Charles Schwab buys brokerage March 21, 2011 US broker Charles Schwab will buy smaller retail brokerage optionsXpress in a $1bn (£620m) deal aimed at helping Schwab take advantage of investors’ stronger embrace of options. The all-stock deal values optionsXpress at $17.91 per share, a 17 per cent premium over its $15.33 closing price on Friday. Under the terms of the deal, each [...]
Apollo lowers IPO price range March 21, 2011 PRIVATE equity firm Apollo Global Management yesterday lowered the expected price range for its initial public offering, filing detailed terms with US regulators almost a week later than originally expected. Apollo plans to sell 26.3m shares for $17 (£14.81) to $19 each, according to a filing with the regulators. Last week Apollo, co-founded by chief [...]
Ofgem in last warning for the Big Six March 21, 2011 ENERGY suppliers were yesterday issued with a “last chance” warning over soaring gas and electricity bills. The “big six” companies – British Gas owner Centrica, EDF, npower, E.on, Scottish Power and SSE – were told by the industry watchdog Ofgem they face a full-scale inquiry if they do not clean up their act. They have [...]
Centrica’s US unit agrees to buy New York rival for £55m in cash March 21, 2011 CENTRICA has reported that its North American subsidiary, Direct Energy, has agreed to acquire the New York-based energy retailer Gateway Energy Services for $90m (£55m) in cash. Gateway has more than 275,000 gas and electricity customer accounts, located mainly in New York State, New Jersey and Pennsylvania. This acquisition will further strengthen Direct Energy’s position [...]
ANALYST VIEWS: WHAT DO OFGEM’S PLANS MEAN FOR THE BIG SIX? March 21, 2011 KEITH BOWMAN | HARGREAVES LANSDOWN The awkward balance between shareholders, customers and required asset investments continues to generate stresses in the UK, which are being magnified by the rising oil price. While power companies provide attraction for investors consensus opinion is for now, broadly neutral. Emerging markets are also increasing demand. TINA COOK | CHARLES [...]
JJB landlord refuses CVA March 21, 2011 ONE of sports retailer JJB’s major landlords refuses to back the struggling firm’s last-ditch attempt to avoid administration, City A.M. can reveal, putting the success of today’s company voluntary agreement (CVA) vote to the wire. Land Securities, which leases around eight stores to JJB, has told other landlords it will vote against the controversial CVA [...]
Gem shares sparkle on Lucara talks March 21, 2011 RARE diamond producer Gem is in early-stage takeover talks with Africa-focused rival Lucara Diamond, it confirmed yesterday. London-listed Gem, which told investors last week it was eyeing acquisitions for growth, said any deal would currently be classed as a reverse takeover because recent reserve statements show its assets to be lower than Lucara’s. But Gem [...]
Ofcom to lay out spectrum auction plans March 21, 2011 OFCOM will this morning announce plans for the largest ever single auction of mobile spectrum in the UK. Spectrum – the waves that mobile phones transmit on – is in huge demand by operators after the explosion in data traffic, which has heaped pressure on their networks. The last spectrum auction, at the height of [...]
Investors clash over AssetCo March 21, 2011 SHAREHOLDERS at fire enginemaker AssetCo clashed with former owner Pelham Olive over raising cash for the business yesterday. Three of Assetco’s large shareholders said they were willing to provide it with new funding via a share placement if it appoints a new executive chairman, but its existing chief executive, John Shannon, and Olive opposed the [...]
Takeover rule changes set to hurt M&A March 21, 2011 COMPANIES launching takeover bids will be subject to stricter timetables and increased disclosure requirements, under new proposals announced by the UK Takeover Panel yesterday. The reforms, which have been planned since criticism of the Kraft takeover of Cadbury in January last year, aim to make the bid process fairer on the target company, but could [...]