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Corporate transactions
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Takeovers
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When buyers and sellers can’t agree on price, how can advisers bridge the gap?
One of the biggest issues blocking M&A is pricing. Sellers are still keen, but clinging to pre-crunch valuations, while uncertainty makes buyers nervous. Price expectation gaps are a dealbreaker, so what are advisers doing to get deals done? This article first appeared in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty 'Coming to an agreement', in March 2010.
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Far from being risky, emerging markets are in many ways a safer haven than developed countries. Jerome Booth of Ashmore Investment Management says we need to radically rethink our approach to risk and uncertainty. This article first appeared as 'Where’s the risk?' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in April 2010.
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Reform of CGT exit charge rules in the UK government’s Finance Act this year will see changes to the structuring of M&A transactions, says Deloitte’s Carol Hindle.
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How should companies, advisers and investors involved in M&A best tackle the risks involved?
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Andrew Rinaldi led a $955m disposal in North America.
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The infrastructure sector has driven India’s economic resurgence since 2009. Ali Syed and Shaurya Doval of Zeus Capital explain how the sector has avoided the issues plaguing other nations and why it will continue to thrive. This article first appeared as 'An infrastructure-led resurgence' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in June 2010.
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Buyers and investors need good transitional arrangements in place in ‘carve-out’ deals.
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Clydesdale and Yorkshire Bank’s prudent strategic approach paid off during the global financial crisis, Paul Shephard, head of Corporate & Structured Finance, tells Marc Mullen. This article first appeared as 'The thrill of the chase' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in May 2010.
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Despite the caution of the past two years among corporates, Ernst & Young’s latest report on the prospects for M&A shows a more positive outlook. Has the tide turned?
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High commodity prices fuelled mining M&A through to the middle of last year, but faltering confidence resulted in a cautious second half for the sector. John McKenna looks at the prospects for another rich seam of deals.
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Brazil shows the many opportunities – and potential pitfalls – for M&A in emerging markets.
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Erich Sieber, Geneva-based partner at Inventages, the life sciences, nutrition and wellness-focused venture capital firm, describes how a food business fits perfectly with the firm’s strategy of backing innovation
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New French and Dutch legislation on the taxation of overseas subsidiaries.
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Robert Gillespie director general of the Takeover Panel, will be the Corporate Finance Faculty’s guest at a forum to discuss proposed important changes to the UK’s Takeover Code, in London on 20 May.
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M&A is back on the menu in the pubs, bars and restaurants sector.
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Despite continued economic uncertainty, most asset management firms have stopped fire fighting and are focused on their strategic plans for the medium term. For many, that could spell a strategic tie-up. By Dawn Cowie.
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Insurance firms have been too wrapped up in preparations for new Solvency II regulations to focus on M&A activity, but the tide may be turning. In the second of three features on the financial services sector, Dawn Cowie looks at M&A trends in insurance.
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Anyone who observed – rather than invested in – the dot-com boom will remember it with fondness. It was a crazy, high-octane time. This article first appeared in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in May 2010.
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Power generation has many interesting dynamics driving M&A but March Mullen asks is this de-risked sector de-risked enough for investors looking for a safe bet. This article first appeared as 'Powering Ahead' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in November 2010.
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Automotive M&A has held up, driven by public money. But with sales volumes down and developed economies still struggling, Marc Mullen asks what the future holds for M&A among OEMs and their supply chain. This article first appeared as 'Gearing up for M&A' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in May 2010.
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Although 2009 was starved of M&A activity in the food and drink sector, the hunger for consolidation is now back and is intensifying, says Mark Mullen. This article first appeared as 'A recipe for deals' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in March 2010.
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Although it may not seem to be the case at the moment, every cloud does have a silver lining. Tough times often provide outsourcing companies with the opportunity to flourish.
It varies from project to project, but analysts estimate that the private sector can provide services 20%-30% cheaper than the state. This article first appeared as 'A window of opportunity' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in October 2010.
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Phil Burns, managing partner of Clearwater Corporate Finance, tells how they helped entrepreneur Gary Dutton MBE make the most of a window of opportunity to sell his business to private equity. This article first appeared as 'Badge of honour' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in May 2010.
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Piers Linney, joint-CEO of Outsourcery, is a former investment banker and venture capitalist. In 2007 he teamed up with former colleague Simon Newton to acquire DSG International’s telecommunications business, Genesis Communications. This article first appeared as 'Badge of honour' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in April 2010.
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When the flotation of Investec’s longest-running investment was pulled, a Finnish food manufacturer came to the rescue. By Brian Bollen.
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After a poor end to 2010, M&A dealmakers in the UK are confident that activity and value will increase in 2011, according to separate surveys for Corbett Keeling and Deloitte. This article first appeared as 'Peering through the gloom' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in February 2011.
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While the first quarter of 2010 was notable for the low number of high-value deals in the European financial services market, there are chinks of light, according to the European Financial Services M&A Insight from PricewaterhouseCoopers (PwC). ‘The expected pick-up in financial services M&A activity has not yet materialised with deal levels remaining subdued across Europe,’ said PwC partner Nick Page. ‘However, M&A volumes will experience a recovery during the year, with the ongoing restructuring of European banking a key driving force.’
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In 2009, Darren Boocock, a Birmingham- based corporate finance partner at Deloitte, set about selling three construction products businesses as part of a refinancing and restructuring of Acertec. This article first appeared as 'Badge of honour' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in December 2010.
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There have been mixed messages for M&A in the first quarter of the year. Global M&A had its best quarterly performance since 2007, with $717bn of deals being announced, according to the latest statistics from Thomson Reuters – 58% up on Q1 2010 ($512bn). Deals involving European targets reached $180bn, two-thirds up on 2010 when $109bn worth of M&A was completed in the first quarter.
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John Oliver, regional corporate director in Barclays’s structured asset-based lending team, tells how the bank delivered a groundbreaking deal for Carphone Warehouse that has got the ABL world talking. This article first appeared in Corporate Financier as 'Badge of honour', magazine of the ICAEW Corporate Finance Faculty Faculty home page], in September 2010.
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Regulatory changes may prove to be a double-edged sword for corporate finance – the changes could drive activity in financial services but raising the finance needed to complete transactions will be tougher. By Dawn Cowie. This article first appeared as 'City limits' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in February 2011.
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Corporate acquirers can benefit from their shareholders’ know-how to boost M&A.
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BDO: Trade buyers drop multiples for private-company acquisitions.
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England’s North West is a hotbed of corporate finance activity.
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Teresa Geraghty, business development manager at Venture Finance, relished the challenge of putting together an asset-based lending package in just five weeks, after Discovery Foils’ approach to a high-street bank was met with some hesitation.
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The theory was that certain emerging economies were decoupled from the global economy, floating above the mire and, in the case of the Middle East & North Africa (MENA), floating on an ocean of oil. This article first appeared as 'Fraying threads' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in December 2010.