Rosenfeld sticks to her guns on bid price November 9, 2009 KRAFT’s chairman Irene Rosenfeld yesterday argued that a takeover of rival Cadbury would lead to the birth of a “global powerhouse” in snacks and confectionary and create millions of dollars in savings. Rosenfeld said that a takeover of the Dairy Milk maker would lead to annual pre-tax cost savings of at least $625m, through synergies [...]
Axa Asia arm shuns a 6bn break up bid November 9, 2009 AXA Asia Pacific Holdings (Axa APH) yesterday rejected an A$11bn (£6.1bn) break-up bid from Australian wealth management firm AMP and its parent company Axa, frustrating the French insurer’s hopes of aggressively increasing its footprint in Asia. The news came as Axa, chaired by Henri de Castries, said it plans to raise €2bn (£1.8bn) in a [...]
Five posts 21m loss November 9, 2009 CHANNEL Five posted a £20.8m loss in 2008, as the advertising downturn and the cost of servicing debt hit the terrestrial broadcaster. The RTL-owned firm made revenues of £344.4m in the 12 months to December, but costs dragged it to a £9.1m pre-tax loss. An additional £11.6m charge for “unused tax losses” exacerbating the Neighbours [...]
Inmarsat shares surge on earnings November 9, 2009 SATELLITE communications firm Inmarsat posted a better-than-expected 18.4 per cent rise in third-quarter earnings yesterday, and said it was on track for the year, sending its shares to a four-year high. The company, whose satellites provide phone and broadband services to ships, aircraft and remote locations worldwide, posted earnings of $133mn, helped by cost controls. [...]
Langholm profits dip in recession November 9, 2009 LANGHOLM Capital, the buyout group whose portfolio includes a 67 per cent stake in high-end food brand Tyrrells Potato Chips, saw its profits slide by almost a quarter last year. A handful of senior dealmakers – Bert Wiegman, Christian Lorenzen, Oliver Wyncoll and Paul Richings – shared a total of £1.7m in salary and bonuses [...]
Overseas burger sales boost McDonald’s November 9, 2009 MCDONALD’S said sales at established US restaurants fell 0.1 per cent in October, as expected, but investors welcomed the news yesterday after sales from the rest of the world buoyed overall results. McDonald’s, which has been outperforming its peers, had signaled last month that US October sales would be weak. Analysts said that while the [...]
Invicta looks for 300m November 9, 2009 INVICTA Capital, the asset manager focused on private clients, has launched a fundraising, which aims to raise £300m for the construction and operation of nine biomass plants in Scotland. While Invicta has raised £1.3bn on previous projects since it was founded in 2001, the new scheme will be the first to target institutional money in [...]
Cameron: I’ll back the City November 9, 2009 TORY leader David Cameron yesterday threw his weight behind the City as he hit out at government proposals for a Tobin tax on global financial transactions, saying it was a “bad idea”. Speaking at an event in the Square Mile, Cameron added that Prime Minister Gordon Brown had lost touch with reality and that his [...]
VW becomes world’s biggest carmaker November 9, 2009 CARMAKER Volkswagen-Porsche yesterday overtook rival Toyota as the world’s biggest car manufacturer, boosted by state-backed “cash-for-bangers” stimuli worldwide. VW, which makes family cars like the Golf and Polo, and luxury vehicles like the Boxster, has made 4.4m cars this year so far, pipping Toyota, which has made 4m, to the post as top manufacturer. VW [...]
Higher prices hurt Gazprom November 9, 2009 GAZPROM, the state-owned Russian energy giant, yesterday said its profits for the first six months of the year had halved, even as the cost of gas soared. Profits in the period tumbled to 305.8bn roubles (£6.3bn) from 609.4bn roubles in the first half. The company blamed the price of buying gas from central Asia, which [...]