Business News » deal

Allied World buys Transatlantic for 3.2 billions USD

viliyana89 — Mon, 13 Jun 2011 11:59:16 +0000

Allied World Assurance Co Holdings agreed to buy Transatlantic Holdings for 3.2 billion dollars in shares, creating a specialist insurer and reinsurer with a wider range and product offering. The shareholders of Transatlantic, which once was controlled by American International Group Inc, will receive 0.88 shares of Allied World, or 51.10 dollars per share, up 16.1 percent over the value of the shares of Transatlantic closing Stock Exchange Friday. The deal would allow New York-based Transatlantic to transfer its headquarters in Switzerland, which is based Allied World and which is preferable in terms of taxes, said a source familiar with the situation. The deal is supported by a management team of the Transatlantic. Chairman of the Board of Directors of Allied World and CEO Scott Karmilani will be president and CEO of the new company. The CEO Robert Transatlantic Eagles will retire at the conclusion of the transaction, which is expected in the fourth quarter of this year. AIG had a majority stake in Transatlantic, before being forced to sell it as part of efforts to pay his debts to the U.S. government. The experts have already predicted more deals of reinsurance, particularly in Bermuda, predicting that the weak pricing environment will encourage well-capitalized companies to merge. But such deals are relatively rare, partly because of the “social problem” which lead to United Companies, which is often baffling. Allied World and Transatlantic held negotiations on-one, started earlier this year, the source said.
Because of the desire of eagles to withdraw the announcement of the transaction may cause the emergence of an offer from another candidate for merger. The United companies will operate under the umbrella of a holding company named TransAllied Group Holdings, which offers specialized insurance and reinsurance products and services through two brands – Transatlantic Reinsurance and Allied World Insurance. Transatlantic Shareholders will own a 58% of the new company, while the rest of the shareholders of Allied World. Both the board of directors have approved the transaction. The new company will have a 11-member board of directors, 6 of the places in it are representatives of the Transatlantic, the rest – the representatives of Allied World. The total invested assets of the new structure are worth $ 21 billion, securities – worth about 7 billion and total capital – 8.5 billion dollars.

Swedish court blocked the deal between BP and Rosneft

viliyana89 — Fri, 25 Mar 2011 10:50:25 +0000

The BP’s plans for historic alliance with Russia’s state oil company Rosneft for exploration and drilling for oil in the Arctic were sunk after a court blocked the deal. The Swedish court ruled that the deal violates a previous agreement – that the creation of TNK-BP. It is an association between BP and a group of Russian billionaires, which has exclusive rights to the BP operations in Russia. The Russian group of shareholders in TNK-BP, which are united in a club known as Alfa-Access-Renova (AAR), accused BP, that violates the agreement, which according to them requires both parties to develop new projects in Russia solely by TNK-BP association . It AAR and BP held 50%. The court decision is a blow for British oil giant and Bob Dudley, the new CEO of the company, which claimed that the deal announced in January, is an important component of the growth strategy of BP at a time when the company tries to recover from crash Gulf of Mexico in the spring of 2010. BP said it was “disappointed that one good for Russia, Rosneft and BP agreement can not be implemented in its current format. The company said they still hope to make Rosneft agreed to exchange shares for $ 16 billion, which is part of the deal. BP may make this exchange until 14th April.
The two companies have agreed to Rosneft received 5% of the shares of BP in exchange for approximately 9.5 percent stake in Rosneft. The decision is a victory for billionaire Russian partners in BP in TNK-BP, who insist that the deal with Rosneft violates their rights as shareholders. AAR announced that the court’s decision means that BP “may not carry out any part of the deal with Rosneft.
“BP can not enter into any future agreements with Rosneft, who have any strategic component,” said a statement from AAR. The sources close to BP say the deal with Rosneft in no case is lost. “We believe the transaction is strategic for BP and Rosneft. The decision leaves open the possibility of future negotiations with AAR. It is disappointed but not surprised, “said a source close to the British company.

