has no reference to Edgar or EB, which press reports have linked to a back street address next door to a wig shop in northern English city Newcastle-upon-Tyne. Yet his elusiveness has not prevented EB's 42-year-old chairman from hitting the headlines before. Last year, the launch of Isabella's Islay by Edgar's Luxury Beverage Company Limited got tongues wagging in whisky circles. Despite a jaw-dropping price tag of $6.2 million a bottle, the company provided scant information on the provenance or age of the whisky presented in a diamond and ruby-encrusted white gold decanter. Accounts filed with Companies House for 2011, show a company with no assets, no profits and only 1 pound ($1.57) cash in the bank. The website for Isabella's Islay gives no contact details. There was no reply to an email requesting comment. The whisky was a follow-up to Edgar's halal creation Ruwa, billed as the most expensive non-alcoholic drink. It is uncertain whether either of these drinks was ever sold to customers, or even whether they were ever produced. Edgar is also a director of another British company - Motion in Motion Ultra Limited. No details can be found of what the company does. SHROUDED IN MYSTERY EB's bid for David Jones emerged last Friday and is equally shrouded in mystery. It caused a 19 percent spike in the company's share price, and was then withdrawn on Monday. EB said in a statement on its website its intention had been to hold preliminary discussions with the board while it approached financial partners. "Recent unfounded, inaccurate and ill informed publicity around our proposal has made it difficult for these discussions to take place," EB said. But it would not shed further light on who it was. "This is our only statement on this matter and we are not giving further interviews and comment in any way," EB added. The Australian Securities & Investments Commission is now examining the proposed takeover. David Jones said it first received a letter with a highly conditional, uncertain and incomplete expression of interest on May 28, and its subsequent investigations failed to find any meaningful information on EB. "This remains the case today," it said in response to a letter from the ASX on June 29, the day it said it had received an offer. A source familiar with the situation said David Jones and its adviser Gresham tried in vain to unearth details about EB and Edgar for over a month and believed the firm lacked credibility. Another source said all correspondences were by mail and never over the phone. One such letter named Australian investment bank Macquarie as the organiser of debt finance for the bid, according to the Australian Press. Macquarie declined to comment. A person familiar with the situation said Macquarie was approached in early May by EB, but dismissed the group out of hand as it was unable verify its claims. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: RLPC-Providence to buy HSE24 with 265 mln euro debt

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RLPC-Providence to buy HSE24 with 265 mln euro debt Jul 4th 2012, 17:09 By Claire Ruckin LONDON, July 4 | Wed Jul 4, 2012 1:09pm EDT LONDON, July 4 (Reuters) - Providence Equity Partners is to acquire German TV channel Home Shopping Europe (HSE24) from AXA Private Equity backed by 265 million euros ($331.52 million) of debt, banking sources said on Wednesday. As part of the deal AXA will remain a minority shareholder in the home shopping channel - which it acquired in 2009 for around 180 million euros from insolvent Arcandor Group in an all-equity deal. It was refinanced in 2010 with 112.5 million euros of debt. A year later AXA refinanced the debt again and paid itself a dividend, according to Thomson Reuters LPC data. AXA declined to comment while Providence was not immediately available to comment. Providence will acquire the company backed by 265 million euros of all senior leveraged loans provided by Citi, DZ Bank, UBS and UniCredit, banking sources said. A bank meeting was held in London on Wednesday to launch syndication of the debt so banks can sell down their exposure before the leveraged finance market shuts down for the summer. The financing includes a 100 million euro term loan A which will pay an interest margin of 500 bps over EURIBOR; a 150 million euro term loan B paying a margin of 550 bps over EURIBOR and a 15 million euro revolving credit facility paying 500 bps over EURIBOR, bankers added. Investor commitments for the loans are due July 20. HSE24 was founded in 1995 and in 2011 it launched its first foreign language channel in Italy and is now looking to grow further in Southern and Eastern Europe, according to the company's website. In 2011 the company's net sales grew 7 percent to 470 million euros. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: EU sets July 5 deadline for Universal/EMI response-sources

