1 2 3 4 5

WEDNESDAY
TODAYS DEALS (includes announced and amended deals to 8:00 a.m. New York time) MA<GO>
JPMorgan Chase & Co. could fetch at least $2 billion for its commodities unit after it
received bids from Blackstone Group LP, Macquarie Group and Mercuria Energy
Group Ltd., people with knowledge of the matter said.
JPMorgan will ask those suitors for more details on their offers to narrow the list to one
exclusive bidder and may choose a winner as soon as this week, said the people, who
asked not to be named because the information is private. The process could extend into
February, one of the people said.
The biggest U.S. bank by assets decided to sell the business as regulators review a
decade-old ruling allowing deposit-taking banks to trade physical commodities. The unit
produces $750 million in annual income before compensation costs, people with knowl-
edge of the matter have said. The sale of the physical commodities business doesnt
include derivatives or gold bullion storage, the bank has said.
The unit, which had $3.3 billion in physical commodity assets according to one per-
son, is overseen by JPMorgans commodities chief Blythe Masters. Masters, 44, may
join the acquirer to run the operations, depending on which firm wins the auction, said
one of the people.
A representative for New York-based JPMorgan declined to comment, as did spokesmen
for New York-based Blackstone, Geneva-based Mercuria and Sydney-based Macquarie.
Blackstone, the worlds largest private-equity firm, sees commodities as another way
to diversify its lines of business, one person said. The firm has grown fee-paying assets
and tapped streams of revenue that are less dependent on the market cycles that drive
private-equity profits.
Mercuria would gain oil infrastructure assets in North America and a global chain of
warehouses for its metals trading business. Registered in Cyprus with headquarters
and major trading operations in Geneva, Mercuria is the fourth-largest independent
commodities trader.
Macquarie, which has an existing trading business in oil and gas, power and coal, has
been expanding that business in the past years.
While JPMorgans commodities unit also drew interest from Grupo BTG Pactual, the
Brazilian investment bank, the bank ended its pursuit, people said this month.
JP Morgan Said Close to Sale of Commodities Unit
TARGET TICKER SECTOR ACQUIRER TICKER
VALUE
($M)
VALUE/
EBITDA
Banco CorpBanca Colombia SA (33.6%) SANTAN CB Financial Itau Unibanco Holding SA ITUB4 BZ 2,850 -
BC-10 block/Brazil - Energy Qatar Petroleum 16453Z QD 1,000 -
Standard Bank PLC 6480Z LN Financial Industrial & Commercial Bank of China Ltd 601398 CH 770 -
Warrnambool Cheese & Butter Factory Co WCB AU Consumer, Non-cyclical Saputo Inc SAP CN 567 24
DVS Sciences Inc 9505738Z CN Consumer, Non-cyclical Fluidigm Corp FLDM US 186 -
5 Suffolk care homes - - Legal & General Group PLC LGEN LN 51 -
MMC Superalloy Corp 0657794D JP Basic Materials Hitachi Metals Ltd 5486 JP 50 -
Ninetowns Internet Tech Group Co Ltd NINE US Technology Management Group - 48 -
Ensighten Inc 0604973D US Technology Insight Venture Partners LP 776341Z US 40 -
Changchun Guangda Auto Trading Co Ltd CHANGD CH Consumer, Non-cyclical New Focus Auto Tech Holdings Ltd 360 HK 31 -
DEALS. Brazils Itau Unibanco will buy
control of Chiles Corpbanca for at least
$2.85 billion in cash and stock, expand-
ing abroad as its home economy slows.
Chinas ICBC agreed to buy 60 percent of
Standard Banks London-based markets
unit for about $765 million to expand its
commodities and currency-trading busi-
ness. Page 2.
MARKET CALLS. The regulatory review
period for Bank of Montreals takeover
of London-based F&C Asset Manage-
ment could allow time for other bidders to
emerge, said Canaccord Genuity analyst
Arun Melmane. Page3.
DEAL ARBITRAGE. Page 5.
INSIDE
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1 2 3 4 5
KKR & Co. LP, which teamed up with U.S.-based energy trader Castleton Com-
modities International LLC, is no longer involved in the process, according to a person
familiar with the situation.
A spokeswoman at KKR declined to comment on its interest, while a representative for
Castleton didnt respond to a request for comment via e-mail.
Jodi Xu, Hugh Son and Andy Hoffman
Chinas ICBC Agrees to Buy 60% of Standard Banks Unit
Industrial & Commercial Bank of China Ltd., the worlds most profitable lender,
agreed to pay about $765 million for 60 percent of Standard Bank Group Ltd.s markets
unit to expand its commodities and currency-trading business.
