Strong profits set to boost BHP’s bid case August 24, 2010 MINER BHP Billiton is today expected to reveal robust full-year earnings, strengthening its case as it embarks upon a charm offensive across the globe to try and convince investors of the merits of its $39bn (£25.2bn) hostile bid for Canada’s PotashCorp. Analysts expect BHP to deliver underlying earnings before interest and tax (Ebit) of $20.1bn, [...]
Xstrata plumps for iron ore with $381m takeover August 24, 2010 COAL and base metals miner Xstrata pushed deeper into the iron ore sector yesterday with a $381m (£246.5m) agreed takeover of Australian-listed Sphere Minerals, which holds magnetite iron ore deposits in Mauritania. The sale will provide FTSE-100-listed Xstrata with its first producing assets, to supplement its iron ore explorations in the Republic of Congo and [...]
Antofagasta cuts targets despite jump in profit August 24, 2010 CHILEAN miner Antofagasta trimmed its annual production target yesterday after posting a near doubling in first-half profit on higher production and a rebound in prices. “Group copper production from the three operating mines is expected to be approximately 530,000 tonnes, slightly below the forecast of 543,000 tonnes announced in March,” a statement said. The weaker [...]
Dell prepares to sweeten bid for 3Par August 24, 2010 COMPUTER giant Dell is preparing to sweeten its offer for 3Par after arch rival Hewlett-Packard trumped an earlier bid. Last week, Dell offered to pay $1.15bn (£744m) for 3Par, which specialises in so-called “cloud computing” that lets users store documents and files online instead of on a hard disk or server. But HP was quick [...]
HSBC bid ups Nedbank rating August 24, 2010 HSBC’S proposed acquisition of a majority stake in Nedbank received a ringing endorsement yesterday as the Fitch credit ratings agency said it had put the South African bank on a positive rating watch pending completion of the deal. Anthony Walker, a senior director in Fitch’s financial institutions team, said the acquisition “should serve to strengthen [...]
LG finishes bottom of new phone eco-rating system August 24, 2010 LG received a blow to its struggling smartphone division yesterday as it crashed to the bottom of a new eco-rating ranking list devised by O2. The rating, which will be marked on points of display in O2 stores, was released after research found 44 per cent of phone users would be influenced by the environmental [...]
One in ten adults say they won’t retire August 24, 2010 ONE?in ten adults don’t expect to retire, according to a survey, while almost half say they don’t know when they will be able to give up work. According to the survey from Baring Asset Management, 10 per cent of the working population – equivalent to some 3.5m people – don’t plan to stop working at [...]
CITY MOVES | WHO’S SWITCHING JOBS August 24, 2010 Insynergy The boutique investment management firm has appointed Nicola Large as its new commercial director. Large joins from emerging markets-focused private equity firm Actis, where she was an analyst in the investor development group, focusing on the African private equity and global infrastructure sectors. She also previously worked in corporate finance at Smith and Williamson. [...]
BEST OF THE BROKERS August 24, 2010 CHARTER Panmure cuts its rating on Charter to “Hold” from “Buy” saying it is concerned over revenue visbility for 2011. Notes Howden’s order intake for delivery is lower than expected, and therefore likely to create a revenue shortfall. Believes the share’s underperformance is set to continue, barring a possible recovery in power sector orders. BP [...]
POTASH IN TALKS TO BLOCK BHP BID August 23, 2010 CANADIAN fertiliser producer PotashCorp is courting a range of potential “white knight” partners in a determined attempt to see off a $40bn (£25.5bn) hostile bid from mining giant BHP Billiton, the company confirmed yesterday. The world’s largest potash producer said it had been approached by and had initiated contact with a number of third parties, [...]