A New York bankruptcy judge on Thursday sided with the Tronox Inc. litigation trust on its claims that ex-parent Kerr-McGee Corp. had saddled it with environmental liabilities and stripped its healthy assets before spinning it off, and said he would enter damages of $5.1 billion to $14.1 billion against Kerr-McGee for the fraudulent transfers.
Bill Gates’ private investment arm, Cascade Investment LLC, will buy a Four Seasons Hotel in Punta Mita, Mexico, for $200 million, Cascade announced Thursday, marking Cascade’s third purchase of a Four Seasons Hotel since September.
The Oregon Supreme Court Thursday said the state Department of Revenue was wrong to slap technology manufacturing company Tektronix Inc. with a $3.7 million tax deficiency, finding the company's $925 million printer division sale should not have been factored into the state's apportionment formula.
Chilean bank Corpbanca told its country's regulators Thursday that it had received acquisition offers for an undisclosed amount and is considering them but not agreeing just yet.
A Delaware bankruptcy judge gave the nod Thursday to Hospitality Staffing Solutions Group LLC's $23 million sale to an investment group led by private equity firm Littlejohn & Co. LLC over the objection of unsecured creditor AIG Property Casualty Inc., which argued the deal was a “bad faith” transaction.
General Motors Co. has unloaded the last of its stake in onetime insurance division Ally Financial Inc. in a private placement worth $900 million and exited French automaker Peugeot Citroen SA in a separate $362 million transaction, the automaker said Thursday.
An Indian court on Thursday released frozen assets of Nokia Corp., clearing the way for the sale of the company's smartphone operations to Microsoft Corp. after Nokia agreed to pay 22.5 billion rupees ($363 million) of an alleged tax liability.
Goldman Sachs Group Inc. has agreed to provide a $120 million pre-initial public offering loan to Shanghai-based warehouse developer e-Shang, which was co-founded by U.S. private equity firm Warburg Pincus LLC two years ago, e-Shang announced Thursday.
Biotech companies Roche Holding Ltd. and Prothena Corp. PLC will partner up to the tune of $600 million to develop and sell treatments for Parkinson's disease, the companies said Wednesday.
Finnish energy company Fortum Corp. will sell its Finland-based electricity distribution business to Suomi Power Networks Oy for €2.55 billion ($3.51 billion), the company said Thursday, as part of the power giant's planned divestment of a number of its electricity assets.
The Canada Pension Plan Investment Board will invest up to $128 million in the assets of Assiniboia Farmland LP, which owns and manages roughly 115,000 acres of farmland in the province of Saskatchewan, as part of an initiative to invest in agricultural opportunities, CPPIB said Thursday.
Centerbridge swooped in with a multibillion-dollar offer for LightSquared that could stymie a previous $2.2 billion bid from Dish, while European competition regulators are planning an in-depth probe into a proposed $11.9 deal that would combine the German operations of Telefonica and KPN.
Private equity-backed airport retailer Dufry AG will round out its stake in Hellenic Duty Free, Greece's top travel merchant, in a €328 million ($451.8 million) cash-and-stock deal that lifts ownership from rival Folli Follie SA, the company said Thursday.
A unit of Perella Weinberg Partners LP sold off its U.S. rail leasing portfolio company Flagship Rail Services LLC to Japan's Sumitomo Mitsui Banking Corp. in a deal worth $1.1 billion, the private equity firm said Thursday.
Liberty Global Inc. is making another run at Dutch cable operator Ziggo NV as part of its push to cash in on Europe's fast-consolidating telecom sector, the target said Thursday, confirming it has revived takeover talks after spurning a bid from Liberty less than two months ago.
New York-based private equity firm Lightyear Capital LLC and RidgeWorth Investments employees will team to put up $265 million to buy the multiboutique asset manager RidgeWorth from SunTrust Banks Inc., the companies announced Wednesday.
The stalking horse bidder in the bankruptcy auction for holding company North Texas Bancshares Inc.'s interests in Dallas-based Park Cities Bank on Wednesday blasted the debtors' selection of Olney Bancshares of Texas Inc.'s $10.7 million bid as the winner over its offer and asked that the bidding be reopened.
