mergers and acquisitions

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Pfizer Snaps Up Wyeth for $68B
 Pfizer Snaps Up Wyeth for $68B 
Jan 26, 2009 6:11 AM CST

Pfizer Snaps Up Wyeth for $68B

Merger would be largest pharma deal since GlaxoWellcome-SmithKline 2000 merger

(Newser) - The world’s largest drugmaker, Pfizer, is poised to become even more gargantuan after it agreed early this morning to buy rival Wyeth for $68 billion, reports the Wall Street Journal. In the first major merger to hit Wall Street in months, Pfizer will borrow $22.5 billion from four...

Thain Debacle Stings BofA Chief
Thain Debacle Stings
BofA Chief
ANALYSIS
Jan 23, 2009 5:25 PM CST

Thain Debacle Stings BofA Chief

(Newser) - John Thain may have lost his job running Merrill Lynch, but woe to the CEO who dared merge with him, the Economist reports. Thain no doubt trashed his reputation by failing to tell BofA chief Ken Lewis about looming losses—and handing out multimillion-dollar bonuses in the meantime—but Lewis,...

Pfizer in Talks to Buy Wyeth
 Pfizer in Talks to Buy Wyeth  




Jan 23, 2009 5:49 AM CST

Pfizer in Talks to Buy Wyeth

Sources say drug maker plans $60B acquisition of rival Wyeth

(Newser) - Pfizer is seeking to create a Big Pharma behemoth with the acquisition of rival Wyeth, insiders tell the Wall Street Journal. The deal, expected to be worth around $60 billion, would make Pfizer—already the world's biggest drug company—big enough to redraw the map of the industry, although sources...

Fat Cat Exxon Primed to Deal
 Fat Cat Exxon Primed to Deal 
Jan 12, 2009 10:22 AM CST

Fat Cat Exxon Primed to Deal

Behemoth stood still when oil hit record highs, now has $40B for buying spree

(Newser) - Flush with cash after resisting costly acquisitions while oil prices hit record highs, Exxon Mobil could be ready for a shopping spree that could alter the face of the world’s energy supply, reports the Wall Street Journal. The company has nearly $37 billion in reserves and could target another...

Morgan Stanley Near $3B Deal for Smith Barney

The joint venture would create the world's largest retail brokerage

(Newser) - Morgan Stanley is close to a deal giving it control of Citgroup’s Smith Barney business and creating the world’s largest retail brokerage, reports Reuters. The joint venture would give Morgan 51% of Smith Barney for up to $3 billion. In addition to the cash, Citi would benefit from...

Goldman Loses Top Spot in M&A Rankings

JP Morgan uses financing advantage to end 7-year reign

(Newser) - Ascendant JP Morgan Chase has knocked Goldman Sachs out of first place in the race for mergers and acquisitions, the Wall Street Journal reports. Dealogic, a merger data provider, says Goldman advised some 295 deals totaling $755.6 billion last year, as compared to JP Morgan’s 350 deals for...

Financial PR Firms Walk a Thin Line
Financial PR Firms
Walk a Thin Line
analysis
Dec 22, 2008 6:24 PM CST

Financial PR Firms Walk a Thin Line

(Newser) - An insider trading case has exposed the potentially problematic relationship between PR companies and corporate clients, and it could have dire consequences for at least one firm, Reuters reports. A Lehman Brothers employee is charged with leaking merger information he got from his wife, a partner at the Brunswick Group...

British Air, Qantas Merger Talks Crash

$6 billion deal won't fly after airlines disagree on key issues

(Newser) - A $6 billion merger between British Airways and Qantas Airways that would have created a global carrier failed to fly after the two sides couldn’t agree on who would control the business, reports Bloomberg. The decision frees BA to pursue talks with Spain’s Iberia. Qantas is likely to...

Crisis-Stricken LA Museum Mulls Merger

MoCA director prepares to resign as bigger museum offers lifeline

(Newser) - The future of LA's troubled Museum of Contemporary Art became somewhat clearer yesterday, as the institution's director began negotiating his resignation and the larger Los Angeles County Museum of Art proposed a merger. Tomorrow the MoCA board will meet to decide the fate of the troubled museum, which has teetered...

