Rio Tinto eyes $1bn US IPO August 13, 2009 Mining giant Rio Tinto is set to spin-off a slew of its most highly valuable coal mines in an initial public offering, in a bid to raise as much as $1bn (£604m). The firm is expected to list much of its Rio Tinto Energy America arm after filing registration papers with US regulator the Securities [...]
Magna makes sweetened bid for GMEurope August 13, 2009 MAGNA, the Canadian car-parts maker hoping to snap up a stake in General Motors’ (GM) European unit Opel, yesterday sweetened its offer for the coveted company, as the protracted bidding process nears its end. US carmaker GM, which is selling off its European arm as part of a massive restructuring, said yesterday it would review [...]
Tui to bail out Hapag-Lloyd August 13, 2009 Hapag-Lloyd, the stricken German container ship fleet, is to get a €420m (£362m) capital injection from travel group Tui that will guarantee the firm’s future. Tui, which already owns a 43 per cent stake in Hapag, is to provide an investment that will then enable the firm to file a vital application for €1.2bn in [...]
BEST OF THE BROKERS August 13, 2009 MITCHELLS & BUTLERGoldman Sachs downgraded Mitchells & Butlers to “sell” and added the stock to its “conviction list”, saying that the company looks expensive versus its managed pub peers, despite facing identical challenges and having much higher than average leverage. The broker added that it expects sales to lag peers going forward. MITIEMitie was upgraded [...]
Aegon unveils surprise loss and cash call August 13, 2009 AEGON, the Dutch insurer, yesterday reported a surprise loss in the second quarter and said it would ask markets for up to €1bn (£862m) to pay off part of its government bailout. The group, whose Aegon UK arm has two million customers across its life, pensions and asset management operations, saw its Dutch shares plummet [...]
First small firm gets funding from the government’s Capital Enterprise Fund August 13, 2009 BUSINESS secretary Lord Mandelson yesterday announced that a Bedford-based firm has become the first to receive money from a £75m government fund launched help small to medium businesses. Octopus Investments, which manages £30m of the Capital for Enterprise (CFE) fund, said that it will invest £2m into software firm KeTech. “Ambitious and innovative businesses like [...]
CITY MOVES WHO’S SWITCHING JOBS August 13, 2009 Reed ElsevierThe publishing group has appointed Ben van der Veer, the former chairman of accountancy firm KPMG in the Netherlands, as a non-executive director, effective from 3 September. Van der Veer was chairman at KPMG Netherlands between 1999 and 2008 and also sat on the firm’s international board and management committee. He is a member [...]
Greencore heralds profit rise August 13, 2009 Irish sandwich giant Greencore has forecast a rise in profits this year thanks to improving UK consumer sentiment and a strong debut in the US market. The group, which also makes ready meals under the Weight Watchers brand, said operating profits had risen when the effects of currency changes are factored out. In a trading [...]
Este Lauder sales nose dive August 13, 2009 Beauty supplier Estée Lauder yesterday met analysts’ profit expectations despite a steep sales decline said the current quarter could be stronger than anticipated as it trims costs in a tough climate. Estée Lauder posted a net loss of $17.9m (£10.8m), for the fourth quarter ended 30 June, compared with a year-earlier profit of $120.2m. Sales [...]
Urban Outfitters beats forecasts August 13, 2009 High street fashion retailer Urban Outfitters yesterday reported a higher-than-expected quarterly profit and saw a modest improvement in sales sending its shares up by more than five per cent. Net profits at the operator of the Urban Outfitters, Anthropologie and Free People chains fell to $49m, (£29m) in the second quarter ended 31 July from [...]