>>> InterContinental Hotels poised to clinch acquisition of Fair

InterContinental Hotels poised to clinch acquisition of Fairmont for GBP 1.9bn; eyes Moevenpick 

InterContinental Hotels Group (IHG) has beaten competing bidders for the Canada-based hotel operator Fairmont, The Sunday Times reported.

The report cited City sources who said the GBP 1.9bn (USD 3bn) deal is expected to be tied up in the next few weeks.

The underbidders are believed to include trade groups Accor of France and New Jersey-based Wyndham, the report said. Toronto-headquartered FRHI put Fairmont on the market several months ago, the item noted.

Banking sources cited in the piece said IHG is also in pursuit of the Switzerland-based hotel operator Moevenpick.

Sunday Times

>>> LEG Immobilien to see Deutsche Wohnen make voluntary public takeover offer

LEG Immobilien to see Deutsche Wohnen make voluntary public takeover offer
On September 20, 2015 Deutsche Wohnen AG [DWNI:GR ] decided to make a voluntary public takeover offer to all shareholders of LEG Immobilien AG [LEG:GR] with its registered office in Düsseldorf to acquire their no-par value registered shares in LEG Immobilien AG (by way of an exchange offer), each representing a pro rata amount of the registered share capital of EUR 1.00 (ISIN DE000LEG1110) (the 'LEG-Shares').

In exchange for each LEG-Share tendered to Deutsche Wohnen AG, Deutsche Wohnen AG will offer 3.30 new no-par value bearer shares in Deutsche Wohnen AG as consideration, each representing a pro rata amount of the registered share capital in Deutsche Wohnen AG of EUR 1.00 with dividend rights as of January 1, 2015 (the 'Deutsche Wohnen-Shares'), subject to the final determination of the minimum price and the final terms set forth in the offer document. Deutsche Wohnen AG will appoint two trustees for the required capital increase.

The public takeover offer will presumably be made subject to, inter alia, antitrust clearance (if clearance has not been granted by the time of the publication of the offer document), a minimum acceptance rate of 50% plus one share of the outstanding LEG-Shares as well as the registration of the implementation of the above-mentioned capital increase. Otherwise, the public takeover offer will be made in accordance with the terms and conditions set out in the offer document. Furthermore, insofar as legally permissible, Deutsche Wohnen AG reserves the right to deviate in the final terms of the public takeover offer from the basic information described herein.

NY Post ; Inside the emotional $9.8B sale of Cablevision

No one can complain about slow speeds when it comes to Cablevision’s sale to French-Israeli Patrick Drahi’s Altice.
The ultra-quiet talks began in June, and a deal was agreed to by the end of August. Sources tell On the Money that Drahi brought his son to meet Charles Dolan, and then later spent some time floating around the Mediterranean on a yacht with James Dolan before getting the signatures on the contract.
We hear the sale was an emotional journey on both sides, with Charles Dolan struggling to let go of a company he started in 1973. Many of the people who work there are like family to him, we are told.
Meanwhile, for Drahi, the deal was emotional because it’s the beginning of his own American dream and his first venture in New York. The bike-riding Drahi is well known for shunning all corporate excess. No one at Altice has a secretary. He spent time walking all over the city last week, and attended his first major investor conference at Goldman Sachs. When meetings were too far to walk to, he ordered an Uber car.

WSJ : Volkswagen Halts Sales of Some New, Used Cars in U.S.

Volkswagen Halts Sales of Some New, Used Cars in U.S.

Sales halt began Friday in light of U.S. investigation into allegations of emissions data manipulation

BERLIN— Volkswagen AG has suspended sales in the U.S. of all vehicles containing its popular four-cyclinder TDI engine in light of a U.S. investigation into allegations that the German car maker manipulated emissions data to get around U.S. antipollution rules, a company spokesman said Sunday.

