Glencore sells Australian malt producer Joe White to Cargill August 5, 2013 GLENCORE Xstrata yesterday said it has agreed to sell Australia’s largest malt producer, Joe White Maltings, to agriculture giant Cargill. The sale is subject to regulatory approval and is expected to close by the end of 2013. The deal value was undisclosed by Glencore in yesterday’s announcement but is reportedly worth A$420m (£244m). Joe White [...]
French firm Total mulls moving its treasury business to London August 5, 2013 FRENCH oil major Total plans to move its corporate treasury department to London to get closer to analysts covering the company and raise its profile with investors, a spokesman for the group said yesterday. Total is discussing moving 60 staff from the treasury department to London as well as about 10 people in charge of [...]
South Koreans concerned over Samsung ruling August 5, 2013 THE SOUTH Korean government yesterday expressed concerns about the decision by the United States to overrule a sales ban of some Apple models. The Obama administration vetoed a US trade panel’s ban on the import and sale of some older iPhones and iPads, reversing a ruling that had favoured South Korea’s Samsung Electronics over Apple [...]
Gemfields output soars 42pc as auctions achieve record results August 5, 2013 AIM-LISTED Gemfields yesterday posted a 42 per cent increase in year-on-year gemstone production to 29.99m carats for the year ending 30 June. Quarterly production grew to 8.9m carats from 7.3m carats year-on-year. Chief executive Ian Harebottle said that the miner had achieved “record revenues” and “record per carat prices” at recent emerald auctions, which were [...]
Balfour Beatty named preferred bidder for £330m university deal August 5, 2013 INFRASTRUCTURE group Balfour Beatty yesterday said it has been appointed as the preferred bidder for a contract with the University of West Florida, valued at £330m. The development contract, which comprises a number of projects including student accommodation, a football stadium and a senior living community for retired faculty, will be delivered in phases over [...]
MWH Global’s McAulay to leave US for executive roles at Pennon August 5, 2013 FTSE 250-listed utility and waste management company Pennon yesterday announced that Ian McAulay has been appointed as an executive director of the group’s board and as chief executive of its subsidiary company Viridor. McAulay, who is currently chief of global strategy and corporate development with US waste treatment company MWH Global, takes up his new [...]
Cannabis therapy firm posts loss August 5, 2013 GW Pharmaceuticals, the Aim-listed drug firm focused on cannabis-based therapies, swung to a loss of £2m in the three months to the end of June but is hopeful of increasing sales in the US. Revenues fell from £14.4m a year ago to £7.3m, due to a one-off milestone payment in 2012. The company said its [...]
Waitrose buys Good Food Guide August 5, 2013 Waitrose has bought The Good Food Guide, and insisted yesterday that the restaurant reviewing magazine will remain independent. Waitrose said its purchase, for an undisclosed sum, includes the website as well as the 63-year-old magazine. “The Good Food Guide has a loyal following among our customers and we will continue to operate it as an [...]
CVC nears deal to buy UK insurer August 5, 2013 Private equity firm CVC has entered into exclusive talks to buy British home appliance insurer Domestic & General from Advent International, banking sources said yesterday. Private equity group Advent International took Domestic & General private for £524m in 2007 backed with £434m of debt, according to Thomson Reuters LPC data. It tried to sell it [...]
City Moves: Who’s switching jobs August 5, 2013 White and Case The law firm has announced the appointment of Ross Allardice as partner in its UK and European private equity team. He has 11 years’ experience working with private equity funds, and was most recently at Kirkland & Ellis. Barclays The bank’s corporate and employer solutions division has recruited Sean McGowan to its global stock [...]