The saga between Volkswagen and Porsche ended

viliyana89 — Thu, 03 Dec 2009 23:46:58 +0000

The saga between Volkswagen and Porsche SE kinship company is about to end. The acquisition of 49.9% of the capital of the manufacturer of sports cars from Volkswagen should be finalized with the signing of the deal. This, according to Reuters agency needs to happen next week, citing information from VW. The company did not specify the exact day and time. The manufacturer of cars people buy shares of the company Porsche AG, which belongs to the holding of Porsche The car Holding SE, which is controlled by the families Porsche and I drank. VW will pay 3,9 billion euros for 49.9 percent of shares Porsche AG. Now Volkswagen is one of the most successful owners of well-marketed brands of cars with a Porsche will make a decisive step towards the top, “said Chairman of the Board of Directors of Martin Vinterkorn VW. The new group will own the rights to 10 brands, among them also VW and Porsche, are world famous Audi, Bentley, Bugatti, Skoda, Seat and Lamborghini. Although not a majority shareholder, VW will expand its supplies Porsche. Currently hull of Panamera and Cayenne models are produced by Volkswagen. For years the situation has undergone radical reversal. A year and a half Porsche sought to obtain full control over Volkswagen, to have unrestricted access to key components and technologies of models for which VW is copyrighted and patent rights. Ultimately, Porsche managed to get just under half the shares in Volkswagen.
But then Porsche owners were forced to turn for help to Volkswagen, having failed to secure financing. Thus the investment plan of Porsche has turned against the authors. The company fell into financial difficulties and was forced to take a 10 billion euro loan.

The deal for Volvo stopped

viliyana89 — Thu, 22 Oct 2009 18:15:41 +0000

The deal for selling of the Swedish car manufacturer Volvo, which is owned by Ford, the Chinese firm Geely for $ 2 billion may fail, warns agency Bloomberg, citing its own sources, without revealing their names. Geely is negotiating the purchase of Volvo by Ford for about 10 months. On another round of talks, which are currently kept in London, both sides try to reach agreement on patent rights. U.S. company wants to obtain from Geely guarantee that it will use the development of Volvo, which Ford intends to use in their future models. «Volvo is a fully integrated strategy for development of Ford’s total production and it is important to negotiate a development will remain where designers of the Swedish brand,” Bloomberg quotes a participant in the negotiations. According to consulting firm CSM Worldwide, which is one of intermediaries to deal with the Chinese if the negotiations fail, Ford will retain control over the Volvo and will not seek a new buyer will even take steps to improve the condition of its subsidiary. The negotiations were complicated because of the arrest last week for theft of technical documentation from the U.S. manufacturer of Chinese citizen Syan Dong Yu He spent 10 years as an engineer at Ford.
According the to U.S. magistrates Chinese intended to use the copied information on some of Ford technology to the new job, and some even sell a Chinese car manufacturers.

Solvay sold Pharmaceutical Sector to Abbott

viliyana89 — Mon, 28 Sep 2009 12:34:58 +0000

The Board of Directors of Solvay decided to sell its pharmaceutical sector and signed a contract for sale with Abbott. This decision is the result of thorough strategic analysis of the future of pharmaceutical activities, which were made in recent months. We explained the rationale for this analysis earlier this year, and now we want to get back on some key elements. More than 30 years, Solvay has decided to diversify its activities through pharmaceuticals. This decision was not accidental, but well-considered strategic initiative in response to the changing business environment. This strategy paid. The pharmaceutical sector has contributed significantly to the sustainable and beneficial growth of the group Solvay. Today again we face a rapidly changing environment, as in the pharmaceutical industry and in chemical and plastic industries. The current economic situation further accelerate the need for further change. We, the management team, we consider our duty to assess the impact of these factors on our business and our ability to cope with them by sending the recommendation to the Board. As we explained in April, I had to do an analysis of future development of the pharmaceutical sector. We had a clear understanding that the final decision after this analysis will be one of the most important in the last 30 years for group Solvay. Therefore, the analysis was extremely thorough, as is assessing which option would provide the best prospects for the Group and all its subsidiaries. Resist pressure to take quick decision and spent his time it was considered necessary.
What does it mean in practice the contract of sale with Abbott? The first priority is to complete the transaction and ensure a smooth transition. Transaction is expected to be completed in the first quarter of 2010, leaving to obtain approval of relevant competition authorities. Meanwhile, the “Abbott” will develop a plan for transition. Under the terms of this agreement all employees of the sector Pharmaceuticals’ of Solvay will be transferred to the “Abbott”, maintaining the current operating conditions.

