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Mergers & Acquisitions

Started by J Kelman; Last updated by SeacoastNH

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Mergers & Acquisitions

Private equity may be Wall Street's favorite fad diet, but sometimes a good, old-fashioned takeover is just what the market ordered

Stories

Stories 61 - 80 of 342

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October 2008
- GM, Chrysler Deep Into Merger Talks
  
  New York Times | Oct 10, 08 9:55 PM CDT
  
  (Newser) - GM and Chrysler are quietly seeking a merger deal that would create the world's largest car maker and reshape the auto industry. Talks between GM and Cerebrus Capital Management, which owns Chrysler, have a 50% chance of succeeding, sources tell the New York Times . Other sources say the deal has stalled, but both sides are hungry to merge and would act quickly if markets stabilize, the Wall Street Journal reports. More »
- Feds Give Green Light to Wells Fargo-Wachovia
  
  Associated Press | Oct 10, 08 3:02 PM CDT
  
  (AP) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but has decided not to challenge the Wells Fargo-Wachovia deal in court, the AP reports. More »
- Citi Drops Wachovia Talks, Will Still Sue for Damages
  
  Wall Street Journal | Oct 9, 08 5:23 PM CDT
  
  (Newser) - Citigroup said today it's going to let Wells Fargo go ahead with its acquisition of Wachovia, the Wall Street Journal reports. But all's not chummy in the banking world: Citigroup, which charges that Wachovia illegally backed out of a deal to accept a sweeter offer from Wells Fargo, is still going to sue for billions in damages. More »
- Wells, Citigroup Call Truce in Wachovia Battle
  
  San Francisco Chronicle | Oct 7, 08 2:47 AM CDT
  
  (Newser) - Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle . The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and Wells may reach a deal to carve up the struggling bank. More »
- Feds Work to Cement Wachovia Deal
  
  Wall Street Journal | Oct 6, 08 6:52 AM CDT
  
  (Newser) - Federal Reserve officials are pushing Citigroup and Wells Fargo to agree to a compromise giving each a piece of struggling Wachovia, with the Charlotte-based bank's 3,346 branches divided along geographic lines and Wells Fargo acquiring its investment units, reports the Wall Street Journal. The new deal, still being negotiated late last night, would not involve monetary support from the federal government. More »
- Citi Suit Blocks Wells' Wachovia Deal
  
  Reuters | Oct 5, 08 8:00 AM CDT
  
  (Newser) - In a victory for Citigroup, a New York Supreme Court judge has halted a deal by Wells Fargo to buy Wachovia until further notice, announced Citi executives. The decision prolongs Wachovia’s earlier agreement to deal only with Citigroup as it battles with Wells Fargo to purchase the sixth-biggest US bank, Reuters reports. Wells Fargo argues that its deal is legal and best for Wachovia and taxpayers. More »
- Citi May Seek to Recover Wachovia Deal
  
  Wall Street Journal | Oct 4, 08 9:05 AM CDT
  
  (Newser) - Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that Wachovia’s deal with Wells Fargo violated an “exclusivity agreement,” the Wall Street Journal reports. “This is complete misconduct,” says a Citi exec. More »
- Citi Demands Wells Fargo Give Wachovia Back
  
  Bloomberg | Oct 3, 08 11:43 AM CDT
  
  (Newser) - Citigroup is seeking to nullify the Wells Fargo takeover of Wachovia announced this morning, Bloomberg reports. Citi claims the $15.4 billion deal violates an exclusivity agreement it had worked out with Wachovia early this week. "Citi has substantial legal rights regarding Wachovia and this transaction,'' the bank said in a statement. More »
- Wells Fargo Buys Wachovia for $15.4B, Trumps Citigroup
  
  Wall Street Journal | Oct 3, 08 7:17 AM CDT
  
  (Newser) - Wells Fargo will buy struggling bank Wachovia in a $15.4 billion takeover, reports the Wall Street Journal . The deal was announced today and comes just days after Wachovia had reached an agreement to sell its banking operations to Citigroup. The Wells Fargo purchase requires no government assistance, and the San Francisco bank will buy 100% of Wachovia, while Citigroup only wanted a fraction. More »
September 2008
- Battered Wachovia Shops for Buyers
  
  Wall Street Journal | Sep 27, 08 11:31 AM CDT
  
  (Newser) - Wachovia is in a new round of talks with potential buyers, reports the Wall Street Journal, courting Citigroup, Wells Fargo, and Spain’s Banco Santander to help guard it from the financial market crisis. While the bank says it’s not in immediate danger, shares at Wachovia, which holds a $120 billion mortgage portfolio, dropped 27% yesterday on the news of Washington Mutual’s failure. More »
- Alitalia Gets Reprieve as Pilots Back Takeover Deal
  
  Bloomberg | Sep 27, 08 10:43 AM CDT
  
  (Newser) - Alitalia, the bankrupt Italian air carrier on the brink of collapse, got a reprieve today when its pilots agreed to a government-backed takeover bid by a team of business executives, Bloomberg reports. Pilots’ unions joined ground staff in approving the plan, which calls for 3,000 job cuts and longer hours for the same pay. Flight attendants’ unions are still in talks with the CAI business group. More »
- JPMorgan Chief Had Long Drooled Over WaMu
  
  Seattle Times | Sep 26, 08 2:45 PM CDT
  
  (Newser) - The failure of Washington Mutual was an opportunity for JPMorgan Chase CEO Jamie Dimon, who long held a desire to buy the bank, the Seattle Times reports, and saw its large West Coast presence as particularly attractive. Now Dimon, who incorporated Bear Stearns earlier this year, has used the credit crisis to build the largest bank in the US. More »
- JPMorgan Buys WaMu After Regulators Seize It
  
