MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, September 12, 2000 September 12, 2000 Fayez Sarofim Finds Suitors From Wall Street Journal Houston-based Fayez Sarofim, long reported to be on the block, may have found a buyer. Reports are that France's Societe Generale SA and Spain's Banco Santander Central Hispano SA are in serious talks to jointly acquire the firm and could make an announcement this week. This price tag is thought to be just 2 percent of the firms $44 billion in assets or more than $900 million. So Does Nicholas-Applegate From CBS.MarketWatch Fayez Sarofim is not alone in finding suitors. Nicholas-Applegate Capital Management, the other firm reported to be on the block all summer has caught the eyes of Allianz AG, American International Group Inc., and John Nuveen Co., according to reports. The three firms are reportedly in a bidding contest in which the winner may have to part with more than $1.5 billion. Final bids were supposedly due last week. Phoenix Home Raises Offer for Phoenix Investment From Wall Street Journal Phoenix Home Life Mutual Insurance Co. is responding to criticism that the price it is paying for Phoenix Investment Partners is too low by raising its offer by 26 percent. The insurer is boosting the price it is paying for the 41 percent of the asset manager it does not already own to $15.75 per share from $12.50. Before the new offer was announced shares in Phoenix were trading in the $14.50 range. Even at the new price the deal looks cheap -- the price works out to less one percent of assets. MFS Mulls Over an IPO From Boston Globe MFS may be the oldest fund shop, but the kids are at the helm, explains the paper in a profile of the firm's managers. Kevin Parke, 40 is the chief equity officer; Jeff Shames, 45, is chief executive. The next concern of the "kiddy corps" is taking the firm public, says the article. MFS has nearly $1.5 billion in annual revenue and profits of about $170 million. The earnings account for about one-third of the earnings of its parent, Sun Life Financial Services of Canada. CEO Shames is said to estimate the firms value in an IPO at $5 billion to $7 billion with a potential worth of as much as $9 billion. Sun Life purchased MFS for $55 million in 1982. Printed from: MFWire.com/story.asp?s=25892 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |