UPDATE 1-Market Chatter -- Corporate finance press digest
LONDON, June 17 (Reuters) - The following corporate
finance-related stories involving U.S. and European companies
were reported by media on Wednesday:
* Ocado, a British online grocery retailer, is considering a
flotation on the stock exchange next year, the Times said. The
newspaper said the group -- 29 percent owned by the pension fund
of employee-owned retailer John Lewis [JLP.UL] -- is worth an
estimated 600 million pounds ($986.2 million).
* British budget hotel chain Travelodge says it has investor
backing for a 100 million pound ($164.5 million) fund to buy
struggling hotels, one of its executives told the Times.
[nLH721357]
* Barclays () is in regular talks with its Japanese
investor Sumitomo Mitsui Banking Corp () over a wealth
management alliance in Japan, the head of the British bank's
wealth management division said in an interview in the Financial
Times. [ID:nLG549751]
* Real estate tycoon Donald Trump has made a bid to buy New
Jersey casino operator Trump Entertainment Resorts Inc
(), which in February logged its third bankruptcy
filing, the Wall Street Journal reported. [ID:nN16310890]
* Sapient Corp () is buying U.S.-based Nitro Group
LLC, an independent advertising agency, for a combination of
cash and stock valued at about $50 million, the Wall Street
Journal said, citing a person close to the deal. [ID:nBNG166173]
* Private bank Sal. Oppenheim is considering selling its
28.6 percent stake in bankrupt German retailer Arcandor
(), German newspapers reported on Wednesday.
[ID:nLH331394]
* Volkswagen () Chairman Ferdinand Piech opposed a
swift agreement with Qatar at a meeting of Porsche ()
owner families on Monday that would see the Gulf state taking a
stake in Porsche, Financial Times Deutschland reported, citing
no sources.
Volkswagen has mapped out ways for Porsche to overhaul its
strained finances without the Emirate of Qatar taking a voting
stake in the luxury sports car maker and talks on the matter are
being held by the two companies, Platow Brief reported, citing
unspecified sources. [PSHG_p.DE-E] [VOWG.DE-E]
* Kohlberg Kravis Roberts & Co (KKR), CVC Capital Partners
and TPG [TPG.UL] are interested in buying part of Anheuser-Busch
InBev NV's () operations in central and eastern Europe in
a deal that could be worth more than $2.5 billion, the Wall
Street Journal said, citing people familiar with the matter.
[ID:nBNG469191]
* Royal Bank of Scotland () chief executive Stephen
Hester has warned that while the worldwide financial economy is
recovering, losses from loans secured against property in the
banking sector could hamper growth for years, The Times said.
* Clive Cowdery's Resolution () investment vehicle will
look to make an initial acquisition in the range of 5-7 billion
pounds, using its shares to fund part of the deal, the Financial
Times said. [ID:nLG416049]
* National Express () is in talks with lenders to
renegotiate terms on a portion of its 1.2 billion pound debt,
amid concerns the bus and rail operator could breach loan
covenants in December, the Financial Times said.
* Clinton Cards () is set to re-acquire 140 Birthdays
stores after it placed the loss-making subsidiary into
administration last month, The Independent said.
(Compiled by Quentin Webb; Editing by Dan Lalor and David
Holmes)
Full article
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