Activist investor Carl Icahn has taken a large stake in Dell in a move to get a large cash payout from the struggling PC maker.
Carl Icahn in renown for such actions, where he will buy a large enough stake to influence the boards decision or start a proxy battle. His infamous trophies includes Motorola, RJR Nabisco, Time Warner and etc..
It always interest me when Carl is mentioned as it always involves a longer saga that will unfold.
I am not advocating that anyone buy Dell shares or short Dell shares but just to sit on the sidelines and enjoy watching Mr Icahn make Mr Dell sweat before coming to terms with Mr Icahn.
If you feel you have to take a position, I would favor running alongside Mr Icahn than Mr Dell.
Friday, March 8, 2013
Saturday, March 2, 2013
Chinese sovereign wealth backs Talison takeover in Australia
Author: Kip Keen
Posted: Monday , 25 Feb 2013
Posted: Monday , 25 Feb 2013
HALIFAX, NS (MINEWEB) -
China Investment Corporation, a Chinese sovereign fund that boasts around $500 billion in assets, threw its weight behind Chengdu Tianqi’s $847-million takeover of Talison Lithium, a major lithium miner listed in Canada and Australia.
The massive sovereign wealth fund is to buy a 35-percent stake in Chengdu Tianqi’s Australian subsidiary, Windfield Holdings, for $300 million, providing nearly half the remaining funds Chengdu Tianqi, a lithium processor, needs to takeover Talison through Windfield.
The other half, according to press releases issued by Chengdu Tianqi and Talison on Monday, is to come from three sources: Credit Suisse AG, the Industrial and Commercial Bank of China and Twenty Two Dragons. Chengdu Tianqi said each of these firms had respectively promised $200 million, $120 million and $50 million in loans to back the takeover.
As it already owns 19.9 percent of Talison, Chengdu Tianqi said the $670 million in funding commitments would completely cover its $7.50-a-share cash offer to Talison shareholders.
The massive sovereign wealth fund is to buy a 35-percent stake in Chengdu Tianqi’s Australian subsidiary, Windfield Holdings, for $300 million, providing nearly half the remaining funds Chengdu Tianqi, a lithium processor, needs to takeover Talison through Windfield.
The other half, according to press releases issued by Chengdu Tianqi and Talison on Monday, is to come from three sources: Credit Suisse AG, the Industrial and Commercial Bank of China and Twenty Two Dragons. Chengdu Tianqi said each of these firms had respectively promised $200 million, $120 million and $50 million in loans to back the takeover.
As it already owns 19.9 percent of Talison, Chengdu Tianqi said the $670 million in funding commitments would completely cover its $7.50-a-share cash offer to Talison shareholders.
In showing its specific funding plans, Chengdu Tianqi satisfied a critical term in the ongoing takeover. Talison had set 5 PM (WST), February 25, as a deadline for Chengdu Tianqi to show it more details on how it proposed to fund the takeover.
Talison, which owns the Greenbushes lithium mine in Australia, said on Monday that it confirms “Tianqi has provided the necessary documentary evidence in connection with its funding arrangements.”
Meantime the window of opportunity for Rockwood Holdings to jump back into the fray appears to be narrowing.
Last year Chengdu Tianqi outbid Rockwood for Talison, but then, as reported by Mineweb, it emerged earlier this month that Rockwood still had its eyes on the Talison. Rockwood Chairman and CEO Seifi Ghasemi said it had yet to rededicate funds it had set aside for the failed Talison bid in case Chengdu Tianqi’s takeover failed.
If it did fail, then Ghasemi said Rockwood would consider going after Talison again.
Presumably Rockwood will now have its eyes fixed to the next critical deadline Talison has given Chengdu Tianqi: March 26. By the end of this business day Chengdu Tianqi is to have all funds on deposit for the takeover.
Talison, which owns the Greenbushes lithium mine in Australia, said on Monday that it confirms “Tianqi has provided the necessary documentary evidence in connection with its funding arrangements.”
Meantime the window of opportunity for Rockwood Holdings to jump back into the fray appears to be narrowing.
Last year Chengdu Tianqi outbid Rockwood for Talison, but then, as reported by Mineweb, it emerged earlier this month that Rockwood still had its eyes on the Talison. Rockwood Chairman and CEO Seifi Ghasemi said it had yet to rededicate funds it had set aside for the failed Talison bid in case Chengdu Tianqi’s takeover failed.
