posted
Glaxo to buy skin-care firm for at least $2.9 billion
By Steve Goldstein, MarketWatch Last update: 4:42 a.m. EDT April 20, 2009LONDON (MarketWatch) -- GlaxoSmithKline on Monday said it's paying at least $2.9 billion in cash to buy a privately-held maker of skin-care products as deal activity in the pharmaceutical space continues. Terms of the deal call for GlaxoSmithKline (GSK:GlaxoSmithKline PLC News , chart , profile , more Last: 30.92+0.87+2.90%
4:05pm 04/21/2009
Delayed quote dataAdd to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: GSK 30.92, +0.87, +2.9%) (UK:GSK: news , chart , profile ) to buy privately-held Stiefel Laboratories for at least $2.9 billion in cash. Glaxo also is assuming $400 million in debt and will pay up to $300 million more in cash depending on performance. Glaxo said it would combine its existing prescription-dermatological-products business with Stiefel's. The Coral Gables, Fla. firm makes Duac for acne and Olux E for dermatitis and had $1.5 billion in 2008 revenue, giving it an 8% share of that market. Charles Stiefel will lead the combined business. Glaxo's prescription-dermatology revenue was about $500 million last year. Glaxo, which is set to report its first-quarter results on Wednesday, sees pretax-annual-cost savings of up to $240 million by 2012 with integration costs of $325 million over three years. The U.K. drug maker expects savings from combining manufacturing and administrative functions with Stiefel, which has nearly 3,500 employees. The deal will hurt 2009 earnings at Glaxo by less than 1% and add between 1% and 2% in 2010, the drug maker said. The pharmaceutical sector has been one of the few hot spots of activity in mergers-and-acquisition activity this year, with deals including Pfizer's $68 billion planned acquisition of Wyeth and Roche Holding's $46.8 billion purchase of the shares it didn't already own of Genentech. Companies in the sector have been looking for deals to boost their stable of new products as the patent protection for older medications expire. "The addition of Stiefel's broad portfolio will provide immediate new revenue flows to GSK with significant opportunities to enhance growth through leveraging our existing global commercial infrastructure and manufacturing capability," said Glaxo CEO Andrew Witty in a statement. The deal has been approved by the Stiefel shareholders, which include the Stiefel family and private-equity firm The Blackstone Group (BX:Blackstone Group LP (The) News , chart , profile , more Last: 7.65+0.10+1.32%
4:00pm 04/21/2009
Delayed quote dataAdd to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: BX 7.65, +0.10, +1.3%) , and is contingent on regulatory clearances and no material adverse change in Stiefel's business ahead of closing, which is expected during the third quarter. In morning London trade, Glaxo shares slipped marginally. Steve Goldstein is MarketWatch's London bureau chief. E-mail Print Disable Live Quotes Subscribe to RSS Yahoo! Buzz
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Posts: 4381 | From: houston | Registered: Mar 2006
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posted
Public Blackstone owns 12.3% of private Blackstone. Hilton hotels etc..... If you value that correctly it should be well over $25 a share. This is so undervalued.
Posts: 4381 | From: houston | Registered: Mar 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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Here are just a few companies owned by Blackstone.
B Buena Vista Palace Resort & Spa C Celanese Cineworld E Equity Office Properties Trust F Freescale Semiconductor H Hilton Grand Vacations Company Hilton Hotels H cont. Hilton Hotels Corporation Houghton Mifflin Harcourt I Islands of Adventure L La Quinta Inns & Suites Legoland Legoland Windsor M Madame Tussauds Merlin Entertainments Michaels P Pinnacle Foods S SunGard T Travelport The Tussauds Group U Universal Studios Florida W WHM, LLC The Weather Channel
Posts: 4381 | From: houston | Registered: Mar 2006
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Today Blackstone is a leading global alternative asset manager and provider of financial advisory services listed on the New York Stock Exchange (ticker symbol BX) with total fee-earnings assets under management of $91.0 billion as of December 31, 2008. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital.
At $91 billion, and we own 12.3%, this should be about $39 a share.
Posts: 4381 | From: houston | Registered: Mar 2006
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posted
Al the moving averages are higher. Not just that, but the volume is increasing into it meaning strength, not just a head fake.
Posts: 4381 | From: houston | Registered: Mar 2006
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posted
BX: Short Interest UP 21.9% to 9.2M in Mid Apr 2009
I think the earnings are going to be WAY up, and the shorts are going to cover for 2-3 days.
Posts: 4381 | From: houston | Registered: Mar 2006
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Real estate funds raise $211bn over five years By Daniel Thomas, Property Correspondent
Published: May 4 2009 17:57 | Last updated: May 4 2009 17:57
Global private equity real estate funds have raised more than $211bn over the past five years, although many launched in the period up to the market peak in 2007 are now being forced to heavily write down the value of investments.
