M&S lines up new chairman to replace Rose August 20, 2010 Marks & Spencer is to name Robert Swannell as Sir Stuart Rose’s successor as chairman, according to Sky News. It said Swannell, currently a senior advisor of Citi Europe and chairman of HMV Group, the music and books retailer, would take up the role when Rose steps down next year. A spokeswoman for M&S declined [...]
Investors jittery after bleak US data August 20, 2010 Investors have been avoiding riskier assets amid growing concerns about slackening growth in the US economy. Globally, equities were lower, with Europe giving up early gains. Bleak data from the US, with jobless claims at a nine-month high and the first contraction in a year in a volatile regional manufacturing index, has made the markets [...]
RSA bid for Aviva units “not dead” August 20, 2010 IGNIS Asset Management, an institutional shareholder in both Aviva and RSA, said a deal between the two insurers remained possible although RSA would have to raise its bid proposal for some Aviva units. Ignis owns roughly 0.5 per cent of Aviva’s share capital and around 1.5 per cent of RSA’s share capital. RSA said it [...]
BAA unveils new debt plan August 20, 2010 Airport operator BAA moved a step closer to refinancing its debt by agreeing new lending facilities with a group of eight banks and said it would pay a large chunk of its borrowings next month. BAA said it completed a £625m four-year debt facility, marking significant progress towards refinancing its subordinated debt of £1.57bn. The [...]
M&B to offload pubs for £373m August 20, 2010 Pubs and restaurants group Mitchells & Butlers (M&B) has announced plans to sell 333 pubs as it concentrates on its premises offering food. The pubs are being sold to Stonegate Pub Company – which is controlled by TDR Capital – for £373m. Earlier this month, M&B announced the sale of its Hollywood Bowl 10-pin bowling [...]
Online sales surge August 20, 2010 INTERNET sales grew in July at their fastest pace since before the recession as wet weather encouraged home shopping, a survey found Online sales surged by 18 per cent in the month compared with a year earlier, IMRG said. UK shoppers spent £5bn online in July. The average UK shopper made purchases worth £81 online, [...]
PTT plots bid for Carrefour assets August 20, 2010 PTT, Thailand’s biggest energy company, said it plans to bid for French retailer Carrefour’s Thai assets, worth an estimated $600M (£386m), under a plan to diversify its businesses. Carrefour, Europe’s top retailer, wants to sell its Malaysia, Singapore and Thailand units at a potential price of $1BN to focus on core markets where it holds [...]
Dubai to go on road to ease investor fears August 20, 2010 The Dubai government, which is restructuring $23.5bn (£15.1bn) in debt, will launch a roadshow for fixed-income investors in Asia starting on 26 August, a statement said. The plan follows a similar program for European investors in June, as part of the government’s strategy for “providing regular updates to both existing and prospective fixed income investors [...]
KNOC launches £1.7bn hostile bid for Dana August 20, 2010 State-run Korea National Oil Corp (KNOC) has made a hostile $2.6bn (£1.7bn) cash bid for Dana Petroleum, reflecting South Korea’s growing urgency to boost oil reserves. Seoul gave KNOC a $6.5bn warchest this year to compete with energy-hungry Asian state firms aiming to secure future supplies for their growing economies. Chinese and other firms have [...]
BHP deal to hand Potash CEO $400m August 19, 2010 POTASH chief executive Bill Doyle stands to make more than $400m (£257m) from the firm’s sale to mining giant BHP Billiton if the controversial takeover goes ahead, as BHP ramps up its efforts to persuade its shareholders a $40bn hostile bid is worthwhile. Doyle, head of the Canadian fertiliser firm, could make even more if [...]