CORPORATE DEALS, FINANCE & INSOLVENCY

Kubi Michael Udofia Ph.D., |Fervid Corporate Deal Junkie| This is my "Diary" of Corporate Deals, Finance and Insolvency

"We will emerge from this as one of the biggest independent oil companies in Brazil. It will be almost debt free and will be a producing oil company."
Paulo Narcelio, CEO of Oleo e Gas Participacoes SA formerly known as OGX Petroleo e Gas Participacoes SA, claiming that the firm which filed Latin America’s largest-ever bankruptcy-protection petition a year ago, should complete the procedure by April.
RIP Christophe de Margerie a.k.a. Big Mouthasche, 63, CEO of Total from February 2007 - October 2014.
“Total confirms with deep regret and great sadness that chairman and CEO Christophe de Margerie died just after 10pm (Paris time) on October 20 in a private plane crash at Vnukovo airport in Moscow, following a collision with a snow removal machine.” - Total

BREAKING: Total CEO De Margerie Dies in Moscow Plane Crash, Interfax Says | Bloomberg News

Christophe de Margerie, chief executive officer at Total SA, Europe’s third-largest oil company, died in a Moscow plane crash.

The 63-year-old CEO died at Moscow’s Vnukovo airport when a business jet crashed, Interfax said citing an unidentified law enforcement official. All four people on the plane died and were French citizens […]

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Australia's Medibank IPO seeks $4.8 billion, Asia's biggest listing this year | Reuters

Australian state-owned health insurer Medibank Private Ltd said it is planning an IPO worth up to $4.8 billion - a listing that is set to be Asia Pacific’s biggest this year and to draw strong interest from domestic and international investors.

While Australia’s share benchmark index has slid some 6 percent from a record closing high marked in September, the listing of the nation’s largest health insurer is still expected to cap a big year for Australian IPOs […]

Read more…

Weblink: List Of The World's 20 Most Valuable Brands In 2014 | CNN Business

"I think that there are certain broad principles, which are quite well settled. The first is that, as far as possible, he who has proved a breach of a bargain to supply what he contracted to get is to be placed as far as money can do it, in as good a situation as if the contract had been performed.
the fundamental basis is thus compensation for pecuniary loss naturally flowing from the breach; but this first principle is qualified by a second, which imposes on a plaintiff the duty of taking all reasonable steps to mitigate the loss consequent on the breach, and debars him from claiming in respect of any part of the damage which is due to his neglect to take such steps.”
Haldane LC in British Westinghouse Electric and Manufacturing Co. Ltd v Underground Electric Railway Co. of London Ltd. [1912] AC 673

"I think that there are certain broad principles, which are quite well settled. The first is that, as far as possible, he who has proved a breach of a bargain to supply what he contracted to get is to be placed as far as money can do it, in as good a situation as if the contract had been performed.

the fundamental basis is thus compensation for pecuniary loss naturally flowing from the breach; but this first principle is qualified by a second, which imposes on a plaintiff the duty of taking all reasonable steps to mitigate the loss consequent on the breach, and debars him from claiming in respect of any part of the damage which is due to his neglect to take such steps.”

Haldane LC in British Westinghouse Electric and Manufacturing Co. Ltd v Underground Electric Railway Co. of London Ltd. [1912] AC 673

Will the Real Warren Buffett Please Stand Up? - Bloomberg TV

(Source: jumbiz)

"Where two parties have made a contract which one of them has broken, the damages which the other party ought to receive in respect of such a breach of contract should be such as may fairly and reasonably be considered either arising naturally i.e. according to the usual course of things, from such breach of contract itself, or such as may reasonably be supposed to have been in the contemplation of both parties, at the time they made the contract, as the probable result of the breach of it."
Alderson B. in Hadley v Baxendale (1854) 9 Exch 341

"Where two parties have made a contract which one of them has broken, the damages which the other party ought to receive in respect of such a breach of contract should be such as may fairly and reasonably be considered either arising naturally i.e. according to the usual course of things, from such breach of contract itself, or such as may reasonably be supposed to have been in the contemplation of both parties, at the time they made the contract, as the probable result of the breach of it."

Alderson B. in Hadley v Baxendale (1854) 9 Exch 341

Chiquita has rejected a $1.3bn (£808m) offer from Brazilian firms Safra Group and Grupo Cutrale on the ground that it is “not in the best interest of shareholders” according to a statement by the US firm.
Accordingly, Chiquita intends to proceed with its earlier merger deal with Irish banana producer Fyffes and has encouraged shareholders to approve the deal.
A merger will create the world’s largest banana company and will effect a relocation of the firm’s headquarters to tax-friendly Ireland. Shareholders will vote on that proposal on 24 October.

Chiquita has rejected a $1.3bn (£808m) offer from Brazilian firms Safra Group and Grupo Cutrale on the ground that it is “not in the best interest of shareholders” according to a statement by the US firm.

Accordingly, Chiquita intends to proceed with its earlier merger deal with Irish banana producer Fyffes and has encouraged shareholders to approve the deal.

A merger will create the world’s largest banana company and will effect a relocation of the firm’s headquarters to tax-friendly Ireland. Shareholders will vote on that proposal on 24 October.

Atara Biotherapeutics is now trading on @NASDAQ. Welcome to the #NASDAQ Family $ATRA!
See the best small companies in America.

Apple unveiled its newest devices and operating system today!


Here are some details about the newest iPad’s features:

  • Improved face detection 
  • Improved retina display
  • Single-shot HDR photos
  • HDR videos
  • Touch ID
  • Ultra-fast wireless

Pre-orders begin tomorrow and start shipping out by the end of next week.

It also showed off a new iMac with 5K Retina Display, an updated Mac Mini and rolled out OS X Yosemite for commercial download. 

Apple Pay on new iPhones will launch next Monday.

ICYMI, check out cnb.cx/ipad for full details of the launch event!

(Source: cnbc)

I’ve just realised AbbVie will have to pay a whopping $1.6bn to Shire as break-up fee following its resolve to back out of its $54bn acquisition of the Jersey-registered, Irish-headquartered global specialty biopharmaceutical firm. 
The acquisition was primarily driven by tax advantages. However the tax advantages have been diminished by the recent introduction of new rules by the US Treasury to curb tax inversions.

I’ve just realised AbbVie will have to pay a whopping $1.6bn to Shire as break-up fee following its resolve to back out of its $54bn acquisition of the Jersey-registered, Irish-headquartered global specialty biopharmaceutical firm.

The acquisition was primarily driven by tax advantages. However the tax advantages have been diminished by the recent introduction of new rules by the US Treasury to curb tax inversions.

AbbVie Board Recommends Shareholders Reject $54bn Shire Acquisition | Deal Book

The biggest corporate takeover of the year has essentially been called off. In the wake of new rules penalizing inversions, AbbVie has walked away from its bid to acquire Shire, the Irish drug maker, for $54 billion.

Late Wednesday, AbbVie, the pharmaceutical company based in Illinois, said it would recommend that its shareholders vote against approving the deal in the event that it is put to a vote […]

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Royal Dutch Shell has agreed to sell a Nigerian oil block, Oil Mining License 29, and an associated pipeline, to a consortium led by Taleveras Group in a deal valued at $2.5 billion.
Taleveras Group is an oil trading firm established in 2004 by 39 year-old Nigerian multi-millionaire businessman Igho Sanomi. The company trades over 100 million barrels of crude oil and several million tons of gasoline, LPG and jet fuel annually.