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EU sets July 5 deadline for Universal/EMI response-sources Jul 4th 2012, 12:52 Wed Jul 4, 2012 8:52am EDT * Deadline extended by two days from July 3 * EU Commission has warned Universal on competition impact By Foo Yun Chee BRUSSELS, July 4 (Reuters) - Universal Music Group has been given two extra days to allay EU concerns on its planned purchase of an EMI unit, two people familiar with the matter said on Wednesday after regulators warned that the combined entity would hit competition. The European Commission, which has been assessing the $1.9 billion deal since February, had originally given Universal until July 3 to reply to concerns set out in a 194-page statement of objections sent last month. Vivendi-owned Universal requested an extension and has been given until Thursday night to respond, one of the persons said. The music company could offer to sell catalogues or offer better licensing deals to rivals to reassure regulators. Universal, whose stars include Lady Gaga, Rihanna and U2, is seeking to buy EMI's recorded music catalogues which include The Beatles and Katy Perry. The combined company would be almost twice the size of its nearest rival in Europe. The EU watchdog expressed strong concerns about the deal, saying it was incompatible with the European Union's internal market and would completely change the market dynamics, a person sources who has seen the document told Reuters earlier this week. The Commission also dismissed Universal's arguments that the threat from piracy and the bargaining clout exerted by customers such as Apple's iTunes, Amazon and other online music services would limit its power, the person said. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: UPDATE 1-Hi-mart shares surge after Lotte picked as preferred bidder

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UPDATE 1-Hi-mart shares surge after Lotte picked as preferred bidder Jul 4th 2012, 03:08 Tue Jul 3, 2012 11:08pm EDT (Recasts with confirmation, stock surge) SEOUL, July 4 (Reuters) - Shareholders in Hi-mart Co Ltd have picked South Korea's Lotte Shopping Co Ltd as their preferred bidder for a controlling stake in the nation's biggest electronics retailer, sending shares in Hi-mart soaring. The move follows their rejection of Seoul-based private equity fund MBK Partners' request to extend its exclusive negotiating rights to the 65.3 percent stake that was valued at around $700 million as of Tuesday's close. A source with knowledge of the matter told Reuters, however, that MBK walked away from the auction after it found a worse-than-expected deterioration in the business. Hi-mart shares climbed 13 percent and largest shareholder Eugene Corp was up almost 15 percent in morning trade, as Lotte, the operator of South Korea's biggest department store chain, has been viewed by the market as a much better fit for Hi-mart. Lotte's shares were up 4 percent. South Korean stocks have a daily trading limit of 15 percent. Shares in Hi-mart had lost a fifth of their value between June 20 and Monday, hit by the original decision to pick MBK as preferred bidder and a steep drop in earnings. MBK, run by former Carlyle Asia Partners president Michael Kim and one of South Korea's better known funds, had been selected just last week to buy the stake in Hi-mart, but requested more time after it saw very recent performance data, a second source familiar with the matter said. (Reporting by Joyce Lee and Ju-min Park; Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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Reuters: Private Equity: Hi-mart: Lotte picked as preferred bidder for stake sale

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Hi-mart: Lotte picked as preferred bidder for stake sale Jul 4th 2012, 02:37 SEOUL, July 4 | Tue Jul 3, 2012 10:37pm EDT SEOUL, July 4 (Reuters) - Hi-mart Co, South Korea's biggest electronics retailer, said on Wednesday that its top shareholders have selected retailer Lotte Shopping Co as the preferred bidder for a controlling stake in Hi-mart. Hi-mart said on Tuesday that shareholders had rejected a request by private equity firm MBK Partners to extend its exclusive negotiating rights to buy the stake, re-opening the door to rival bidder Lotte. A source with knowledge of the matter told Reuters that MBK walked away from the auction after it found a worse-than-expected deterioration in the business.

