Oct. 16, 2014, 3:41 PM
- Goldman Sachs (GS -2.6%) moved to get into the ETF business in late September, filing to launch a series of actively-managed ETFs, but that may not be fast enough, as Reuters reports the bank is in discussions to acquire IndexIQ.
- Should Goldman pull it off, it could be in the ETF business within months.
- IndexIQ at the moment offers ETFs in five sectors: Hedge fund replication, commodities, real estate, real return & inflation hedge, and international.
- On the company earnings call earlier today, Goldman CFO Harvey Schwarz spoke of the bank's willingness to make acquisitions if the deal was right.
Oct. 5, 2014, 4:56 PM
- Becton Dickinson (NYSE:BDX) will acquire CareFusion (NYSE:CFN) for $12.2B in cash and stock in a merger of medical-products makers.
- CareFusion shareholders will receive $49 in cash and 0.0777 BDX share for each CFN share, based on BDX’s Oct. 3 closing price.
- BDX expects the deal will add “double-digit” EPS accretion in its first full year.
- BDX has $9.1B in fully committed bridge funding from Goldman (NYSE:GS).
- The price represents a 26% premium to CFN’s Oct. 3 closing price of $46.17.
- BDX CEO Vincent Forlenza: “BD’s acquisition of CareFusion allows us to align our highly complementary technologies and products to address unmet needs in the growing $20 billion global medication management industry, which leverages BD’s world-wide infrastructure. It accelerates BD’s transition from a product-focused company to a customer-centric provider of innovative healthcare solutions with leading scale across the medication management value chain and expanded solutions for patient safety.”
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Feb. 15, 2014, 12:13 PM
- Tyson Foods (TSN) made an offer for Michael Foods, according to Bloomberg.
- The prepared foods business is owned by the P-E arm of Goldman Sachs (GS).
- Inside sources think more bids in the neighborhood of $2B could come in from food companies and other P-E firms.
- Michael Foods sells products under a number of brands that would be a good fit for Tyson - including Simply Potatoes, Papetti’s Easy Eggs, and Crystal Farms cheese.
Feb. 12, 2014, 4:50 AM
- Goldman Sachs (GS) and Deutsche Bank (DB) are looking to exit an area of operations that not that many people know they're involved in: trading supplies of raw uranium, which is also known as yellow cake.
- Between them, the companies have built up stockpiles of low-grade uranium larger than those held by Iran.
- However, with scrutiny of banks' physical-commodities trading increasing and uranium demand low following the Fukushima disaster, the firms are looking to sell their uranium trading desks.
- Australian bank Macquarie (MCQEF) is reportedly interested in Goldman's operations, which are called NUFCOR.
Nov. 27, 2013, 7:32 AM
- Danaher (DHR) and Blackstone (BX) have reportedly joined together to bid for the water-treatment unit of chemicals manufacturer Ashland (ASH) in a deal that could exceed $1.5B.
- Other suitors vying for the business include Apollo (APO) and Goldman Sachs' (GS) private-equity arm.
- The move for the Ashland ops is the second deal that Danaher and Blackstone are working on, with the companies also looking to acquire J&J's clinical diagnostics unit, which could attract $4B.
Aug. 25, 2013, 2:45 AM
- BATS Global Markets (BATS) is reportedly in advanced negotiations to merge with Direct Edge Holdings in an all-stock deal that would create the second-largest exchange operator in the U.S. in terms of shares traded, putting it behind the NYSE (NYX) but ahead of Nasdaq (NDAQ).
- BATS CEO Joseph Ratterman is expected to become the head of the new firm, while Direct Edge boss William O'Brien would become president. The companies plan to continue operating all four of their U.S. stock-exchange platforms after the merger.
- Both firms are profitable, with BATS earning EBITDA of $101M in 2012.
