David Kirkpatrick

October 3, 2008

Move over Citi, Wells Fargo buys Wachovia

In an update to this post from Monday, Wells Fargo pushes Citigroup aside to purchase Wachovia for more than $15 billion.

From the second link:

In an abrupt change, Wachovia said Friday it agreed to be acquired by San Francisco-based Wells Fargo & Co. in a $15.1 billion all-stock deal that trumps Citigroup‘s plan to acquire Wachovia’s banking operations and avoids government assistance.

The Citigroup deal would have been done with the help of the Federal Deposit Insurance Corp., but the Wells Fargo deal for Wachovia will be done without it. Shares of Wachovia and Wells rose in morning trading, while Citigroup shares fell.

“This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support,” Robert Steel, Wachovia’s president and chief executive, said in a statement.

The Wachovia-Wells deal, announced Friday, comes in a turbulent time for banks and financial firms as they grapple with the ongoing credit crisis, which led to the recent bankruptcy of Lehman Brothers Holdings Inc. and the failure of Washington Mutual Inc.

February 16, 2008

Microsoft/Yahoo redux

Filed under: Business, Technology — Tags: , , , — David Kirkpatrick @ 4:46 pm

This is a very interesting take on the Microsoft offer for Yahoo.

The gist is MS might not be all that serious in wanting Yahoo (although I’m sure the offer is very real and MS would honor the offer with alacrity.) The Redmond behemoth might just want nothing more than to disrupt Yahoo (successful already, I’d say,) shake up the industry (very successful) and poach Yahoo employees in advance of the potential deal (have no idea about success there.)

The link goes to Slashdot with all those comments, plus additional links in the Slashdot post. Didn’t read the comments, and haven’t really lurked around Slashdot regularly for a long, long time. If it’s anything like it was years ago when I regularly read the site expect some rabid anti-MS action in the comments. Ought to be some decent insider information there as well.

February 1, 2008

Microsoft makes unsolicited offer for Yahoo

Filed under: Business, Technology — Tags: , , , — David Kirkpatrick @ 5:06 pm

This would shake the internet/tech business world up a bit.

The $44.6 billion bid ($31 per share) is a direct challenge to Google.

From the article:

In conference call Friday morning, Microsoft Chief Executive Steve Ballmer indicated he won’t take no for an answer after Yahoo rebuffed takeover overtures a year ago.

“This is a decision we have — and I have — thought long and hard about,” Ballmer said. “We are confident it’s the right path for Microsoft and Yahoo.”

Besides the question of Yahoo’s acceptance, Microsoft’s bid also faces regulatory scrutiny in Washington and Europe. On Friday, the Justice Department said it is “interested” in reviewing antitrust issues. European Union officials declined to comment.

To underscore its resolve, Microsoft is offering a 62 percent premium to Yahoo’s closing stock price Thursday. If the deal is consummated, it would be by far the largest acquisition in Microsoft’s history, eclipsing last year’s $6 billion purchase of online ad service aQuantive.