New Serco boss Rupert Soames reins in overseas arms June 18, 2014 Serco’s new boss Rupert Soames yesterday put his stamp on the embattled firm, bringing more control of the outsourcer’s overseas businesses back to the UK and announcing a split from its rail partner after more than a decade. The company’s head of Africa, Middle East, Asia and Australasia will step down as part of the [...]
General Electric set to hit back with improved offer for Alstom June 18, 2014 General Electric is reportedly preparing an improved offer for the energy arm of Alstom that it will unveil to the French government and unions today. Alstom’s board is due by Monday to announce its choice between General Electric’s €12.4bn (£9.93bn) cash offer and a competing proposal by Germany’s Siemens and Japan’s Mitsubishi Heavy Industries. “General [...]
Chemical firm Croda’s financial chief Sean Christie to step down June 18, 2014 FTSE 250-listed chemicals manufacturer Croda announced yesterday that its finance chief would be stepping down next year. Sean Christie, who has worked at the firm since 2006, will remain at Croda until April 2015 to facilitate the board’s search for his replacement. “I have thoroughly enjoyed the role and all its challenges, but have decided [...]
Telefonica eyes up a bigger slice of Digital+ June 18, 2014 SPAIN’S Telefonica is offering up to €355m (£284m) for Mediaset Spain’s 22 per cent stake in Digital+, in a deal that could eventually give it full control of the Spanish pay-TV group Prisa. Telefonica said yesterday it had made a binding offer worth €295m for the Digital+ stake and a further €30m if it gave [...]
Spring closures put brakes on car production June 18, 2014 UK CAR manufacturing fell by almost 10 per cent in May, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT), though the industry remains on track for a year of further growth. The trade association said the 9.8 per cent fall – or 116,655 units – was due to days lost [...]
Formula One’s McLaren loses its bid to deduct tax on £32m fine June 18, 2014 Formula One racing team McLaren has lost its legal appeal to claim a £32m fine as tax deductible. The penalty, imposed by the Federation Internationale de l’Automobile, dates back to 2007, when the team was caught trying to spy on rival Ferrari, according to an investigation. A previous legal case had ruled in 2012 that [...]
GM faces $10bn compensation bill over faults June 18, 2014 BELEAGUERED US car giant GM yesterday faced paying a compensation bill exceeding $10bn (£6bn), as legal action was launched over faults which claimants said had damaged the resale value of their cars. According to the complaint filed in California, GM hurt millions of customers by concealing known defects and valuing cost-cutting over safety, leading to roughly [...]
Shell Midstream files for IPO in bid to buy stakes in US pipelines June 18, 2014 Shell Midstream Partners, a master limited partnership (MLP) formed by Royal Dutch Shell, yesterday filed for an initial public offering (IPO) in a bid to raise up to $750m (£443m). Shell Midstream, based in Houston, Texas, said in its IPO prospectus that it planned to use proceeds from the offering to acquire stakes in some [...]
Pfizer pens cancer drug deal with French specialist Cellectis June 18, 2014 US drug giant Pfizer, which tried and failed to buy Astrazeneca for £70bn this year,yesterday announced the signing of a drug development deal with French cancer specialist Cellectis. The deal includes an upfront sweetener for Cellectis of $80m (£47m) with $185m in milestone payments for each drug developed by Pfizer. In addition, Pfizer will purchase [...]
City Moves for 19 June 2014 | Who’s switching jobs June 18, 2014 KPMGThe professional services firm has appointed Steve Labrum as financial services transfer pricing partner. He was previously global head of transfer pricing at Alvarez and Marsal, and has also held senior positions at EY, Deloitte and PwC. JP Morgan Private BankEdward Novis has been appointed as an executive director and senior investor for the private [...]