Ackman-backed group in $3.5bn crop spray deal October 20, 2014 AGROCHEMICAL firm Arysta LifeScience was sold by its private equity backer for $3.5bn yesterday to a chemicals company part-owned by activist investor Bill Ackman. Arysta, which boasts more than 3,600 fungicide and herbicide type products, has been acquired by Platform Specialty Products, a group listed on the New York Stock Exchange. Arysta’s former backer, UK-based [...]
Texas oil refinery giant swoops on Rocky Mountains pipeline October 20, 2014 TESORO Logistics made a push into the Rocky Mountains yesterday by clinching a deal to buy QEP Resource’s natural gas pipeline and processing unit in a $2.5bn (£1.5bn) all-cash takeover agreement. The business, which is a subsidiary of listed refinery operator Tesoro, will buy the pipelines and processing unit from QEP’s subsidiary QEP Field Services. [...]
BBA Aviation climbs high after snapping up US airport assets October 20, 2014 FTSE 250 listed BBA Aviation yesterday struck a deal to acquire a passenger terminal, three hangars and a fuel farm based at an airport in the US state of New Hampshire. BBA will pay $16.5m to take on the assets – which are associated with Wiggins Airways based at Manchester-Boston Regional Airport – through is [...]
Philips’ spotlight on €103m loss as technology giant releases disappointing results October 20, 2014 Technology giant Philips released disappointing third quarter results yesterday, showing a net loss of €103m (£103.76m), compared to a net income of €281m in 2013’s third quarter. “We are not satisfied with our overall performance in the third quarter,” chief executive Frans van Houten said. He went on to cite market softness and a jury [...]
Medibank Private IPO: Australian ministers aim to raise up to £3bn in healthcare listing October 20, 2014 The Australian government is set to reap a A$5.5bn (£3bn) windfall after unveiling plans to sell its stake in Australia’s largest private health insurer Medibank Private. Ministers, who will sell shares to retail investors in the initial public offering, intend to offload the government’s entire stake in the insurance business. Shares were yesterday priced at [...]
Lufthansa pilot strike sparks long haul chaos as 1,511 flights are cancelled October 20, 2014 Lufthansa has cancelled 1,511 flights as a result of a strike being held by pilots that runs until midnight today, a spokesman said yesterday. It is the equivalent to around 65 per cent of the 2,333 flights it would normally operate during the strike. Pilots’ union VC had initially planned to strike only on short-haul [...]
Lok ‘n’ Store revenue boosted by storage needs of householders October 20, 2014 Self-storage group Lok’n’Store said the improving economy and rising occupancy across its sites had helped it deliver a strong rise in sales and earnings last year. The Aim-listed group, which has 24 bright orange-coloured stores across the country, said revenue increased by 7.2 per cent to £13.9m in the year to 31 July, with earnings [...]
HS2 names trio of infrastructure stalwarts to company board: Christine Emmett, Neil Masom and Baroness Jo Valentine October 20, 2014 HS2 has taken another step towards construction after three new non-executive directors were appointed to the board. Christine Emmett, Neil Masom and Baroness Jo Valentine have all been appointed by secretary of Transport Patrick McLoughlin. “Jo, Christine and Neil, working with the existing members of the board, will bring the cumulative experience we need for [...]
Tata Steel gets strong rating October 20, 2014 TATA Steel’s move to offload its long product division in the UK and refinance its existing bank debt will be credit positive, Moody’s Investors Services said yesterday. “The sale would be credit positive… because it would dispose of loss-making assets, while its refinancing alleviates funding pressure for the next six years,” it said in its [...]
BP to restart Rhum gas field October 20, 2014 BP IS set to resume production at one of the UK’s most important North Sea gas fields, nearly four years after the company was forced to curtail output because of sanctions against Iran, which owns a 50 per cent stake in the field. The oil giant said gas had begun to flow out of the [...]