Two firms have come to dominate the market, Blackstone and Morgan Stanley Real Estate, raising $25.6bn and $20.15bn over the past five years, according to a survey released today by Private Equity Real Estate (PERE).
EDITOR’S CHOICE Capital & Regional agrees Junction fund rescue - Apr-20Property fund to invest in student homes - Apr-10Mogull returns to UK property - Feb-01Commercial sector pain for smaller investors - Jan-26Hermes Real Estate revamps management - Jan-22UK office space tops LaSalle’s value list - Dec-14The next on the list, Goldman Sachs Real Estate Principal, Colony Capital and Beacon Capital Partners, raised $13.6bn, $11.6bn and $9.8bn, far less than the two leading firms.
The PERE ranking of the 30 largest private equity real estate firms shows a number of debut names, including Westbrook Capital Partners, ranked 10th, Prudential Real Estate Investors, ranked 15th, and one of the most venerable real estate developers, Hines, ranked 20th.
However, it says that fundraising has slowed to a trickle for most firms, unsurprising given heavy losses among investors in funds committed in the sector, which have been hit by the fall in property values.
Recently, Morgan Stanley Real Estate told investors in the $8bn MSREF VI that they can expect to take a haircut of about 30 per cent on their capital.
The fund is seen by some as a bellwether of the 2007 fund vintage as it was the largest raised at the time, which proved the peak of the global property boom. Investors have been told in recent weeks that they could expect 0.7 times invested capital – a 30 per cent writedown – and that the strategy would now focus on preserving and generating liquidity in the fund, deleveraging, derisking the portfolio and working out debt issues.
Morgan Stanley is not alone, with most managers suffering when marking properties bought in the years up to the 2007 peak to new market prices. Values around the world have fallen sharply, with some of the worst losses of 40 per cent or more from peak in established markets such as the UK and Australia.
Thomas Barrack, chairman of Colony Capital, said in a March newsletter: “[Private equity] performance and [real estate] valuations for vintage funds from 2006 through 2008 at current mark-to-markets will no doubt be dismal.”
He said that the best thinkers have coalesced around an approximate 40 per cent across the board decline for commercial property values to date which, at 50 per cent leverage, implied a writedown of equity valuation by some 80 per cent on average.
He pointed out that a private equity fund’s success is based on an internal rate of return calculation, however, rather than a mark-to-market snapshot of the value at a certain moment in time.
Posts: 4381 | From: houston | Registered: Mar 2006
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NEW YORK--(BUSINESS WIRE)--The Blackstone Group L.P. (NYSE:BX - News), announced today that it will host an 8:30 a.m. (EST) conference call for the media on Wednesday, May 6, 2009 on its first quarter earnings results.
Posts: 4381 | From: houston | Registered: Mar 2006
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Short Interest Shares Short (Current Month) 9.2M Short Ratio 3.0x Short Interest as % of Float 5.57% Shares Short (Prior Month) 7.6M *Data updated twice a month by the 18th and 29th respectively
Posts: 4381 | From: houston | Registered: Mar 2006
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posted
Blackstone 1Q Loss Narrows As Inflows, Returns Rise 3 minutes ago - Dow Jones News
Related Companies Symbol Last %Chg BX 12.16 0.00%
As of 12:00 AM ET 5/5/09
DOW JONES NEWSWIRES
Blackstone Group LP (BX) posted a first-quarter loss Wednesday that was narrower than a year earlier due to fewer transaction-related charges, as the company's credit-oriented and funds of hedge funds businesses had first-quarter net inflows and positive results. Units rose 2% premarket as the quarter's loss was less than analysts expected. They are up 86% on the year through Tuesday after a drubbing in 2008. Although Blackstone has high exposure to private equity, many of its holdings are considered less vulnerable to blowups that have hit managers of public equity funds because of the health of the companies acquired. The private-equity giant said its loss narrowed to $231.6 million, or 84 cents a unit, from $251 million, or 95 cents a unit, a year earlier. The economic loss, which excludes transaction-related charges, widened to 7 cents a unit from 6 cents. Revenue dropped 31% to $47.1 million on increased investment losses while management and advisory fees rose 7%. Analysts polled by Thomson Reuters were expecting a loss, excluding items, of 10 cents a unit on revenue of $64 million. Assets under management as of March 31 fell 1% to $92.23 billion. Blackstone said it remains "well positioned" in terms of its capital and liquidity, and had $776.3 million in cash available at March 31.
Posts: 4381 | From: houston | Registered: Mar 2006
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posted
Assets under management as of March 31 fell 1% to $92.23 billion. Blackstone said it remains "well positioned" in terms of its capital and liquidity, and had $776.3 million in cash available at March 31.
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