KKR leads race to grab Lehman unit August 27, 2008 Kohlberg Kravis Roberts, the high profile US private equity firm, is leading the race to buy Lehman Brothers’ investment management business, including fund manager Neuberger Berman. Lehman, headed by CEO Richard Fuld, has been fishing for suitors for up to 70 per cent of its investment management unit in order to raise cash ahead of [...]
Imperial sells out to Indian rival for £1bn August 27, 2008 Oil explorer Imperial Energy recommended a £1.4bn takeover offer from Indian state-controlled rival ONGC yesterday. A bid battle had broken out between ONGC and China’s biggest state-owned oil company, Sinopec, which conducted due diligence on the London-listed firm but has not yet submitted a formal offer. But a counterbid from the Chinese firm cannot be [...]
Second top executive quits troubled TNK-BP venture August 26, 2008 Russia’s third-largest oil producer TNK-BP has announced the departure of the second senior executive this month, further fuelling the crisis that has engulfed the firm. Executive vice president Tony Considine resigned yesterday after five years heading the refining, trading and marketing businesses at BP’s joint Russian venture. Considine cited personal reasons for the departure adding [...]
China’s PBC builds stake in Prudential August 26, 2008 Prudential has poured cold water on suggestions that it should spin off its Asian arm into a separate company, as it emerged that the People’s Bank of China has built up a one per cent stake in the UK’s second-largest insurer. Chief executive Mark Tucker has fought an ongoing battle on two fronts to convince [...]
Lonmin boss sells shares August 26, 2008 Lonmin chairman’s vigorous opposition to a £33-a-share takeover approach from mining group Xstrata is likely to be overshadowed by revelations that he sold his personal shares in the company for only £1 more than Xstrata’s offer. Earlier this month John Craven, who has been chairman of Lonmin since 1997, defined Xstrata’s proposal as “opportunistic” and [...]
UBS to slash pay and bonuses August 26, 2008 Beleaguered bank UBS last night admitted it was planning on slashing its salary and bonus budget by billions of dollars, as it struggles to cope with the effects of the credit crunch. But a spokesman said that reports in Swiss newspaper Sonntag claiming that the payroll budget would be cut by $4bn were exaggerated, pointing [...]
Fresh call for BE deal August 26, 2008 Invesco, the largest single shareholder in British Energy, is meeting today with government representatives to push for a merger between the UK’s nuclear group and gas supplier Centrica. Invesco’s head of investment Neil Woodford will lay out his plans to the Shareholder Executive, the body that manages government financial interest in public companies. Last week [...]
Fresh blow for Lehman after Korean investor warned off August 26, 2008 Lehman Brothers, the investment bank beset by worries over asset sales and the future of boss Richard Fuld Jr, was dealt another blow yesterday after potential investor Korea Development Bank (KDB) was warned off an approach. South Korea’s top financial regulator Jun Kwang-woo, warned KDB that it should take a “cautious approach”, after the state-run [...]
Falling rents delay plans at Cheesegrater August 15, 2008 Analysts yesterday said they were not surprised by British Land’s decision to postpone the development of its flagship City skyscraper, the “Cheesegrater”. The developer, which saw the value of its portfolio slide by 5 per cent to £6.3bn in the three months to June, said it now expects the 225 metre tower in the heart [...]
Rights issue to fall flat at troubled B&B August 15, 2008 Bradford & Bingley’s attempt to raise cash could see a take up as low as 8 per cent Bradford and Bingley faces a meagre take-up of its rights issue when it closes at 11am today, with shareholder support expected to be minimal. Shares in the troubled mortgage lender have skirted the 55p issue price for [...]