Standard Bank, based in Johannesburg, is also granting ICBC a five-year option to
acquire an additional 20 percent stake in the London-based business, according to a
statement today. If it takes up that right, Standard Bank said that it can require ICBC to
acquire the remaining shares within about five years.
The purchase will advance ICBC Chairman Jiang Jianqings target of tripling profit
contribution from overseas to 10 percent by 2016 as the bank follows corporate clients
expanding abroad and seeks to tap demand for yuan-denominated goods and services.
Since 2007, ICBC has spent about $7 billion on more than 10 acquisitions from South
Africa to the U.S.
The sale will also help Standard Bank, Africas largest lender, renew its focus on its
home continent as it withdraws from other emerging markets. The lender has been sell-
ing assets outside Africa since 2011 to raise cash for expansion in the worlds fastest
growing region after developing Asia.
Standard Bank said the purchase price of about $765 million is based on the units net
asset value of $1.41 billion at the end of June.
Dale Crofts and Ana Monteiro
Itau to Buy Chiles Corpbanca for at Least $2.85 Bln in Cash, Stock
Itau Unibanco Holding SA, Latin Americas biggest bank by market value, agreed to
buy control of Chiles Corpbanca in a deal worth at least $2.85 billion in cash and stock.
Itau will inject $652 million of capital and merge its Chilean and Colombian units with
Corpbanca, according to a statement today. Itau will receive 172 billion new shares in
Corpbanca worth $2.2 billion based on yesterdays closing price and get a 33.58
percent controlling stake through a shareholder agreement with CorpGroup, the holding
company of billionaire Alvaro Saieh and his family.
The deal will turn Itau into the fourth-biggest bank in Chile, up from seventh now. Brazil-
ian banks including Itau and Banco do Brasil SA are seeking foreign assets as the
TARGET TICKER SECTOR ACQUIRER TICKER
VALUE
($M)
EV/LTM
EBITDA
Texas Industries Inc TXI US Industrial Martin Marietta Materials Inc MLM US 2,708 32.0
F&C Asset Management PLC FCAM LN Financial Bank of Montreal BMO CN 1,155 8.0
Shenzhen Bio-Agriculture Co Ltd 0945221D VI Financial Shenzhen Investment Ltd 604 HK 341 -
Tomen Electronics Corp 7558 JP Consumer, Cyclical Toyota Tsusho Corp 8015 JP 258 11.5
Shanghai Jin Yun Asset Mgmt Co Ltd 0945264D CH Financial Shanghai Sheng Yu Asset Mgmt Co Ltd 0945265D CH 209 -
Ningbo DXC New Material Tech Co Ltd 0945219D CH Industrial Zhejiang Nanyang Technology Co Ltd 002389 CH 79 -
T/L1 and T/18P gas fields - - Hindustan Petroleum Corp Ltd HPCL IN 75 -
Shenzhen Hazens Automobile Electr Co Ltd 0945222D CH Industrial Guangdong Shenglu Telecomm Tech Co Ltd 002446 CH 70 -
Kumho Resort Co Ltd KRESRTZ KS Consumer, Cyclical AsianaIDT, Kumho Terminal Co Ltd et al - 65 -
IndieGoGo Inc 0086583Z US Communications Kleiner Perkins, MHS Capital et al - 40 -
YESTERDAYS DEALS
Bloomberg Brief Mergers
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1 2 3 4 5
The sale of Standard Bank Group Ltd.s markets unit to Industrial & Com-
mercial Bank of China Ltd. will lead people to possibly re-evaluate their views
on Standard Bank South Africa because there will be less drag from capital tied up
in London, Johann Scholtz, head of research at Afrifocus Securities Ltd. in Cape
Town, said today by phone. Its obviously beneficial from a profitability point of view
for Standard Bank and it removes uncertainty.
Bank of Montreals 708 million pounds ($1.2 billion) deal yesterday to buy F&C
Asset Management Plc represents an attractive valuation from the standpoint of
the Canadian bank, said David Cumming, global head of equities at Standard Life
Investments, which holds a 10 percent stake in F&C. Consequently, we intend to
keep our options open should another suitor for F&C emerge.
The length of time needed for regulatory approval could bring other potential
bidders into the arena, said Arun Melmane, a Canaccord Genuity analyst. The deal
is expected to be completed after May 1, Bank of Montreal said. Melmane said the
offer is in the ballpark of the intrinsic value of F&C.
Liberty Global Plcs deal to fully take over Dutch broadband provider Ziggo NV
is unlikely to be blocked because of antitrust issues, Matthijs van Leijenhorst, an
analyst at Kepler Cheuvreux, said in a note. The transaction will attract the attention
of competition regulators because a merger would consolidate about 90 percent of
the Dutch cable market. Still, Liberty Globals Dutch business and Ziggo operate in
different areas, he said.
