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  • PE action is in distressed Australian assets | Business Spectator
    Hub Business Accelerators Webinars eBooks Menu PE action is in distressed Australian assets Brett Cole 12 Dec 2013 1 09 PM DataRoom Dealmakers Mergers Acquisitions Equity Capital Markets Industries Property While Oaktree and Apollo pursue Australia s distressed debt turnarounds Blackstone and KKR have shifted their buyout attention north to Asia leaving their Australian offices to focus on investment funds and real estate opportunities You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password The foreign private equity big game hunters of Australian assets are increasingly distressed debt investors with a loan to own strategy such as Oaktree Capital Management LLC rather than better known rivals Blackstone Group LP or KKR Co Blackstone and KKR have shifted their buyout attention north to Asia particularly potential deals in Japan and South Korea while continuing to build their China and India operations There are not the big public to private deals for the large American private equity firms in Australia these firms had hoped there would be says a senior investment banker The stock market is up and that means the premiums boards want from an acquirer make any transaction too expensive The S P ASX 200 Index has gained 25 per cent since January 1 2012 Buyouts of 750 million or upward get a lot of competition not only from overseas but from local private equity firms such as Pacific Equity Partners say bankers and private equity professionals Oaktree has been involved in the two most high profile takeovers of Australian assets in the last 18 months the 3 4 billion takeover of Nine Entertainment Co with Apollo Global Management LLC and the 400 million acquisition of Billabong International Ltd with Centerbridge Partners LP In contrast KKR has not done an Australian buyout deal since its 2006 acquisition of Brambles Industrial Services and Cleanaway Blackstone s last Antipodean deal was in 2011 when it bought New Zealand s Antares Restaurant Group the Burger King franchisee of the country In 2014 the paucity of large Australian buyouts may continue In the year to date the average size of an Australian merger or acquisition has been US 90 million down from US 106 million in 2012 according to Bloomberg data Deal volume and number of M A transactions have also fallen between 2012 and 2013 Bloomberg says there have been 1 144 M A deals so far this year worth US 70 37 billion compared with 1 385 transactions worth US 105 82 billion in 2012 The lack of M A volume has meant there is a cautious attitude from foreign vendors private equity towards Australia says a co founder of an Australian private equity

    Original URL path: http://www.businessspectator.com.au/news/2013/12/12/dealmakers/pe-action-distressed-australian-assets (2014-01-12)
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  • Paul Costello quits Blackstone | Business Spectator
    proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Paul Costello quits Blackstone Brett Cole 11 Dec 2013 9 18 AM DataRoom Dealmakers Industries Financial Services The former Future Fund chairman is departing the US private equity giant s Australia and New Zealand operations after two years You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Paul Costello the Australian and New Zealand chairman of Blackstone Group LP has handed in his resignation to the US private equity giant just two years after joining the firm There are no immediate plans to name a successor and no reason was given for his departure Costello the former general manager of the government s Future Fund and the former chief executive of New Zealand s government s superannuation fund was charged with securing Blackstone more mandates from Australia s 1 6 trillion superannuation industry Costello s departure was amicable says a Blackstone spokesman Blackstone Alternative Asset Management run out of New York by J Tomilson Hill III is the largest discretionary allocator to hedge funds with US53 billion 58 26 billion in assets under management The 91 71 billion Future Fund uses Blackstone Alternative Asset Management for its alternatives commodity oriented investing Since 2010 when it set up its Sydney office Blackstone has been an aggressive acquirer of properties under its head of real estate investing in Australia Paul Heller a former Goldman Sachs Group Inc real estate banker The firm has made 2 5 billion worth of real estate investments often in distressed properties such as shopping mall Top Ryde in Sydney s northern suburbs Blackstone is also an investor in distressed debt but has struggled to secure leverage buyout transactions in Australia like other giant private equity firms such as KKR Co LP The 27 per cent gain in the S P ASX 200 Index since January 1 2011 has made public to private buyouts too expensive for firms such as Blackstone and KKR Their Australian rivals such as Archer Capital and Quadrant Private

    Original URL path: http://www.businessspectator.com.au/news/2013/12/11/dataroom/paul-costello-quits-blackstone (2014-01-12)
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  • Westfield taps sporting connection | Business Spectator
    Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Westfield taps sporting connection Bridget Carter The Australian 5 Dec 2013 1 13 AM DataRoom Dealmakers Industries Property Retail Soccer ties seen in Westfield s link with advisor Rothschild You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Sporting connections keep on giving when it comes to securing major business deals That was demonstrated again yesterday with the Westfield restructure where there are soccer ties between Rothschild banking head Robert Leitao and the shopping centre giant s founding chairman Frank Lowy Working on the deal to merge Westfield Group s Australasian operations with Westfield Retail Trust have been investment banks UBS JPMorgan and Morgan Stanley as well as Rothschild Some say it raises the question about whether the soccer connection was a major factor Leitao is head of Rothschild s global financial advisory business based in Britain and also on the board of the English Premier League soccer club Manchester United Lowy is chairman of Football Federation Australia Rothschild was on the deal for Westfield Group with JPMorgan while WRT was advised by UBS and Morgan Stanley UBS Australia chief executive Matthew Grounds and its head of investment banking Guy Fowler are believed to have the WRT links for the bank while at Morgan Stanley the relationship with the company is with David Dixon the bank s real estate head At JPMorgan it is the head of investment banking Grant Dempsey who has the Lowy family relationship sources told The Australian The cost of the overall deal is 100m 150m but the carve up of the fees among the bankers would only be a small proportion of that amount a source said Print this page More from Bridget Carter The Australian 23 Dec Anchorage five cash in on

