Commerzbank, BNP, NYBOT, RBS, UBS, LBOs, IPOs

The Wall Street Journal reports that Klaus-Peter Mueller, Commerzbank's CEO, has said that his firm is not in takeover or merger talks at present, mentioning that he had 'no knowledge (either) of other intstitutions' currently having takeover plans for us'.

Separately, The Financial Times reports that shares in the bank fell Monday after Commerzbank said that the $113m is had booked to cover US subprime-lending losses in the third-quarter was not enough.  

Financial News reports that BNP Paribas has 'revamped' its UK investment banking unit following the departure of Oliver Ellingham. Ellingham, who has been with the French bank for six years and was one of its most senior bankers, is off to run Goss Risk Management. He has been replaced as head of BNP's UK corporate finance unit by Paul Staples.

The New York Post reports that The New York Board of Trade plans to shut down its futures pits in the next 6 months as electronic commodities trading gets fully up and running. Up to 1,000 people face the prospect of losing their jobs.

The Financial Times reports that Royal Bank of Scotland has been granted 'exclusivity' by London hedge fund Cheyne Capital to conduct negotiations for the possible purchase of the firm's $6.6bn troubled SIV Cheyne Finance.

The BBC reports that human rights activists are urging UBS to walk away from arranging PetroChina's IPO on the Shanghai stock exchange. PetroChina is controlled by Sudan-based China National Petroleum Corporation, which provides tax revenues for the Sudanese government and therefore helps pay for Sudan's war in Darfur. UBS has said that PetroChina and China National Petroleum are two separate legal entities.

Reuters reports that, according to the smart money, the current volatility in the markets will delay the return of  larger LBO deals for at least 6 months. The news agency quotes Greg Lomas, head of loan underwriting over at CIBC, who said that 'there are some big issues still out there. Until banks with large jumbo bonds get sorted out, the market will stay choppy, at least until mid-next year'.

Finally, The Financial Times reports that, according to a new report issued by Ernst & Young, 7 out of the top 10 IPOs in the third-quarter were emerging-markets offerings. Global deal volumes fell 36% in the period to $57bn, although nearly half this total was raised by so-called 'Bric' countries - Brazil, Russia, India and China.

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