Treasury hires banks to manage auction of bonds June 9, 2009 THE Treasury has turned to a quartet of banks to manage a sale of 25-year bonds, in its first syndicated gilt sale in four years. The Debt Management Office said Barclays Capital, Goldman Sachs, HSBC and Royal Bank of Scotland had been hired to sell the securities during the week beginning 15 June. The bonds, [...]
Heritage Oil and Turkey’s Genel agree a $6bn merger and set sights on FTSE 100 June 9, 2009 HERITAGE OIL yesterday agreed to merge with Genel Enerji, a unit of Turkey’s Cukurova Group , to create a FTSE-100 oil producer focused on Iraqi Kurdistan worth around $5.5bn (£3.3bn) Heritage’s controversial founder and chief executive, ex-mercenary Tony Buckingham, is betting that years of wrangling between Baghdad and Kurdish leaders over oil revenue sharing is [...]
TAXI CASH CALL HAILED June 9, 2009 SHARES in Manganese Bronze jumped 16.9 percent yesterday, after the makers of London’s black cabs announced a placing of new shares to raise £9.4m. It will place 5.35m shares at 187p per share. Tough trading conditions in its core UK market meant it needed to secure extra funding, Bronze said. The company sells cars in [...]
JP MORGAN CAZENOVE IAN HANNAM June 9, 2009 JP Morgan Cazenove’s (JP M Caz) top dealmaker Ian Hannam was the chief adviser on the Heritage-Genel merger. He’s tipped to be the big beast of 2009’s bonus pool, having reeled in most of the company’s big deals. He, along-side JP M Caz’s new chief executive, Naguib Kheraj, secured advisership on the HSBC, Xstrata, Land [...]
S&P downgrades Clear Channel June 9, 2009 Credit ratings agency Standard & Poor’s yesterday cut its rating on Clear Channel Communications and parent company CC Media, amid concerns that it may breach covenants on its $20bn (£12.4bn) of debt. S&P downgraded the radio and outdoor advertising group’s rating from B- to CCC, saying it was concerned that it could be forced into [...]
Volvo withdraws redundancies June 9, 2009 Volvo withdrew redundancy notices previously handed out to 335 of its workers yesterday, after a deal with unions agreed hours and wages. The redundancies were expected at a plant in Sweden. The deal with the IF Metal union meant working hours would be cut by 10 per cent in addition to the existing two stoppage [...]
Weststar eyes vanmaker LDV June 9, 2009 Malaysian group Weststar emerged as a potential buyer for the assets of failed vanmaker LDV yesterday, one of three contenders for the acquisition. The news comes after most of LDV’s 850 staff were made redundant earlier this week. Weststar was forced to walk away from a takeover deal last month when it failed to secure [...]
TEN US BANKS TO REPAY TARP FUNDS June 9, 2009 THE US Treasury yesterday gave the green light to 10 Wall Street banks to begin repaying $68bn (£41.7bn) in state funding they received as part of the Obama administration’s Troubled Asset Relief Programme (Tarp). The banks finally received permission to begin paying back the funds, which are held by the US Treasury in the form [...]
City chaos as strikes go ahead June 9, 2009 LONDON was thrown into chaos last night as London Underground (LU) staff staged a 48-hour walk-out. Last-ditch talks between RMT union officials and LU bosses fell apart just before the 7pm strike start-time, as the union accused transport chiefs of “pulling the rug from under a workable agreement” by bringing in lawyers. Transport for London [...]
Horlick outed as Bramdean secret bidder June 9, 2009 BRAMDEAN Alternatives fund manager Nicola Horlick yesterday dropped a bombshell on the City by revealing she was behind the bid approach announced in the middle of her public row with major shareholder Vincent Tchenguiz. Bramdean Alternatives confirmed yesterday that the approach, initially made on 17 March but announced on 30 April, came from Petersfield Asset [...]