GSK on the hunt for suitor to buy drugs portfolio May 29, 2014 THE UK’S biggest drug maker Glaxosmithkline has raised the for sale sign on a number of its best known products, alerting a host of private equity suitors to the opportunity in a bid to secure a buyer. GSK, led by chief executive Sir Andrew Witty, has appointed Lazard to drum up interest in the sale, [...]
Arctic weather causes first dip in GDP since 2011 for US economy May 29, 2014 THE US economy actually contracted during the freezing weather at the start of this year, according to official statistics which revised the country’s GDP figures down. Initial estimates suggested that GDP rose by 0.1 per cent during the first three months of 2014, but the fresh projection yesterday showed that the economy shrank by one [...]
US seeks $10bn fine over BNP Paribas case May 29, 2014 BNP PARIBAS could face a fine of more than $10bn (£6bn) from the US Justice Department as part of its criminal probe into allegations the bank evaded US sanctions over Iran and other countries, according to reports last night. The resolution of the investigation into the French bank is still weeks away. However, if the [...]
Sir Philip makes market return with Mysale IPO May 29, 2014 RETAIL tycoon Sir Philip Green is set to make a return to the stock market for the first time in 22 years after Australian flash sales site Mysale confirmed its intention to float yesterday, with a value of more than £300m. The Topshop owner has bought a 25 per cent stake in Mysale for £47m [...]
Inside Track: For the first time since Lehman, CEOs are ready for deals May 29, 2014 Notwithstanding the fact that the US drugs group Pfizer was forced to walk away from its £69bn bid for Astrazeneca, takeover bids and deals, and even the sniff of them, are back. Yesterday morning, Man Group, the fund management company that has been haunted in recent years by the poor performance of its previously successful [...]
Labour admits cuts are needed May 29, 2014 THE LABOUR party will today admit that government spending needs to be restricted in the coming years. In a speech at the Institute for Chartered Accountants, shadow chief secretary to the Treasury Chris Leslie will promise to tackle government spending head on, warning: “A more limited pot of money will have to be spent on [...]
Man Group in talks to buy US fund boutique May 29, 2014 THE WORLD’S biggest listed hedge fund Man Group yesterday confirmed it was in talks to buy US-based group Numeric Investors, the first time in over two years the highly acquisitive group has hit the dealmaking trail. Man, which bought hedge fund GLG in 2010 and fund advisory FRM in 2012, has been talking to the [...]
Bottom Line: Smart move on the Roman road to success May 29, 2014 SINCE October 2010, Man Group’s share price has fallen by more than 60 per cent – despite something of a recovery this year as its struggling AHL fund starts to deliver better returns. The stock got another boost yesterday, rising five per cent on news that boss Manny Roman is considering a US acquisition. The target [...]
Bank of Cyprus weighing float May 29, 2014 THE FORMER boss of Royal Bank of Scotland’s investment banking arm, John Hourican, is reported to be considering a London float for the Bank of Cyprus Group, of which he is chief executive. The float, if it goes ahead, is unlikely to happen for at least 12 months, according to Sky News reports. In March [...]
Citi researcher nabs top gong at award dinner May 29, 2014 IT WAS an intimate affair for Sammons Associates last night as it held its annual Equity Research Award dinner at 1 Lombard Street. Unfortunately two of the four winners couldn’t make it so Allianz Global Investors chief Elizabeth Corley presented the cups to just two winners, Terry Sinclair of Citigroup, who took the large cap [...]