CORPORATE DEALS | CORPORATE INSOLVENCY

I am Kubi Michael Udofia, a PhD-er and an incorrigible Corporate Deal Junkie! This is my "Diary" of Corporate Deals and Bankruptcy/Insolvency Law

Nigerian drinks firm Chi weighing options including a $1bn sale | Reuters [read more]

Nigerian drinks company Chi Ltd is exploring options including a potential sale that could value it at as much as $1 billion, according to sources familiar with the matter.

A sale of Chi, part of the unlisted conglomerate TGI Group, would be the latest investment opportunity in Africa’s burgeoning food and drink sector for multi-nationals seeking to cash in on the continent’s emerging middle class […]

Medical device maker Cooper Companies plans to buy contact lens-maker Sauflon Pharma for $1.2bn.
Cooper companies plans to finance the proposed deal through off-shore cash and credit facilities.

UK to post 'strongest growth in G7' | BBC [read more]

The UK economy will grow faster in 2014 than any other G7 economy, while low wage rises will ensure interest rates do not rise until next year, an influential report has forecast.

UK GDP will hit 3.1% this year, spurred by strong capital investment by businesses, the EY Item Club said.

AT&T Inc has sold its equity in America Movil to billionaire Carlos Slim-controlled  real estate company Inmobiliaria Carso for $5.57bn. The stock comprises of 72.8 million “L” shares and 5.74 billion “AA” shares.
Carlos Slim’s firms and family already control more than 50% of America Movil’s voting stock and the acquisition will allow him tighten his grip on the giant Mexican telecoms company.
U.S. chemicals maker PPG Industries Inc has agreed to buy paints maker Consorcio Comex SA de CV in a deal valued at  $2.3bn. The deal follows the failure of an earlier  planned sale to U.S. rival Sherwin-Williams Co. The sale had fallen through twice due to its rejection by Mexico’s federal competition authority on the ground that it would create unfair market conditions.The PPG deal is still subject to regulatory approvals. Privately held Comex has 8 manufacturing plants and 6 distribution centres and had sales of about $1 billion in 2013. Pittsburgh-based PPG operates in nearly 70 countries around the world. Last April its board authorised a $2bn share repurchase agreement. The Comex deal is expected to help expand its paints offering in Mexico and Central America.
Google Inc has bought four-year-old streaming music service Songza service. Songza creates “expert-curated” music playlists intended to match users’ activities and tastes.Although the financial terms of the deal has not been disclosed, it is estimated to be worth around $15m. The deal is expected to aid Google in its bid to play a bigger role in the fast-growing online music business.

Malaysia Airlines to 'file for bankruptcy or go private' in turnaround plan | Independent [read more]

Embattled Malaysia Airlines could file for bankruptcy this week as it struggles to stay afloat after two tragic disasters in less than six months.

The airline is due to present a turnaround plan later this week to Khazanah Nasional, Malaysia’s sovereign wealth fund which holds a majority stake […]

Credit Suisse Posts Biggest Loss Since 2008
Brady Dougan, chief executive officer of Credit Suisse Group AG, pauses during an interview following a news conference in Zurich, Switzerland, on Tuesday, July 22, 2014.
Bloomberg News reported:
Credit Suisse Group AG said it will abandon commodities trading as a $2.6 billion fine to settle a U.S. tax investigation pushed the Swiss bank to its biggest quarterly loss since 2008.
The bank’s net loss in the second quarter was 700 million Swiss francs ($779 million), compared with a profit of 1.05 billion francs a year earlier and a 691 million-franc estimate from analysts. Zurich-based Credit Suisse posted higher-than-forecast earnings at the investment bank and lower profit in wealth management even as it attracted more net new money from rich clients than analysts had estimated.

Photographer: Matthew Lloyd/Bloomberg
 © 2014 Bloomberg Finance LP

Investar Holding Corporation (ISTR) celebrates its July 1st #IPO by ringing the #NASDAQ Opening Bell! Investar Holding is the parent company of Investar Bank

(Source: nasdaq)

Malaysia Airlines may need government rescue | CNN Money [read more]

Just four months after Flight 370 disappeared, a second Malaysia Airlines plane crashed Thursday over eastern Ukraine with 298 passengers and crew on board.

While details of Thursday’s tragedy are still emerging, it appears the Boeing 777 carrying Flight 17 was shot down by a surface-to-air missile.

The airline was already neck deep in financial trouble before Flight 370 disappeared on March 8. The second disaster will pile on the pressure.

Microsoft is to cut up to 18,000 jobs — with about 12,500 in Nokia’s mobile division, which it bought for $7.2bn (£4.2bn) in April. The jobs cut is the deepest cuts in the technology firm’s 39-year history. The firm presently employs 127,000 globally.
The proposed job cuts are much more severe than the 6,000 initially expected. Microsoft had planned to cut $600m (£350.8m) per year in costs within 18 months of closing the acquisition of Nokia’s mobile division last April.
In addition to saving costs, the cuts is expected to reduce layers of management and “accelerate the flow of information and decision-making.” The compensation for workers may gulp between $1.1bn to $1.6bn (£643m to £935m).

Tobacco stocks up in smoke - CNNMoney

(Source: jumbiz)

How to Start a Business in 10 Days - EntrepreneurMagazine

(Source: jumbiz)

In case you’re wondering which companies report earnings tomorrow…

Single currency for West Africa postponed to 2020 | PT [read more]

The Central Bank Governors in the Economic Community of West African States, ECOWAS, have accepted a proposal to shift the full implementation of the sub-regional monetary integration project till 2020.

The proposal was made by the ECOWAS Heads of State and Government.

The confirmation of the decision is expected to be made public at the end of the West African Monetary Zone, WAMZ, meeting holding in Abuja […]