- Direct Edge's owners include KCG Holdings (KCG), Goldman Sachs (GS), Citadel and the International Securities Exchange. Those of BATS include KCG also, as well as Bank of America (BAC), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), JPMorgan (JPM) and Morgan Stanley (MS).
Aug. 21, 2013, 2:47 AM
- Lloyds (LYG) has agreed to sell German life insurer unit Heidelberger Leben for £250M to a joint venture of private equity group Cinven and Hannover Re.
- The U.K. bank expects the sale to lead to a loss on disposal of around £330M, but combined with other divestments, should strengthen the group's common equity tier 1 capital by around £400M.
- The deal is part of Lloyds' strategy of "rationalizing its international presence." (PR)
- Separately, Lloyds has also agreed to sell a portfolio of leveraged loans to Goldman Sachs (GS) unit ELQ Investors II for at least £254M. The portfolio mainly comprises U.K.-based assets in a range of sectors, including manufacturing and retail. (PR)
Jul. 16, 2013, 7:00 AMThe $4.7B buyer of Smithfield Foods (SFD) - Shuanghui International - plans a Hong Kong IPO after closing the purchase, reports Reuters, with sources saying Hong Kong would place a higher valuation on the company than exchanges elsewhere. The move would provide an exit route for Shuanghui's P-E investors, including Goldman Sachs (GS). | Comment!
Jun. 3, 2013, 5:31 AMThe General Motors Building in Manhattan has become the most valuable office property in America after the families of Chinese property developer Zhang Xin and Brazil's Safra banking empire acquired a 40% in the 50-story skyscraper for $1.4B. The sellers were a group of Persian Gulf interests, some of whom are represented by a Goldman Sachs (GS) fund. The other 60% is being retained by Boston Properties (BXP). Reports of the deal, which values the GM Building at $3.4B, follow news that Carlyle is selling a 27-story Manhattan building for $1.3B. | Comment!
May. 31, 2013, 3:08 AMLloyds (LYG) will make a handsome profit from a portfolio of U.S. mortgage bonds after agreeing to sell the assets to different institutions for £3.3B. That's above the book value of £2.7B, allowing Lloyds to make a pretax gain of £540M. One of the buyers is Goldman Sachs (GS), which is paying £200M for MBSs with a book value of £170M. Lloyds' shares are +0.5% in London. (PR) | Comment!
May. 30, 2013, 3:06 AMFiat (FIATY.PK) is reportedly in negotiations with major banks to borrow up to $10B that the Italian carmaker would use to acquire the 41.5% of Chrysler it doesn't own and refinance the two companies' debt at lower interest rates. The banks include Bank of America (BAC), Deutsche Bank (DB), Goldman Sachs (GS) (GS) and BNP Paribas (BNOBF.PK). Fiat's purchase of the holding is being held up by a legal dispute over the value of the stake. | 3 Comments
May. 1, 2013, 9:49 AM
Mar. 8, 2013, 5:46 AMChinese investors are in talks to acquire a 40% holding in the General Motors Building in Manhattan in a deal that would value the 50-story skyscraper at $3.4B, including debt, making it the most valuable tower in the U.S. The investors, who are led by the family of Soho China CEO Zhang Xin, would acquire the holding from a Goldman Sachs (GS) fund that represents Persian Gulf interests. The owner of the other 60% is Boston Properties (BXP). | Comment!
Feb. 15, 2013, 7:38 AM"The Goldilocks era of post-crisis M&A has never been an if, but a when," says JPMorgan (JPM) vice-chair James Lee. "CEOs are declaring that day has come." Including the Berkshire buy, $40B in deals were announced yesterday and $140B this month. Transaction volume is up 27% Y/Y vs. an 8% slump for 2012. It should mean sweet profits for the newly lean banks. | 8 Comments
GS vs. ETF Alternatives
Goldman Sachs Group Inc is a investment banking, securities and investment management firm. Its segments include Investment Banking, Trading and Principal Investments, Asset Management and Securities Services.
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