Another bidder enters Refco lists October 27, 2005 The race to take over the futures business of collapsed broker Refco hotted up as another group emerged as a possible bidder. TradeLink, a Chicago-based futures commission merchant, its co-founder, Walt Weissman, and Nickolas Neubauer, a member of the board of directors of the Chicago Board of Trade, are forming an investor group to consider [...]
Anglo investors share $1bn return October 27, 2005 The world’s third-largest mining company Anglo American revealed a plan yesterday to return $1bn (£560m) to investors in 2006. CEO Tony Trahar said: “Through a series of measures we are creating a more focused mining group.” As part of the wide-ranging review Anglo is to cut its 51 per cent stake in gold producer AngloGold [...]
Prudential decides to keep Egg October 27, 2005 The CEO of Prudential yesterday vowed to work on closer integration of three key businesses as he revealed results of a long-awaited strategy review. Mark Tucker said the insurer planned to integrate M&G more closely with online bank Egg and the British insurance business, raising the prospect of job cuts. He said that closer integration [...]
Jobs cutting will speed up, says CBI October 27, 2005 Manufactures expect to cut jobs over the next quarter at a faster rate than the last three months to October, according to the CBI. “The decline in headcount was broadly in line with expectations, though firms expect to cut jobs at a moderately faster rate over the next three months,” the business group announced in [...]
Beans means trouble in HP Foods sale October 27, 2005 Fears that the price of traditional British foods including baked beans, tomato ketchup and HP Sauce could rise has forced the Office of Fair Trading (OFT) to refer the sale of HP Foods to the Competition Commission. Director of competition enforcement at the OFT Vincent Smith said the sale of the Danone-owned sauce business to [...]
Giant laid to its rest October 26, 2005 With the rump of Marconi set to be rebranded as telent, Laurie Laird looks at what the future might hold in store for a once-great telecoms company brought to its knees in recent years From the mighty GEC, to Marconi, to Ericsson, to telent. It’s an ignominious end for a once-glorious company. After months of [...]
Wyevale calls end to takeover talks October 26, 2005 Takeover talks at Wyevale collapsed yesterday after private equity firm Cinven said it would not bid 580p per share for the garden centre retailer. Cinven had the backing of Wyevale’s largest shareholder Laxey for a bid, provided it met a price of 580p price and tabled an offer by 2 December. An offer at the [...]
Westbury hit by slump in house sector October 26, 2005 Housebuilder Westbury reported a slump in first-half profits yesterday amid tough times for the British housing sector. It revealed that pre-tax profits for the half year to 31 August fell by 26 per cent to £45.4m on falling sales. It sold £415m of homes compared to £427 last year. Chairman Geoffrey Maddrell, said: “The market [...]
Southern in £2.5m probe October 26, 2005 Soutern Water may have to pay up to £2.5m in compensation to customers after irregularities were discovered in its queries and complaints procedures. In an unprecedented move the company, which supplies water and sewerage services to 2.3m homes and businesses, has informed industry regulator Ofwat that it may have misled the watchdog over the level [...]
Rentokil to relocate October 26, 2005 Rentokil Initial is abandoning its rural lair for central London, a habitat thought to be more suited to the royal ratcatcher. Fresh from its tussle for control with celebrity businessman Sir Gerry Robinson, the world’s largest pest-controller is to relocate from rural Surrey to new offices in Belgrave House, next to Victoria railway station. Rentokil [...]