Premier Foods sales suffer slide October 28, 2010 BRITAIN’S largest food producer Premier Foods warned yesterday its results would be squeezed by increasingly tough trading conditions as consumers shy away from supermarket own-label goods, sending its shares four per cent down to close at 18p. The maker of Branston Pickle and Bisto gravy said group sales fell 4.2 per cent in the three [...]
Bid frenzy for WestLB as the deadline nears October 28, 2010 AILING German state-controlled lender WestLB, which has been put up for sale, has attracted the interest of several potential buyers, two people familiar with the bank said yesterday. Non-binding indications of interest have been handed to bankers at Morgan Stanley who have been commissioned to manage any sale. WestLB, which is partially owned by the [...]
Coca-Cola Enterprises is boosted by strong sales October 28, 2010 COCA-COLA Enterprises posted higher-than-expected quarterly earnings and gave an encouraging full-year forecast yesterday. The soft drink bottler, which earlier this month became a company that operates solely in Europe, said it expects 2010 earnings of $1.74 to $1.78 per share. Analysts’ average estimate was $1.75 per share, according to Thomson Reuters. The results did not [...]
Walmart set to scale back offer for Massmart October 28, 2010 WAL-MART, the world’s biggest retailer, may scale back its $4bn bid for Massmart by nearly half, a move that could keep the South African firm listed in Johannesburg. Wal-Mart is now considering taking more than a 50 per cent stake, rather than a full buyout, Massmart said in a statement yesterday. The offer price was [...]
ICBC earnings grow as bank buys insurer October 28, 2010 Industrial and Commercial Bank of China (ICBC), the world’s most valuable lender, joined rivals in posting robust earnings on strong loans growth, giving a boost to its planned multi-billion dollar fundraising. The Beijing-based lender also said it will pay $180m (£112.8m) to buy control of French insurer AXA’s Chinese joint venture, expanding into the country’s [...]
Kazakhmys boosted by China October 28, 2010 Kazakh miner Kazakhmys yesterday posted a 9.3-per cent fall in third-quarter copper production, in line with analysts’ expectations, and stuck to its full-year target as demand remained buoyant. “Kazakhmys has reported a steady quarter with copper production falling modestly… but tracking well in line to hit guidance,” JP Morgan analyst Amos Fletcher said in a [...]
Takeover target Potash smashes profit expectations thanks to strong demand October 28, 2010 PotasH, the world’s top fertiliser maker, steamrolled quarterly earnings expectations yesterday, on the back of stronger potash demand and higher prices for its nitrogen and phosphate-based nutrients. The Canadian fertiliser maker is currently battling a $39bn (£24.4bn) hostile bid from mining giant BHP Billiton. Potash Corp has flatly rejected BHP’s bid and launched a lawsuit [...]
Thomson Reuters upgrades its revenue forecasts on buoyant markets division October 28, 2010 News and data provider Thomson Reuters yesterday raised its full-year revenue forecast after third-quarter revenue in its Markets division, which serves banks and other financial institutions, rose for the first time in nearly two years. The results suggest the company’s customers, which also include legal and healthcare professionals, are recovering from the recession that caused [...]
Mouchel warns of impact from government’s cuts October 28, 2010 Outsourcing and consulting firm Mouchel yesterday slumped to a full-year loss and warned of an uncertain outlook due to government austerity measures, wiping more than a quarter off its stock market value. Mouchel, which helps the government maintain highways and provides consultancy to local authorities, had already this month warned its full-year results would not [...]
Carlyle buys Syniverse Technologies for $2.6bn October 28, 2010 CARLYLE will buy telecommunications services company Syniverse Technologies for $2.6bn (£1.6bn), the parties said yesterday, the latest in a string of multibillion-dollar deals by the US buyout fund. Carlyle plans to pay $31.00 per share in cash to take the company private, a 30 per cent premium over Syniverse shares’ Wednesday closing price of $23.79. [...]