by notjust
カテゴリ
以前の記事
お気に入りブログ
最新のコメント
検索
おすすめキーワード（PR）
ファン
2005年 01月 16日
Blackstone, the US private equity group, was on Thursday night reviewing its planned initial public offering in Celanese, a chemical company, amid weaker-than-expected demand.
The setback will be viewed by some as a reflection of investors’ growing impatience with buy-out firms’ attempts to turn quick profits on their investments.
Blackstone’s attempt to bring Celanese to market just 10 months after taking the group private marks the latest in a series of so-called “quick flips” by private equity firms. The firm had hoped to reap about $950m from the IPO, based on a target price of between $19-$21 a share.
However, a source close to the offering said on Thursday that the amount investors were offering for Celanese shares was below that range. Blackstone and its advisers were on Thursday night discussing how to respond. Options might include cutting the price or delaying the offering.
Blackstone paid €3bn ($3.9bn) for its 84 per cent stake in the loss-making industrial chemicals group in April. The fund would retain a 60 per cent stake after the planned IPO.
An IPO at $19-$21 a share would have valued the group, formerly part of Hoechst of Germany, at a premium to similar companies in the chemicals sector.
Within days of the target price being set, Celanese said it it expected fourth quarter charges related to accounting write-downs.
David Menlow, president of IPOfinancial.com and a prominent IPO tracker, said: “There is a certain amount of investor distaste at how smart Blackstone is. I think people are tired of putting money into Blackstone’s pockets.”
Typically, private equity groups hold their investments for three to five years - long enough to show investors that they are not just financial engineers, but long-term operational managers of a business. Recently, however, the trend has been towards quicker “exits”.
“Pressures to return cash to investors, especially for those firms looking to raise a new fund, and the recovery in equity markets means we are likely to continue to see quick flips,” said one banker.
Blackstone waited just five months to flip Foundation Coal, a loss-making producer bought from Germany’s RAG coal group in July. It turned a more than four-fold profit on its investment when Foundation debuted on the New York stock market last month.
Mr Menlow said that some investors’ fingers had been burned by the poor performance of TRW Automotive, the auto parts group Blackstone took public in last February. Shares in TRW, which debuted at $28, closed on Thursday at $19.23.
In December, PanAmSat registered with the Securities and Exchange Commission to sell shares worth up to $1bn just four months after the US satellite operator was acquired by a Kohlberg Kravis Roberts-led buy-out.
Other investments which have been returned quickly to market include Nalco, the water treatment business part-owned by Blackstone.
Last year, financial sponsor-backed IPOs increased 62 per cent, raising $24.4bn, compared with $9.3bn in 2003, according to Dealogic, the global data provider.
アメリカの投資集団であるBlackstoneは火曜日夜、科学企業であるCelaneseの株式公開前投資を見直すことになった。これは予想より需要が低いことによる。
The setback will be viewed by some as a reflection of investors’ growing impatience with buy-out firms’ attempts to turn quick profits on their investments.
この後退を一部では、買収企業の素早い投資収益をだすことが難しくなったことを反映してと見られている。
Blackstone’s attempt to bring Celanese to market just 10 months after taking the group private marks the latest in a series of so-called “quick flips” by private equity firms. The firm had hoped to reap about $950m from the IPO, based on a target price of between $19-$21 a share.
BlackstoneによるCelaneseの公開前株式を取得後10ヶ月後に公開をしようとしていた計画は、"quick flips"と呼ばれる未公開株式会社による最も新しい投資である。Blackstoneは一株あたり利益19~21ドルという価格を基準として、IPOから9.5億ドルあたりへの値上げを望んでいた。
However, a source close to the offering said on Thursday that the amount investors were offering for Celanese shares was below that range. Blackstone and its advisers were on Thursday night discussing how to respond. Options might include cutting the price or delaying the offering.
しかし情報提供者によれば木曜日、おおくの投資家がその価額より低い値での申し込みをしたという。Blackstoneやそのアドバイザーは木曜日夜その返答を議論していた。価額切り下げや、申し込みの延期などの選択権がつきそうだ。
Blackstone paid €3bn ($3.9bn) for its 84 per cent stake in the loss-making industrial chemicals group in April. The fund would retain a 60 per cent stake after the planned IPO.