Theres a 90 percent chance that UBM Plc will sell its press-release business
PR Newswire, according to Panmure Gordon analyst AlexDeGroot. Theres also the
possibility UBM will be taken over by Informa Plc this year, he said in a note.
Ana Monteiro, Renee Bonorchis, Gavin Finch, Doug Alexander and Blanche Gatt
MARKET CALLS
THE WIRE
nations economic growth slows. Brazil will
probably grow 2.1 percent in 2014, lagging
behind a 4.2 percent rate for Chile and
4.5 percent for Colombia, according to
analysts polled by Bloomberg.
Chile will be Itaus principal asset in
Latin America outside of Brazil, Itau Latin
America Chief Executive Officer Ricardo
Villela Marino said on a call with report-
ers today.
The agreement also gives Itau access to
the Colombian retail market through Banco
Corpbanca Colombia and Helm Bank. The
merged bank will have 66 percent in Banco
Corpbanca Colombia and will offer to buy
the remaining stake for $894 million.
Francisco Marcelino and Jessica Brice
Sprint Said to Face U.S.
Resistance to T-Mobile Merger
Sprint Corp. executives encountered
resistance from Justice Department anti-
trust officials to a potential acquisition of
T-Mobile US Inc., according to a person
familiar with the matter.
Sprint argued during a meeting this
month with senior antitrust officials that
a merger with T-Mobile would allow more
aggressive competition with larger rivals
AT&T Inc. and Verizon Wireless, accord-
ing to the person, who asked not to be
identified because the talks are confiden-
tial. Justice Department officials werent
convinced, the person said.
SoftBank Corp., the majority owner
of Sprint, is in direct talks with T-Mobile
owner Deutsche Telekom AG to resolve
obstacles to a potential deal, people with
knowledge of the matter said this month.
An agreement could still take months to
reach, one of the people said.
Justice Department spokeswoman
Gina Talamona, Sprint spokesman John
Taylor, Anne Marshall, a spokeswoman
for Bellevue, Washington-based T-Mobile,
and Mitsuhiro Kurano, a spokesman for
Tokyo-based SoftBank, all declined to
comment about the meeting with depart-
ment officials. The meeting was reported
earlier by the Wall Street Journal.
David McLaughlin and Sara Forden
Caesars Is Said to Weigh Bid
for Revel Casino in Atlantic City
Caesars Entertainment Corp. is consid-
ering a bid for Revel Casino Hotel, the At-
lantic City, New Jersey, property that went
through bankruptcy last year, according to
people with knowledge of the situation.
MA SU<GO>:
TOP M&A BUYERS IN EUROPE:
MA <
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O
>

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1 2 3 4 5
THE WIRE
A bid from Caesars isnt certain, said the
people, who asked not to be named be-
cause deliberations are private. Offers for
the property, which opened in April 2012,
are due in two weeks, and no negotiations
are under way, they said.
Revel, built for $2.6 billion, would spruce
up Caesars aging portfolio in Atlantic City,
where it is the biggest player with four
properties. The company could use its loy-
alty program to steer existing customers
to the resort, said Robert Heller, president
of Spectrum Gaming Capital, a New York-
based investment bank.
They could fill the place, Heller said in
an interview. Revel would be a huge up-
grade for Caesars in the market, he said.
Revel, owned by a group of hedge funds
that assumed ownership after the bank-
ruptcy, has struggled without a connection
to a larger organization.
Hard Rock International, owned by
Floridas Seminole tribe, is among the
companies interested in making an offer
for Revel, the New York Post reported in
December. A spokeswoman for Hard Rock
declined to comment.
Lisa Johnson, a spokeswoman at
Lisa Johnson Communications repre-
senting Revel, didnt reply to an e-mail
seeking comment.
Caesars, based in Las Vegas, was
purchased in a 2008 buyout led by
Apollo Global Management LLC and
TPG Capital, sold $1.17 billion of stock
in a publicly-traded subsidiary, Caesars
Acquisition Co., in November.
A purchase of Revel by Caesars could
reshape New Jerseys gambling industry,
if the company is forced to sell or close
an existing property. The casinos owned
by the company Caesars, Harrahs,
Ballys and Showboat accounted for
41 percent of the Atlantic City gam-
bling market in December, according to
Bloomberg Industries research. Revel
had 6.2 percent.
