Over the last two days, BCE (BCE) the largest phone company in Canada, was purchased by the investment arm of Ontario Teachers’ Pension Plan and several private equity firms. The price was over $32 billion making it the largest buy-out in Canada’s history.
A day later, Australian conglomerate Wesfarmers offered $19 billion for the country’s second largest retailer, Coles. It would be the largest buy-out in Australia’s history.
So, over $50 billion went for buyouts in a little over 24 hours. And, that was over a weekend.
Shares in private buy-out firms Blackstone (BX) have been falling since its IPO. But, the sell-off might be premature.
There have been recent rumors of a sale of Freeport-McMoran (FCX). The company has a market cap of over $31 billion. In the car industry, Delphi is likely to be taken private as it comes out of Chapter 11. Ford (F) has Jaguar and Land Rover on the block.
Macy’s (M) may be in play. The company has a market cap near $20 billion. Expedia (EXPE) is rumored to be a target. The price tag there would be about $10 billion.
Credit may be tightening, but the appetite for big risk does not seem to be.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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