Latest news with #mergers
Reuters
2 hours ago
- Business
- Reuters
Citigroup hires Drago Rajkovic as co-head of M&A from JPMorgan, memo says
NEW YORK, June 20 (Reuters) - Citigroup (C.N), opens new tab hired Drago Rajkovic as its co-head of mergers and acquisitions from rival JPMorgan Chase (JPM.N), opens new tab, according to a memo seen by Reuters on Friday. Rajkovic, who has more than three decades of advisory experience, was most recently global chairman of M&A at JPMorgan, according to the memo signed by Citi's head of banking Viswas "Vis" Raghavan, who is also a JPMorgan alum. Rajkovic will join in September and lead M&A alongside Kevin Cox, the memo added. Rajkovic will divide his time between New York and San Francisco. His recent deals included the $8 billion acquisition of Informatica by Salesforce and the purchase of Juniper Networks by Hewlett-Packard Enterprise for $14 billion.
Yahoo
2 hours ago
- Business
- Yahoo
Citigroup hires Drago Rajkovic as co-head of M&A from JPMorgan, memo says
By Tatiana Bautzer NEW YORK (Reuters) -Citigroup hired Drago Rajkovic as its co-head of mergers and acquisitions from rival JPMorgan Chase, according to a memo seen by Reuters on Friday. Rajkovic, who has more than three decades of advisory experience, was most recently global chairman of M&A at JPMorgan, according to the memo signed by Citi's head of banking Viswas "Vis" Raghavan, who is also a JPMorgan alum. Rajkovic will join in September and lead M&A alongside Kevin Cox, the memo added. Rajkovic will divide his time between New York and San Francisco. His recent deals included the $8 billion acquisition of Informatica by Salesforce and the purchase of Juniper Networks by Hewlett-Packard Enterprise for $14 billion. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 hours ago
- Business
- Bloomberg
Citigroup Hires JPMorgan Tech Veteran Rajkovic as M&A Co-Head
Citigroup Inc. is hiring veteran JPMorgan Chase & Co. banker Drago Rajkovic as global co-head of mergers and acquisitions, as the US lender continues poaching senior dealmakers from its rivals to bolster its investment banking franchise. Rajkovic was a global chairman of M&A focused on technology deals at JPMorgan, according to an internal memo seen by Bloomberg on Friday. He will help run Citigroup's M&A business alongside Kevin Cox, reporting to head of banking Vis Raghavan, and will split his time between New York and San Francisco.
Zawya
11 hours ago
- Business
- Zawya
UniCredit CEO says likely to withdraw offer for Banco BPM
ROME - The chief executive of UniCredit said in a newspaper interview on Friday the Italian bank was likely to withdraw its offer for smaller peer Banco BPM. Andrea Orcel told daily La Repubblica that his bank would continue to try to overcome the obstacles posed by the Italian government, under so-called 'golden power' conditions, and court appeals. "But if we don't manage to resolve (the problems), as is probable, we will withdraw," he said. Orcel said UniCredit was doing all it could to meet terms set by Rome for the bid to go ahead, including exiting its activities in Russia, something also requested by the European Central Bank, but this was no easy task. "We have done more than was requested by the ECB," he said, adding that no other bank had reduced its activities in Russia as much as UniCredit, and that no buyer had come forward that was acceptable "either to Russia or to the West." UniCredit has set aside capital to face potential losses should its Russian assets be nationalized, Orcel said. A bid for another UniCredit takeover target, Germany's Commerzbank, has met opposition from Germany's government as well as the lender itself, and Orcel said for now his bank would remain as an investor and "closely watch (Commerzbank's) transformation path." In the meantime, UniCredit would continue to outperform the rest of the banking sector regardless of mergers and acquisitions. "Our future is very bright with or without M&A," Orcel said. The UniCredit boss also said his bank had reported to market regulator Consob suspected anomalies in the government's sale of a 15% stake in Monte dei Paschi di Siena to a small group of investors in November. "We tried it take part (in the sale) but we could not manage," Orcel said. UniCredit flagged the fact that asset manager Anima participated while it was subject to a so-called passivity rule as a takeover target for Banco BPM, and Banco BPM bought stakes in a sale handled by its subsidiary Banca Akros. Milan prosecutors are looking into the matter, and have questioned Orcel as a witness, Reuters reported on Wednesday. In the La Repubblica interview, the CEO said he could not say anything about the investigation. (Reporting By Gavin Jones, editing by Alvise Armellini)
Yahoo
a day ago
- Business
- Yahoo
Is Washington open to railroad mergers? This regulator isn't saying no.
For weeks, railroad executives have played footsie in public, touting the benefits of mergers that would turn regional players into coast-to-coast juggernauts. Investors, too, have caught the bug, bidding up shares of smaller carriers most likely to be acquired. But their enthusiasm hinges on one question: Will the industry's regulator be on board? Try him. Patrick Fuchs, the 37-year-old chairman of obscure and quaintly named Surface Transportation Board, has signalled what colleagues and industry players are interpreting as an openness to consolidation, or at least a clean break from the reflexive antipathy of his predecessor to deals. A focus on fact-based and impartial reviews could open the door for an industry that has long wanted to consolidate — in part to compete with Canada's transcontinental giants — but for much of the past two decades has been thwarted by Washington. 'I think it's a win,' Union Pacific CEO Jim Vena said of consolidation in an interview earlier this year. 'On the regulatory front, it's complicated.' 'I see a lot of benefit,' Norfolk Southern's chief financial officer, Jason Zampi, said in May. 'I also view the regulatory framework as pretty challenging.' Vena has privately expressed a desire to acquire either Norfolk Southern or CSX Railroad, according to people familiar with his thinking, though Union Pacific hasn't taken concrete steps to move in either direction, in part because of the uncertain odds of approval. A Union Pacific spokesperson declined to comment. Vena was also sharply criticized early in his tenure as CEO by Fuchs' predecessor, Martin Oberman, who accused Vena of pulling off 'accounting maneuvers' and headcount reductions to prop up Union Pacific's stock price at the expense of its infrastructure and maintenance (Vena has improved Union Pacific's train performance and stock price.) The STB's predecessor agency was created during the Gilded Age to regulate the burgeoning railroad industry. Today, it adjudicates disputes between railroads and their customers, service issues, and, most significantly, whether mergers can go forward or not. The last one to get the green light was in 2021, when Canadian Pacific merged with Kansas City Southern, a smaller US carrier. Fuchs' shift is subtle, and he declined to comment. But paired with the Trump administration's focus on rebuilding America's industrial might, it's rightly seen as an invitation for would-be acquirers to make their case. Promising railroad mergers and all matters a fair shake, decided on the merits and with the benefit of the president's nationalist economic agenda, could be enough to coax Vena and his peers to try. If Union Pacific were to pursue a deal, it would force the hand of the other big West Coast railroad, Warren Buffett's BNSF. To stay competitive with a beefed-up Union Pacific, it would likely need to strike a deal for whichever East Coast railroad — CSX or Norfolk Southern — Vena doesn't snag. Rail mergers are impossibly difficult even with favorable regulatory conditions. Unionized workforces, jittery customers, and reams of paperwork and filings may give pause to CEOs wary of messing with already pressured stocks. Some rail , thanks to heightened merger guidelines that require any deals to increase market competitiveness, not merely maintain it.