Christopher Palmeri and Krista Giovacco
BLOOMBERG
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1 2 3 4 5
DEAL ARBITRAGE
TARGET ACQUIRER
DEAL
SIZE (M)
EXPECTED
COMPLETION
DATE
OFFER
PER
SHARE
TARGET
PRICE
OFFER
TYPE
SPREAD
PROJECTED
ANNUALIZED
RETURN
1D
% CHANGE
IN SPREAD
MAJOR
MOVE*
Ainsworth Lumber Co Ltd Louisiana-Pacific Corp 1,175 - 4.18 4.07 C/S 2.7% - 1.2%
Beam Inc Suntory Holdings Ltd 15,874 06/30/14 83.50 83.42 Cash 0.1% 0.2% 0.0%
BRE Properties Inc Essex Property Trust Inc 6,334 - 57.82 57.67 C&S 0.3% - 0.0%
Brookfield Office Properties Inc Brookfield Property Partners LP 5,037 - 19.55 18.29 C/S 6.9% - 0.7%
CapitalSource Inc PacWest Bancorp 2,238 03/31/14 14.33 14.18 C&S 1.1% 6.1% 0.1%
CEC Entertainment Inc Apollo Global Management LLC 1,297 02/14/14 54.00 54.09 Cash -0.2% -3.6% 0.0%
Cole Real Estate Investment Inc
American Realty
Capital Properties Inc
9,846 - 15.45 15.40 C/S 0.3% - 0.1%
CommonWealth REIT
Corvex Mgmt,
Related Funds Mgmt
2,898 - 24.50 23.46 Cash 4.4% - -0.5%
Given Imaging Ltd Covidien PLC 869 03/31/14 30.00 29.94 Cash 0.2% 1.2% 0.1%
Harris Teeter Supermarkets Inc Kroger Co/The 2,461 01/29/14 49.38 49.37 Cash 0.0% 7.4% 0.0%
Hudson City Bancorp Inc M&T Bank Corp 3,838 - 9.35 9.04 Stk 3.4% - 0.1%
Jones Group Inc/PA Sycamore Partners 2,199 06/30/14 15.00 14.83 Cash 1.1% 2.7% -0.1%
Jos A Bank Clothiers Inc Mens Wearhouse Inc/The 1,276 03/28/14 57.50 54.79 Cash 4.9% 30.6% 0.3%
KKR Financial Holdings LLC KKR & Co LP 2,465 06/30/14 12.35 12.23 Stk 1.0% 2.4% 0.1%
Leap Wireless International Inc AT&T Inc 4,060 - 15.00 17.44 Cash -14.0% - -0.1%
Life Technologies Corp Thermo Fisher Scientific Inc 15,901 - 76.00 75.92 Cash 0.1% - 0.0%
LSI Corp Avago Technologies Ltd 5,596 06/30/14 11.15 11.02 Cash 1.2% 2.8% 0.0%
Omnicom Group Inc Publicis Groupe SA 19,420 03/31/14 72.89 73.18 Stk -0.4% -2.3% 0.1%
Osisko Mining Corp Goldcorp Inc 2,690 02/19/14 6.15 6.61 C&S -7.0% -116.3% -0.6%
Paladin Labs Inc Endo Health Solutions Inc 1,422 03/31/14 119.67 120.45 C&S -0.6% -3.8% 0.2%
Patheon Inc JLL Partners Inc 1,883 06/30/14 9.32 9.22 Cash 1.1% 2.7% 0.3%
PVR Partners LP Regency Energy Partners LP 5,629 03/31/14 27.79 27.80 Stk 0.0% -0.1% 0.3%
Responsys Inc Oracle Corp 1,438 02/05/14 27.00 26.99 Cash 0.0% 1.7% 0.0%
Riverbed Technology Inc Elliott Associates LP 2,843 - 19.00 19.85 Cash -4.3% - -1.7%
Shoppers Drug Mart Corp Loblaw Cos Ltd 13,558 02/28/14 58.77 58.54 C/S 0.4% 4.6% 0.0%
Sterling Financial Corp/WA Umpqua Holdings Corp 1,863 06/30/14 32.44 32.42 C&S 0.1% 0.2% -0.1%
Texas Industries Inc Martin Marietta Materials Inc 2,708 06/30/14 74.72 73.60 Stk 1.5% 3.7% 0.0%
Time Warner Cable Inc Charter Communications Inc 61,256 - 132.50 133.71 C&S -0.9% - -0.2%
UNS Energy Corp Fortis Inc/Canada 4,271 12/31/14 60.25 59.73 Cash 0.9% 0.9% -0.1%
Valassis Communications Inc Harland Clarke Holdings Corp. 1,772 02/03/14 34.04 34.07 Cash -0.1% -5.4% -0.1%
Source: Bloomberg MARB<GO> North American deals
*Spread moved by more than 2% of target price: = up, =down

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