By Stephen Grocer
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity. Deal Journal’s homepage is http://blogs.wsj.com/deals. You can see real-time updates of our posts and our favorite deal-related articles on other Web sites through our Twitter feed at http://twitter.com/wsjdealjournal.
Mergers & Acquisitions
Fujitsu: Toshiba has bought a stake in a hard-disk drive research and development joint venture from its partner Fujitsu to make the unit 100%-owned. [WSJ]
Goldman Sachs: The investment bank’s Petershill Fund agreed to buy a minority stake in global macro hedge-fund manager Mount Lucas Management, which has $1.8 billion under management. [Bloomberg]
Patni Computer: A consortium of Apax Partners and iGate are close to buying 63% percent of IT service company Patni Computer in a deal valued at about $915 million. [Reuters]
PetroChina: PetroChina agreed to a $2.85 billion deal to sell a natural gas transmission company to its partially owned Hong Kong unit, Kunlun Energy. [Dow Jones Newswires.]
Financial Institutions
Who’s King of Wall Street? Over the past three weeks, Morgan Stanley and Goldman Sachs have traded places atop the “league tables” that chart which investment banks advise on the most merger deals for the year, and the jockeying can be expected to continue. [WSJ]
AIG: American International Group said it has obtained new credit lines from commercial banks to replace its bailout aid from the Federal Reserve Bank of New York. [WSJ]
Ally Financial: The lender agreed to pay $462 million to Fannie Mae to avoid having to repurchase poorly underwritten mortgages sold to the housing finance giant. [Reuters]
Mizuho Financial: The Japanese bank is ramping up operations in fast-growing Asian countries as it looks to win more advisory work from Japanese companies that are increasingly focused on overseas markets. [WSJ]
Deals of the Day: Wall Street Cat Fight Over Who’s #1
via blogs.wsj.com
