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Pharmaceuticals and energy transition also ripe sectors for M&A
Munich-based company's deal is one of five launched this month
Big deal joins light supply in January
Bankers say deals are still being launched and believe international rivalry can be negotiated
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Andrew Hollingworth, a portfolio manager at Holland Advisors and shareholder in Sports Direct, has urged Mike Ashley, the sports retailer’s owner, to pay more attention to corporate governance. But had Hollingworth known about the US private placement market’s experience of dealing with Ashley — in this case over debt owed by one of his other businesses, Newcastle United FC — he might have campaigned for it even more strongly.
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Pfizer has agreed to spin off its off-patent drug business Upjohn and merge it with generic drug company Mylan, in an all-share deal that will still see $12bn of debt raised.
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US company International Game Technology (IGT) has amended and extended its bank credit lines, with the gaming company stretching out the maturity but cutting the total amount available on its dollar and euro denominated debt.
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The UK’s Future has agreed to buy US B2B publisher SmartBrief for up to $65m, with the specialist media group planning to draw down on its existing debt facilities to finance the acquisition.
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Fraport, which operates Frankfurt airport and has stakes in several other airports, has entered the Schuldschein market for a second time this year, with an initial target of €200m.
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HSBC’s new global banking boss has quietly redesigned the division and fleshed out a cohesive corporate finance strategy that plays to its strengths, writes David Rothnie.