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Abu Dhabi National Oil Co. (Adnoc) has acquired Germany's Covestro for over $13 billion, marking a significant move into the chemical production industry. Adnoc, a major oil and gas producer, aims to transform into a fully integrated energy company similar to Exxon Mobil. Covestro is a leading producer of polymer materials used in various industries, and the acquisition gives Adnoc a market value of approximately $13.1 billion. Adnoc's challenge will be to revive Covestro's slumping sales and profits in the face of declining demand and prices for its products. [Extracted from the article]

Abu Dhabi National Oil Co. (Adnoc) is nearing a $13 billion deal to acquire Germany's Covestro, a major producer of polymer materials used in various industries. The deal is part of Adnoc's efforts to transform into a fully integrated energy company and expand into chemical production. Talks have been ongoing for over a year, with negotiations focused on price and job protections for Covestro employees. Adnoc's challenge will be to revive Covestro's slumping sales and profits in the face of underwhelming demand and prices for its products. [Extracted from the article]

Neuberger Berman, a U.S. asset manager, is close to finalizing a deal to purchase a minority stake in Nord Anglia Education, an international-school operator, for a valuation of $15 billion. The stake would be acquired from Nord Anglia's existing shareholders, including EQT and Canada Pension Plan Investment Board. Nord Anglia operates over 80 international day and boarding schools across 30 countries, including 11 schools in the U.S. with annual tuition fees ranging from $8,600 to almost $70,000. The deal would provide Neuberger Berman with a consistent source of income and exposure to the growth of the education market. [Extracted from the article]

Saudi Arabia is planning to sell $10 billion to $20 billion worth of stock in Aramco, the world's most valuable oil company, in order to raise funds for mega projects aimed at diversifying the economy beyond oil. The offering, if it proceeds, would alleviate near-term pressure on the kingdom. Saudi Arabia currently owns over 82% of Aramco, with the rest held by public investors. The size of the offering will depend on the appetite of international investors. [Extracted from the article]

CVC Capital Partners, a global buyout firm, plans to list its shares in Amsterdam in an initial public offering (IPO). The firm aims to raise at least ¿1.25 billion ($1.33 billion) by selling new shares and existing stock. CVC is seeking a valuation of ¿13 billion to ¿15 billion ($16 billion). The IPO comes after CVC's previous attempt in November was canceled due to market conditions. The listing will allow CVC to realize gains on its holdings, raise its profile, and support future fundraising efforts. CVC oversees ¿186 billion ($198 billion) in investments and has a significant presence in sports-related deals. [Extracted from the article]

Puig Brands, the owner of Jean Paul Gaultier, plans to conduct a $3.25 billion initial public offering (IPO) in Spain. The Barcelona-based beauty company, which also owns Carolina Herrera, Paco Rabanne, and Nina Ricci, intends to list on the Madrid and other Spanish stock exchanges. This IPO is part of a broader revival in European IPO activity. Puig plans to raise approximately EUR1.25 billion through the sale of new shares, with existing shareholders also selling shares valued at EUR1.75 billion. The company will use the proceeds to refinance acquisitions and fund future strategic investments. [Extracted from the article]

A recent surge in megadeals, including Capital One's $35.3 billion purchase of Discover Financial Services, suggests a potential revival in mergers and acquisitions (M&A) after a slump last year. The increase in deal activity is attributed to steadier interest rates and rising stock prices. However, dealmakers caution that the rebound could be fragile, and the M&A market remains vulnerable to factors such as upcoming elections and macroeconomic uncertainties. The dominance of the U.S. in M&A volume this year and the decline in Asian and European M&A volumes are also notable trends. [Extracted from the article]

Swiss building-materials company Holcim has announced plans to separate its North America business, which is valued at over $30 billion. The company aims to take its North American business public in the US in the first half of 2025, allowing investors to value the operation separately from the parent company's divisions in other regions. Holcim also plans to increase annual sales of the North America business from $11 billion to over $20 billion by 2030. The decision to separate the business comes as increased government spending on infrastructure in the US has boosted companies in the building-products sector. [Extracted from the article]

France's national lottery operator, La Francaise des Jeux (FDJ), has agreed to acquire Kindred Group, a Swedish online gambling company, for $2.7 billion. The deal will create one of Europe's largest online gambling companies and will accelerate FDJ's plans for international expansion. Kindred oversees nine gambling brands, including Unibet, and the acquisition will expand FDJ's operations in several European markets, as well as in Australia. The deal was supported by major shareholders, including Corvex Management, which had called for the possible sale of Kindred. [Extracted from the article]