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Reuters: Private Equity: INDIA PRESS-UK PE Actis plans to exit Nilgiris Dairy Farm-Economic Times

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INDIA PRESS-UK PE Actis plans to exit Nilgiris Dairy Farm-Economic Times Jul 4th 2012, 02:39 Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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Reuters: Private Equity: Lotte picked as preferred bidder for Hi-Mart stake - report

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Lotte picked as preferred bidder for Hi-Mart stake - report Jul 4th 2012, 01:16 SEOUL, July 4 | Tue Jul 3, 2012 9:16pm EDT SEOUL, July 4 (Reuters) - South Korean retailer Lotte Shopping Co has been chosen as the preferred bidder for a controlling stake in Hi-mart Co, South Korea's biggest electronics retailer, local media reported on Wednesday. Hi-Mart said on Tuesday that shareholders had rejected a request by private equity firm MBK Partners to extend its exclusive negotiating rights to buy the stake valued at $700 million, re-opening the door to rival bidder Lotte. A source with knowledge of the matter told Reuters that MBK walked away from the auction after it found a worse than expected deterioration in the business. A spokesman for Lotte Shopping was not immediately available for comment, while a spokesman at Eugene Corp, one of the Hi-mart biggest shareholders, said that it cannot confirm the report. (Reporting by Joyce Lee and Ju-min Park; Editing by Richard Pullin)

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Reuters: Private Equity: H&F presses on with $4 bln Getty Images sale-sources

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H&F presses on with $4 bln Getty Images sale-sources Jul 3rd 2012, 22:40 Tue Jul 3, 2012 6:40pm EDT * KKR, TPG among buyout groups vying for Getty-sources * Second round of auction underway-sources July 3 (Reuters) - Private equity firm Hellman & Friedman LLC is pushing ahead with a $4 billion sale of Getty Images Inc, the largest supplier of stock photos, video and other digital content, to private equity, two people familiar with the matter said on Tuesday. While several private equity firms, such as Bain Capital LLC, have balked at Hellman's $3.5 billion to $4 billion price expectations, other buyout groups, including KKR & Co LP and TPG Capital LP, are still in the process, which is now in the second round, the sources said. Hellman, which bought a majority stake in Getty in 2008 in a $2.4 billion deal, tapped Goldman Sachs Group Inc and JPMorgan Chase & Co to examine a possible sale or public offering, a person close to the matter told Reuters in May. The business has seen little growth in earnings before interest, tax, depreciation and amortization (EBITDA) since Hellman bought it but has enjoyed increasing demand for its online imagery products and services. This could lead to Getty fetching a higher EBITDA valuation multiple, the sources said. Representatives of Getty and Hellman did not respond to a request for comment while KKR, TPG and Bain declined to comment. In March, Hellman and the company's minority shareholders reaped a $379 million dividend from Getty funded with debt and $115 million of cash. This followed a $504 million dividend at the end of 2010. In credit notes in March, ratings agency Moody's said Getty's latest dividend recapitalization led to a "moderately high" debt-to-EBITDA leverage of 4.4 times compared to 3.5 times pre-dividend. Getty had revenues of about $945 million in 2011. Still some buyout firms may be willing to leverage Getty's cyclical business significantly to exploit the shift from print to online media. KKR showed its appetite for such companies last month, investing $150 million in New-York based image database firm Fotolia. The Wall Street Journal reported on the progress of Getty's sale earlier on Tuesday. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: UPDATE 1-Christopher & Banks to review $64 mln buyout offer

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UPDATE 1-Christopher & Banks to review $64 mln buyout offer Jul 3rd 2012, 21:34 Tue Jul 3, 2012 5:34pm EDT July 3 (Reuters) - Women's clothing retailer Christopher & Banks Corp said it received a takeover offer from private equity firm Aria Partners, valuing the company at about $64 million. Aria, which owns 4 percent of Christopher & Banks shares, offered $1.75 per share - a 51 percent premium to the stock's Monday close of $1.16. The retailer, which has hired Piper Jaffray as its financial adviser, said it will review the offer. Aria said in a statement earlier on Tuesday that it had made an initial proposal on May 21. Christopher & Banks, which sells affordable clothing mainly for women in their forties and above, will run out of money by the end of the year, Aria said in a letter to the company's board. Shares of Christopher & Banks closed up 20 percent at $1.39 on Tuesday on the New York Stock Exchange. The stock has lost about 30 percent of its value so far this year.

