Credit Writedowns » mergers

AT&T raising charges by 33%

Edward Harrison — Thu, 19 Jan 2012 13:13:06 +0000

This is not an opinion on AT&T stock since AT&T benefits from a monopoly status in fixed line and oligopoly status in mobile telecom. But I did want to briefly flag something regarding the telecom industry and M&

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SEC charges BofA of lying to investors over Merrill but settles 3 Aug 2009

News Links: The ECB’s back-door bail-out for Italy, Spain, Belgium, and… France?

Edward Harrison — Thu, 22 Dec 2011 16:30:29 +0000

News links for 22 December 2011 including stories on the tech world, Europe, and the

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News Links: Corzine Rebuffed Internal Warnings on Risks at MF Global

Edward Harrison — Tue, 06 Dec 2011 16:30:42 +0000

Financial news links for 6 December 2011 featuring stories on MF Global, Facebook, class divides and retail sales

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A Battle for Oil Production Is Brewing

Casey Research — Sat, 12 Nov 2011 16:45:18 +0000

With big oil's bank accounts full to the brim with cash, the stage is set for some significant acquisition activity... or, to put it another way, for a battle to buy producing assets. There are quite a number of contestants in the battle - big oil companies are not only competing against each other to sweep up good assets but also against the national oil companies of developing, energy-hungry nations like China, South Korea, and India. Oil demands are rising in these nations so quickly that just to cover expected annual demand increases those three countries would have to jointly spend $30 billion on acquisitions each year

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What are the all-in costs of Saudi Production? 24 Jun 2011

The Creeping Eurozone Credit Crunch

Global Macro Monitor — Thu, 27 Oct 2011 14:22:11 +0000

Here’s a very informative chart via Morgan Stanley showing the deterioration in the Eurozone’s key credit indicators. Banks will no doubt sell assets, at least in part, as a way to meet their required capital targets

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It’s official: Spain following Japanese example of propping up zombie banks

Edward Harrison — Tue, 11 Oct 2011 18:30:36 +0000

Moody's decision to place Popular's ratings on review for possible downgrade is driven by our view that the combined entity emerging after the integration with Pastor is likely to have a weaker credit profile than Popular's standalone credit strength

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Why is a bank that failed the stress tests in Spain getting bought at a 31% premium?

Edward Harrison — Fri, 07 Oct 2011 16:12:17 +0000

I don’t follow the Spanish banking sector well enough to know what hidden value Banco Pastor has but I find it curious that it is the subject of a takeover bid at a 31% premium by Spain’s fifth largest bank, Banco Popular

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What’s Up With Micron?

Global Macro Monitor — Mon, 12 Sep 2011 23:57:34 +0000

Smells like Kentucky Fried Takeout to us. Yes, we’re talking our book, but for good reason. Nevertheless, keeping both hands on the ripcord

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Margin Call coming this fall

Global Macro Monitor — Tue, 23 Aug 2011 15:00:00 +0000

Timing couldn’t be more perfect, no? Maybe we get a bottom in equities on the release date. Go here to the movie’s official website

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China Gets Picky

Casey Research — Sat, 16 Jul 2011 00:16:59 +0000

It turns out that China is not willing to pay whatever it has to for energy and metal resources. Several resource deals have faltered in recent months, indicating an increasingly choosy Chinese perspective on energy and metal acquisitions. Add to that the growing concern that the global economy is once again stumbling and that commodity prices may be near a top, and you have a Chinese deal-making market that has gone from 60 to zero in no time

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Is the shale gas bubble bursting?

Edward Harrison — Mon, 13 Jun 2011 13:35:30 +0000

If you have fewer players operating wells, then the supply should be lower. It sounds to me like the rush to buy up natural gas acreage has strained balance sheets in a way that will force up prices down the line.

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Why is Google issuing bonds?

Edward Harrison — Mon, 16 May 2011 21:50:53 +0000

Google is loaded o the gills with cash, yet today they are pricing up a bond issue. he Financial Times is reporting that Google will raise as much as $3 billion of 3, 5 and 10-year money. Here’s my question: why do this? Acquisition: Maybe they are pulling a Microsoft and preparing a debt-financed acquisition.

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Microsoft: $8.4 Billion Down the Drain

Casey Research — Sun, 15 May 2011 18:00:17 +0000

Though, in the eyes of Microsoft executives, virtually any outcome might seem better than letting the company fall into the hands of Google, which still has no strong foothold in social or communication software - one of the few online areas where Microsoft still maintains a market share advantage. Unfortunately for shareholders, anything less than a stellar success might just look like billions more flushed down the drain in Microsoft's thus far failed bids at online dominance. Even if the company can quadruple the size of Skype's business, they will still be losing money online if nothing else changes and they will have only added a few percentage points to top line growth - neither of which is likely to move to stock price in any major way

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When will large cap tech stocks start paying dividends?

