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MONDAY, JULY 27, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Gambling Firm GVC Sweetens Bid for Rival Bwin.partyINVESTMENT BANKING UBS Profit Increases 53% in Second QuarterPRIVATE EQUITY Rubenstein Says Private Equity's Fees Have ChangedHEDGE FUNDS Puerto Rico Should Collect Unpaid Taxes, Hedge Fund-Backed Economists SayOFFERINGS China Railway Signal Begins Taking Orders for $1.8 Billion I.P.O.VENTURE CAPITAL China's GSR Ventures' $5 Billion FundLEGAL/REGULATORY Deregulator of Banks Set to Testify Before House | ||||||||||||||||||||
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BY AMIE TSANG
TEVA TO BUY ALLERGAN GENERIC DRUG UNIT The Israeli drug maker Teva has agreed to buy Allergan's generic drug division for $40.5 billion in cash and stock, Chad Bray reports in DealBook. The transaction would create a company with estimated, pro forma revenue of $26 billion in 2016, including about $11 billion in sales outside the United States, Teva said. Under the terms of the deal, Allergan would receive $33.75 billion in cash and shares worth about $6.75 billion, representing an ownership stake of under 10 percent in Teva.
The deal could bolster Teva's market position as the world's biggest seller of generic medicines, Michael J. de la Merced notes in DealBook. The acquisition may also end Teva's monthslong pursuit of Mylan, a rival that has rebuffed takeover offers and is trying to buy another drug maker. The Wall Street Journal, which had reported the deal, notes that Teva is under pressure because its top selling product, a brand-name multiple sclerosis treatment called Copaxone, is facing lower-priced competition in the United States. Allergan is a powerhouse with a market value of more than $120 billion, made up of Actavis, a generic drug maker; and Allergan, best known as the maker of Botox. The old Allergan entity had been fending off an unwanted takeover bid by Valeant Pharmaceuticals and the hedge fund magnate William A. Ackman. Actavis trumped Valeant's $53 billion offer by paying $66 billion and then took Allergan's name. The Actavis-Allergan deal was aimed at diversifying beyond generic drugs, a business that is increasingly saturated with products with lower profit margins. Allergan is now looking at parting ways with this major business line and announced on Sunday that it had agreed to buy a developer of drugs for depression and other central nervous system disorders.
FIDELITY SEEN AS MUSCLING IN The steward of Fidelity Management and Research, a $5.2 trillion mutual fund and asset management empire, promises to treat investors fairly and put their interests first, but shareholders in the small British telecom company Colt say Fidelity is taking a decidedly different approach, Gretchen Morgenson writes in the Fair Game column. They say the mutual fund is putting its own interests ahead of other Colt owners by forcing them to accept its buyout offer for the company at a bargain-basement price.
After being a star in the early 2000s, Colt's stock collapsed when the tech stock bubble burst and has rarely traded above 200 pence, or about $3, in the last decade. But its fortunes may be changing, shareholders say. They object to Fidelity's 190-pence bid for the shares it doesn't already own, saying that recent acquisitions of operations similar to Colt's were completed at much higher prices. Although dissenting shareholders agree that an auction of the company, where interested companies could make their best offers, is the right thing to do, Fidelity has made this impossible. Its bid notes that it would not sell its shares to any third party before December 2016. "In this situation where Colt is an illiquid stock, it's difficult for a white knight to show up and protect the minorities," says Andrew Sinwell, a longtime telecom investor and chief executive of an investment firm that owns Colt shares.
PEARSON DISCUSSES SELLING ECONOMIST STAKE The British education company Pearson said it was in talks to sell its 50 percent stake in the Economist Group, Ravi Somaiya reports in DealBook. Pearson just last week reached a deal to sell The Financial Times to the Japanese media group Nikkei for $1.3 billion, saying it wanted to focus on its core education business. Pearson's stake in the Economist Group is reported to be worth more than $600 million.
The talks about The Economist are focused on other shareholders of the group, including wealthy families like the Schroders, the Cadburys and the Agnellis, The Financial Times reports. Exor, the Agnelli family's holding company, is reported to be in talks to raise its 4.72 percent stake in the Economist Group. The German media company Axel Springer and the financial information company Bloomberg have also been approached after they came close to buying The Financial Times, but both declined to pursue the purchase because owning shares would not allow control.
ON THE AGENDA Durable goods orders for June will be reported at 8:30 a.m. Baidu will hold an earnings conference call at 8 p.m.
BITCOIN IS THE NEW RANSOM CURRENCY Forget the briefcase of unmarked bills. Modern-day hostage takers want the virtual currency Bitcoin, Nathaniel Popper reports in DealBook. Victims of mob shakedowns these days find that their only way out is through a Bitcoin payment.
