BEST OF THE BROKERS June 27, 2010 MARKS & SPENCER UBS maintains a “buy” recommendation for Marks & Spencer and said that it forecasts first quarter like-for-like growth of three per cent in general merchandise and 1.5 per cent in food. UBS said the consensus may be a little higher and that there may be an Easter impact as last year’s first [...]
MA pays $1bn for Albaugh June 27, 2010 ISRAEL’S MA Industries is to buy US firm Albaugh for about $1bn (£664m) to bolster its presence in the Americas and solidify its position as the world’s biggest generic agrochemical maker. MA, also known as Makhteshim Agan, said yesterday it signed a memorandum of understanding to pay $340m in cash, $455m in seven-year promissory notes [...]
City’s competitive edge blunted by bank levy June 27, 2010 THERE can be no doubt that Asia holds the key to the future growth of the global financial services industry, providing a whole host of new opportunities for the international business community, including many UK firms. And it is in all of our interests to help these rapidly emerging markets succeed and grow. That is [...]
Hertz raises €400m in loan notes through Netherlands subsidiary June 27, 2010 HERTZ, the car hire company, has placed €400m (£328m) in senior secured notes through its Dutch subsidiary to refinance its outstanding international fleet debt facilities. The group said the 8.5 per cent notes, which are due in 2015, would be sold to institutional investors. The notes are rated “B1” by Moody’s and “B” by Standard [...]
BOXING BANKERS UNLEASH THEIR BULLISH INSTINCTS IN THE RING June 27, 2010 ONE of the City’s biggest bankers’ boxing clubs is setting up a championship fight for a charity night soon. The Real Fight Club in Spitalfields, London’s original home to the practise of “white collar boxing” (i.e. boxing by bankers) is holding a boxing showcase evening on 15 July and expects to see a City audience [...]
Rothschild’s Vallar in £600m listing plan June 25, 2010 New mining investment firm Vallar Plc has unveiled plans to list on the London Stock Exchange and raise £600m to take advantage of acquisition opportunities in the sector. The firm, led by finance and mining veterans Nathaniel Rothschild and James Campbell, plans to start with one major acquisition and eventually build up a mid-tier mining [...]
Matalan profit up June 25, 2010 Budget fashion retailer Matalan has seen a profit rise. The retailer made profits of £186m in the year to February – £41m up on the previous 12 months. Founder John Hargreaves shelved a plan to float the company earlier this year. Matalan trades from 205 UK stores with three more overseas.
Avis plans £151m rights issue June 25, 2010 CAR rental group Avis Europe has announced plans to raise £151m from shareholders with a rights issue. The issue has already won the the backing of Brussels motoring services firm D’Ieteren, which owns 60 per cent of the company. The firm has seven million customers a year through the Avis and Budget brands. It has [...]
Cameron to defend UK fiscal squeeze at summit June 25, 2010 David Cameron has defended Britain’s decision to implement the biggest fiscal squeeze in a generation as G20 leaders prepared to meet in Canada to discuss the global economy. Last year’s G20 unity on the need for coordinated action to support the world economy has started to falter as the recovery has got under way. Ahead [...]
BP shares tumble again as Gulf crisis bill soars June 25, 2010 BP has admitted that the bill for the Gulf of Mexico spill has soared to £1.57bn. The company said the sum included £84m paid out in claims to those affected by the disaster. Progress on the relief well, intended to kill the leaking well, and measures to improve the capture of oil from the leaking [...]