Carlyle Group in $3.8bn deal for NBTY July 15, 2010 PRIVATE equity company The Carlyle Group has agreed to buy vitamin maker NBTY for $3.8bn (£2.4bn). NBTY said Carlyle will acquire all of NBTY’s outstanding shares for $55 per share, a 47 per cent premium above the stock’s closing price of $37.47 on Wednesday. The deal is expected to close by the end of the [...]
BP admits lobbying over Lockerbie bomber release July 15, 2010 BP has admitted that it had lobbied the government in late 2007 over a prisoner transfer agreement for the man convicted of the Lockerbie bomber with Libya over fears it would hold up a drilling deal. “BP told the UK government that we were concerned about the slow progress that was being made in concluding [...]
Nippon Telegraph in £2bn swoop for Dimension Data July 15, 2010 NIPPON Telegraph and Telephone Corp said it will buy South African IT firm Dimension Data for up to £2.12bn in a bid to expand into overseas markets, including in fast-growing Africa. Japan’s top telecoms operator plans to launch a tender offer for all outstanding shares in Dimension Data. The South African firm provides IT-related services [...]
China growth slows July 15, 2010 THE pace of growth in China slowed in the second quarter, official figures show. China’s economy grew by 10.3 per cent in the April to June quarter – below the 11.9 per cent growth rate during the first quarter of the year. The government has introduced a range of measures to cool down the economy. [...]
Glaxo facing £1.5bn legal bill over diabetes drug July 15, 2010 GlaxoSmithKline expects to record a legal charge of £1.57bn for the second quarter after settling the “substantial majority” of claims relating to its diabetes pill Avandia. The drugmaker said the charge would cover not only settlements for Avandia but also other long-standing legal cases, including an investigation into its former factory at Cidra in Puerto [...]
Mothercare sales slide in UK July 15, 2010 MOTHERCARE posted a bigger-than-expected drop in first-quarter sales in its main British market – but thrived in foreign markets. The mother and baby retailer, which has 1,115 stores in 52 countries but makes about three quarters of its revenue in Britain, said sales at UK stores open at least a year fell 4.1 per cent [...]
SuperGroup profit soars July 15, 2010 FASHION retailer SuperGroup’s full-year pre-tax profit soared to £22.46m from £7.59m last year. Group revenue for the 52 weeks ended May 2, 2010 was up 83.1 per cent to £139.4m from £76.14m in the comparable period. The surge has been fuelled by the company’s Superdry label which has been sported by a host of celebrities [...]
Experian revenue up seven per cent July 15, 2010 CREDIT-CHECKING company Experian has posted a seven per cent rise in revenue. It said the figures suggested that the UK-based company was seeing an improvement across most of its markets, The company indicated that its five per cent revenue growth in North America encapsulated its progress. However, revenue remains in the UK declined at actual [...]
Ocado reels as rival IPO fails July 14, 2010 OIL and gas group Fairfield Energy last night pulled its upcoming stock market flotation in a move that further undermines the chances of online grocer Ocado floating at a sky-high valuation of £1bn. Fairfield was hoping to raise £330m as part of its flotation but on Tuesday it became clear that the group’s advisers were [...]
LSE boss slams regulation July 14, 2010 LONDON Stock Exchange chief executive Xavier Rolet yesterday warned that uncertainties over the regulatory environment are crippling the City. “It is almost inhumane, the level of regulatory uncertainty financial services businesses are facing today,” Rolet told City A.M., adding that getting to grips with the ever-changing regulatory landscape “goes beyond the abilities of any rational [...]