Mergers and Acquisitions Recap: Dynegy DEALS With Bankruptcy, Vornado BUYS Fifth Avenue
Dynegy (NYSE:DYN) will merge with its Dynegy Holdings division as it files for bankruptcy protection, and its creditors will subsequently receive a 99 percent ownership in the combined company. Left out of the Chapter 11 procedure are Dynegy subsidiaries that manage its coal and gas-fired operations.
Vornado Realty Trust (NYSE:VNO) agrees to acquire property on Fifth Avenue, as it enlarges its prime Manhattan portfolio with a retail condominium from a joint venture of Kushner Cos, Crown Acquisitions, and Carlyle Group (NYSE:CG). The deal will be quite accretive to the latter group.
United Technologies’ (NYSE:UTX) $16.5 billion purchase of Goodrich seems to be on-line, following UTX’s agreement to divest several Goodrich’ assets, as required by the European Commission,
Reuters says. Among the assets for sale will electrical power generation operations in the U.S. and U.K., and also U.S. engine control activities.
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