Word: ipos
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...already?" Page asks. Everyone laughs. The share price has soared as high as $475, making Google, in market-cap terms, the biggest media company in the world. (The stock plummeted early this month on earnings that Wall Street didn't like, although it's still far above its 2004 IPO price of $85.) The engineers press on. Their trials predict the tweak would be worth as much as $80 million a year in additional revenue. Brin isn't moved. "I don't see how it enhances the experience of our users," he says. It probably wouldn't hurt it much...
...market value as high as $8 billion helped spark a broader M&A boom. Rivals in Japan's go-go Internet industry learned that they too could grow by gobbling up corporate minnows. "A lot of people have followed the Livedoor model," says Tom Sato, founder of Tokyo IPO, a financial-information website. Softbank has executed 140 mergers or acquisitions; Rakuten, Japan's leading online-shopping site, has executed 55 of them; Yahoo! Japan has done 24. Although Japan still accounts for only 5.6% of the world's M&A market, dealmaking has become an increasingly profitable fashion...
...smaller companies. Terrie Lloyd, an M&A consultant with 23 years of experience in Japan, says he encounters more and more Japanese investors who are interested in buying a motley batch of companies, pasting them together into mini-conglomerates with dubious business merit, and flipping them via an IPO: "This is a new phenomenon in Japan...
...owned, and indeed their stock belong to the state. But the way they operate has quite little in common with the state interests. Quite to the contrary, they do act against the state interests. Take the case of Rosneft (the state-owned oil company). Now, Rosneft is preparing its IPO, which is advertised as a major event for the Russian economy. Rosneft will issue dozens millions worth shares to cover its assets-with not a single dollar earmarked for the state budget. It's not privatization; it's IPO by a state-owned company. In this context, the action does...
...tabloid for allegedly overstating his salary. Still, Russia seems to be courting pols in the West. Reports claim Putin earlier this month offered the chairmanship of Russian state oil firm Rosneft to former U.S. Commerce Secretary Donald Evans, a close friend of President Bush. Rosneft is readying for an IPO next year, after picking up the production arm of its dismembered rival Yukos in a state-sponsored auction a year ago. Sources close to Evans won't confirm or deny the offer, saying only that Evans supports closer commercial ties between the U.S. and Russia...