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Citigroup Concedes Wachovia to Wells Fargo
The much-ballyhooed battle between Citigroup Inc. (C) and Wells Fargo & Co. (WFC) ended with a whimper Friday, as Citi gave up its pursuit of the assets of Wachovia Corp. (WB) – the Charlotte-based lender that was undermined by its broad exposure to subprime assets.
On Sept. 29, Citigroup bid $2.2 billion for Wachovia’s banking operations, but left both Wachovia’s A.G. Edwards brokerage unit and its Evergreen mutual fund family on the table. That left the door open for Wells Fargo to swoop in four days later with a $12 billion bid for all of Wachovia’s operations. That includes a $498 billion…
13Oct2008 | Money Morning | Comments Off | Continued3Com Sues Bain Capital For $66 Million Failed Takeover
3Com Corp. (COMS) is suing Bain Capital Partners LLC over a $66 million termination fee that resulted when the private equity firm and Huawei Technologies Co. backed away from an attempted takeover.
In September 2007, China’s No. 1 network-equipment maker and Bain Capital launched a $2.2 billion takeover bid for 3Com. The deal stipulated that Huawei would receive a 16% stake in 3Com, leaving the rest to Bain. However, complications arose when the U.S. government expressed reservation about the deal and the possible breach of national security.
The fact that Shenzhen-based Huawei was founded by Ren Zhengfei, a former officer in…
4Aug2008 | Money Morning | Comments Off | ContinuedWachovia CEO Thompson Shown the Door After 32 Years of Service, WaMu’s Killinger Steps Down as Chairman
G. Kennedy Thompson, formerly Wachovia Corp.’s (WB) chief executive officer, can now be added to the list of high-profile subprime casualties that already includes Citigroup Inc.’s (C) Charles O. “Chuck†Prince III, The Bear Stearns Companies Inc.’s (BSC) Chief Executive Officer James E. “Jimmy†Cayne, and Merrill Lynch & Co. Inc.’s (MER) E. Stanley “Stan†O’Neal.
Thompson will step down after 32 years of service after having made a series of untimely – and ultimately disastrous – decisions that have cost the company nearly half its market value over the past year.
Shareholders began clamoring for Thompson’s removal in April after the…
3Jun2008 | Money Morning | Comments Off | ContinuedNRG Looks to Electrify its Business with $11.3 Billion Calpine Takover
Princeton, NJ- based NRG Energy Inc. (NRG) has publicly acknowledged its estimated $11.3 billion takeover bid for Calpine Corp. (CPN) – a wholesale provider of electricity emerging from chapter 11 bankruptcy protection.
NRG acknowledged Wednesday that it made the initial $22.98 a share offer on May 14. NRG said the deal assumes Calpine had 500 million fully diluted shares outstanding as of May 13. That calculation would value all of Calpine at $11.35 billion.
NRG offered to pay 0.534 shares for each share of Calpine, the company said in a statement. Based on NRG’s Wednesday closing price of $42.51, the deal values each…
23May2008 | Money Morning | Comments Off | Continued
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