    Original URL path: http://www.businessspectator.com.au/news/2013/12/5/dealmakers/westfield-taps-sporting-connection (2014-01-12)
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  • Deutsche Bank names NZ chief | Business Spectator
    Biz Stone is looking to tap into the selflessness of others with his latest venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Deutsche Bank names NZ chief Brett Cole 2 Dec 2013 4 25 PM DataRoom Dealmakers Industries Financial Services Patrick O Rourke has succeeded Brett Shepherd as chief country officer of the German bank in New Zealand You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Deutsche Bank AG said in a statement Patrick O Rourke will take over from Brett Shepherd to become chief country officer for New Zealand Shepherd has become chief executive of Deutsche Craigs Ltd the partnership between the German bank and Craigs Investment Partners O Rourke was previously head of markets for New Zealand and is now head of illiquid credit Australia and New Zealand a role he will retain As chief country officer O Rourke will report to JT Macfarlane executive chairman Deutsche Bank Australia and New Zealand as well as Kevin Kosovich head of structured finance Australia and New Zealand Print this page More from Brett Cole 13 Jan Singh behind key KKR deal 13 Jan Financial Index to buy Centric Wealth for 130m 10 Jan Saputo pushes for Bega s Warrnambool stake 10 Jan Saputo tipped to extend Warrnambool offer 09 Jan Saputo s Warrnambool stake now 20 per cent Related articles 09 Jan Shell role underscores Merrill Lynch s Australian revival 07 Jan Carnegie to head Blackstone s Sydney office 23 Dec Anchorage five cash in on Dick Smith

    Original URL path: http://www.businessspectator.com.au/news/2013/12/2/dealmakers/deutsche-bank-names-nz-chief (2014-01-12)
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  • Canberra faces crunch time on M&A | Business Spectator
    article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Twelve years after a Liberal Treasurer blocked a high profile foreign takeover of a coveted Australian asset another member of his party has matched him In 2001 Peter Costello stopped Royal Dutch Shell Plc s planned 10 billion acquisition of Woodside Petroleum Ltd Joe Hockey s decision on Friday to block Archer Daniels Midland Co s proposed takeover of GrainCorp Ltd has those involved in the deal similarly upset as others were a dozen years ago over Shell and Woodside But in moments of reflection bankers and lawyers are hoping that Hockey s decision is not likely to be repeated China Australia s biggest trading partner will now be following developments in Australia especially closely Chinese state owned Yanzhou Coal Mining Co awaits approval to buyout minority interests in its unit Yancoal Australia Shenhua Group Corp Ltd another Chinese state owned company is on the short list to buy two New South Wales power stations that the state government wants to sell next year Hockey said that out of more than 130 foreign investment applications Archer Daniels takeover proposal was the only one he had rejected The Foreign Investment Review Board was divided on the matter he said They were split and I made a call in the national interest said Hockey Bankers and lawyers say Hockey s decision is less in the nation s interest than in the interest of the National Party the government s coalition partner whose support is almost entirely rural Australia s agricultural sector and now its national flag carrier are not shy about using the national interest argument to get what they want they say Murray Goulburn Co operative Ltd is prowling the halls of Canberra trying to bend the ear of policymakers to make them sympathetic to their argument that Warrnambool Cheese and Butter Factory Ltd should remain in the hands of an Australian firm and not a foreign one Canada s Saputo Inc This week Qantas Airlines Ltd s chief executive Alan Joyce played the foreign card in his efforts to garner government assistance in his airline s battle against Virgin Australia Holdings Ltd Joyce has invoked the spectre of foreign governments providing cheap money for Virgin If you muster inflammatory rhetoric about national interest then what is not off limits ask one adviser who worked on the aborted GrainCorp Archer Daniels deal It doesn t send a great message to the rest of the world Hockey must of course be fully aware of how his tenure as Treasurer will now be under the microscope from those in Beijing and on Wall Street He must prove in the words of his Prime