If it did fail, then Ghasemi said Rockwood would consider going after Talison again.
Presumably Rockwood will now have its eyes fixed to the next critical deadline Talison has given Chengdu Tianqi: March 26. By the end of this business day Chengdu Tianqi is to have all funds on deposit for the takeover.
Friday, February 15, 2013
WBL takeover: IFA rejects Straits Trading's offer
The independent financial adviser (IFA) to the takeover of WBL Corporation, KPMG Corporate Finance, has rejected Straits Trading Company's offer as "not fair from a financial point of view".
In a letter to WBL independent directors on Feb 13, KPMG said it has evaluated Straits Trading's S$3.36 a share cash offer or share swap offer of 1.0543 new Straits Trading shares per WBL share after considering various factors, such as WBL's sum of the parts valuation and comparison of the offer to WBL's average price and premiums or discounts of precedent takeovers.
Accordingly, WBL's independent directors has also advised stockholders and convertible bondholders to reject Straits Trading's offer.
WBL, a technology, motor and property group, is being courted by both Straits Trading and United Engineers. UE said it intends to offer S$4 a share for WBL late last month.
Above taken from The Business Times. Article by Cai HaoXiang
Monday, February 4, 2013
Thai tycoon takes majority control of Singapore's F&N
SINGAPORE: A Thai tycoon has clinched majority control of Singapore conglomerate Fraser and Neave (F&N), making his offer to fully takeover the company unconditional.
TCC Assets, owned by Thai billionaire Charoen Sirivadhanabhakdi, said in a statement late Wednesday that its stake in F&N stands at 50.92 per cent after further purchases in the stock market and more shareholders accepting its offer.
With majority control now in the hands of the Thai parties, "accordingly, the F&N offer has become unconditional in all respects," the statement added.
TCC Assets is offering to buy F&N shares it does not already own at S$9.55 apiece, valuing the drinks, property and publishing conglomerate at S$13.75 billion.
The deadline for the rest of the shareholders to accept the offer was extended from February 4 to February 18, according to the statement.
Indonesia-led property firm Overseas Union Enterprise (OUE) averted a bidding war earlier this month when it declined to match the offer by the Thais. OUE is linked to Indonesian tycoon Mochtar Riady.
The takeover is said to be the biggest in Singapore's corporate history if it pushes through.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September.
It still has lucrative beverages, property and publishing operations.
Analysts believe more shareholders are likely to accept the offer as it is the only bid on the table.
The market however is closely watching whether Japanese brewer Kirin, which holds a 15 per cent stake in F&N, will sell its interests or remain a minority shareholder.
Kirin had allied itself with OUE in the bidding war. Its 15 per cent stake is worth more than S$2.0 billion at the rate offered by TCC Assets.
Charoen's TCC Group has a real estate unit, and the tycoon also owns Thai Beverage, which sells Chang beer
- AFP/jc
TCC Assets, owned by Thai billionaire Charoen Sirivadhanabhakdi, said in a statement late Wednesday that its stake in F&N stands at 50.92 per cent after further purchases in the stock market and more shareholders accepting its offer.
With majority control now in the hands of the Thai parties, "accordingly, the F&N offer has become unconditional in all respects," the statement added.
TCC Assets is offering to buy F&N shares it does not already own at S$9.55 apiece, valuing the drinks, property and publishing conglomerate at S$13.75 billion.
The deadline for the rest of the shareholders to accept the offer was extended from February 4 to February 18, according to the statement.
Indonesia-led property firm Overseas Union Enterprise (OUE) averted a bidding war earlier this month when it declined to match the offer by the Thais. OUE is linked to Indonesian tycoon Mochtar Riady.
The takeover is said to be the biggest in Singapore's corporate history if it pushes through.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September.
It still has lucrative beverages, property and publishing operations.
Analysts believe more shareholders are likely to accept the offer as it is the only bid on the table.
The market however is closely watching whether Japanese brewer Kirin, which holds a 15 per cent stake in F&N, will sell its interests or remain a minority shareholder.
Kirin had allied itself with OUE in the bidding war. Its 15 per cent stake is worth more than S$2.0 billion at the rate offered by TCC Assets.
Charoen's TCC Group has a real estate unit, and the tycoon also owns Thai Beverage, which sells Chang beer
- AFP/jc
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