Category Archives: Equity Markets

Investments of Macquarie Group Limited in West African Resources Ltd.

According to Yahoo Finance, Macquarie Group Limited (“Macquarie“) announces that, due to the recent acquisition of 40,545,224 options, as compensation for services in connection with a loan, it now has ownership of 40,545,224 options of West African Resources  Ltd (“West African Resources“), each warrant with a strike price of AUD 0.14. To Macquarie’s knowledge, this represents approximately 13.04% of the issued and outstanding shares of West African Resources, on a partially-diluted basis.

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Washington Trust Provides $2.6 Million in Financing for Walgreens Drugstore in Providence, RI

According to Yahoo Finance, Washington Trust’s Commercial Real Estate Group recently provided $2.6 million to Curo Elmwood, LLC, for the refinancing of a Walgreens drugstore located at 533 Elmwood Avenue in Providence, RI. The 2.13-acre property, well located in South Providence, provides customers with 13,930 square-feet of retail space including a pharmacy drive through window. Walgreen’s is the largest drugstore chain in the US, and the Elmwood Avenue location is currently one of the Company’s highest producing stores.

“With the heavy traffic on Elmwood Avenue and familiarity of the Walgreens name, this property is primed for continued success,” said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.

Curo Elmwood, LLC is managed by Curo Enterprises out of New York.

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M&A time — Discount’s top retailer but Monro’s buying spree rolls on

What took center stage in the tire retailing arena in the past year? That would have to be M&A — mergers and acquisitions — with more than 100 retail stores changing hands in more than a dozen transactions.

Monro Muffler Brake Inc. continued as the king of M&A, adding 61 stores in the past year through five acquisitions, moving into Florida and Michigan for the first time.

Pep Boys – Manny, Moe & Jack added 19 locations but lost its top executive, Mike O’Dell, who resigned Sept. 26 as the firm fell into the red in the first half of its current fiscal year. The Philadelphia-based auto service, tires and parts retailer named John Sweetwood, a director since 2002, to replace him as interim CEO.

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American, US Air will fight gov’t on merger

The Justice Department and a number of state attorneys general on Tuesday challenged a proposed $11 billion merger between US Airways Group and American Airlines’ parent company, AMR Corp.

US Airways shares fell more than 10 percent at one point in active trading. The two airlines strongly defended their combination.

An American Airlines plane (left) and a USAirways jetliner at Dallas-Fort Worth.

“We will mount a vigorous defense and pursue all legal options in order to achieve this merger and deliver the benefits of the new American to our customers and communities as soon as possible,” they said in a statement.

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MARKET REPORT: Footsie falters despite flurry of M&A news

In the first session of the week, a flurry of M&A news offered a welcome distraction from the dire economic consequences of the ever sliding price of crude oil and the run on commodities, but the Footsie nevertheless closed at a two-week low.

Vodafone fell 6.75p to 227.2p on unconfirmed reports the telecoms group is considering acquiring Liberty Media.

The Footsie closed to a two-week low yesterday as mineral-exposed companies fell

However, Balfour Beatty was in demand after receiving a £1billion approach for its lucrative Public Private Partnership division from the John Laing Infrastructure Fund, which intends to finance the offer with a major rights issue. Shares were up 7.8p to 191.1p.

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Spectrum Brands (SPB) Announces Completion of P&G’s (PG) European Pet Food Business Purchase

Spectrum Brands (NYSE: SPB) announced it has completed the acquisition of Procter & Gamble’s (NYSE: PG) European pet food business, consisting of the complementary IAMS® and Eukanuba® premium brands for dogs and cats. Financial terms of the accretive transaction were not disclosed. A definitive agreement was announced on September 23.

“The addition of these leading brands in an adjacent category better balances the product portfolio of our global pet business while significantly expanding its product offerings and geographic footprint,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings.

“We see major cross-selling opportunities given the strength of our existing aquatics and companion animal supplies business in Continental Europe and the particularly strong position of these dry pet food brands in the U.K.,” Mr. Lumley said. “Over the next few years, we also expect important synergies in overhead, SG&A, and manufacturing and distribution.”

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K.K.R. Sells Last of Alliance Boots Stake

The private equity firm Kohlberg Kravis Roberts & Company said on Wednesday that it had sold off its remaining stake in the British drugstore chain Alliance Boots.

The sale follows Monday’s vote by Walgreen & Company shareholders, who approved the acquisition of the 55 percent of Alliance Boots that Walgreen did not already own. The private equity’s firms shares were sold to the holding company that has now been formed, Walgreens Boots Alliance.

In 2007, Kohlberg Kravis, along with Stefano Pessina, who was Alliance Boots deputy chairman and its largest shareholder at the time, took the British company private in a $22 billion deal — Europe’s largest ever leveraged buyout.  The private equity firm invested $1.8 billion in Alliance Boots.

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