Freeport-McMoRan Copper & Gold Inc., a global mining company, agreed Dec. 5 to buy two related oil and gas companies: Plains Exploration & Production Co. and McMoRan Exploration Co. The cash-and-stock Plains acquisition was valued at $10.2 billion at announcement, including debt, but that fell to about $9.5 billion yesterday after investors drove down Freeport’s shares [...]
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The recent rise in the S&P 500 appears to have completed a bearish rising wedge on the 60 minute chart right at the confluence of major resistance levels on the daily chart. The 1420-1425 resistance zone should be watched closely for clues to the next important directional move. To continue reading please click here
Commentary by Joseph Brusuelas, Bloomberg Economist With the U.S. House of Representatives scheduled to adjourn until next year on Dec. 14, policy makers are now on a strict deadline to act in time to prevent a fiscal shock that may push a fragile economy into recession in the first quarter. The combination of spending cuts and tax increases scheduled to take [...]
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MHR Fund Management LLC, cofounded by Mark Rachesky, expects to seek $2.75 billion for its next distressed debt and equity private-equity fund, according to three people familiar with the situation. MHR Institutional Partners IV LP, which is expected to officially begin marketing in the first quarter, will take controlling positions in undervalued midmarket companies. UBS AG is the placement [...]
It’s been a year since we published the first issue of Bloomberg Brief: Private Equity, on Dec. 7, 2011, and we’re celebrating! We’ve had one key aim with every issue: to link fund managers looking for capital with investors interested in those fund managers’ strategies. We’ve done this through fundraising scoops and exclusive stories on LP commitment plans globally. [...]
WHAT TO WATCH: U.K. Chancellor George Osborne will tell lawmakers today he’s no longer on course to cut government debt in 2015 and may extend austerity for another year. 12.30 p.m. Irish Finance Minister Michael Noonan is also likely to present another austerity budget for 2013. 2.30 p.m. The final euro-area composite PMI will probably match the initial [...]
By Kelly Bit Renaissance Technologies LLC, the $20 billion investment firm founded by Jim Simons, will allow more frequent withdrawals as it seeks to attract institutional investors. All of Renaissance’s hedge funds now offer clients the option to redeem monthly, the East Setauket, New York-based firm said last week in an e-mail, a copy of which was obtained [...]
U.S. GDP was revised higher in the third quarter to 2.7 percent from an initial estimate of 2.0 percent. While the headline number appears positive on the surface, the strong increase was driven in large part by a near doubling in the level of private inventories. Increased inventory stockpiling in this case is probably a function of unwanted merchandise as consumer stress mounts. To [...]