BNP Paribas to exploit credit crunch with new distressed finance group September 5, 2008 French bank BNP Paribas is to create a distressed finance group to take advantage of the credit crunch and snap up assets at discount prices, it said yesterday. The new unit will be led by Alain Dib, formerly the co-head of European high-yield markets. The bank plans to expand its distressed trading operations by providing [...]
Co-founder of RAB stands aside as CEO September 5, 2008 Philp Richards, the co-founder of troubled hedge fund RAB Capital, is stepping down as chief executive to focus exclusively on its special situations fund. RAB shares have plunged 37 per cent in the last six months after being hit by a series of bad investments – including a significant shareholding in beleaguered Northern Rock– and [...]
Dispute ends as BP loses its man in Russia September 5, 2008 The Long-running dispute between BP and its Russian partners at joint venture TNK-BP drew to a close yesterday, after the two signed a deal which paves the way for floating up to 20 per cent of the company. But the embattled chief executive Bob Dudley, who was chosen by BP, will get the chop – [...]
Southern Cross chief stands down after property sell off September 5, 2008 Beleaguered health group Southern Cross yesterday announced that its chief executive Bill Colvin is standing down after it revealed it would have to sell yet more properties to pay off debt. The UK’s largest care home operator said that Colvin – who will not receive a pay out – will leave the board by “mutual [...]
EDF in fresh talks over £12bn BE bid September 5, 2008 French power giant EDF is edging closer to a deal to buy British Energy, the nuclear generator, in the wake of fresh talks with some of the UK firm’s largest investors. The French utility, whose £12bn bid was rejected by British Energy’s shareholders in July, has been in productive talks with among others Invesco Perpetual, [...]
Pru and C&W wrap up £1bn pensions deal September 4, 2008 Prudential and Cable & Wireless (C&W) have struck a landmark £1bn deal which will see the telecoms company transfer its pension liabilities to the insurer. In the largest bulk annuity deal in the UK this year, Prudential will assume responsibility for payments to 5,000 retired members of C&W’s defined-benefit pension scheme. The move, which paves [...]
Punch scraps its dividend as declining beer sales hit September 4, 2008 Pubs group Punch Taverns is scrapping its dividend, the group said yesterday. The move comes in the wake of reports of declining sales, which led to a plunge in the company’s share price. Punch shares closed down 12 per cent at 278.25p. Punch Taverns said the move was prudent given the “challenging market conditions”. The [...]
Tokyo Mitsubishi is in the frame for a stake in Lehman as suitors drop out September 4, 2008 The saga over bids for a stake in Lehman Brothers assets entered a new chapter yesterday, as another potential suitor entered the fray and several parties rumoured to be interested dropped out. Reports from Japan suggested that the country’s banking powerhouse, Tokyo Mitsubishi UFJ, was monitoring the situation closely, with a view to making a [...]
Women must wait 73 years for job equality September 4, 2008 Representation of female bosses in the FTSE 100 has increased slightly – to 11 per cent – since last year, the newly launched “Sex and Power” report from the Human Rights Commission revealed yesterday. However, women will still be “waiting in the wings” for an estimated 73 years to achieve equal status to their male [...]
Dresdner sale gets interest of UK broker September 4, 2008 British broker Collins Stewart is circling Dresdner Kleinwort, after Commerzbank admitted it would shrink the investment bank as part of its €9.8bn (£7.9bn) deal for fellow German bank Dresdner. Collins Stewart, itself the subject of a takeover approach from Japanese group Nomura Holdings, is thought to be eyeing several Dresdner Kleinwort businesses, including its advisory [...]