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Reuters: Private Equity: TABLE-June US auto sales rise to 14.08 mln annualized rate

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TABLE-June US auto sales rise to 14.08 mln annualized rate Jul 3rd 2012, 20:07 Tue Jul 3, 2012 4:07pm EDT Automakers reported a 22 percent increase in U.S. sales for June from a year earlier. Seasonally adjusted annualized rate of sales reached 14.08 million vehicles. The annualized rate is followed by economists and calculated using seasonal factors supplied by the U.S. Commerce Department that account for sales from vehicles produced in North America or overseas. INDUSTRY TOTALS Jun-12 Jun-11 PCT CHNG Total industry 1,285,555 1,053,248 22.1 Total car 659,375 527,344 25.0 Total truck 626,180 525,904 19.1 Domestic car 465,658 363,638 28.1 Domestic truck 545,477 461,455 18.2 Import car 193,717 163,706 18.3 Import truck 80,703 64,449 25.2 YR-TO-DATE PRV YEAR PCT CHNG Total industry 7,272,160 6,332,566 14.8 Total car 3,821,728 3,229,498 18.3 Total truck 3,450,432 3,103,068 11.2 Domestic car 2,612,747 2,212,944 18.1 Domestic truck 2,977,585 2,671,873 11.4 Import car 1,208,981 1,016,554 18.9 Import truck 472,847 431,195 9.7 U.S. seasonally adjusted annualized sales (millions) Jun-12 Jun-11 Domestic car 4.92 3.88 Domestic truck 6.14 5.11 Import car 2.05 1.75 Import truck 0.97 0.80 Total 14.08 11.55 SOURCE: Autodata Corp and Reuters calculations Link this Share this Digg this Email Reprints

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Reuters: Private Equity: TABLE-Top 20 best-selling vehicles in U.S. in June

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TABLE-Top 20 best-selling vehicles in U.S. in June Jul 3rd 2012, 19:35 Tue Jul 3, 2012 3:35pm EDT The following are the 20 top-selling vehicles in the United States in June 2012 as reported by the automakers and ranked by total units. Top 20 best-selling vehicles in U.S. in June RANK VEHICLE JUNE LAST YR % CHNG 1 Ford F-Series P/U 55,025 49,618 +10.9 2 Chevy Silverado-C/K P/U 33,566 32,579 +3.0 3 Toyota Camry 32,095 21,328 +50.5 4 Chevrolet Malibu 31,402 23,737 +32.3 5 Honda Accord 28,924 15,712 +84.1 6 Ford Escape 28,500 22,274 +28.0 7 Honda Civic 27,500 17,485 +57.3 8 Toyota Corolla 26,647 18,872 +41.2 9 Ford Fusion 24,433 20,808 +17.4 10 Dodge Ram P/U 23,951 21,362 +12.1 11 Honda CR-V 23,282 15,493 +50.3 12 Nissan Altima 21,812 19,534 +11.7 13 Ford Focus 21,186 21,385 -0.9 14 Hyundai Sonata 20,931 18,644 +12.3 15 Chevrolet Equinox 20,793 17,954 +15.8 16 Toyota Prius 19,150 4,340 +341.2 17 Chevrolet Cruze 18,983 24,896 -23.8 18 Hyundai Elantra 17,655 19,992 -11.7 19 Chevrolet Impala 17,274 16,325 +5.8 20 Toyota RAV4 15,129 9,105 +66.2 Top 20 best-selling vehicles in U.S. through June RANK VEHICLE 2012 2011 % CHNG 1 Ford F-Series P/U 301,141 264,079 +14.0 2 Toyota Camry 213,809 146,546 +45.9 3 Chevy Silverado-C/K P/U 194,508 182,785 +6.4 4 Honda Civic 162,582 127,571 +27.4 5 Nissan Altima 157,101 131,842 +19.2 6 Honda Accord 155,178 127,105 +22.1 7 Toyota Corolla 151,726 136,747 +11.0 8 Honda CR-V 146,682 110,916 +32.2 9 Chevrolet Malibu 141,437 122,783 +15.2 10 Dodge Ram P/U 138,581 111,898 +23.8 11 Ford Fusion 136,849 131,686 +3.9 12 Ford Focus 131,423 98,024 +34.1 13 Ford Escape 127,167 122,607 +3.7 14 Toyota Prius 126,654 66,520 +90.4 15 Hyundai Sonata 117,412 115,014 +2.1 16 Chevrolet Cruze 113,884 122,972 -7.4 17 Chevrolet Equinox 110,890 95,838 +15.7 18 Chevrolet Impala 98,495 103,644 -5.0 19 Hyundai Elantra 97,769 103,301 -5.4 20 Toyota RAV4 89,438 73,155 +22.3 Link this Share this Digg this Email Reprints

