Wachovia Corporation (NYSE: WB) could announce a capital infusion of several billion dollars from outside investors as early as Monday, people familiar with the matter said. While final terms of the deal are still being worked on, the Wall Street Journal reported that the bank is expected to receive between $6B-$7B, in return the investor group would receive shares priced at roughly $23-$24 per share.
According to people familiar with the matter, the Wall Street Journal reported that Deutsche Bank AG (NYSE: DB) is seeking to sell as much as $20B in debt to a 'collection of investors,' which include private-equity firms.
In a deal that values Global Ship Lease at about $500M, the Wall Street Journal reported that Marathon Acquisition Corp. (AMEX: MAQ) is expected to acquire a majority stake, or 66%, in the firm that acquires and charters vessels to container shipping companies.
Activist investors are moving in on Circuit City Stores Inc (NYSE: CC), which is expected to result in a change of management as the company's turnaround efforts have failed and many investors have jumped ship, according to the Wall Street Journal's "Heard on the Street".
The mining industry is consolidating, Business Week noted, and investment pro Richard Steinberg, sees Anglo American Plc (NASDAQ: AAUK) as a possible takeover target due to its sizable deposits of platinum and ferrous and nonferrous metals.
Perfect World Co Ltd (NASDAQ: PWRD), a big player in China for online gaming, has seen its share price shoot up to $37 in October, up from $16 back in July, Business Week reported, and then slide back down to $21.90, attracting investors again.
Business Week reported that investors are flocking to overseas investments and opportunities as they have become spooked by Bear Stearns' collapse, and the prospect of a protracted U.S. financial crisis or recession. John Maloney, president of M&R Capital Management says it makes sense to put money in non-U.S. investments, particularly in Liberty Global Inc (NASDAQ: LBTYA), a major cable company.
The controlling shareholders of Dow Jones & Company Inc (NYSE: DJ) -- the Bancrofts -- are still debating whether or not to accept Rupert Murdoch's New Corporation's (NYSE: NWS) $5B offer to buy the company, and the debate is still too close to call, reported the Wall Street Journal.
Dutch bank ABN Amro Holdings NV's (NYSE: ABN) boards today refused to endorse either of two competing bids for the bank, effectively taking a neutral position on the issue, reported the Financial Times.
OTHER PAPERS:
Theme park operator Cedar Fair Entertainment (NYSE: FUN) has reportedly entered into quick- moving negotiations with investment firm Destiny Capital Solutions about a $4.1B takeover of the theme park operator, reported the New York Post.
Actions Semiconductor Co., Ltd. ADS (NASDAQ:ACTS) was the only noteworthy initiation today. Shares of the fabless semiconductor company were started with an Outperform rating and $10 target at Pacific Crest. The firm believes Actions is a cheap way to play the world's largest MP3-controller vendor.
OTHER INITIATIONS:
Lazard started Immunomedics, Inc. (NASDAQ:IMMU) with a Buy rating and $6 target.
SuperValu, Inc. (NYSE:SVU) was initiated at Morgan Stanley with an Equal Weight rating.
CIBC started Cameco Corp. (NYSE:CCJ) with a Sector Outpeformer rating, with expectations for uranium demand to stay robust.
HSBC Holdings initiated shares of Liberty Global, Inc. (NASDAQ:LBTYA) with an Overweight rating.
AG Edwards initiated Spectra Energy Corp. (NYSE:SE) with a Hold rating.
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General Motors (GM), Ford (F) going to $1
Average U.S. gasoline price falls to $1.99 and is likely to drop more
The RIM BlackBerry Storm launches on Verizon Wireless to mediocre fanfare
