SubscribeAll Posts Tagged With: "M&A"
Roche Strikes $46.8 Billion Deal for Genentech
Big Pharma’s rapidly accelerating consolidation pattern snowballed yesterday (Thursday) as Roche Holding AG (ADR: RHHBY) struck a deal to buy the remaining shares it didn’t already own of Genentech Inc. (DNA) for $46.8 billion, or $95 each.
The buyout ends a long battle by Basel, Switzerland-based Roche to acquire the U.S. biotech company and its lucrative cancer drugs. When completed, the merger will create a combined company that would be the seventh largest drug firm in the United States by market share, with roughly $17 billion in U.S. annual revenue.
The deal marks the third mega-deal among large pharmaceutical companies this year…
13Mar2009 | Money Morning | 0 comments | ContinuedGlobal Investment News
MasterCard Posts 4Q Profit; Buffet’s Berkshire Investing in Swiss Re; Rogers Staying Out of Russia; Ford in Volvo Talks with Geely Auto; Louis Vuitton Misses on Earnings; Brown Refuses to Ban Bonuses; Mortgage Rates Jump; Retail Trade Group Wants Tax Holidays
- MasterCard Inc. (MA) reported better-than-expected fourth-quarter earnings, surprising some analysts given the tightened credit market. For the quarter, the world’s second-largest credit card network earned $243 million, or $1.87 a share, and boosted its revenue by 14.2% to $1.2 billion, Reuters reported.
- Warren Buffet’s Berkshire Hathaway Inc. (BRK.A, BRK.B) is investing 3 billion Swiss francs ($2.6 billion) in Swiss Reinsurance…
U.S. Mergers & Acquisitions Market Remain Frozen
With the U.S. credit markets in lockdown mode, a whipsaw stock market that keeps anyone from getting too comfortable, a banking sector in chaos and a recession that clearly won’t be ending any time soon, U.S. dealmakers are looking at a market for mergers and acquisitions that’s in a virtual deep freeze.
And don’t expect that market to thaw out anytime soon. Even with the country’s energetic new president, Barack Obama, now ensconced in the White House, consumer and business confidence is virtually non-existent and worries continue to churn that the U.S. banking sector would endure a complete meltdown.
Story continues below…
|
Sign… |
Billions in U.S. Bank Rescue Funds are Fueling Buyouts Worldwide – Instead of Lending at Home
Bank of American Corp. (BAC), which is getting $15 billion from the U.S. government as part of the Treasury Department’s $250 billion “recapitalization” effort, is doubling its stake in state-owned China Construction Bank Corp., and will hold a 20% stake worth $24 billion in China’s second-largest lender when that deal is finalized.
PNC Financial Services Group Inc. (PNC), which will get $7.7 billion from Treasury’s Troubled Assets Relief Program (TARP), is using that cash infusion to help finance its $5.2 billion buyout of embattled National City Corp. (NCC).
And U.S. Bancorp (USB), which received a $6.6 billion capital infusion from that same rescue…
5Dec2008 | Money Morning | 0 comments | ContinuedBillions in Bank Rescue Funds are Fueling Buyout Deals, and not the Increase in Loans That Would Help Ease the Financial Crisis
While the U.S. government’s plan to invest $250 billion into U.S. financial institutions has been billed as a strategy that will bolster the health of the banking system and also jump-start lending, the recapitalization plan is likely to have a secondary effect – one that whipsawed U.S. taxpayers likely won’t be very happy to learn about.
Those billions are a virtual lock to set off a merger tsunami in which the biggest banks use taxpayer money to get bigger – admittedly removing the smaller, weaker banks from the market, but ultimately also reducing the competition that benefited consumers and kept the…
30Oct2008 | Money Morning | Comments Off | ContinuedWelcome To the Greatest Show on Earth
P.T. Barnum, legendary co-founder of the world-famous Barnum and Bailey’s Circus, is widely quoted for his pithy quip: “There’s a sucker born every minute” – a line we hope to understand in new and interesting ways before this report is over.
Barnum certainly intended that he could find new fools to part with their money for something so foolish as a day at the circus. And in many ways, this, too, is an apt slogan for Wall Street. But with a slightly different twist.
On Wall Street, brokers are in the business of selling hope. They take your money and promise you…
15Oct2008 | Oxbury Research | Comments Off | Continued
Loading ...