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Reuters: Private Equity: Deals of the day -- mergers and acquisitions

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Deals of the day -- mergers and acquisitions Jul 3rd 2012, 18:00 Tue Jul 3, 2012 2:00pm EDT July 3 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S., Canadian and Asian companies were reported by 1800 GMT on Tuesday: ** U.S. investment manager BlackRock is buying Swiss Re's European private equity arm, marking the second deal for a private equity fund manager in as many days as sellers contend with a new regulatory landscape and tough trading. ** Hellman & Friedman will take a majority stake in energy analysis group Wood Mackenzie in a deal that values the company at 1.1 billion pounds ($1.7 billion) and marks a relatively quick turnaround for seller Charterhouse. ** Italian carmaker Fiat SpA is to exercise an option to buy around 3.3 percent of U.S. peer Chrysler from the VEBA trust fund, boosting its stake to 61.8 percent. An auto analyst, asking not to be named, said a ballpark figure for the price could be 200 million euros ($252 million). ** Technology services firm M*Modal agreed to be acquired in an all-cash deal for about $1.1 billion by One Equity Partners, the private investment arm of JP Morgan Chase & Co. ** British drinks can maker Rexam said on Tuesday it had agreed to sell its underperforming personal care business in two parts for $709 million in cash and return about $580.5 million of the proceeds to investors. ** Private equity fund MBK Partners has walked away from the auction of a majority stake in Hi-mart Co, South Korea's biggest electronics retailer, after it found a worse-than-expected deterioration in the business on entering exclusive talks, a source with knowledge of the matter told Reuters. ** Research and advisory company Corporate Executive Board Co plans to buy UK-based SHL from private equity firm HgCapital Trust Plc for $660 million in its largest acquisition yet to boost its talent management business. ** Russian steel maker Magnitogorsk Iron & Steel Works has dropped its A$554 million ($567 million) bid for Australian iron ore developer Flinders Mines following legal action from a shareholder. ** Credit Suisse has sold a 7 percent stake in fund manager Aberdeen Asset Management, a move which is set to add more than 200 million pounds ($313.8 million) to the Swiss bank's third-quarter earnings and bolster its capital. ** Duke Energy Corp closed its $18 billion acquisition of Progress Energy Inc and said Progress's Chief Executive Bill Johnson has resigned instead of taking the top job at the combined company, as had been previously planned. Duke CEO Jim Rogers will become CEO of the combined company, while remaining chairman, the company said on Tuesday. ** Canadian oil and gas company Peyto Exploration & Development Corp said on Tuesday it will buy Open Range Energy Corp in a deal valued at C$100.2 million ($98.3 million) to boost its presence in the Alberta deep basin area. ** Canada's Winstar Resources Ltd said it is exploring strategic options, including selling itself, four months after the oil and gas company failed to find a partner for its Tunisian assets. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: UPDATE 2-Wood Mac valued at 1.1 bln stg in latest buyout