Edward Harrison — Thu, 14 Apr 2011 12:30:17 +0000

I would argue that this is evidence that these companies are wasting shareholder capital by plunking down for splashy acquisitions and large new capital investments that are not paying off. Cisco and Microsoft have huge cash balances waiting to be deployed. This money can go to buying back shares at inflated prices or making acquisitions of dubious value to shareholders. The right thing for these companies to do is not necessarily just restructure but change their mindset and accept that the glory days of top line growth are over. First and foremost this means increasing the dividend payout to match other sectors of the economy.

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David Sokol’s abrupt resignation

Edward Harrison — Thu, 31 Mar 2011 01:00:55 +0000

David Sokol, widely considered the heir apparent to Warren Buffett, has abruptly resigned from Berkshire Hathaway’s subsidiaries after it was revealed that he profited from the purchase of a publicly-traded company made by Berkshire. The SEC is likely to investigate. This looks pretty ugly if you ask me. Sokol will talk to CNBC tomorrow at

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What You Need To Know About AOL’s Huffington Post Acquisition

Edward Harrison — Mon, 07 Feb 2011 18:00:45 +0000

AOL is buying Internet News site Huffington Post for $315 million. Here’s what you need to know about the deal and what it says about the tech world, investing and the economy. Mergers are tough Most mergers fail because the ‘synergies’ which deal hounds expect never come to fruition or because the distraction of post-merger

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Nationwide: Press release on Dunfermline acquisition 30 Mar 2009

A plug, and one illusion less on Wall Street and in Investment Banking

Claus Vistesen — Sat, 01 Jan 2011 20:24:10 +0000

It is the first of January – hangover day, football day (for those of us who follow the PL) and a general day of relaxation, although this time around the first workday of the year is already desperately close. For some, it is also a day where many contemplate the stupidity of their actions the

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China Buying Up The World

Edward Harrison — Fri, 12 Nov 2010 15:15:07 +0000

This video is based on the cover story from this week’s Economist. See the written version here. Related Posts G-20: China is clearly looking for a new world order 1 Apr 2009 China: reflation play spells trouble for rest of the world 3 Nov 2009 Santander buying Alliance & Leicester for £1.3 billion 14 Jul

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Spanish Cajas Merging, but Are They Serious Yet?

Marc Chandler — Thu, 03 Jun 2010 13:46:11 +0000

Spanish savings banks, called cajas, are finally moving. It took the central bank to take over CajaSur, which is controlled by the Catholic church in Cardoba, ten days ago to light a fire under the others. There were about 45 of these cajas and a number of mergers have been announced in recent days. Another

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CajaSur nationalization makes fragility of Spain’s banks topical

Edward Harrison — Mon, 24 May 2010 21:23:43 +0000

Last spring and summer I wrote a series of articles on the bleak situation in Spain, centred on the Spanish Cajas (savings banks), the imploded housing market and the high level of unemployment. The gist of these posts was that Spain faced an uphill battle since the jobs market was in a world of hurt

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Stan O’Neil almost sold Merrill to BofA for $100 billion in 2007

Edward Harrison — Fri, 16 Apr 2010 12:10:30 +0000

We are now hearing former Merrill Lynch CEO Stan O’Neal’s side of the story for the first time since he resigned in October 2007. In a story by William Cohan in Fortune Magazine, O’Neal paints a picture of Merrill’s fall from grace that at once reveals O’Neal’s own deficits and foresight but that also reveals

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CNBC: One-On-One with Buffett

Edward Harrison — Thu, 21 Jan 2010 03:30:41 +0000

The video is pretty all-encompassing and runs just under 30 minutes. Buffett is down on Kraft-Cadbury, raising rates and the bank tax. He is up on Wells Fargo. That sums it up pretty well. Quotes On Wells: Well, my guess is that the revenue and all of that is more or less like

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GM’s sale of Saab collapses

Edward Harrison — Tue, 24 Nov 2009 17:59:48 +0000

From Reuters: A deal by General Motors Co GM.UL to sell its Saab brand collapsed on Tuesday when the buyer pulled out in a move that threatens the Swedish luxury brand with closure. GM had been aiming to close a deal by the end of next month to sell Saab to a partnership led by

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Will the U.S. allow China to buy more Gulf of Mexico oil assets?

