On Dow Jones Investment Banker: Reinsurance Class Of 2005, Wind Energy

10th Jun 2010 22:48

LONDON (Dow Jones Investment Banker)--The following columns have been published exclusively on Dow Jones Investment Banker in recent days. Many Dow Jones Investment Banker columns contain spreadsheets, video, PDFs and other supporting material. To arrange access to the best of Dow Jones news and opinion on companies, sectors and deals for investment bankers, please contact [email protected]. To see more, visit: http://www.dowjones.com/banker THE REMEDY: Pressure On CSL After Painful Grifols Blood Deal LONDON--Three years after their last big push abroad, the Spanish conquistadors are back in the shape of Grifols SA (GRF.MC), this time with a stretched make-or-break bid to crack the U.S. market for blood plasma products. Australian firm CSL Ltd. (CSL.AU) is the next in line to strike a deal to consolidate its second place in the blood industry, gain heft and narrow the gap with U.S. leader Baxter International Inc. (BAX). (Includes downloadable annotated PDF version of Grifols' deal presentation and Excel calculator on Biotest AG (BIO.XE) as a potential bid target.) Contact the columnists: [email protected]; [email protected] TIER ONE: The Reinsurance Class Of 2005 Approaches Its Sell-By Date NEW YORK--After Hurricanes Katrina, Rita and Wilma hit in 2005, some of the best names in private equity raced to start up a new class of reinsurers. Some of those sponsor-backed companies may now be looking to the M&A market for their exits. The dozen or so start-ups of the so-called Class of 2005 raised about $9 billion in capital, expecting to take advantage of an increase in premium rates following that year's hurricane season. It may be time for the group to explore their alternatives. (Includes downloadable PDF: Class of 2005 reinsurers that could be ripe for a deal.) Contact the columnist: [email protected] THE MALL: Smart Money Rolls The Dice NEW YORK--Fast money, otherwise known as hedge funds, is slowing down. That's the first takeaway from Paulson & Co.'s equity investment as part of a restructuring of Harrah's Entertainment Inc. (HET). It also signals Paulson's conviction that the casino sector has bottomed out. (Includes downloadable Excel spreadsheet of how the restructuring works.) Contact the columnists: [email protected]; [email protected]; [email protected] THE GRID: Private Equity Could Blow New Life Into Wind LONDON--The European onshore wind turbine industry looks set for further consolidation by private equity now that manufacturers and their suppliers are trading at multiples in line with historical lows and order books have likely troughed. Expect opportunistic M&A activity in the nascent offshore turbine side too, albeit limited by deal size and focused on distressed assets that have already sunk at least part of their capital expenditures. (Includes a downloadable annotated PDF version of KPMG's 2010 Renewable Energy Report and Excel spreadsheet of European wind energy companies.) Contact the columnists: [email protected]; [email protected] TIER ONE: Alternatives To Captives - Gulf Spill Gets Them Thinking LONDON--Among much else, BP PLC's (BP.LN) Gulf of Mexico disaster has brought some attention to the normally obscure world of captive insurers. The current events could make firms such as oil companies more receptive to capital-markets solutions for their risk management. Contact the columnist: [email protected] THE SIGNAL: Bigpoint Sees Big Growth In Browser Gaming LONDON--Multiple user online gaming using a browser is one of the fastest-growing segments in the TMT space. Dow Jones Investment Banker talks to the CEO of Bigpoint, one of the leaders in the area. Contact the columnist: [email protected] TIER ONE: G-20 Compromises Are Music To Bankers' Ears LONDON--It's going on two years since the near collapse of the global financial system and, if the G-20's latest communiqué is anything to go by, we are still a long way away from a coordinated set of new rules for the financial game. That's okay by bankers, of course, who have been busily lobbying to minimize the effect of new rules. But it does not bode well for systemic reform. Contact the columnist: [email protected] (END) Dow Jones Newswires June 10, 2010 17:48 ET (21:48 GMT)