Giving investment clubs the personal touch March 18, 2010 IN these difficult economic times wealthy individuals have become intensely focused on wealth preservation, circling the wagons to protect what they have while continuing to look for opportunities to create new riches through canny investments. It was somewhat surprising then to find David Giampaolo in ebullient form this week as he prepares for the latest [...]
Israeli drugmaker Teva wins battle to buy rival Ratiopharm for almost $5bn March 18, 2010 Israel’s Teva yesterday won the battle for generic drugmaker Ratiopharm, paying €3.7bn (£3.3bn) to boost sales in Germany, the world’s second-largest generics market. Teva, which beat rival bids from US drugs powerhouse Pfizer and Iceland’s Actavis, said the combined company would have had 2009 revenue of $16.2bn (£10.6bn), compared with Teva’s own sales of $13.9bn. [...]
Australia urges access to Rio trial March 18, 2010 Australia urged China yesterday to allow its diplomats full access to the trial of four Rio Tinto staff charged with commercial spying in a case that could hurt political and economic ties. “The world will be watching how this particular court case is conducted,” said Prime Minister Kevin Rudd, adding the Australian government would do [...]
Bridgepoint to sell a 17 per cent Safestore stake March 18, 2010 Private equity firm Bridgepoint Capital, the largest shareholder of Safestore, said it planned to sell up to 32m shares, or about half its stake in the British self-storage retailer. The shares represent about a 17 per cent stake in Safestore, Bridgepoint said, adding that it would continue to hold at least 17.9 per cent shares [...]
Acquisitions help Co-op to boost profits March 18, 2010 THE Co-operative group is to pay a bumper dividend after its profits jumped 85 per cent in 2009. Buying Somerfield helped the Co-op record a £402m profit while revenues surged by almost a third. Dividends totalling £55m will be dished out to its members as a result of the profits hike. The group merged its [...]
CITY MOVES | WHO’S SWITCHING JOBS March 18, 2010 Avoca Capital Holdings The European credit investment manager has hired Clayton Perry, formerly principal and managing director at Broadchalk Advisors, as its new chief operating officer. Prior to establishing Broadchalk, Perry was head of global collateralised loan obligation (CLO) business at Credit Suisse, responsible for CLO transactions in the US and Europe. The appointment comes [...]
BEST OF THE BROKERS March 18, 2010 AUTONOMY Credit Suisse reiterates Autonomy’s “outperform” rating after raising its target price from £20 to £22. Credit Suisse has raised its 2010 revenue and earnings per share estimates as its analysis of underlying original equipment manufacturing vendors indicates an acceleration in license growth in the next 12 months. BMW Standard & Poors (S&P) reiterates its [...]
Breakfast helps fuel Greggs’ expansion March 18, 2010 BRITISH bakery chain Greggs has beat forecasts to post £48.8m in 2009 pre-tax profits. The company’s profits were up eight per cent on the £45.2m it made in 2008 and despite the downturn, total sales increased 4.8 per cent to £658m, with like-for-like sales up 0.8 per cent. The chain, known for its iced buns [...]
JP Morgan loses court case March 18, 2010 JPMORGAN has lost a court dispute over fees relating to a client’s A$1.3bn (£787m) Australian takeover defence in an unusual case that sheds light on the often opaque world of investment banking fees. An Australian court dismissed the US bank’s claim for A$50.8m in fees from Consolidated Minerals which was taken over by Ukrainian billionaire [...]
FedEx ups 2010 forecasts as Asia boosts exports March 18, 2010 PACKAGE delivery giant FedEx raised its outlook and posted sharply higher profit yesterday, but its shares fell as its domestic volume numbers disappointed investors’ hopes for a US economic recovery. Profit for its fiscal third quarter ended 28 February was $239m, or 76 cents per share, up from $97m, or 31 cents per share, a [...]