March 7 The following corporate finance-related
stories were reported by media on Thursday:
* Italy's Banca Monte dei Paschi di Siena is
seeking damages of at least 1.2 billion euros ($1.56 billion)
from two former executives and investment banks Nomura Holdings
Inc and Deutsche Bank AG over derivative
trades, a judicial source with direct knowledge of the matter
* Mervyn King, the outgoing governor of the Bank of England,
has urged the government to break up the Royal Bank of Scotland
Plc as the best way to recover the bulk of the 45
billion pounds ($67.75 billion) used to bail out the
* Michael Dell is battling to keep his $24.4 billion buyout
of Dell Inc on track after a major shareholder,
Southeastern Asset Management Inc, balked and Dell's biggest
rival, Hewlett-Packard Co considered a bid of its own,
the Wall Street Journal reported.
* Exxon Mobil Corp has launched an auction to sell
up to $2 billion worth of shares in a Hong Kong power venture
after a year-long effort to offload its holding to its partner
yielded no result, sources familiar with the matter said.
* Canadian newspaper magnate David Black said he is close to
finalising a C$25 billion ($24.25 billion) financing deal for
his proposed West Coast refinery project aimed at creating a new
market for Alberta oil sands production, a media report said on
* NYSE Euronext has called off its plan to raise up
to $46 million by selling its 4.8 percent stake in
Multi-Commodity Exchange of India, two sources with
direct knowledge of the development said on Thursday.
* North American and Spanish banks, including
Toronto-Dominion Bank, BB&T Corp and Banco de
Sabadell SA, are lining up to bid on City National
Bank of Florida over the next few days, according to sources
familiar with the situation.
* Morgan Stanley has named Dieter Turowski and Shane
Zhang as co-heads of Asia Pacific investment banking to replace
Kate Richdale, who has left the bank to join Goldman Sachs Group
Inc, two sources with direct knowledge of the matter told
Reuters on Thursday.
* Citigroup Inc's former CEO, Vikram Pandit, might be
joining the race to become a co-applicant for a banking licence
in India. Two sources familiar with the developments said Pandit
was exploring the possibility of investing in a bank backed by a
clutch of private equity funds.
* KPMG could lose the biggest audit contract in
corporate Britain after HSBC Holdings Plc decided to
consider bringing in a fresh pair of eyes to vet its accounts.
* Chief Executive Andrew Mack of Portman Square Capital,
one of Europe's most talked-about new hedge fund firms, has
stepped down in a bid to save costs after a big investor pulled
its support, people familiar with the situation said.
* Steel-to-software conglomerate Tata Group's metal company
Tata Steel is planning to raise $1 billion via global
bond issuance by the end of March, sources with direct knowledge
* U.S.-based TPG Capital Management LP is not
looking to increase its stake in Russian state-owned VTB Bank
OAO in an expected upcoming stake sale by the bank, a
source close to the private equity firm said on Wednesday.
* Johnson Controls Inc is exploring a potential sale
of its automotive interiors unit, a move that would allow the
diversified manufacturer to focus on higher-margin building
controls and next-generation car batteries, three people
familiar with the matter said on Wednesday.
* German tyremaker and car parts group Continental AG
may tap bond markets to take advantage of currently
low interest rates, its finance chief told a German newspaper.