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Can Dell Get Financing to Buy EMC in This Tight Credit Market?


NEW YORK (The Deal) -- The financing for a prospective Dell takeover of EMC (EMC - Get Report) could prove problematic in a credit market that's turned unaccommodating amid global economic woes.

"Right now, this [financing a takeover] would be a tall order," said Martin Fridson, chief investment officer of Lehmann Livian Fridson Advisors.

Credit market conditions turned volatile in September with the stock market's pullback following China's decision to devalue its currency. Conditions have improved as the public markets have stabilized, and, Fridson said, could be dramatically improved by the time a debt financing for any Dell purchase of EMC actually takes place -- transactions that could be months down the road.

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Nevertheless, at least five prospective credit offerings have run into trouble this month. The Wall Street Journal reported this week that Goldman Sachs (GS - Get Report) and JPMorgan Chase (JPM - Get Report) are struggling to sell $1.2 billion of loans backing the...