Sirius Minerals shares drop as it raises $425m for North Yorkshire mine May 1, 2019 Sirius Minerals today revealed it has exceeded its $400m (£306m) fundraising target, but its shares were priced at the lower end of expectations. The London-listed company, which is raising cash to build a fertiliser mine in North Yorkshire, raised $425m from a new share issue. Read more: JP Morgan backs Sirius Minerals $3.8bn financing package [...]
Warren Buffett backs Occidental with $10bn in takeover battle with Chevron April 30, 2019 US billionaire Warren Buffett signalled support for Occidental’s $38bn offer for rival Anadarko today by announcing he will invest $10bn in the oil company. Buffett’s investment company Berkshire Hathaway committed to the investment on the proviso that the deal with Anadarko would go ahead. Read more: Anadarko says it will talk to Occidental over $38bn [...]
Australian weather batters Glencore production guidance April 30, 2019 Mining giant Glencore today downgraded for its copper output estimates, as production at some mines are set to be hit by upgrade works. Copper production is expected at around 1.46m tonnes in the financial year, Glencore said, down from a previous 1.54m tonnes estimate. Read more: JP Morgan backs Sirius Minerals $3.8bn financing package for [...]
Some investors are clearly living in a parallel universe April 30, 2019 Having watched the phenomenal “Avengers: Endgame” this weekend (no spoilers here), I did take a moment to think about parallel universes. To put it bluntly, it doesn’t take a genius like Tony Stark to work out that many market commentators are living in a parallel universe – that is, they can’t remember what happened 20 [...]
Sirius Minerals set to unveil £2.5bn equity and debt package April 29, 2019 London-listed Sirius Minerals is set to unveil a £2.5bn debt and equity fundraising tomorrow as it seeks to develop a potash mine in Yorkshire. Sky News reported that Sirius is set to announce its largest equity-raising to date as part of a massive financing package. Read more: Sirius Minerals on track with Yorkshire mine but still [...]
Deutsche Boerse chairman Joachim Faber to step down next year April 29, 2019 Deutsche Boerse chairman Joachim Faber is to step down following the stock market group’s annual general meeting in 2020, it announced today. Read more: Deutsche Boerse profits plunge and outlook for 2019 'more subdued' The news comes two years after the Frankfurt-based group failed to merge with the London Stock Exchange (LSE) and only months [...]
Gazprom profits double on higher European gas sales April 29, 2019 Record sales in Europe helped Russian energy giant Gazprom double its profits last year, it said today. The company’s profits reached nearly 1.5 trillion roubles (£17.5bn) in 2018. Read more: Plexus shares hit oil as licensee signs deal with Gazprom The big profits were helped as its exports to Europe and Turkey reached a record [...]
Anadarko says it will talk to Occidental over $38bn, but recommits to Chevron merger April 29, 2019 US oil company Anadarko said today it will open negotiations with Occidental, days after its larger peer tabled a $38bn (£29bn) takeover offer. The board said it would consider the bid which might prove better value to shareholders than a previously announced deal with Chevron. Read more: Occidental bids $57bn for Anadarko Chevron announced at [...]
What role does the state play in corporate governance? April 29, 2019 | City Talk What do the recent corporate governance scandals involving the Italian oil company Eni, the Franco-Japanese auto alliance Renault-Nissan-Mitsubishi, and the Canadian construction giant SNC-Lavalin all have in common? They each have a surprising culprit lurking behind them: the state. While corporate governance is intended to describe a system by which firms protect shareholder and stakeholder [...]
Gam whistle blower raised concerns over bonds sold by steel tycoon Sanjeev Gupta April 29, 2019 A whistle blower at embattled Swiss asset manager Gam Holding was prompted to alert the financial watchdog last year over concerns about the purchase of more than £500m of bonds from steel tycoon Sanjeev Gupta. The bonds were related to a biodiesel fuelled power generating business, and the whistle blower believed the operation was unlikely [...]