Tamiflu swine flu drug boosts Roche but Genentech takeover dents profits July 23, 2009 SWISS drugs firm Roche yesterday booked a massive drop in profits due to its takeover of Genentech – despite increasing demand for its swine flu treatment Tamiflu. The group said its first half profit fell by 29 per cent to SFr4.1bn (£2.3bn) from SFr5.7bn a year earlier. The drop in profits was mainly due to [...]
Yell soars on restructuring hopes July 23, 2009 Shares in Yell surged yesterday after it said that talks to restructure its £3.8bn debt pile were on track and said that it had it outperformed guidance for the first quarter. The struggling directories publisher reiterated that it is seeking to extend the maturity of its debt, but made no mention of rights issues or [...]
Arqiva snaps up Kangaroo spoils July 23, 2009 Broadcast transmission group Arqiva has agreed to buy video-on-demand technology and intellectual property from Project Kangaroo – the defunct joint venture between the BBC, Channel 4 and ITV – for an undisclosed sum. The privately-owned firm said it plans to use the technology to set up a consumer video service. Project Kangaroo was blocked early [...]
Tate & Lyle buoyed by cost cuts July 23, 2009 Food producer Tate & Lyle said yesterday that first-quarter pre-tax profit was ahead of its expectations as it reaped the benefits from a series of cost cutting measures. The maker of Splenda said that, although its outlook was unclear in the short term, it had made a better-than-anticipated start to the year with demand from [...]
BEST OF THE BROKERS July 23, 2009 LONMINInvestec said Lonmin reported solid third-quarter operational results, but has reduced its full-year 2009 sales guidance to 680-700 ounces, from 700 ounces. The broker had already cuts its forecast to 674 ounces but the news did not change its recommendation that investors “hold” the stock with a target price of 1,050p. BAE SYSTEMSAhead of BAE [...]
Cosmens and CVC team up for NatExp bid July 23, 2009 NATIONAL Express’ biggest shareholder, Spain’s Cosmen family, is understood to have linked up with private equity firm CVC to table an offer for National Express, in a deal which is thought to value the train and bus firm at £500m. The family, which has an 18.5 per cent holding in the firm, wants to acquire [...]
B&Q owner boosted by summer sun July 23, 2009 KINGFISHER, the owner of DIY chain B&Q, yesterday reported a surprise rise in like-for-like sales in the second quarter, as cash-strapped consumers snapped up summer accessories thanks to a spell of barbeque weather. Kingfisher, which also operates Castorama in France, said it grew its market share in the 10 weeks to 11 July, but that [...]
City Moves who’s switching jobs July 23, 2009 Stephenson HarwoodThe international law firm has hired Duncan Stiles to its corporate practice, specialising in public and private M&A transactions, primarily for FTSE 100 and 250 clients. Stiles joins from rival Ashurst, where he spent over 18 years and became a partner in 2000. In addition to building up a successful M&A practice, he also [...]
CONDOM MAKER DUREX TO FACE A NASTY ITCH AT ANNUAL MEETING July 22, 2009 PRICKLY business is in the offing at today’s annual meeting for investors in Durex condom maker SSL International, as minor shareholder Tariq Siddiqi prepares to take a stand. If the name sounds familiar, it’s because Siddiqi shot to fame back in 2005, when he persuaded David Blunkett to take up the bioscience job that eventually [...]
GM upbeat despite poor sales July 22, 2009 General Motors (GM) yesterday announced a 22 per cent year-on-year global sales drop for the first six months of 2009, amid the economic slowdown and the company’s slide into bankruptcy. But GM global sales improved in the second quarter compared with the first quarter and its chief sales analyst said the US economy has been [...]