BEST OF THE BROKERS June 9, 2010 NOVARTIS Citigroup gives Novartis a “buy” rating but warns that the commercial opportunity for drug Gilenia could be restricted by FDA safety concerns. Citi said its forecasts for sales of $780m by 2014 do not seem conservative and the appeal of the stock is the above-average earnings per share growth and low valuation. SABMILLER JP [...]
AIM-listed Western?Coal pays £54.4m for Energybuild to invest in Welsh site June 9, 2010 WESTERN COAL, the AIM-listed company with interests in Canada and the US, has bought Energybuild, the owner of the Aberpergwm colliery in Wales, for £54.4m. Western Coal already owns 55 per cent of its smaller AIM sibling, and will take the remainder through a scheme of arrangement which will see Energybuild shareholders receive 0.0833 shares [...]
CITY MOVES | WHO’S SWITCHING JOBS June 9, 2010 Evolution Group The investment banking group has appointed Philip Howell as a director of the group, effective immediately. Howell was appointed chief executive of Evolution’s investment management subsidiary, Williams de Broë, in February this year. He joined from Fortis Private Banking, where he had been regional chief executive since 2005 and was also a member [...]
Get ready for a flood of debt restructurings June 9, 2010 WITH continued volatility in world markets expected to continue for at least the next two years, many companies are going to find it necessary to restructure their borrowings as debts reach maturity. While this presents a challenge to borrowers, it is an opportunity for restructuring advisers, with many forecasting a rush of work in the [...]
Denton votes for US tie-up June 9, 2010 Partners at City law firm Denton Wilde Sapte and its US rival Sonnenschein Nath & Rosenthal voted in favour of a merger yesterday that will create a business with sales of £500m employing 1,400 lawyers worldwide. The management at both firms asked their partners to vote on the tie-up that was negotiated in secret and [...]
Goldman Sachs is sued by hedge fund over subprime mortgage deal June 9, 2010 AN Australian hedge fund is suing Goldman Sachs over an investment in a subprime mortgage-linked security that hastened the fund’s demise in 2007. The lawsuit, filed yesterday, accuses Goldman of misrepresenting the value of the notorious Timberwolf collateralised debt obligation. Basis Yield Alpha Fund is suing Goldman to recoup the $56m it lost on the [...]
Shell set for 2011 move to Canary Wharf June 9, 2010 ENERGY company Shell is set to move half its London staff to temporary offices in Canary Wharf next year, after it signed a 15-year deal with Songbird Estates yesterday. It will lease ten floors of 40 Bank Street from Songbird, a wholly-owned subsidiary of the Canary Wharf Group (CWG), with the opportunity to rent additional [...]
Genzyme and Icahn abandon proxy row June 9, 2010 ACTIVIST investor Carl Icahn has abandoned his proxy fight at Genzyme in return for the biotechnology company’s acceptance of two of his representatives to its board. The agreement comes a week before the company’s annual meeting on 16 June. Icahn had nominated himself and three allies to Genzyme’s board after a manufacturing crisis lead to [...]
Florida lawyer sentenced to 50 years for $1bn fraud June 9, 2010 SOUTH Florida Ponzi scheme mastermind Scott Rothstein was sentenced to 50 years in prison yesterday for an investment fraud that bilked clients out of more than $1bn. The sentence was more than the 40 years federal prosecutors had recommended for Rothstein, a disbarred lawyer who pleaded guilty to racketeering and fraud conspiracy charges in January. [...]
Germany turns down Opel’s request for aid June 9, 2010 GERMANY’S economy minister Rainer Bruederle said yesterday he had rejected a bid by carmaker General Motors for state aid for its European unit Opel. Bruederle said he took his decision after a steering committee assessing the aid request failed to reach a unanimous position, adding that he was convinced GM had enough money to complete [...]