BofA Will Lay Off 35K
 BofA Will Lay Off 35K 
Dec 11, 2008 4:59 PM CST

BofA Will Lay Off 35K

Recession, takeover of Merrill to blame for latest employee dump

(Newser) - Bank of America said today it will cut between 30,000 and 35,000 jobs in the next 3 years, the AP reports; the move is spurred by the continuing economic downturn and the bank’s recent purchase of Merrill Lynch. Cuts will be broad and will affect both the...

Ex-AOL Chief Seeks Funds to Buy Yahoo

$30B difficult to raise amid recession

(Newser) - After months of advising both Microsoft and Yahoo on a failed deal, former AOL chief Jonathan Miller is trying to put together a bid for Yahoo himself. The venture capitalist is asking private investors to help him amass the $30 billion needed to acquire the struggling, $10-a-share search engine group,...

Price Dispute Sinks TwitFace Merger Talks

Twitter questions value of $500M stock offer from Facebook

(Newser) - Merger talks between Facebook and popular newcomer Twitter have ended without a deal, reports All Things Digital. Twitter wasn't satisfied with Facebook's offer of $500 million in stock, apparently concerned that the stock's valuation was too high, say insiders. Twitter also had concerns about how the two would integrate, and...

Frantic Citigroup Considers Sell-Off

Merger or sale become options as bank scrambles to stop the drop

(Newser) - Citigroup is keeping all its options on the table as its share price plunges—including selling itself, insiders tell the Wall Street Journal.  The battered giant's share price plummeted another 26% yesterday—its worst one-day hit ever—chalking up an 83% dive for the year. Directors plan crisis talks...

Yang's Departure Gives Microsoft New Opening
Yang's Departure Gives Microsoft New Opening
ANALYSIS
Nov 18, 2008 9:54 AM CST

Yang's Departure Gives Microsoft New Opening

Analysts see 'beginning of the end for Yahoo' as CEO steps down

(Newser) - Investors are hoping Jerry Yang’s departure will lead to renewed talks with Microsoft, BusinessWeek reports. “This is probably the beginning of the end for Yahoo,” said one. “Microsoft will probably come back with an offer.” Microsoft has repeatedly denied interest in reviving a deal, but...

Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

(Newser) - Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis is getting a 32% premium...

Bank of China in Talks to Buy UK's No. 1 Bank

HBOS would be largest overseas acquisition by Chinese institution

(Newser) - The state-owned Bank of China emerged last night as the main player in a new takeover bid for Halifax Bank of Scotland. HBOS, the largest bank in Britain, is currently being taken over by Lloyds, but a former HBOS executive is now putting together a counteroffer. If the deal goes...

Citigroup Looks to Buy Bank After Wachovia Misstep

Seeking to ease embarrassment from its failed bid, it looks to buy a regional player

(Newser) - After losing Wachovia to Wells Fargo, Citigroup is again looking to buy a bank to bolster its deposit base in the face of continuing economic turmoil, reports the Wall Street Journal. The latest target is a regional bank considerably smaller than Wachovia. Citi recently drew $25 billion from the Treasury...

Feds OK Delta-Northwest Deal
 Feds OK Delta-Northwest Deal 
Oct 29, 2008 2:49 PM CDT

Feds OK Delta-Northwest Deal

Merger would create world's largest airline

(Newser) - Delta’s $2.6 billion offer to buy Northwest Airlines has passed the scrutiny of federal antitrust regulators. Ensuing labor issues aside, official say the merger—which creates the world’s most patronized airline—would not "substantially lessen competition" and will benefit customers, Reuters reports.

VW Gamble Nets Porsche $20B, Wallops Hedge Funds

Short bets could push some European traders to bankruptcy after stock soars

(Newser) - Hedge funds that bet on a dive in Volkswagen shares are nursing some pretty stiff hangovers—to the tune of a possible $20 billion in losses—after the shares soared when rival Porsche announced over the weekend it had secretly acquired a 74% stake in its fellow German automaker, reports...

Chrysler Flirts With Nissan- Renault as GM Seeks Credit

Alliance would keep Detroit automaker intact, but expose Cerberus to more risk

(Newser) - Chrysler is considering joining Nissan-Renault, adding a North American arm to the Japanese-French auto alliance that could rescue Chrysler’s operations, the Wall Street Journal reports. Cerberus, Chrysler’s majority owner, prefers a merger with General Motors, but overlap with a Detroit competitor would likely eliminate half of Chrysler’s...

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