Private-equity firms faced significant challenges in 2023, resulting in a decrease in dealmaking. High interest rates, shaky market conditions, and investor pullback all contributed to the decline. Private-equity deal activity dropped by approximately 40% globally, and leveraged buyouts decreased by about 25%. Despite the lack of deals, private-equity stocks performed well. However, firms struggled to access cheap debt and lock in profits from existing investments. Limited partners were frustrated by the lack of new deals and reduced returns, leading to some selling secondary stakes in private-equity funds. The stagnation in private equity has also affected Wall Street professionals, with expected bonuses being impacted. Some advisers are hopeful that interest rate cuts and rising stock prices could lead to a return of private-equity deals in 2024. [Extracted from the article]

Blackstone, a private equity firm, is in advanced talks to acquire U.K.-based software developer Civica for approximately $2.5 billion, including debt. This potential deal is part of Blackstone's strategy to expand its presence in the U.K. and Europe. Additionally, Blackstone, along with rival buyout firm Permira, has launched a tender offer for Adevinta, an Oslo-listed online-classifieds business. The decline in buyout activity in Europe due to higher interest rates and volatile markets may be stabilizing, potentially leading to more deal making. Civica, owned by Partners Group, specializes in software used in various sectors such as education, government, and healthcare. [Extracted from the article]

Teck Resources, a Canadian mining company, is in advanced talks to sell its coal assets to Glencore, a mining and trading giant. The deal, valued at close to $10 billion, would be one of the largest in the mining industry this year. The price reflects the strong market for metallurgical coal used in steelmaking. Glencore has been one of the few major resources groups to continue investing in coal, while other companies have reduced their exposure to the commodity due to pressure to reduce greenhouse gas emissions. [Extracted from the article]

Vista Equity Partners has agreed to acquire EngageSmart, a business-software company, in a $4 billion deal. EngageSmart develops cloud-based software used by clinicians to manage their practices and offers electronic-invoice technology for billing clients more efficiently. The company is controlled by General Atlantic, and Vista will purchase about 65% of EngageSmart while General Atlantic retains the rest. This acquisition is part of a series of recent deals for Vista, indicating a potential increase in buyer and seller agreement on sale prices. [Extracted from the article]

British billionaire Jim Ratcliffe is in talks to acquire a minority stake in Manchester United, valuing the soccer club at over $3.3 billion. The proposed terms would involve Ratcliffe acquiring 25% or more of the nonvoting shares listed on the New York Stock Exchange, as well as the equivalent amount of voting shares held by the Glazer family. Ratcliffe, who is the chairman and founder of Ineos petrochemical company, would oversee the team's operations and talent acquisition, while the Glazers would remain in charge of the commercial side of the business. The deal could be announced later this month. [Extracted from the article]

Earlier this month, the FTC agreed to end its legal challenge of the deal as part of a proposed settlement with Amgen, paving the way for the company's acquisition of Horizon to close as soon as next month. Florida-based Pentwater stands to be a large winner from the FTC's recent failed bid to block the Amgen-Horizon deal. Keywords: wsjfinance-eur; photo-illo; kwexclusive; Biotechnology Services; Pharmaceuticals; Computers/Consumer Electronics; Software; Applications Software; Toys/Games; Trusts/Funds/Financial Vehicles EN wsjfinance-eur photo-illo kwexclusive Biotechnology Services Pharmaceuticals Computers/Consumer Electronics Software Applications Software Toys/Games Trusts/Funds/Financial Vehicles N.PAG N.PAG 1 09/26/23 20230925 NES 230925 Pentwater Capital predicted that FTC attempts to block big deals would fail The efforts by Federal Trade Commission Chair Lina Khan to protect Main Street are inadvertently enriching some on Wall Street, generating outsize profits for Pentwater Capital Management and other large hedge funds that bet on merger deals. [Extracted from the article]

Keywords: wsjcorp; Semiconductors; Industrial Electronics; Industrial Goods; Technology; Corporate/Industrial News; SYND; WSJ-PRO-WSJ.com; CRH; CRG.DB EN wsjcorp Semiconductors Industrial Electronics Industrial Goods Technology Corporate/Industrial News SYND WSJ-PRO-WSJ.com CRH CRG.DB N.PAG N.PAG 1 03/08/23 20230304 NES 230304 British chip designer Arm spurns the U.K., attracted by the scale and robust liquidity of U.S. markets Graph: SoftBank CEO Masayoshi Son has been talking up Arm. The U.K. government and the LSE have proposed changes to listing rules and other measures it hopes will reinvigorate investor interest in U.K. markets. Arm also will continue to house its material intellectual property in the U.K. Mr. Haas said Arm would also consider a subsequent secondary listing in the U.K. "We will continue to invest and play a significant role in the British tech ecosystem", he said. [Extracted from the article]

In October, Amgen completed a $3.7 billion deal for ChemoCentryx and its drug to treat a rare immune-system disease. U.S. biotechnology company will pay $116.50 for each Horizon share Graph: Horizon develops medicines to treat rare autoimmune and severe inflammatory diseases. [Extracted from the article]