    Original URL path: http://www.businessspectator.com.au/news/2013/11/29/dataroom/canberra-faces-crunch-time-ma (2014-01-12)
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  • Edwards to run Lazard in Sydney | Business Spectator
    2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Edwards to run Lazard in Sydney Brett Cole 29 Nov 2013 2 19 PM DataRoom Dealmakers Industries Financial Services Lachlan Edwards will take over Lazard s Sydney office after the departure of two of the firm s four lead bankers You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Lachlan Edwards the former Goldman Sachs managing director who joined Lazard less than two months ago will run Lazard s Sydney office following the resignations of two lead bankers Tony O Sullivan and Garren Cronin Edwards a capital structure and debt restructuring specialist is now the senior Lazard banker in Sydney He joined Lazard at the beginning of October and reports directly to John Wylie the Melbourne based chief executive of Lazard Australia Lazard s senior Australian bankers are meeting in Sydney on Friday to map out their 2014 strategy In 2005 O Sullivan and Cronin founded boutique advisory firm O Sullivan Partners which was acquired by Lazard last year The two comprised half of the four lead Lazard bankers in Australia Wylie and Melbourne based Andrew Leyden are the two others according to the firm s own marketing material O Sullivan and Cronin have coexisted at times somewhat uneasily with Wylie who has sought to exert more control over the Sydney office than O Sullivan and Cronin may have liked after working together at their own firm for seven years Tony and Garren have made a real contribution to Lazard Australia Wylie said in a statement We appreciate their contribution and wish them well in their future endeavours Cronin will continue to be a consultant with Lazard into 2014 but O Sullivan is headed to London O Sullivan and Cronin declined to comment to DataRoom Print this page More from Brett Cole 13 Jan

    Original URL path: http://www.businessspectator.com.au/news/2013/11/29/dataroom/edwards-run-lazard-sydney (2014-01-12)
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  • Rothschild promotes senior bankers | Business Spectator
    Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Rothschild promotes senior bankers Brett Cole 29 Nov 2013 10 22 AM DataRoom Dealmakers Mergers Acquisitions Industries Financial Services The three Rothschild bankers have been named co heads of global financial advisory in Australia You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Rothschild s global financial advisory business in Australia has elevated three of its bankers to senior management roles as the firm seeks to strengthen its corporate relationships as it prepares for a pick up in deal activity and the future retirement of its local chairman Trevor Rowe Marshall Baillieu Gareth Cope and Bruce MacDiarmid will become co heads of Rothschild s business in Australia Rowe will remain executive chairman of Rothschild Australia and has no intention of leaving the firm in the foreseeable future Baillieu who advises mining companies Cope who covers consumer and industrial corporations and MacDiarmid head of utilities have worked together for almost a decade at the firm Rothschild has about 40 advisers working out of its Sydney and Melbourne offices advising on mergers and acquisitions restructurings and selected capital raisings In M A the firm has advised on seven deals this year that are together worth US 983 million according to Bloomberg data Rothschild is currently advising Mirabela Nickel Ltd on its restructuring and Saputo Inc on its bid to takeover Warrnambool Cheese and Butter Factory Ltd The firm has also submitted a proposal to become the government s business advisor on the scoping study of Medibank Private Ltd which will examine whether the health insurer should and could be sold to the public Print this page More from Brett Cole 13 Jan Singh behind key KKR deal 13 Jan Financial Index to buy Centric

    Original URL path: http://www.businessspectator.com.au/article/2013/11/29/dataroom/rothschild-promotes-senior-bankers (2014-01-12)
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  • Bega's colourfully-phrased banker gagged | Business Spectator
    took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Bega s colourfully phrased banker gagged Brett Cole 28 Nov 2013 10 57 AM DataRoom Dealmakers Industries Food and Beverages Takeovers Panel procedures mean investment banker David William s public comments are restricted You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password David Williams of Kidder Williams Ltd the banker to takeover hopeful Bega won t be allowed to make public comments on the Warrnambool Cheese and Butter Factory Ltd battle while Bega s application to challenge preferred bidder Saputo Inc is before the Takeovers Panel That will please Saputo advisers at Rabobank Group and N M Rothschild Sons who are fed up with what they see as the bankers representing rivals Bega Cheese Ltd and Murray Goulburn Co operative Ltd speaking publicly or sotto voce to undermine the Canadian takeover bid The main figure of much of their ire is Williams whose provocative colorful phrases have upset the studied cool of his rivals leading one irritated banker to question DataRoom s use of Williams puerile comments Williams has poked fun at Saputo s French Canadian origins by referencing frog s legs drawn attention to Lino Saputo Jr s private jet and even said Canada s Mounties that legend has it always get their man could not help the Montreal based company in its efforts to acquire Warrnambool Bega s bid is like its advertising real town real cheese real bid Williams said some weeks ago It s not a bid from Casper the friendly ghost Now Warrnambool Saputo and their fed up advisers may be in luck In accordance with the procedures of the Takeovers Panel Bega Cheese has provided the usual commitments in relation to confidentiality and no media canvassing Bega said in an ASX statement today Williams declined comment when contacted by DataRoom this morning Print this page More from

    Original URL path: http://www.businessspectator.com.au/news/2013/11/28/dealmakers/begas-colourfully-phrased-banker-gagged (2014-01-12)
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