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 2-Wood Mac valued at 1.1 bln stg in latest buyout Jul 3rd 2012, 16:22 Tue Jul 3, 2012 12:22pm EDT * Private equity co Hellman & Friedman to take 63 pct stake * Charterhouse keeps 13 pct of Wood Mac, management 24 pct * Deal values Wood Mac at about 12.5 times projected EBITDA * Wood Mac projected to make EBITDA of 88 mln stg in 2012 By Simon Meads LONDON, July 3 (Reuters) - Hellman & Friedman will take a majority stake in energy analysis group Wood Mackenzie in a deal that values the company at 1.1 billion pounds ($1.7 billion) including debt and marks a relatively quick turnaround for seller Charterhouse in an otherwise sluggish buyouts market. The deal comes just three years after Charterhouse acquired the business in a 553 million pound buyout, which ranked as the largest private equity deal in 2009, and could help Wood Mac expand in North America as well as possibly paving the way for a stock market listing in New York. While private equity groups grew rich throughout the middle of the last decade by buying companies and selling them a couple of years later for vast profits, these days buyout firms frequently own businesses for up to seven years before selling. Charterhouse, which has seen the value of the investment double under its ownership, will retain a 13 percent stake in Wood Mac. Charterhouse kicked off the sales process earlier this year, hoping to hook a rival analysis, data or media group such as IHS or McGraw Hill, bankers familiar with the process have said. Hellman & Friedman, also an investor in data company Nielsen, will take a 63 percent stake in Wood Mac and will be the company's third private-equity backer in the last 10 years. Wood Mac's management and staff led by Chief Executive Stephen Halliday will hold a 24 percent equity stake in the company, valued at 132 million pounds under the Hellman deal. The deal gives Edinburgh-based Wood Mac, which produces research on the oil, gas, metals and power markets, a valuation of about 12.5 times projected earnings before interest, tax, depreciation and amortisation, according to one person familiar with the situation. Wood Mac is projected to make EBITDA of 88 million pounds in 2012, rising to 100 million in 2013. The deal will be backed by around 550 million pounds of debt or approximately 6.5 times the company's EBITDA. Financing is being led by Nomura and will consist of senior leveraged loans and mezzanine loans which will be provided by MezzVest, Noonday and Sankaty. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: UPDATE 1-Axa Private Equity to buy 11 fund investments from OMERS

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Axa Private Equity to buy 11 fund investments from OMERS Jul 3rd 2012, 16:07 July 3 | Tue Jul 3, 2012 12:07pm EDT July 3 (Reuters) - Axa Private Equity, the investment arm of French insurance group Axa, said it would buy a portfolio of 11 private equity fund investments worth about $850 million from the private equity arm of Canadian pension fund OMERS. The portfolio consists of buyout funds including North American and global funds, the companies said in a statement. "This is a large and significant transaction where we have excellent visibility on the assets, especially given that we are an existing investor in many of the funds," Benoit Verbrugghe, Axa Private Equity's head of North America said. Axa bought a $740 million portfolio of private equity holdings from Barclays last year and earlier acquired a $1.7 billion portfolio from Citigroup.

