FSA WARNING
- From: Vol 7, Issue 11 (November 2006)
- Category: Need to know
- Region: Europe
- Country: United Kingdom
- Related Companies: AWG, Osprey, Siemens and Thames Water
* As the market digests the full implications of the Thames Water acquisition, and the deadline for the take-over of AWG by the Osprey consortium was extended again after only 65% of the target’s shares had been validly accepted by 9 November, the FSA laid down perhaps the most public warning yet in a discussion paper on the private equity market.
“Given current leverage levels and recent developments in the economic/credit cycle, the default of a large private equity backed company or a cluster of smaller private equity backed companies seems inevitable.” Caveat emptor.
* Siemens announced its full-year results for the period ending 30 September 2006, posting net income of €3.106 billion and an earnings per share figure of ...
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