ANALYST OF THE YEAR | The Shortlist day 4 September 2, 2010 ANALYSTS are the heart and soul of the City, and the five on our list are legends in their own sectors. Whether it is looking at the future of the energy industry, pontificating on the biggest M&As, or just looking at the movements of the markets in general, when the members of our shortlist talk, [...]
Canada fund approached on Potash bid September 2, 2010 POTASHCORP’S best hope of escaping BHP Billiton’s $39bn (£25bn) hostile takeover bid has received a blow from a local government minister. Leo de Bever, chief executive of Alberta Investment Management (AIMCo) said yesterday that a variety of parties have approached the fund manager about entering into a rival takeover bid for PotashCorp, but that participating [...]
Samsung joins the queue of iPad killers September 2, 2010 Samsung’s first tablet computer will go on sale in two weeks, it said yesterday, joining the hunt to challenge Apple’s iPad. Global handset vendors and PC makers including Nokia, LG and Hewlett-Packard are moving into the new category of devices, between traditional PCs and smartphones, taking a cue from Apple. Dell said last month it [...]
Clayton Dubilier snaps up stake in Univar from CVC September 2, 2010 PRIVATE equity firm Clayton, Dubilier & Rice said yesterday it had acquired a large minority interest in Univar, a large chemical distribution business, from the buyout firm CVC Capital Partners. Clayton Dubilier and CVC each now own 42.5 per cent of Univar, which is valued at about $4.2bn (£2.7bn) including debt. Clayton Dubilier paid $760m [...]
Hays benefits after a rise in Asian sector September 2, 2010 Recruiter Hays has seen a spike in UK finance workers emigrating to top jobs in Japan, City A.M. has learned. The trend is part of a larger boom in its Asian markets, which helped offset declining revenues in its UK operations. The region, which now represents 65 per cent of group operating profit, reported a [...]
Pension liabilities rise to more than £1.2 trillion, says Aon September 2, 2010 Pension liabilities for UK private sector final salary schemes have hit a staggering £1.2 trillion, as market conditions continue to deteriorate. This represents a 20 per cent increase since the landmark £1 trillion figure was hit in August 2009. According to Aon, which tracks roughly half of the UK’s private sector pension scheme liabilities, market [...]
Make Hays while the sun shines in Asia September 2, 2010 FEW industries fare worse in a recession than recruitment so Hays was always going to have a tough time, so it is not surprising that a drop in profits of 53 per cent comes in well ahead of most gloomy predictions. Positive notes include a pick-up in job churn, allowing the firm to generate fees [...]
Lehman bank units set for sale or closure September 2, 2010 LEHMAN Brothers Holdings, the bankrupt US investment bank, needs at least $550m (£357.4m) to keep its two bank units going as it prepares to sell them or shut them down in 18 months, court documents show. Lehman asked a Federal bankruptcy court judge in Manhattan yesterday to approve the capital commitments and sale plans, which [...]
Weir expands Indian business September 2, 2010 ENGINEERING company Weir Group expanded its presence in the Indian market with the purchase of BDK Engineering Industries yesterday. BDK specialises in valve manufacturing for energy sectors, and is based in the southern state of Karnataka and generated £20.9m in the year to March, with gross assets of £16.7m. The firm did not disclose the [...]
Spice set to give thumbs-up to £247m offer from Cinven by end of September September 2, 2010 UTILITIES services company Spice is expected to recommend a £247m offer from buyout house Cinven by the end of the month after announcing advanced talks yesterday. Cinven has locked Spice into exclusive discussions with a hefty break fee, meaning the prospect of an expensive bidding war with a mystery third party has receded. Spice has [...]