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Reuters: Private Equity: EU mergers and takeovers (July 3)

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

EU mergers and takeovers (July 3) Jul 3rd 2012, 14:29 BRUSSELS, July 3 | Tue Jul 3, 2012 10:29am EDT BRUSSELS, July 3 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- British telecoms operator Vodafone to acquire telecoms provider Cable & Wireless Worldwide (approved July 3) -- Japanese cash handling machine maker Glory Ltd to acquire Britain's Talaris Topco Ltd (approved July 3) -- Private equity firm Nordic Capital to acquire Finnish discount retailer Tokmanni (approved July 3) -- Swiss commodities trader Glencore to acquire Canadian grain handler Viterra Inc (approved July 3) -- Finnish engineering company Metso to acquire Finnish ship and power plant engine maker Wartsila's holding in their MW Power joint venture. Metso currently owns 60 percent and Wartsila 40 percent of MW Power (approved July 3) -- Private equity firm Providence Equity Partners to acquire HSE24, which operates teleshopping broadcasters in Germany (approved July 3) -- Geneva-based commodities trader Vitol to buy a stake in the Cockett Group which is involved in bunkering activities and is a subsidiary of South African shipping firm Grindrod (approved June 25) NEW LISTINGS None EXTENSIONS AND OTHER CHANGES None FIRST-STAGE REVIEWS BY DEADLINE JULY 4 -- France's La Poste and Switzerland's Swiss Post to set up a joint venture for cross border mail activities (notified May 11/deadline extended to July 4 from June 20 after the companies offered commitments) -- Spanish bank Santander, Hyundai Motor Company , Hyundai Capital Services and Kia Motors UK Ltd to set up a joint venture (notified May 30/deadline July 4/simplified) JULY 5 -- Animal feed producer Forfarmers to acquire holding company Agricola which owns a group of British animal feed suppliers operating under the trade name BOCM Pauls (notified May 31/deadline July 5) JULY 6 -- Swedish paper company SCA to acquire the European tissue operations of Georgia-Pacific Europe (notified May 15/deadline extended to July 6 from June 22 after the companies submitted commitments) JULY 10 -- French insurer Axa and French bank BNP Paribas to jointly acquire a shopping mall in France (notified June 5/deadline July 10/simplified) JULY 12 -- Private equity firm Bain Capital to acquire holding company Scandinavian Installations Refi which owns energy company Bravida with operations in Sweden, Denmark and Norway (notified June 7/deadline July 12/simplified) -- Proposed acquisition of joint control of electronics components maker NEC TOKIN Corp. by KEMET Electronics Corp. and NEC Corp. (notified June 7/deadline July 12) JULY 13 -- OK ekonomisk förening (OKEF) and Kuwait Petroleum Corporation to acquire joint control of Kuwait Petroleum (Danmark) (notified June 8/deadline July 13/simplified) JULY 16 -- Private equity firm Lion Capital to acquire French eyewear retailer Alain Afflelou (notified June 11/deadline July 16/simplified) -- U.S. specialty chemicals maker Cytec Industries to acquire British manufacturer Umeco (notified June 11/deadline July 16) -- European aerospace group EADS and Israeli Aerospace Industries to set up a joint venture (notified June 11/deadline July 16) -- Private equity firm Permira Europe III to acquire Spain's Telepizza (notified June 11/deadline July 16/simplified) JULY 18 -- German grid operator TenneT Offshore GnbH and Japanese conglomerate Mitsubishi Corp to acquire joint control of energy company Tennet Offshore 2 (notified June 13/deadline July 18/simplified) JULY 19 -- Swedish company Nuvia, which is a subsidiary of French property company Vinci, and Sweden's Coor Services Management Nuclear AB, which is a unit of private equity firm Cinven, to set up a joint venture (notified June 14/deadline July 19/simplified) -- French cooperative Tereos and Singapore-based Wilmar to set up a starch technology joint venture (notified June 14/deadline July 19/simplified) JULY 20 -- Private equity firm Silver Lake Group to acquire Luxembourg-based sales tax refund services company Global Blue (notified June 15/deadline July 20/simplified) -- Private equity firms L Capital and