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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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Private equity-owned ION Investment Group has been named as the high bidder of the two that have made last minute bids to beat Temenos in the race for UK trading technology company Fidessa.
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Moody’s has slapped a downgrade review on UK engineering group GKN’s Ba3 rating following the successful hostile takeover bid from industrial conglomerate Melrose.
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Euro PP market players are growing confident that widening spreads and growing volatility in the unrated and high yield public bond markets will drive an increase in the average deal size in their market in the coming six months.
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A pair of gatecrashers have burst into Temenos’ £1.4bn bid for UK trading technology firm Fidessa, with one party offering a 5% premium to the existing deal from the Swiss banking software company.
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Commodity trader Glencore has ramped up the size of its short term revolver by almost $4bn between syndication launch and signing, with dozens of banks piling into the refinancing exercise in the latest example of deal starved lenders scrabbling for places to put money to work.
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Schuldschein market participants expect an uninspiring pipeline for the next few months as the hangover of 2017's pre-funding spree is felt in the first half of this year. But traditional arrangers hope the itch to win mandates is satisfied by a search for borrowers from new regions, and not a scurry down the credit spectrum.