Edward Harrison — Mon, 16 Nov 2009 16:46:39 +0000

This is a crucial question because Devon Energy, the Oklahoma-based independent oil and natural gas producer has just decided to put billion of dollars in Deep sea Gulf of Mexico assets on the market. Canada’s National Post reported: Devon Energy Corp. hopes to raise up to US$7.5-billion from the sale of its Gulf of Mexico

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GM board decides to keep European Opel unit

Edward Harrison — Wed, 04 Nov 2009 00:25:32 +0000

The sale to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank is off. With bankruptcy now behind it, General Motors now feels confident it can proceed with Opel under the GM umbrella. From the GM press release: Given an improving business environment for GM over the past few months, and the

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Buffett: Is Berkshire’s Burlington move all about coal?

Edward Harrison — Tue, 03 Nov 2009 22:05:55 +0000

I had a feeling there was an energy component to the Berkshire Hathaway decision to buy Burlington Northern Santa Fe. And now comes the evidence via coal, a major freight on BNSF’s tracks. But, there is a lot more to this acquisition than just hauling coal. Warren Buffett has been increasing his energy plays in

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Buffett buys up Burlington Northern and does 50-1 split at Berkshire

Edward Harrison — Tue, 03 Nov 2009 13:27:38 +0000

Warren Buffett’s Berkshire Hathaway has been making some very significant moves of late. Selling of Moody’s shares is one. But, the latest is sure to cause a stir amongst Buffett watchers because he is definitely making some “bets” on economic recovery with his purchase of Burlington Northern Santa Fe (BNI). It is unclear as yet

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Judge Rakoff says BofA-SEC deal suggests collusion

Edward Harrison — Tue, 15 Sep 2009 13:53:26 +0000

Below is a good video analysis by Jess Bravin of the Wall Street Journal on the BofA-Merrill Lynch saga. Bravin discusses the recent rejection by Judge Jed Rakoff of the out-of-court settlement between the SEC and Bank of America (BAC) in which BofA was to pay a miniscule $33 million fine. Rakoff’s decision to scupper

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The FDIC and the socialization of banking losses

Edward Harrison — Wed, 26 Aug 2009 15:50:21 +0000

With the Federal Deposit Insurance Corporation (FDIC) about to release its latest figures for banks it regulates and its own financial condition, now is a good time to review its role in this crisis. This post is about the FDIC’s role in the credit crisis, how it seizes banks and why I believe this matters.

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Spain: savings banks suffer while BBVA and Santander expand

Edward Harrison — Thu, 20 Aug 2009 02:48:01 +0000

Spain has been a laggard in the search for improving economic fundamentals. The news coming out of Spain has been dreadful from employment to house prices to mortgages and banking. But the first ray of hope appeared yesterday when it was reported that late payments on loans granted by banks, savings banks and cooperatives fell

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SEC charges BofA of lying to investors over Merrill but settles

Edward Harrison — Mon, 03 Aug 2009 19:23:00 +0000

Bank of America’s story in the BofA-Merrill saga has always sounded dubious at best. Ken Lewis has always claimed he was doing what was right by shareholders and America, that Gentle Ben and Hammering Hank coerced him into the Merrill deal, that Merrill’s CEO John Thain was not completely above board. All of this should

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China wants all of Repsol’s Latin American oil assets

Edward Harrison — Mon, 06 Jul 2009 07:07:09 +0000

You have probably heard the stories about China National Offshore Oil Company (CNOOC) bidding for Repsol YP’F’s Argentine assets in a quest for more natural resources for China. Well, apparently, the Chinese want a lot more than just Argentina; they want the whole of Repsol’s Latin American asset base. The Chinese have been buying up

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Was there a cover-up at the Federal Reserve?

Edward Harrison — Thu, 25 Jun 2009 12:24:48 +0000

Congressman Darrell Issa (R-CA) claims to have evidence supporting Ken Lewis’ original contention that he as threatened by government officials for contemplating pulling out of the BofA-Merrill deal. Let’s review. Two weeks ago, Lewis pointed the finger at Paulson and Bernanke in testimony before Congress (see my post). This came after claims of government coercion

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Should we expect a protectionist China?

Edward Harrison — Fri, 19 Jun 2009 16:35:39 +0000

During the Great Depression, it was the Smoot-Hawley Tariff Act, which in hindsight is blamed for triggering a wave of protectionist actions globally. Protectionism was a major contributor to the downward spiral that created depression. So, have we avoided this kind of outcome this go around? At this juncture, it is pretty unclear we have.

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Magna is going to get GM Europe

Edward Harrison — Fri, 29 May 2009 17:05:15 +0000

You probably saw in my links that Fiat had bowed out because of German government demands. The Magna story also comes via the BBC: Canadian car parts maker Magna International is the preferred bidder for GM Europe, owner of Opel and Vauxhall, Lord Mandelson has said. The UK business secretary said a deal between Magna

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