Hints and tips:
...Alec Burnside, a partner at Dechert in Brussels, offers some caution....
...“The rules gives new and immediate vigour to straightforward enforcement of existing competition rules without the need to await the new legislation being adopted and coming into force,” said Alec Burnside...
...very big deal because companies that fall within the definition of a gatekeeper will not be able to come up with arguments to justify their behaviour during a lengthy antitrust investigation,” says Alec Burnside...
...Ashurst LLP, Brussels Mel Marquis European University Institute, Florence Christian Ahlborn Linklaters LLP, London Simon Pritchard Linklaters LLP, London Anastasios A Antoniou Antoniou McCollum & Co LLC...
...DIC’s remaining two assets are Doncasters, a UK-based engineering group, and German alumina manufacturer Almatis....
...Mr Burnside was previously head of alternatives at BlueBay Asset Management, a subsidiary of Royal Bank of Canada....
...firm, owned by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, is now focusing on selling its three European-based assets: Mauser; UK-based engineering group Doncasters; and German alumina manufacturer Almatis...
...Similarly, Dubai International Capital bought Almatis, an aluminium producer, with debt worth five-times its earnings in 2007....
...DIC has already spent $300m in restructuring its highly leveraged portfolio of European assets – including Travelodge and Almatis, the German alumina business – but it has had its stake in Alliance Medical...
...However Alliance Medical is expected to be the last restructuring in DIC’s existing portfolio, having completed restructurings for German alumina business Almatis, Doncasters and Mauser, one of the people...
...DIC would stay in control with a 60 per cent stake of the equity in Almatis, but mezzanine creditors would receive a 40 per cent stake....
...A person familiar with DIC, which bought Almatis for $1.2bn in November 2007, said it was unlikely to accept Oaktree’s terms....
...But people close to Oaktree argue that the DIC proposal will leave Almatis with too much debt....
...The Dubai theme persists – Mr Aulsebrook joins fresh from a battle with Oaktree over Dubai International Capital’s German alumina business Almatis, which he advised. people@ft.com...
...The sale of Arizona Chemical builds on a healthy track record of profitable exits for Rhône Capital, including its sale of the Early Learning Centre, the toy store chain, to Mothercare and the sale of Almatis...
...“The management boards of Almatis in the exercise of their fiduciary duties have continued to evaluate refinancing options proposed by DIC,” said an Almatis spokesman....
...DIC made several high-profile international purchases over the past five years, including UK’s Travelodge and Doncasters and German industrial companies Almatis and Mauser....
...DIC is caught up in a fight over the future ownership of one of its portfolio companies, Almatis, which earlier this month filed for bankruptcy protection in the US in a bid to implement a debt restructuring...
...letter to the senior managers of its portfolio companies, DIC said it had already spent $300m on supporting its troubled investments, such as the UK hotel chain Travelodge and German industrial groups Almatis...
...For DIC, the deal would provide cash to support its troubled buy-out portfolio, including Almatis, the German alumina producer; Alliance Medical, the diagnosis group; and Doncasters; the engineering company...
...DIC’s $1.2bn buy-out of Almatis in November 2007 was one of the biggest investments by its London private equity team....
...Talbot Hughes McKillop is advising Almatis on its forecasts and its capital structure....
...Its latest battle is with Oaktree Capital, the US distressed debt and turnround investor, for control of Almatis, the German alumina producer....
...Its latest battle is with Oaktree Capital, the US distressed debt investor, for control of Almatis, the German alumina producer....
...It has also been involved in restructuring negotiations at Dubai International Capital’s alumina business Almatis and Spanish plastic packaging producer La Seda de Barcelona....
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