Goldman Sachs Group (NYSE:GS): Current price $162.34
Goldman Sachs will participate in Alibaba Group’s $8 billion loan with $500 million in financing, as the Chinese e-commerce major gets ready for a hefty initial public offering expected as soon as the fourth quarter of 2013. Goldman will serve as mandated lead arranger and bookrunner on the three-tranche loan, which has a deadline on June 7, according to an anonymous source to the Thomson Reuters publication Basis Point. It is now thought that the Alibaba IPO might rival Facebook’s $16 billion offer a year ago, and would generate to banks tens of millions of dollars in underwriting revenues.
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Citigroup (NYSE:C): Current price $51.34
On Friday, it was reported that Citigroup might be obliged to return to court to fight again a case that could cost it $8.3 billion. The case is linked to the 2007 acquisition of the recording and publishing big player EMI by British financier Guy Hands and his private equity fund, Terra Firma Capital; Citi was Terra Firma’s banker for the $6.8 billion purchase. In his $8.3 billion suit, Hands claimed that a Citi investment banker told an untruth in regards to another bidder, which caused Terra Firma to grossly pay too much for EMI. At that time, the case went to court, with Citi prevailing, but now a federal appeals judge has tossed aside the jury verdict, saying that “improper jury instructions from the [original] trial court judge required a reversal,” says The New York Times.
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Berkshire Hathaway (NYSE:BRKB): Current price $113.42
H.J. Heinz Company (NYSE: HNZ) said that it has received all the necessary regulatory approvals for the purchase of Heinz by an investment consortium comprised of Berkshire Hathaway, along with an investment fund affiliated with 3G Capital. The merger agreement between the parties was first reported on February 14, and was overwhelmingly okayed by Heinz shareholders on April 30. The transaction should close on or about June 7, subject to satisfaction of the usual closing conditions.
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Wells Fargo & Co. (NYSE:WFC): Current price $40.41
The Wells Fargo banker who specializes in restructurings and former Justice Department watchdog for large corporate bankruptcy cases, Deirdre McGuinness, is exiting the bank to help run a claims-agent firm. McGuinness will become managing director of corporate restructuring services at Kurtzman Carson Consultants, which works with law firms on pre-filing preparations and final distributions after a plan is cleared in bankruptcy court.
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