Fyffes to merge with Chiquita in appealing deal March 10, 2014 TWO OF the world’s largest banana rivals Fyffes and Chiquita unveiled a merger yesterday to create a $1bn (£600m) banana behemoth. US-based Chiquita and Irish-based Fyffes will come together in an all stock deal, creating a new $1.1bn company called ChiquitaFyffes listed on the New York Stock Exchange. The deal, which still requires approval from [...]
Bottom Line: A fruitful combination that could slip up March 10, 2014 IN POPULAR word game Bananagrams, players compete against their opponents to create a grid of connected words – like a crossword – in the shortest possible time. It’s a race to use up all the tiles on the table, and a breeding ground for familial disputes as speedy players let phoney spellings slip (unintentionally or otherwise) through [...]
Travelex warms up for IPO with rising earnings March 10, 2014 FOREIGN exchange shop Travelex yesterday confirmed it is hoping to float on the stock market after a period of investment in its overseas business and technology division drove profits higher. The firm, a fixture of airports around the globe, said it was exploring a number of strategic options for the group, which included an initial [...]
Mothercare takes baby steps with interim hire March 10, 2014 MOTHERCARE yesterday announced it had hired retail veteran Mark Newton-Jones as its interim chief executive as it searches for a long-term boss for the struggling business. Newton-Jones, who takes up the reins next Monday, was chief executive of the internet and home shopping business Shop Direct for nearly a decade, until July last year. His [...]
Fallon boost to energy industry with tax cut hint March 10, 2014 GOVERNMENT minister Michael Fallon hinted at good news for the energy industry in the chancellor’s Budget next week, during a speech yesterday. The energy and business minister warned that green levies are still crippling the industry and keeping consumer’s bills high. In a bid to avoid job losses, Fallon said the government would look at [...]
Rolls-Royce investors hail Tognum takeover March 10, 2014 ROLLS-ROYCE shares led the FTSE 100 yesterday as the market cheered Friday’s news that the engineering giant is buying the rest of Tognum. Rolls-Royce, which bought the German engine maker in a 50-50 venture with Daimler three years ago, is spending an estimated £1.9bn to buy out its partner. “The using of cash and borrowing [...]
Analyst Views: What does owning the rest of Tognum do for Rolls-Royce? March 10, 2014 BEN BOURNE | LIBERUM The other half of Tognum and Bergen allows Rolls-Royce to progress R&D without any conflicts and brings more balance to the group between gas turbines and reciprocating engines. The technology is complementary and offers exposure to different long term market and investment cycles. ANDY CHAMBERS | CANTOR FITZGERALD The acquisition should [...]
Reckitt shares slide up after K-Y acquisition March 10, 2014 RECKITT Benckiser, the consumer conglomerate behind Nurofen painkiller and Durex condoms, has expanded into lubricants after buying the global rights to K-Y from Johnson & Johnson yesterday. Shares in the firm defied a tumbling FTSE 100 yesterday to close up 0.3 per cent. Reckitt, which did not disclose the price of the deal, said K-Y [...]
Asos Indian rival Koovs raises £22m in London market debut March 10, 2014 AN INDIAN online fashion retailer set up by the former chairman of Asos launched on London’s Aim yesterday after raising raised £22m via a share placing. Shares in Bangalore-based Koovs were placed at 150p but jumped to 184p last night, valuing the company at around £44m. The company was founded in 2012 by Lord Alli [...]
Goals Soccer scores £11m placing March 10, 2014 GOALS Soccer Centres raised £11.4m through a share placing yesterday as the group revives expansion plans that were put on ice last year after a failed takeover approach bid by a Canadian pension fund. The five-a-side football pitch operator placed 5.2m new shares, equal to around 9.9 per cent of its existing share capital, to [...]