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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Dell to Icahn: Show us the money

Category : Business, Stocks

Dell’s special committee told Carl Icahn that it needs more information about his offer to buy the company, including where he intends to get the debt financing.

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Is Icahn (also) low-balling Dell?

Category : Business

Carl Icahn may be guilty of Michael Dell’s alleged sins.

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Blackstone pulls out of Dell bid

Category : World News

Dell’s deteriorating financial condition leads to Blackstone deciding to withdraw its bid for the computer company.

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What did (or didn’t) Blackstone know?

Category : Business, Stocks

A major discrepancy emerges in Dell timeline.

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Dell takeover battle set to generate $400m fees bonanza for banks

Category : Business

Banks advising bidders on debt to fund highly leveraged buyout of computer maker said to be ‘licking their chops’ over payday

The $24.4bn (£16bn) takeover battle for Dell is set to hand Wall Street firms their biggest advisory payday in at least three years by generating $400m in fee income for deal makers, including a potential $70m windfall for Barclays.

Most of the income will go to banks advising bidders on the debt that will fund the highly leveraged competition for the computer maker, according to a report by the Wall Street Journal. “People who have been starving on an island for years are licking their chops,” said Mike Madden, a veteran Wall Street deal maker. “You are looking at a field day for fees.”

Three bidders are vying for Dell, led by the company’s billionaire founder Michael Dell who has teamed up with private equity firm Silver Lake to make the opening bid. However, two further bids were lodged last month by activist investor Carl Icahn and the buyout specialist Blackstone Group – both topping the founder’s offer of $13.65 a share.

According to the WSJ, a successful Silver Lake/Dell deal alone would create the largest fee pool since the turn of the decade and would generate the most advisory income from a leveraged buyout since the Texan energy group TXU was acquired for $32bn in 2007. Even though there have been larger deals than the $24bn Dell battle since 2010, the highly leveraged nature of Silver Lake’s bid means that banks will generate significant fees from arranging the debt. The banks who arrange the debt for the winning buyout will generate the largest fees, with Barclays, Bank of America, Credit Suisse and Royal Bank of Canada working for the Silver Lake bid. That banking quartet could generate fees of $70m each for brokering the $14bn of debt that underwrites the offer.

Another group of banks advising Dell on how to manage the bids – Goldman Sachs, Evercore Partners and JP Morgan Chase – could earn a total of $60m, according to regulatory filings. Goldman Sachs alone is earning $1m a month from the deal.

Michael Dell lays out his plan

Category : Business

Michael Dell tells Dell employees what may come next.

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6 questions about the Dell deal

Category : Business

Dell auction remains punctuated by question marks.

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Dell buyout bid deadline approaches

Category : World News

A deadline expires on Friday for other bidders to put in offers that top Michael Dell’s bid for personal computer firm Dell.

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Blackstone weighs Dell bid, considers new CEO

Category : Business, Stocks

Blackstone is considering other Dell CEO candidates, just in case. Oracle’s Mark Hurd is on the short list.

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Pre-Marketing: Dell’s fuzzy debt math

Category : Business

Dell’s fuzzy debt math, Herbalife’s battle, and more in today’s news.

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