Deal and Related News Feb 16, 2011

· GENZ/SNY – the deal is formally unveiled this morning – SNY will buy GENZ for $74/shr cash + a CVR.  The deal is expected to close early in Q2:11.  The acquisition is expected to be accretive to sanofi-aventis’ Business Net earnings per share in the first year following closing, and accretive to Business Net earnings per share in the range of euro 0.75 – euro 1.00 by 2013.  CC 8amET             (866) 907-5925      

· FDO – filing out from Trian Group – in the filing Trian says that it has made an offer to buy FDO for $55-60/shr cash.  FDO Confirmed receipt of Trian Group’s unsolicited conditional proposal to acquire the co for $55-60/share in cash. Board will review the proposal in due course.

· Clariant AG agreed to buy private equity-owned Sued-Chemie AG in a transaction valued at 2 billion euros – Bloomberg

· JOE – Fairholme Capital will move to replace JOE’s board by written consent of the majority of the co’s shareholders.  The deal could be announced as early as Wed.  WSJ

· JOE – has adopted a shareholder rights plan that prevents any shareholder with a more than 10 per cent stake in the company from increasing that position without board approval – CNBC

· DELL – CFO tells DJ that it is considering to evaluate M&A candidates, but not chip companies (there was a mention Tues on ZDNet that DELL could consider an acquisition of AMD…DELL pretty much ruling that out); DELL on the call said they have no intention of taking the company private.  On the call says their M&A going forward will look similar to their recent deals.

· MRK – the co said it had been unable to sell its Netherlands-based research unit Organon and will prob. wind up shuttering the business – Reuters

· Sam Zell considering acquisition of Chicago office building; would mark his first office acquisition in years; WSJ

· China M&A – the country’s economic planning agency said on Wed that its new rules for reviewing certain mergers and acquisitions won’t affect the country’s openness or efforts to attract foreign investors – DJ

· TLCR – this hit during trading on Tues – Reuters says that anti-trust regulators may challenge Grifols’ planned buy of TLCR on fears that the combination would reduce supplies and raise prices.  Reuters

· Telecom M&A: Orange and T-Mobile are considering merging their mobile operations in several countries. France Telecom (which owns the Orange network) and Deutsche Telekom (which owns T-Mobile network) and are considering copying the merger of their UK operations, which created “Everything Everywhere” Telegraph

· NDAQ – Barron’s recommends a few options strategies depending on whether NDAQ is either a company buyer or an acquisition target – Barron’s

· CME – on Tuesday sought to quash speculation that it may make a counter bid for NYSE Euronext – Fox Business.

· BGP – the co officially filed bankruptcy this morning – Bloomberg

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