Drug developer Savient Pharmaceuticals Inc. announced Tuesday it will sell the bulk of its assets to Crealta Pharmaceuticals LLC, which submitted a $120.4 million offer at the company's bankruptcy auction.
A former Troutman Sanders LLP partner pled guilty Wednesday to lying during a deposition about a billion-dollar nursing home buyout deal that was part of a bitter civil lawsuit with real estate developer Rubin Schron, the Manhattan district attorney said.
A Florida bankruptcy judge set a Monday deadline for the bankrupt owner of Casino Miami Jai Alai and a casino operator to agree on a stalking horse bid after they failed to strike a deal in time for a Wednesday hearing that was set to approve procedures for a March auction.
While the revisions to the EU merger rules are meant to reduce the administrative burden and cost for business, they will increase the burden imposed on companies when a close review of the transaction is required in order to assess potential competitive effects. This increased burden may outweigh the benefits of the revision package, say Svajune Sakalyte and Jens Hackl of Morrison & Foerster LLP.
Although treatment of the attorney-client privilege has not traditionally been a focus of merger negotiations, such consideration should now be given in light of the Delaware Court of Chancery ruling in Great Hill Equity Partners IV v. SIG Growth Equity Fund I, say attorneys with Paul Hastings LLP.
If certain intellectual property assets are to be used in the business being sold as well as the one retained by the seller, the parties must carefully draft language dividing the IP ownership and use rights. Remember that accepting right to use rather than ownership will impact the ability to exclude others from exploiting the IP asset as well as the freedom to use the IP without restriction, say Ethan Horwitz of King & Spalding LLP and Kandis Koustenis of The Francis Co.
The Second Circuit’s opinion in Halebian v. Berv — a significant departure from its own oft-cited Joy v. North decision — highlights that a derivative plaintiff’s entitlement to discovery, if any, is inversely proportional to the showing made by a special litigation committee in support of its motion to terminate, says Donald Corbett of Lowenstein Sandler LLP.
Although it is theoretically possible to share intellectual property ownership between the buyer and the target when constructing shared-ownership deals, there are circumstances that make joint ownership impractical. For instance, granting trademark ownership rights to two unrelated entities may be contrary to fundamental trademark policy or, at the very least, may cause consumer confusion or result in a weakened trademark, say Ethan Horwitz of King & Spalding LLP and Kandis Koustenis of The Francis Co.
Because Latin American countries differ substantially from one another, there is no effective one-size-fits-all approach to anti-corruption compliance in the region. That said, companies doing business in the region should be aware of a number of recurring compliance concerns that may lead to an increased risk of violating the FCPA or other applicable anti-bribery laws, say attorneys with Debevoise & Plimpton LLP.
Although the bones of the R&D tax credit have not changed substantially over time, there have been small revisions legislatively and further clarification provided by court rulings. The latest extension of the credit — in effect until Dec. 31, 2013 — includes changes around the rules for taxpayers under common control and rules for computing the credit when a portion of a trade or business changes hands, says Jacqueline Lee, tax director at Baker Tilly Virchow Krause LLP.
Even if the European economic recovery remains constrained, the global real asset rotation and navigation of the commercial real estate debt gap should continue to propel real estate investment up the risk curve in 2014. The growing participation of larger institutional players also signals larger deals in core markets, says Eric Rosedale, co-chairman of Dentons real estate group in Europe.
A new law in Mongolia dramatically alters the investment landscape in the country, eliminating the broad restrictions on private foreign investment in the minerals, communication and financial sectors that previously existed, removing the parliament from the approval process, and ending the distinction between foreign and domestic investors, says Stewart Diana of DLA Piper LLP.
Given the Tax Court decision in G.D. Parker Inc. v. Commissioner of Internal Revenue, corporate structures involving the holdings of personal use U.S. real estate should be revisited. Several alternative structures might be feasible and may serve to reduce or avoid the Parker risk for new acquisitions, says Charles Kolstad of Venable LLP.