Short shrift for minorities in Delaware
The legislature of the United States state of Delaware this year made it easier to squeeze out minorities after a takeover. In Australia, we call this compulsory acquisition.
Buffett offers an unusual defence of JPMorgan’s Dimon
Warren Buffett offered an unusual defence of Jamie Dimon, comparing the billions of dollars that JPMorgan Chase has paid in fines to state troopers handing out a speeding ticket.
America Movil drops €7.2bn KPN bid
America Movil, Mexico’s giant telco group, has abandoned further European expansion plans for now as a shareholder group for Dutch telco KPN raises the stakes against the bidder.
Higher bank hedging costs to hit borrowers, business
Rising global capital charges associated with over the counter derivatives will be felt by borrowers and businesses, leading bankers have told a Sydney conference.
Bank of America profit surges, exceeding expectations
Bank of America reported a sharp rise in third-quarter earnings, but its mortgage operations faltered, underscoring that home loans remain a challenging business for the nation’s banks.
Britain starts formal probe of currency manipulation
The UK Financial Conduct Authority has started a formal investigation into whether a number of companies manipulated the forex market.
US shutdown
The deadline for the US to avoid default is looming large but there are few signs of a resolution to the bitter budgetary dispute. For the very latest from Washington DC, we’re joined by the Financial Review’s US Correspondent John Kehoe.
M&A
| Pos | Name | Value ($m) | No | % share |
| 1 | Goldman Sachs | 21,940 | 25 | 28.2 |
| 2 | Macquarie Group | 21,179 | 23 | 27.2 |
| 3 | Lazard | 13,901 | 9 | 17.9 |
ECM
| Pos | Name | Value ($m) | No | % share |
| 1 | UBS | 4,712 | 25 | 35.3 |
| 2 | Macquarie Group | 2,069 | 23 | 15.5 |
| 3 | Goldman Sachs | 789 | 9 | 5.9 |
DCM
| Pos | Name | Value ($m) | No | % share |
| 1 | Westpac | 19,506 | 69 | 16.6 |
| 2 | ANZ | 17,504 | 99 | 14.9 |
| 3 | Commonwealth Bank of Australia | 14,265 | 53 | 12.1 |
Syndicated Loans
| Pos | Name | Value ($m) | No | % share |
| 1 | ANZ | 9,316 | 89 | 13.2 |
| 2 | Westpac | 8,180 | 67 | 11.6 |
| 3 | National Australia Bank | 7,906 | 69 | 11.2 |
Latest ASX takeover announcements
| IVA | 17/10/13 | NDRC Approval Received |
| IVA | 17/10/13 | Notice of Fulfilment of NDRC Bid Condition |
| IVA | 17/10/13 |
ASX Announcement of Chinese NDRC Approval
|
| TRU | 16/10/13 | TRU - Release of Perpetual Scheme Booklet |
| WCB | 16/10/13 |
Target's Statement
|
| APK | 15/10/13 | APG: Offer Closed |
| KEN | 15/10/13 | GDY: Completion of Sending of Bidders Statement |
| ELT | 14/10/13 | Notice under S650F |
| ELT | 14/10/13 | Offer For Rockwell Minerals Limited Closed |
| AVI | 14/10/13 |
TOV: AVI Avalon Minerals Limited - Final Orders
|
Bega bid inferior to Saputo offer: Warrnambool
The board of takeover target Warrnambool Cheese & Butter Factory has dismissed Bega Cheese’s $370 million offer as inferior to Saputo’s bid, while continuing to question Bega’s timing and the value of its shares.
Citigroup's profit misses estimates on weak fixed income
Updated | Grappling with a tepid mortgage market and a broad slowdown in its fixed-income business, Citigroup reported disappointing third-quarter earnings growth.
JPMorgan reports third-quarter loss on legal costs
JPMorgan Chase, America’s largest bank, reported a third-quarter net loss of $US380 million as it continued to grapple with a raft of regulatory and legal woes.
Latest ASX capital announcements
| BKP | 17/10/13 |
Prospectus Non Renouceable Rights Issue
|
| BKP | 17/10/13 | Appendix 3B |
| BKP | 17/10/13 |
1 for 4 Non-Renouncable Rights Offer
|
| WIN | 17/10/13 |
Completion of Acquisition and Partial Allotment
|
| WIN | 17/10/13 | Appendix 3B |
| WIN | 17/10/13 | Appendix 3B |
| QNL | 17/10/13 | Letter to Option Holders |
| QNL | 17/10/13 | Non-Renounceable Rights Issue |
| QNL | 17/10/13 | Appendix 3B |
| RIE | 17/10/13 | Appendix 3B |
OzForex shares post stellar gain on debut
Updated | Shares in foreign exchange platform OzForex Group rocketed 28 per cent higher in their first day of trading on the local bourse, in the strongest sharemarket debut by a small to mid-sized company this year.
All toll roads lead to the same place
Inside the deal | How the deal for bankrupt Brisbane toll road, the Clem7 tunnel, unfolded, ending in Queensland Motorways $618 million purchase.
OzForex floats over private bid
Inside the deal | Private-equity interest was high for this Aussie success story but, in a race against time involving aircraft and a lime-green Mustang, bankers from Macquarie and Goldman secured a listing.
