IPO for River and Mercantile June 23, 2014 RIVER and Mercantile yesterday listed new shares on the London stock market, raising £41.5m for the group and its selling shareholders. The pensions advisory company listed shares at 183p, defying a waning of confidence in the new issues market. The listing values the business at about £150m. The company will receive £15m of the proceeds [...]
Vending machine group Selecta orders bond deal June 23, 2014 Europe’s largest vending machine operator Selecta has swapped €770m (£615m) of debt to a lower lending rate in a bid to lessen the financial woes of the struggling business. The firm, which runs vending machines across the UK, has sold €550m of high yield bonds to a variety of unnamed institutions, it confirmed yesterday. A [...]
Honda recalling 2m cars over shrapnel danger from exploding airbags June 23, 2014 Honda is recalling 2.03m cars worldwide due to faulty explosive air bags. The recall, combined with 755,000 Nissan cars, and 159,807 Mazda cars that have the same problem, is one of the biggest car recalls in history. The air bags, supplied by Takata, have the potential to explode in a way that shoots out shrapnel [...]
Warwick Business School to launch campus in the Shard June 23, 2014 Warwick Business School has struck a deal to open a London campus in the Shard skyscraper as it looks to attract students wanting to study in the capital. The school will convert the 17th floor of the 87-storey building into teaching space with two lecture theatres, eight smaller seminar rooms and an IT lab. [...]
BAE Systems wins £70m contract June 23, 2014 BAE Systems has been awarded a £70m contract for the maintenance of Royal Navy Ships at Portsmouth Naval Base. The Ministry of Defence contract will protect 100 engineering roles at the base and will run from next month until November 2016. It involves managing the support, maintenance and upgrade of Type 45 Destroyers at the [...]
Wisconsin in $5.7bn buy-up June 23, 2014 US energy giant Wisconsin Energy Corporation agreed yesterday to buy the Integrys Energy Group for about $5.7bn (£3.4bn) in stock and cash. Under the terms of the deal, Wisconsin Energy will pay 1.128 of its shares and $18.58 in cash for each Integrys share. Combining the two companies will create a new firm, to be [...]
LDC exits GVA with Bilfinger sale June 23, 2014 Lloyds Development Capital (LDC) is selling its stake in GVA, the UK’s largest commercial real estate consultant, to German engineering and services giant Bilfinger for an undisclosed sum. LDC invested £40m for a 27.5 per cent stake in GVA, but is now exiting the business. Bilfinger said yesterday that 99 per cent of GVA shareholders [...]
City Moves for 24 June 2014 | Who’s switching jobs June 23, 2014 Colliers International Chris Monkhouse has been appointed as a director at the commercial real estate services firm, and will head up its minerals, energy and waste management team. Monkhouse joins from GVA, where he spent 12 years. Gazprombank Asset Management Igor Kan has been appointed vice-president and head of structured products for portfolio management and [...]
Best of the Brokers for 24 June 2014 June 23, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com DEVRO N+1 Singer keeps the sausage skin maker as a “sell” and drops its target from 246p to 211p ahead of results next month. Since the broker moved Devro to its sell list in October, the stock has lagged the FTSE All Share [...]
London Report: Housebuilders drag on FTSE 100 after near-record highs June 23, 2014 BRITAIN’S top equity index fell yesterday for the first time in a week as declines in housebuilding shares weighed on the market, which had been approaching record highs. The blue-chip FTSE 100 index, which had risen for the last four sessions, ended down by 0.4 per cent, or 24.64 points, at 6,800.56 points – some [...]