 | Hello |  |  | The music industry may have a bit of life left in it after all. At least that's the impression one is left with this week after Citigroup scored a better-than-expected $4.1 billion from two deals that mark the end of a months-long auction to sell off the parts of 114-year-old British music company EMI Group.
Vivendi's Universal Music Group and Sony won the auction for EMI's recorded music and music publishing operations, trumping bids by archrivals Warner Music Group and BMG Music Publishing at the 11th hour, reports Peter Lauria, editor-in-charge of Technology, Media and Telecommunications at Reuters. Universal plans to buy EMI's recorded-music unit for $1.9 billion, according to a source involved in the process, snagging the rights to music by artists such as Coldplay, the Beatles and Katy Perry in the deal. A consortia led by Sony is expected to buy EMI's publishing operation for $2.2 billion.
MF Global's liquidators are struggling to sell the Asian business as one concern because of problems unwinding trading positions, so they may now sell the various country units separately, report Reuters correspondents Rachel Armstrong and Bruce Hextall. The provisional liquidators for the business in Hong Kong said on Friday there had been a number of encouraging bids for the regional business as a whole but the exercise has proved increasingly complex and the focus is now on selling off the various Asian business units individually.
U.S. coal giant Peabody Energy extended its $5 billion bid for Australia's Macarthur Coal by two weeks after failing to reach the 90 percent threshold for acceptances by its Friday deadline, reports Sydney-based correspondent Lincoln Feast. Peabody's acquisition of Macarthur will give it control of the world's top producer of pulverized coal, just at a time when demand for steel-making materials holds up in Australia's key coal market, China.
Companies in Greater China are lining up to sell shares in initial public offerings in coming months, braving jittery markets with $11.2 billion in deals, reports Hong Kong-based Elzio Barreto. Issuers are betting the steep rebound in Hong Kong and Chinese markets in the past month might signal renewed appetite for offerings that would provide funding for expansion and takeovers. | | | Barclays Private Equity unit sold to management | | November 11, 2011 08:06 AM ET | | LONDON (Reuters) - Barclays Private Equity is being bought out by its own management team and will be relaunched as Equistone Partners Europe, the British bank said on Friday, adding that the value of the gross assets being sold off was expected to be around 45 million pounds ($71.5 million). | Full Article | | Analysis: Bondholders warming to Dynegy's unusual bankruptcy | | November 11, 2011 12:07 PM ET | | WILMINGTON, Delaware (Reuters) - The bankruptcy of a unit of Dynegy Inc has turned the usual order of payment for creditors upside down, as the power company tries to protect shareholders like billionaire financier Carl Icahn at the expense of bondholders. | Full Article | | | TOP NEWS
| | Italy pushes through austerity law | | November 11, 2011 12:40 PM ET | | ROME/ATHENS (Reuters) - Italy's parliament began rushing through austerity measures demanded by the European Union to avert a euro zone meltdown, after U.S. President Barack Obama ratcheted up pressure for more dramatic action from the currency bloc. | Full Article | | More than 1,000 MF Global workers let go | | November 11, 2011 12:23 PM ET | | NEW YORK (Reuters) - The brokerage arm of collapsed futures firm MF Global Holdings Ltd has terminated its 1,066-member workforce, according to the trustee in charge of liquidating its assets. | Full Article | | APEC CEOs to world leaders: boost trade and growth | | November 11, 2011 10:42 AM ET | | HONOLULU (Reuters) - Asia-Pacific CEOs will press world leaders on Friday to boost growth and seal a regional trade deal, goals made more urgent by the European debt crisis that has darkened global economic growth prospects. | Full Article | | Italy Senate passes budget, Berlusconi end nigh | | November 11, 2011 12:38 PM ET | | ROME (Reuters) - Italy's Senate approved economic reforms intended to reverse a collapse of market confidence on Friday, kicking off a rapid transition that will end the Berlusconi era and clear the way for an emergency government within days. | Full Article | | | | TECHNOLOGY NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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