| BCE: A Bidding War Target for the World's Second Largest Buyout
John Bethel submits: Portfolio holding BCE (BCE) may be the target of a bidding war. One bidder looks to be a group led the Ontario Teachers Pension Plan, with the competing group being Kohlberg Kravis Roberts & Co. and a group of Canadian pension-fund managers. Frederic Tomesco and Chris Fournier report for Bloomberg: "BCE's officially in play now and I think it's definitely a good thing,'' said Jonathan Popper, a portfolio manager at MFC Global Investments, which oversees the equivalent of $80 billion, including BCE shares. More: The bids may reach the "low to mid-40s,'' Popper said. A buyout of BCE would be the world's second largest, after the $31 billion acquisition of Texas power producer TXU Corp. (TXU) by KKR and TPG Inc., excluding debt.
Tanzania beefs up anti-corruption law
NAIROBI, April 23 (Reuters) - Tanzania has passed a new anti-graft law giving corruption fighters in the east African country more power to target areas like government procurement and money laundering, a minister said on Monday. Stamping out graft has been among President Jakaya Kikwete's top priorities since he came to power in late 2005. The new legislation gives the state-run Prevention and Combating Corruption Bureau the power to seize assets from the guilty. "The most weighted (crimes) deal with grand corruption like procurement, money laundering and corruption in auctions," Philip Marmo, minister of state for good governance in the president's office, told Reuters by phone from Dar es Salaam. The law, approved by parliament last week, will come into force with Kikwete's assent, he said, probably within a month.
Bidding war for Coles takes shape
THE Coles board has agreed to hasten the retailer's sale in a bid to appease its latest suitor, Wesfarmers, but is not rebuffing original bidder Kohlberg Kravis Roberts as the biggest takeover in Australian corporate history accelerates. Wesfarmers, which last night detailed its $19.7 billion proposal to buy all of Coles, is expected to be invited into a data room as early as next week to examine the retailer's books. Coles' decision came after Wesfarmers managing director Richard Goyder met Coles chairman Rick Allert in Melbourne yesterday morning. Mr Goyder, who flew into Melbourne late on Monday evening, has been seriously considering acquiring Coles for the past two months. The KKR consortium, which had two bids rejected by the Coles board last year, continues to consider an acquisition of Coles and held discussions with the retailer yesterday.
Carnival Ride Auction
It was a bitter-sweet party atmosphere in Lansing, Illinois, this week as Norton Auctioneers of Michigan auctioned off the rides, games and equipment from Wright's Barnyard. The amusement and fun park had been operated by the same family since it began in 1956.A favorite playtime destination for suburban Chicago families and children for over half a century, Wright's was also the host to countless area teens on their first date as well as numerous weddings.Attractions at Wright's included a kiddie carousel, a frog hopper, two miniature golf courses, a go-cart track, batting cages, an arcade, a restaurant and the home of Burt and Millie Wright on the five-acre site. .
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