A spokesman said the sales stop affects Volkswagen’s 2016 and 2015 vehicles at U.S. dealerships, but couldn't say how many cars are affected. The 2.0 liter TDI—turbo direct injection—is Volkswagen’s “clean diesel” engine and is commonly used in models such as VW’s Golf, Jetta, Passat, Beetle and the A3 luxury compact made by VW’s Audi AG.

The U.S. Environmental Protection Agency last week alleged Volkswagen used software to circumvent environmental standards in emissions tests. Officials said the software made some 482,000 diesel cars seem to run cleaner when tested than they actually did. U.S. laws require vehicle manufacturers to disclose design information to receive certification that their products meet standards on air pollution.

Volkswagen also said Sunday that it has launched an external investigation into the issue and that the company would cooperate fully with U.S. authorities.

“I personally am deeply sorry that we have broken the trust of our customers and the public,” CEO Martin Winterkorn said in a statement.

>>> Altria hires Perella Weinberg and Credit Suisse advisers, prompting talk of

Altria hires Perella Weinberg and Credit Suisse advisers, prompting talk of SABMiller stake sale; AB InBev may move tax base
Altria (NYSE: MO), the Richmond, Virginia-based parent of Philip Morris tobacco company, has engaged Perella Weinberg and Credit Suisse as advisers, The Sunday Times reported. The appointment has fuelled speculation that Altria is considering a sale of its 27% holding in the UK-based brewing group SABMiller (LON: SAB), which has been approached for takeover by rival brewer Anheuser-Busch InBev (EBR: ABI) of Belgium, the report said.

In the event that Altria opts to dispose of its SABMiller stake, the British brewing company would likely find it impossible to defend itself against AB InBev, the item reported.

According to Wall Street sources cited in the piece, Altria does not believe its own interests are best represented by SABMiller’s board-appointed advisers, including JPMorgan and Morgan Stanley, and so has made its own appointments.

Any sale is likely to see Altria exchange its shares for stock in AB InBev, thus avoiding a significant taxation charge, the report said. A market source cited in the article said Altria is likely to demand a board seat at the merged brewing business, which is expected to have an approximately GBP 177bn valuation.

The second-biggest shareholder in SABMiller, the Santo Domingo family of Colombia, who own a 14% stake, is thought also to be coming around to the idea of selling their holding, the item reported. People with close links to SABMiller pointed out that Altria and the Santo Domingos’ combined holding is still less than a majority, the report said.

Meanwhile, The Sunday Telegraph reported that AB InBev is looking at relocating its tax domicile from Belgium to the UK if its takeover succeeds, to avoid saddling SABMiller investors with a major tax bill on dividends in the future.

The Telegraph report said AB InBev is believed to have secured the blessing of the San Domingos and Altria prior to its approach to SABMiller. According to unspecified sources, the board of SABMiller does not want to cede to AB InBev too quickly but is open to negotiations and could make a further announcement in the next few days.

Sunday Times, Sunday Telegraph

>>> Moody's cuts France sovereign debt rating one notch to Aa2 from Aa1; revises

Moody's cuts France sovereign debt rating one notch to Aa2 from Aa1; revises outlook to Stable from Negative 
"The key interrelated drivers of today's action are the continuing weakness in France's medium-term growth outlook, which Moody's expects will extend through the remainder of this decade; and the challenges that low growth, coupled with institutional and political constraints, poses for the material reduction in the government's high debt burden over the remainder of this decade."

WSJ ; Dialog Semiconductor to Buy Atmel for $4.6 Billion

Dialog Semiconductor to Buy Atmel for $4.6 Billion
Deal expected to be completed in first quarter of 2016

U.K.-based chip maker Dialog Semiconductor PLC said Sunday it has agreed to buy U.S. peer Atmel Corp. for a total of $4.6 billion in cash and shares.

Both companies’ boards of directors have approved the transaction, which is expected to close in the first quarter of 2016, Dialog said.

Dialog expects the transaction to result in annual savings of $150 million within two years. The company will fund the takeover with existing cash, new debt and shares.

Dialog wasn’t immediately available for further comment.