Nov 19 The following corporate finance-related
stories were reported by media:
* Sony Entertainment, under pressure from hedge fund manager
Daniel Loeb to improve the profitability of its film studio, has
hired consultancy Bain & Company to help identify more than $100
million in cost cuts through layoffs and other means, according
to a source with knowledge of the move.
* Alitalia may cut up to 2,600 jobs in its first mass
lay-offs since the airline was privatised, union sources said on
Monday, citing a restructuring plan the company approved last
week to cut costs and keep its planes in the air.
* Goldman Sachs plans to resume talks with parties
interested in buying its metals warehousing business now that
new exchange rules have been released, a source familiar with
the matter said on Monday.
* TriArtisan Capital Partners is in the lead to acquire CKE
Inc, the restaurant group that owns the Carl's Jr and Hardees
fast food chains, in a deal approaching $2 billion, according to
people familiar with the matter.
* JPMorgan Chase & Co and U.S. government officials
have agreed on terms of a $4 billion consumer relief package
that is to be part of a $13 billion deal to settle the bank's
liability to government agencies over mortgage securities,
according to a person familiar with the matter.
* Russian tycoon-turned-politician Mikhail Prokhorov plans
to buy 21.75 percent stake in the world's largest potash miner
Uralkali from the company's main owner, Suleiman
Kerimov, two sources familiar with the discussions, told Reuters
* French utility GDF Suez, oil firm Total and private equity
fund Hellman & Friedman plan a February IPO for their
jointly-owned unit GTT, the world's No. 1 maker of cryogenic
hull linings for LNG tankers, French financial daily Les Echos
said on Monday.
* Fast-growing file-sharing and storage startup Dropbox Inc
is trying to raise $250 million in additional funding in coming
weeks, which would value the six-year-old company at more than
$8 billion, Bloomberg Businessweek reported on Monday.
* Royal Bank of Scotland said it was in talks to
sell its retail investor products and equity derivatives (IP &
ED) business, as it slims down its investment bank.
* OneWest Bank FSB, which emerged from the failed lender
IndyMac, plans to pay a $1 billion dividend to backers ahead of
an initial public offering next year, Bloomberg News reported,
citing two people with knowledge of the matter.
* Taiwanese tycoon Richard Tsai and Chinese financier Xiao
Jianhua are in talks to help fund a long-delayed $4.2 billion
purchase of U.S. insurer American International Group Inc's
aircraft-leasing unit, Bloomberg reported.
* The UK's Financial Conduct Authority (FCA) is probing the
use of personal accounts by foreign exchange traders amid
allegations that traders used these accounts to trade their own
money ahead of clients' orders, the Financial Times reported on
Monday, citing two sources close to the investigation.
* The committees that control consolidated data feeds for
Nasdaq OMX Group and NYSE Euronext are looking
at ways to strengthen the internal backup systems for their
respective streams, the Wall Street Journal reported, citing a
person familiar with the situation. ()
* Bloomberg LP's news division will lay off about 50 people
or about 2 percent of its newsroom, the Wall Street Journal
reported, citing people familiar with the company's plans, the
latest financial news and data provider to make job reductions.
* India's GMR Group has shown interest in setting up a
semiconductor fabrication unit (fab) - a complex technology
project costing about 25,00 crore rupees ($4.00 billion), out of
which 40 percent is sponsored by the Centre.
According to two officials aware of the matter, GMR has
approached the Department of Electronics and
* State-run reinsurer General Insurance Corp of
India and four other general insurers will vote against the
3,500 crore rupees Ambuja-Holcim deal as it is against the
interest of minority shareholders, the Economic Times said. ()