Criminals like the virtual currency because it can be held in a digital wallet that does not have to be registered with the authorities and can easily be exchanged for real money. At the moment, a single Bitcoin is going for about $290. Bitcoin makes the delivery of a ransom more seamless and untraceable. Its system is run by a decentralized network of computers that collects no personal information about users. An in-person meeting is unnecessary. Its transactions are also irreversible - victims cannot reclaim their money as they might with a credit card or PayPal transaction. Although Bitcoin has gained mainstream appeal recently, the proliferation of ransom demands is an unhappy reminder of its continued appeal in the criminal underworld, even after the online black market bazaar Silk Road was shut down. Some in the Bitcoin community have suggested potential ways to fend off ransom threats, such as digitally marking coins used for ransom payments, but solutions have been held up because of the value that many Bitcoin believers have put in the virtual currency's unfettered free movement.
CHINA STOCK SELL-OFF Tumult has returned to China's stock markets, Neil Gough reports in The New York Times. After several weeks of calm, the main Shanghai share index plunged 8.5 percent on Monday, itssteepest one-day drop in eight years, while Shenzhen's main index fell 7 percent.
The drop has cast new doubt on the government's measures to support share prices. It has also brought an end to a modest rally that started three weeks ago when the government intervened and engineered a recovery after a slide wiped more than $3 trillion off the market in a matter of weeks.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Gambling Firm GVC Sweetens Bid for Rival Bwin.party The online gambling firm GVC Holdings has raised its offer for Bwin.party Digital Entertainment to about 1 billion pounds, topping a recently accepted bid from 888 Holdings Plc.
BG Says Brazil Approves 47 Billion Pound Shell Takeover The British energy company BG Group, which has agreed to be taken over by Royal Dutch Shell, said it has won approval by the Brazilian competition authorities for the takeover.
Deutsche Börse Buys Forex Platform Deutsche Börse is buying the foreign exchange trading platform 360T for €725 million in a deal that underlines the attraction of the $5.3 trillion-a-day foreign exchange market.
INVESTMENT BANKING »
UBS Profit Increases 53% in Second Quarter The Swiss bank said its profit of about $1.26 billion was driven by gains in its wealth management business, particularly in the Asia-Pacific region.
The Seven-Year Itch It has been nearly seven years since shares of Bank of America or Citigroup traded above book value. It may be that investors don't believe the value of intangible assets on their balance sheets, namely good will that arose from deals mostly struck before the crisis.
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PRIVATE EQUITY »
Rubenstein Says Private Equity's Fees Have Changed The private equity industry has changed the most in decades as its investor base evolves and clients demand more fee concessions, according to David Rubenstein, Carlyle's co-founder and co-chief executive officer.
HEDGE FUNDS »
Puerto Rico Should Collect Unpaid Taxes, Hedge Fund-Backed Economists Say Economists working for firms with investments in Puerto Rican bonds said Sunday night that stepping up tax collections and obtaining additional financing could help solve the territory's debt crisis.
I.P.O./OFFERINGS »
China Railway Signal Begins Taking Orders for $1.8 Billion I.P.O. The state-owned China Railway Signal began taking orders on Monday for its Hong Kong initial public offering, but the rail-signal maker has already sold more than half of available shares to cornerstone investors.
Bioven Seeks I.P.O. to Help Market Cuban Cancer Drug A Malaysian biotech company developing a cancer drug discovered in Cuba is planning to go public in London.
VENTURE CAPITAL »
China's GSR Ventures' $5 Billion Fund The fund is expected to be announced Monday and will target deals to acquire companies in technology, Internet and biotechnology industries globally, The Wall Street Journal reports, citing people familiar with the situation.
Goldman-Backed Instant Messaging Company Seeks New Investment Symphony, the instant-messaging software company backed by many of Wall Street's biggest firms, is seeking another investment round that may value the start-up at as much as $1 billion.
LEGAL/REGULATORY »
Deregulator of Banks Set to Testify Before House Phil Gramm, one of the chief architects of a sweeping deregulation of the financial industry in the late 1990s, will testify before the House Financial Services Committee on the impact of Dodd-Frank.
German Regulator Says Ex-Deutsche Bank CEO Did Not Lie on Libor Germany's financial watchdog Bafin has cleared Deutsche Bank's former co-chief executive Anshu Jain of lying to the Bundesbank during investigations into interest rate manipulation, the Financial Times reported on Saturday.
China Seeks to Tame Online Finance Risks China's move to regulate Internet finance is a positive step toward legitimizing a sector that has largely operated in a vacuum, analysts say, but the rules also reflect the government's support for incumbent banks.
Bloomberg Becomes Regulated Trading Venue in EuropeBloomberg was formally granted a license to run a "multilateral trading facility" in Britain by the Financial Services Authority.
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