Blackstoneは四月、損失を出したCelaneseの株のうち84%を39億ドルで取得した。BlackstoneはIPOを果たした後も60%の株式を保有する見込みである。
An IPO at $19-$21 a share would have valued the group, formerly part of Hoechst of Germany, at a premium to similar companies in the chemicals sector.
一株19~21ドルでのIPOは、Hoechst of Germanyの一部であったグループにたいして、同様の企業よりプレミアムを付けた価額になる。
Within days of the target price being set, Celanese said it it expected fourth quarter charges related to accounting write-downs.
基準の価額が設定されて数日以内に、Celaneseは会計的な価額切り下げに関連して下半期の負債をよしている旨を発表した。
David Menlow, president of IPOfinancial.com and a prominent IPO tracker, said: “There is a certain amount of investor distaste at how smart Blackstone is. I think people are tired of putting money into Blackstone’s pockets.”
IPOfinancial.comの代表であり卓越したIPOの動向に詳しいDavid Menlow氏は、「Blackstoneが如何に賢いかということに嫌気をもつ投資家は一定数います。私は、人々はBlackstoneにお金を預けることが嫌になると考えているのです。」と述べている。
Typically, private equity groups hold their investments for three to five years - long enough to show investors that they are not just financial engineers, but long-term operational managers of a business. Recently, however, the trend has been towards quicker “exits”.
典型的に、個人投資家グループは投資を3~5年行う、これは自分たちが単に財政的なマネジメントをしているのでなく、長期のビジネスとしての経営を行っている事を投資家らに見せるのに十分であるからだ。しかしながら近年、より早く'売却'することがトレンドになっている。
“Pressures to return cash to investors, especially for those firms looking to raise a new fund, and the recovery in equity markets means we are likely to continue to see quick flips,” said one banker.
「投資家達に現金を返さなければならない、特に新しいファンドの立ち上げを目指すこれらの企業には、圧力と株式市場の回復は私たちがquick flipsを目指しつづけることの説明になる。」と、ひとりの銀行家は述べている。
Blackstone waited just five months to flip Foundation Coal, a loss-making producer bought from Germany’s RAG coal group in July. It turned a more than four-fold profit on its investment when Foundation debuted on the New York stock market last month.
Blackstoneは五ヶ月後に、昨年の七月にGermany's RAG coal groupから買収したFoundation Coalの売却がせまっている。先月、ニューヨーク証券取引所にFoundationが姿を見せてから投資収益は四倍以上になる。
Mr Menlow said that some investors’ fingers had been burned by the poor performance of TRW Automotive, the auto parts group Blackstone took public in last February. Shares in TRW, which debuted at $28, closed on Thursday at $19.23.
Menlow氏によれば、投資家の中にはBlackstoneが昨年2月に取得したTRW Automotiveの運用成績が乏しかったために、損害を被った投資家がいる。28ドルでデビューしたTRWの株式は火曜日の取引終了後の終値は19.23ドルであった。
In December, PanAmSat registered with the Securities and Exchange Commission to sell shares worth up to $1bn just four months after the US satellite operator was acquired by a Kohlberg Kravis Roberts-led buy-out.
12月には、PanAmSatが証券取引委員会に、A Kohlberg Roberts-led buy-outによって取得された四ヶ月のちに10億ドルの値を上げて株式を売却するために登録をした。
Other investments which have been returned quickly to market include Nalco, the water treatment business part-owned by Blackstone.
はやく市場に戻しような投資先はBlackstoneが保有する水環境ビジネスをおこなうNalcoなどがある。
Last year, financial sponsor-backed IPOs increased 62 per cent, raising $24.4bn, compared with $9.3bn in 2003, according to Dealogic, the global data provider.
昨年Dealogicの調べによれば、2003年の93億ドルと比較してIPOを狙う企業買収は62%上昇し、244億ドルに上昇した。
| < 前のページ | 次のページ > |