  Washington Post | Sep 25, 08 7:43 PM CDT
  
  (Newser) - Federal regulators seized Washington Mutual tonight and sold nearly all of its operations to JPMorgan for $1.9 billion, the Washington Post reports. It is the largest bank failure in US history. WaMu, previously the nation's largest savings and loan, had been reeling from bad mortgage loans and put itself up for sale last week. The feds took action because no serious bidders emerged. The move averts a government bailout of the bank's depositors. More »
- Shareholders OK Delta-Northwest Merger
  
  Atlanta Journal-Constitution | Sep 25, 08 2:45 PM CDT
  
  (Newser) - Shareholders of Delta and Northwest voted nearly unanimously today to approve the airlines' merger, the Atlanta Journal-Constitution reports. With shareholders in agreement, federal antitrust regulators must now approve the deal. A Justice Department decision is expected late this year, but labor issues remain. Dozens of workers protested today outside the Northwest shareholders’ meeting in New York, shouting, “What do we want? No merger!” More »
- WaMu Looks to Private Equity as Bank Teeters
  
  Wall Street Journal | Sep 25, 08 8:52 AM CDT
  
  (Newser) - Washington Mutual is hoping private equity will save the bank after its efforts to broker a sale to another financial institution came to nothing. Both the Carlyle Group and Blackstone are considering a takeover of WaMu, insiders tell the Wall Street Journal , although a deal is not yet assured. Many banks, from Santander in Spain to JPMorgan Chase and Citibank, have been reluctant to take on WaMu's troubled loans. More »
- Mitsubishi's $8.4B Will Buy Up to 20% of Morgan Stanley
  
  Bloomberg | Sep 22, 08 10:13 AM CDT
  
  (Newser) - Japan’s Mitsubishi UFJ Financial Group has agreed to invest as much as $8.4 billion in Morgan Stanley, Bloomberg reports, in exchange for a stake of 10%-20% in the investment bank. The move by Mitsubishi—which last week said it planned to steer clear of investing in US banks—sent Morgan Stanley stock up 12% in early trading. More »
- Markets Give Morgan Stanley Breathing Room on Merger
  
  Reuters | Sep 19, 08 3:10 PM CDT
  
  (Newser) - Morgan Stanley presses on with merger negotiations, but the beginning of a recovery in financial markets today means the bank will have more time to weigh options, Reuters reports. Talks continue with Wachovia and China Investment Corp., among others, but the firm "feels that it can slow down the timetable” in order to make the right choice, a source said. More »
- Morgan Stanley, WaMu Edge Closer to Deals
  
  Bloomberg | Sep 19, 08 3:07 AM CDT
  
  (Newser) - Two of the biggest financial institutions in the midst of the market turmoil are moving closer to hammering out deals. Washington Mutual's suitors are believed to include Citibank, JP Morgan and Bank of America, insiders tell Bloomberg, while Morgan Stanley and Wachovia have stepped up merger talks, reports the New York Times . Morgan is also in separate talks with the China Investment Corporation. More »
- Morgan Stanley, Wachovia Explore Possible Merger
  
  Wall Street Journal | Sep 17, 08 6:39 PM CDT
  
  (Newser) - Morgan Stanley, one of the two big investment banks left standing in the economic rubble, is exploring a merger with Wachovia or another bank, the Wall Street Journal reports. Morgan Stanley officials have had preliminary talks with the other institutions as they scramble to shore up the company's plunging stock price. More »
- Cox Has Neutered SEC's Watchdog Role
  
  Portfolio | Sep 17, 08 4:37 PM CDT
  
  (Newser) - Under chairman Christopher Cox, the US Securities and Exchange Commission has drastically reduced the power of its enforcement division, Portfolio reports. Cox was brought in to “chill it out” after his predecessor was perhaps too zealous for White House tastes. Congress chided Cox for essentially turning down more funding, and penalties against offenders last year were a third of those in 2005, when Cox took office. More »

Stories 61 - 80 of 342

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This image released by The Field Musem in Chicago shows a painting...

This image released by The Field Musem in Chicago shows a painting... (Getty Images)

US NEWS GATORWRESTLERS 1 FL

US NEWS GATORWRESTLERS 1 FL (KRT Photos)

The Yahoo tent at the Consumer Electronics Show (CES) is seen in Las Vegas, Monday, Jan. 7, 2008. Battered by slow revenue growth and the popularity of social networking Web sites, Yahoo! Inc. is poised to lay off hundreds of workers, according to published reports. (AP Photo/Paul Sakuma)

The Yahoo tent at the Consumer Electronics Show (CES) is seen in Las Vegas, Monday, Jan. 7, 2008. Battered by slow revenue growth and the popularity of social networking Web sites, Yahoo! Inc. is poised... (Associated Press)

El gráfico muestra el precio de las acciones y ganancias de Microsoft Corp. y Yahoo Inc.; 2c 96,3 mm x 153,5 mm

El gráfico muestra el precio de las acciones y ganancias de Microsoft Corp. y Yahoo Inc.; 2c 96,3 mm x 153,5 mm (Associated Press)

This combination of two photos shows Microsoft founder Bill Gates, left, and Yahoo CEO Jerry Yang. Microsoft Corp. on Friday, Feb. 1, 2008 pounced on slumping Internet icon Yahoo Inc. with an unsolicited takeover offer of $44.6 billion in its boldest bid yet to challenge Google Inc.'s dominance...

This combination of two photos shows Microsoft founder Bill Gates, left, and Yahoo CEO Jerry Yang. Microsoft Corp. on Friday, Feb. 1, 2008 pounced on slumping Internet icon Yahoo Inc. with an unsolicited... (Associated Press)

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Background

Mergers and Acquisitions
Wikipedia

The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to...

» Read more about Mergers and Acquisitions at Wikipedia

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