Halliburton to pay $38bn for Baker Hughes November 17, 2014 ENERGY firm Halliburton has agreed a takeover price of $38bn (£24bn) with oil and gas company Baker Hughes after months of discussions between the two firms. The deal will see Halliburton paying $78.62 per Baker Hughes share, which represents an equity value of $34.6bn. Baker Hughes stockholders will own around 36 per cent of the [...]
Pfizer teams up with Merck for cancer drug November 17, 2014 US PHARMACEUTICALS giant Pfizer announced yesterday it had signed a major cancer drug deal with German pharma company Merck. Former AstraZeneca suitor Pfizer will pay an upfront fee of $850m (£544m) to the German company for sharing rights to develop its experimental immunotherapy drug. The deal could also see Merck cash in up to $2bn [...]
Saudi Electric takes aim at stake in Hinkley Point nuclear power plant November 17, 2014 Saudi Arabian utility firm Saudi Electric is in talks to become one of the investors in the nuclear power plant at Hinkley Point. According to a report on Sky News, the firm is vying to buy a minority stake in the project, which got the go-ahead from the European Commission last month. As it stands, [...]
Diploma profits improve despite strong sterling November 17, 2014 TECHNICAL products company Diploma yesterday reported revenue of £306m for the 2014 financial year, up seven per cent from £286m in 2013. The firm’s pre-tax profit also improved, from £48.5m to £49.8m, a jump of three per cent. Diploma, which is made up of three sectors: controls, life sciences and seals, increased its dividend by eight [...]
Salamander sheepish as share price dips in wake of Cepsa reprimand November 17, 2014 Shares in Salamander Energy fell by 6.4 per cent yesterday, after Spanish firm Cepsa revealed that it had not given consent for the terms of its proposed offer to be announced. Salamander last week stated that it had received an offer from a consortium headed by Cepsa which would entitle shareholders to receive 121p per [...]
Aim companies failing to create board diversity November 17, 2014 WOMEN made up just seven per cent of appointments to the boards of Aim-listed companies during the past three years, according to a report from executive recruitment firm Norman Broadbent. Of all non-executive appointments at FTSE 100 firms over the past three years, 37 per cent were women, while at FTSE 250 companies, 34 per [...]
Drone company Strat Aero floats on Aim after raising £650,000 in placing November 16, 2014 Aerospace services company Strat Aero begins trading on Aim today, following a placing of 8,125,000 shares to raise £650,000. The placing values the company at around £6.2m, and the funds raised will be used to provide working capital to explore existing and new opportunities. Strat Aero will be focusing particularly on the growing market for [...]
Insurance firms missing out in UK SME market November 16, 2014 Insurers are failing UK Small- and Medium-sized Enterprises (SMEs), according to a new report by the Boston Consulting Group (BCG). The report indicated that over one third of UK SMEs were unaware of who their insurer was. The BCG compiled its global report into SME commercial insurance trends after carrying out a survey of 2,500 [...]
Quindell silent as investors mull MBO amid hedge fund rumours November 16, 2014 Insurance services firm Quindell has declined to comment on investor speculation that the company is seeking a cash injection in order to carry out a management buyout (MBO). The firm is reported to be in talks with several hedge funds in a bid to gain fresh capital, and shareholders have flagged up the possibility that [...]
Industrials call for overhaul of business rates November 16, 2014 A GROUP of industrial companies has called on the Chancellor George Osborne to overhaul the business rates tax or risk making the UK an unattractive destination for investment. In a letter to the Chancellor, signed by around 15 companies, including General Motors, Tata Steel, Siemens and chemical firm BASF, the current tax regime was described [...]
