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dealReporter Risk Arbitrage Weekly Overview 28 October 2010 - 04 November 2010

Deal Reporter
04/11/2010
  • This morning BBVA announced Morgan Stanley, Goldman Sachs, Citigroup, Credit Suisse, J.P. Morgan, Nomura, Societe Generale and UBS Limited were underwriting its capital increase in connection with the stake acquisition in Turkey’s Garanti Bank.
  • The UK government this morning issued an intervention in News Corps bid for the remaining shares in BSkyB. This will require Ofcom to investigate the potential transaction with regards to the public interest for media plurality.
  • On Wednesday Intec Telecom Systems announced the latter’s shareholders had approved the scheme of arrangement with CSG systems International Inc , with a majority of 89.22% . The scheme is expected to become effective on the 30 of November.
  • On Tuesday Piraeus bank announced further details on its planned EUR 800m rights issue to be discussed and approved by an EGM on the 23 of November. In addition the company will be issuing EUR 250m worth of convertible bonds. Its intention to raise new capital had been announced on Friday the 29 October.
  • On Tuesday another Greek financial, Marfin Popular Bank, released to the market the proposal to raise EUR 489 through a rights issue. The issue is intended to be launched at ERU 1 per share and current shareholder will be entitled to 1 new share for every 2 currently held. It is also proposed that the company should issue convertibles up tot total of EUR 660m. The plan requires the approval of the Board of Directors by whom the proposal is to be discussed on the 11 November, and by a General Meeting of shareholders.
  • On Friday SOS Corporacion Alimentaria announced a three part capital increase. The increase is to be composed of EUR 237m convertible preference shares, EUR 200m cash capital increase and a EUR 159m capital increase to offset debt. Previous plans for a EUR 112m capital increase, which had been approved by shareholders earlier this year, were shelved.
  • Also on Friday Reckitt Benckiser announced that its offer for SSL was now unconditional. Reckitt had received valid acceptances representing approximately 86.24%. It is expected that the shares of SSL will cease to be listed and traded on the LSE from Monday, 29 November onwards. In the event that Reckit Benckiser, in the context of this offer, acquires more than 90% of SSL the company it intends to pursue a squeeze out of the remaining shares.
  • Friday also saw the announcement of another capital increase by Austria’s EVN. The company intends to raise EUR 173m in a right issue which would entitle current shareholders to one new shares for each 10 shares currently held, at a subscription price of EUR 11 per share.
  • Last Thursday Switzerland’s Schmolz + Bickenbach AG announced a right issue of a total value of CHF 297m. Shareholders would be entitled to subscribe to five new shares for each two shares they hold, at a price of CHF 3.97. These plans were approved by the Schmolz + Bickenbach EGM. Schmolz + Bickenback KG hold 70.16% in the company and had undertaken to participate in the capital increase.
    • application/pdf iconPress Release 04 Nov2010.pdf
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