JPM and Caz close to sealing a takeover deal October 18, 2009 UBS has completed its valuation of Cazenove and is expected to present a figure to JP Morgan, which is mulling a bid for the UK brokerage before the end of the year. JPM appointed Swiss investment bank UBS to execute the valuation, with a view to buying out Cazenove, with which it has a 50-50 [...]
SETTLING?UP October 18, 2009 AMERICAN International Group and its former chief executive Maurice “Hank” Greenberg are in advanced talks to settle their legal disputes, according to the Wall Street Journal. The insurer may pay any penalties and future legal fees in Greenberg’s case with New York Attorney General Andrew Cuomo, the newspaper said, adding that the agreement is not [...]
US Finance firm CIT has a new restructuring plan October 18, 2009 THE STRUGGLING US commercial finance company CIT and a group representing its bondholders have agreed on changes to the company’s proposed restructuring plan as it looks to shore up its finances. The changes, announced by CIT over the weekend, included a mechanism to accelerate the repayment of new notes and the shortening of maturities by [...]
Cadbury will aim to paint a defensive Q3 picture October 18, 2009 CADBURY, currently under siege from a bid by Kraft, will look to paint a picture of growth at this week’s update and try and see off the predator by highlighting its sales, volumes and margin trends. The world’s second largest confectionery group is due to issue a third quarter update on Wednesday after rejecting a [...]
Insurer LV= eyes takeover of Royal Liver October 18, 2009 MUTUAL insurer Liverpool Victoria is in merger talks with smaller rival Royal Liver. The 166-year-old Liverpool Victoria, which recently rebranded as LV=, is already the UK’s largest friendly society, but the takeover would create a £10m mutual giant with more than 5m customers. Royal Liver turned down a merger offer from mutual insurer Royal London [...]
EX-CITY TRADER TO TURN LOTTERY OF LIFE INTO HIT TELEVISION SHOW October 18, 2009 AVID readers of this column might remember the name of Andrew Paul, the ex-Nomura trader who quit his lucrative job to concentrate on a new venture selling tickets for the chance to win his £1.1m mansion, £160,000 Aston Martin DBS and £200,000 luxury motor boat. Paul is provisionally set to net himself millions from his [...]
BILL OF THE WEEK October 18, 2009 To dinner at the Sanderson on Saturday night, where these four diners were ensconced in the hotel’s Malaysian restaurant, Suka. They downed martini cocktails and a bottle of Ruinart Blanc des Blancs champagne before commencing a feast of tuna tartare, soft shell crab, sliced steak, crispy pork and sea bass, accompanies by a selection of [...]
Moulton set to do it Better October 18, 2009 JON Moulton, who sensationally quit former private-equity firm Alchemy just two months ago, has bounced back by launching a new firm, Better Capital. Moulton yesterday told City A.M. that he had most of his new team in place, but would nail down the rest “over the next few weeks”. He added: “We’re talking about human [...]
Microsoft shop set to challenge Apple outlets October 18, 2009 MICROSOFT is set to open its first-ever store in the next few days, as the software maker takes its first step to match rival Apple’s successful venture into retail. Expectations are running high that the store, in an upscale Arizona city, will open this week, to coincide with the launch of Microsoft’s Windows 7 operating [...]
Aviva to offer shares in Dutch arm at a discount October 18, 2009 INSURER Aviva is to offer shares in its Dutch subsidiary Delta Lloyd at a discount, sources familiar with the matter said yesterday, giving the unit a market value of about £2.7bn. The group, which aims to list 30 to 40 percent of Delta Lloyd, is likely to receive 1bn euros (£913m) to 1.3bn euros from [...]