Pepsi fizzes with Q2 success July 8, 2009 Pepsi Bottling, the soda distributor that rejected a takeover offer by PepsiCo, beat analysts expectations yesterday in its second-quarter profits. Excluding restructuring costs and a tax gain, profit totaled 78 cents a share in the 12 weeks ended June 13. Analysts anticipated 73 cents.
Audi drives hopes for auto sector July 8, 2009 Audi offered a ray of hope to the ailingcar industry yesterday when it announced sales last month increased for the first time this year. Higher demand in China and Germany, where Audi’s A3 compact model profited from a state-sponsored scrapping incentive, spurred a 1.3 per cent year-on-year rise in June to 91,200 cars.
Slump in UK buyout deals July 8, 2009 THE FIRST half of 2009 was one of the worst periods in recent history for UK mergers & acquisitions (M&A) because the debt needed to fund the deals has dried up, according to research from Mergermarket. The number of completed deals in the UK was down 66.4 per cent on the same period last year, [...]
We need to find the next generation of chairmen July 8, 2009 THE news that Carl-Henric Svanberg, a Swede, is to chair BP highlights the increasingly international nature of UK plc. But it also raises the interesting question of where the next generation of chairmen and women for Britain’s blue-chip quoted companies will come from. Talk to any City headhunter and they will tell you more and [...]
CITY MOVES WHO’S SWITCHING JOBS July 8, 2009 Collins StewartThe investment banking group has appointed Simon Whittley as an intermediary sales manager to its wealth management division. Whittley will be responsible for increasing referral business from law firms, accountants, independent financial advisers and trust companies. He previously worked at Credit Suisse Private Bank, Arbuthnot Latham Investment Management and Close Wealth Management. HSBCAndrew Keen has [...]
COSTAIN WINS SELLAFIELD JOB July 8, 2009 COSTAIN GROUP, the construction firm, won a £297m contract from nuclear waste management Sellafield yesterday for the Evaporator D project – one of the largest nuclear projects in the UK. The contract includes full engineering, procurement, construction and inactive commissioning of the project. Evaporator D is expected to run through until in 2014. The contract extends [...]
Easyjet announces new flights July 8, 2009 Easyjet yesterday announced that it will begin selling flights to Israel and Morocco later this year to add to the 111 airports around the world it already flies to. From November, one-way flights will be available from Luton to Tel Aviv six times a week from around £72, and from Gatwick to Agadir, Morocco, twice [...]
GM still needs Opel buyer July 8, 2009 American carmaker General Motors said yesterday that Canadian car parts firm Magna remains the preferred buyer for Opel, the European arm of its business which also includes Vauxhall in the UK. A deal has been in the offing since June, but Chinese group Beijing Automotive Industry Holding Corporation is also in the running to buy [...]
NRG asks Exelon to try again July 8, 2009 US power firm NRG Energy saw share values rise by nearly five per cent yesterday, after rejecting a buyout offer from rival electricity supplier Exelon, understood to exceed $7bn (£4.4bn), before inviting Exelon to return with a higher offer.
YRC goes to Rothschild July 8, 2009 YRC Worldwide, the ailing US trucking company, has asked investment bank Rothschild to evaluate potential bond exchanges as part of its restructuring plans, it emerged yesterday. Rothschild was retained early this year by YRC, but has only recently been asked to take a more active role. Rothschild, which specialises in mergers and acquisitions and restructuring, [...]