Paladin Capital Partners to acquire joint control of Italian restaurant developer and operator Cigierre Compagnia Generale Ristorazione (notified June 15/deadline July 20/simplified) -- U.S. mail delivery company United Parcel Service Inc to acquire Dutch peer TNT Express (notified June 15/deadline July 20) -- British chip maker ARM Holdings, Amsterdam-based smart card maker Gemalto and German technology firm Giesecke & Devrient to set up a joint venture on mobile security (notified June 15/deadline July 20) -- U.S. water treatment products company Pentair to acquire U.s. conglomerate Tyco International's flow control business (notified June 15/deadline July 20/simplified) JULY 23 -- French car parts maker Faurecia to acquire French car parts manufacturer Plastal SAS (notified June 18/deadline July 23) -- U.S. network equipment maker Cisco to acquire TV software developer NDS which is 51 percent owned by private equity fund Permira and the rest by News Corp (notified June 18/deadline July 23) -- Polish copper miner KGHM and Polish utility Tauron to set up a joint venture to build a gas steam power unit (notified June 18/deadline July 23) JULY 24 -- Private equity firm Platinum Equity to acquire logistics company Caterpillar Logistics Services (notified June 19/decision July 24/simplified) JULY 25 -- French conglomerate Lagardere and Bouygues to set up a joint venture (notified June 20/deadline July 25/simplified) -- Canadian IT services company CGI Group Inc to acquire Dutch rival Logica Plc (notified June 20/deadline July 25/simplified) JULY 26 -- Spanish lender Banco Santander to purchase Poland's Kredyt Bank from Belgian bank KBC (notified June 21/deadline July 26/simplified) JULY 27 -- French insurer CNP Assurances and French bank BNP Paribas to acquire office property in France (notified June 22/deadline July 27) -- U.S. car parts maker Delphi Automotive Plc to buy FCI Group's motorized vehicles unit (MVL) which is owned by private equity firm Bain Capital (notified June 22/deadline July 27) -- Private equity firm Bain to acquire a stake in Japanese TV shopping station Jupiter Shop Channel which is owned by Japanese group Sumitomo (notified June 22/deadline July 27/simplified) JULY 30 - German insurer Allianz to buy the property and casualty brokerage-related activities of Gan Eurocourtage, a unit of French peer Groupama (notified June 25/deadline July 30) -- Belgian steel cord and wire manufacturer Bekaert and Malaysia's Southern Steel Berhad, which is owned by Hong Leong Corp, to set up a steel manufacturing joint venture (notified June 25/deadline July 30/simplified) JULY 31 -- Russian crude producer Lukoil to increase its stake in Italy-based Isab refinery (notified June 26/deadline July 31/simplified) AUG 31 -- U.S. conglomerate United Technologies Corp to acquire U.S. aircraft components maker Goodrich (notified Feb. 20/deadline extended for the second time to Aug. 31 from Aug. 9/companies offered commitments June 11) SEPT 6 -- Vivendi's Universal Music Group to buy British record label EMI's recorded music unit from Citigroup Inc (notified Feb. 17/deadline extended for the second time to Sept. 6 from Aug. 8 after the Commission asked for more time) SEPT 19 -- Telefonica UK and Vodafone UK to set up a joint venture providing mobile commerce services (notified March 6/deadline extended for the second time to Sept. 19 from Aug. 27 after the companies requested an extension) OCT 24 -- Finnish group Outokumpu to acquire German group ThyssenKrupp's Inoxum stainless steel unit (notified April 10/deadline extended for the second time to Oct. 24 from Sept. 26 after the companies asked for more time) NOV 6 -- Hong Kong's Hutchison 3G, which is part of Hutchison Whampoa, to acquire telecoms operator Orange Austria from France Telecom (notified May 7/deadline extended to Nov. 6 from June 29 after the EU Commission opens an in-depth probe) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company's proposed remedies or an EU member state's request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified -- that is, ordinary first-stage reviews -- until they are approved. Link this Share this Digg this Email Reprints

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