IBM bought software company for 1.2 billion USD

viliyana89 — Tue, 28 Jul 2009 12:59:18 +0000

Technological giant IBM has decided to acquire the maker of SPSS statistical software for the amount of 1.2 mrld. dollars, the amount will be a cash transaction Bloomberg.In this way forward to assess the shares for $ 50 kompainyata number. The acquisition will allow IBM to expand its portfolio of business analytic software. The company’s products are used in wide areas prediction and statistics, the two companies in developing their partner different application software for several years now. The SPSS shares yesterday closed at a price of 35.09 dollars in cash.
It is expected that the finalization of the transaction to the end of 2009

Amazon.com buys rival for 1 billion USD

viliyana89 — Thu, 23 Jul 2009 20:12:14 +0000

The largest site for online sales Amazon.com buy similar Portal – Zappos.com, which is specialized in selling shoes, transmit Reuters. The price of the transaction is 927.9 million dollars. The internet merchant Zappos.com is popular in the U.S. with a high level of service, free delivery and ability to back consumer goods purchased. For the past year the company made a revenue of around 1 billion dollars and operating profit of 40 million dollars. The U.S. analysts comment that the step was taken after the failed launch of its own site Amazon.com for the sale of shoes – Endless.com, which was presented in 2007. The deal for Zappos.com continue to amaze all the analyzers, who claim the internet market is getting some decrease in financial crisis.
Amazon.com began to consecrate as the largest internet marketplace.

VW approved the deal with Porsche

viliyana89 — Thu, 23 Jul 2009 20:02:18 +0000

The Supervisory Board of the German car-building giant Volkswagen agreed to create a new global automotive force a two-step acquisition of the legendary company Porsche sports vehicles for 8 billion. It is recalled that the two countries reached agreement this step at the beginning of the week. Volkswagen initially expected to take 49.9 percent of the Porsche, and later to acquire and share the rest. Under the agreement announced CEO of Volkswagen Martin Winterkorn said that the road is now open for the creation of a united group, Volkswagen Portia “while preserving the independence of the disputed mark. The new company will be “great power” in the car-building business world notes Vinterkorn cited by DPA, which refer BNR.
Earlier today, the Supervisory Board of Porsche has approved a plan to increase capital to 5 billion euros, which provides Qatar.

Volkswagen buys Porsche for 8 billions EUR

viliyana89 — Tue, 21 Jul 2009 15:20:51 +0000

The family of Porsche that owns the company has negotiated with relatives of the family Piyh who possess Volkswagen, to sell 49.9 percent of its share of 8 billion euros. The owners of the company Porsche SE have agreed last Thursday, July 16 to sign the contract for the sale of sports cars for $ 11.28 billion, writes in his new number of the German magazine Der Spiegel, quoted by Reuters. In preliminary information only signing is scheduled for July 23, when under the hat of Volkswagen will have 10 brand. Agency Reuters states that the deal will help the company to Porsche SE settled a large part of its obligations to unofficial data amounted to 10 billion euros. According to the magazine Der Spiegel of a Director General and the holding of a public company and Porsche will be built Maht Michael, director of existing manufacturing issues. He should change Vendelin Videking which is among the most expensive paid managers and was employed by the manufacturer of luxury cars, two years before, to save the company. He however could not find in Arab investments from Abu Dhabi and Qatar. According to German magazine Videking will receive compensation amounting to 100 million euros. However, he refuted by allegedly agency DPA that the left post.
Saga between the two companies continues to relatives for several years but had a sharp and unexpected turn for the economic crisis. Ten times less than last year, Porsche has managed to put the giant within its control, but dipped into huge debts due to stagnation in the banking sector and get continually becoming more difficult to service.