Britain: Deal Reached on S.I.V. Sale
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An agreement has been reached on the sale of Cheyne Finance, a structured investment vehicle now known as S.I.V. Portfolio, to bidders including Goldman Sachs, the fundâs receivers, Deloitte & Touche said. The $7 billion S.I.V. Portfolio, managed by the hedge fund Cheyne Capital Management, went into receivership in September. The agreement comes after talks with a number of bidders over the last few weeks and consultation with the informal creditorsâ committees, Deloitte said. Under the deal, certain reinvestment opportunities will be offered to some existing creditors of the company. S.I.V.âs, held by banks, hedge funds or other institutions, issue a mixture of short-term debt and capital and buy longer-term assets, which may pay more interest than the amount they pay on their notes. The vehicles encountered trouble in August when liquidity in the credit markets dried up as investors faced exposure to the subprime market.
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Technology giant Apple reaches a deal with the Beatles to end the dispute over the Apple name.
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The agreement was reached in Brussels on Wednesday after days of negotiations on the size and scope of the mission.
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Viridian Group , Northern Ireland's main electricity supplier, said on Friday it had agreed a 1.62 billion pound ($3.1 billion) takeover offer from Bahrain-based private equity firm Arcapita.
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FINANCE group HHG is selling its British life assurance assets to entrepreneur Hugh Osmond&#39;s Sun Capital in a Â£1.025bn cash deal.
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Life insurer Resolution, which is hoping to merge with peer Friends Provident, said Thursday that it has received an informal takeover bid from rival Standard Life worth about 5.0 billion pounds.
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9.15am: The BBC has closed a Â£2bn deal with Siemens Business Services for the contracting out of its technology wing. The ten-year Technology Framework Contract, approved by the government, will see the corporation save an estimated Â£30m a year.
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The BBC has today completed the sell-off of its technology arm to German IT firm Siemens as part of a Â£1.9bn 10-year outsourcing deal - as exclusively revealed on silicon.
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Royal Ahold and its two former top executives reached a settlement on Wednesday with the S.E.C. in connection with a multibillion-dollar accounting scandal.
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Britain's Resolution  and Friends Provident  have confirmed they are in advanced merger talks to create a group worth almost 9 billion pounds, rekindling hopes of consolidation across the insurance sector.
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Barclays said it had struck a deal with the China Development Bank and Temasek Holdings of Singapore.
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Spanish-owned mobile phone operator O2   secured a deal to sell the iPhone in Britain after  agreeing to give Apple 40 percent of the revenues it will make  from customers using the device, the Guardian said.
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Invesco Funds Group and affiliate AIM agree to pay $450m to settle allegations of improper trading, their UK owner Amvescap says.
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Chemicals giant ICI sells its Quest flavour and fragrance division to Swiss firm Givaudan for Â£1.2bn.
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ALITALIA bosses and unions along with the government today announced their agreement on a deal to salvage the troubled Italian flag-carrier.
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The S.E.C. said that I.B.M. had settled a case in which it had been accused of misleading investors.