Former AIG strongman Hank Greenberg is keeping up his steady stream of bull-horn bravado against what he says are fire sales at his old firm, of which he still owns 10 percent. But is anybody listening? The bailout bill shot from $80 billion to $150 billion in just a couple of months. Greenberg’s latest complaint, […]
Posted on January 7th, 2009 by
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2008 had the largest number of cancelled deals ever, and the year isn’t even over yet.
Kuwait’s decision to pull out of a $17.4 billion petrochemical joint venture with Dow Chemical could hinder the chemical company’s plans to buy rival Rohm & Haas.
The company had planned to use the proceeds from the JV to repay a […]
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Kuwait’s decision to walk away from a $17.4 billion joint venture with Dow Chemical could hurt the prospects for the company’s $15.3 billion takeover of Rohm & Haas. But there could be other losers, too.
According to Thomson Reuters, Citigroup and Merrill Lynch advised Dow on the Kuwaiti deal and could lose some fees now that it […]
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A company in the U.S. auto industry fails — and the government steps in as savior. Yet again. That’s right. Santa visits the automakers this year while the Grinch steals taxpayers’ Christmas.
The Bush administration is buying $5 billion in equity in GMAC – the finance arm owned by GM and Cerberus Capital Management. The Treasury has also […]
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American Greetings evidently found the perfect way to smoothe over a tiff.
Recycled Paper Greetings agreed to be bought by the second-largest U.S. greeting card maker, which was attracted to the smaller rival’s “witty, funny and fresh content.”
The agreement comes after a spat in September, when American Greetings said on an earnings conference call that it […]
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It doesn’t look like 2009 is going to be a happy new year for the chemicals sector.
LyondellBasell Industries, the world’s third-largest independent chemicals company, has told lenders it is considering filing for bankruptcy protection amid plunging sales and a cash crunch, the Wall Street Journal said, citing people familiar with the matter.
The company is one […]
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For M&A bankers, 2008 is perhaps best remembered using the catchphrase of Comic Book Guy from The Simpsons: “Worst. Year. Ever.”
Dealmaking reached record lows in 2008, dominated by cancelled deals. At the start of 2009, questions linger about several companies, executives and deals. Most notably, though, there is a big question mark over private equity.
Last […]
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The Fed donned the red suit on Christmas eve for GMAC, giving the troubled auto finance company the nod to become a bank holding company.
The speedy approval should not come as a surprise, given that GMAC lends to consumers and GM depends on the finance company to sell cars — factors that could make its survival seen as […]
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