GSK explores options with rival Genzyme July 26, 2010 SHARES in GlaxoSmithKline (GSK) fell yesterday on news that the pharmaceutical major made an approach for biotech group Genzyme. GSK made the “causal approach” to wards the US based group over the weekend asking to be kept in mind if Genzyme intended to put itself up for sale. Although no discussions have taken place, chief [...]
Lion snaps up French food producer Picard for £1.3bn July 26, 2010 BC PARTNERS has agreed to sell French frozen-food firm Picard Surgeles to rival Lion Capital, highlighting the keen appetite of private equity firms to strike deals in the recession-resilient food industry. The sale of Picard, which has thrived by persuading France’s fastidious consumers that convenience food can be high-quality, is the country’s biggest leveraged buyout [...]
UK Coal loses top bosses as part of a radical overhaul of its board July 26, 2010 UK COAL is set to lose both its chief executive and chairman after a radical shake-up of the group’s board. Chairman David Jones and chief executive Jon Lloyd will leave the UK’s largest mining group within the next month as UK Coal will merge the two positions into one role, creating a new executive chairman [...]
KILLING KITTENS ORGY ORGANISER WHIPS HER BUSINESS UP A NOTCH July 26, 2010 THOSE Londoners with a persistent naughty streak have probably heard of Emma Sayle, the founder of sex party organising firm Killing Kittens. Up until now, Killing Kittens has specialised in what Sayle likes to describe as “eyes wide shut orgies”, with club members – vetted for attractiveness – gathering in private townhouses to get to [...]
Net inflows give a boost to Aberdeen July 26, 2010 ABERDEEN Asset Management saw assets under management dip over the third quarter of its financial year due to weakness of the global markets, though investors found reason to cheer in a robust flow of new business into the firm. Aberdeen said assets under management stood at £164.7bn at the end of June, 3.6 per cent [...]
Hogg Robinson says it is flying high July 26, 2010 Travel services firm Hogg Robinson reported brisk trading in its interim management statement yesterday. It said sales were up six per cent on 2009 levels for its first three months of the financial year. Improving market conditions, aided by the calming of the Icelandic volcano, helped the results. It added it has lowered its operating [...]
FedEx raises its full-year profit forecast as economy rebounds July 26, 2010 FEDEX raised its full-year outlook yesterday due to a surge in the number of packages flowing through its air and ground networks, boosting its shares and the broader market. For the first quarter ending on 31 August FedEx raised its earnings per share forecast to a range of $1.05 (68p) to $1.25, up from a [...]
National Grid upbeat after mixed quarter July 26, 2010 THE COUNTRY’S biggest utility firm National Grid yesterday said it was positive on the outlook for the year and posted a 1.3 per cent rise in electricity transported in the first quarter. But the UK’s power transmission operator said gas volumes were down by 4.6 per cent in the first three months of the year, [...]
Strand founder strikes back at legal claim over Sibir fees July 26, 2010 ADVISERS acting for Strand Partners founder and former chairman Richard Fenhalls have hit back at claims he owes the firm a share of the £7.6m in advisory fees paid to him last year by oil firm Sibir Energy. Strand Partners – now named Strand Hanson – has initiated legal proceedings against Fenhalls to try and [...]
Ofgem lays out plan to help power sector hit £32bn low-carbon goal July 26, 2010 ENERGY regulator Ofgem yesterday responded to parliamentary pressure by proposing changes to its network rules to encourage investment in the sector, which requires £32bn to meet low-carbon commitments. The regulator suggested, among other proposals, to extend price controls for energy networks to eight years from five years, giving investors longer return periods, and to promote [...]