Ziggo IPO set to be biggest of year so far March 19, 2012 CABLE company Ziggo provided another boost to the slow recovery in Europe’s equity markets yesterday when it increased the value of its listing to as much as €925m (£768.6m). Holland’s largest cable firm said strong demand had prompted it to increase the number of shares available in its initial public offering in Amsterdam, which had [...]
Rexnord moves closer towards New York listing March 19, 2012 REXNORD Corporation, which manufactures power transmission and water management products, announced terms for an IPO on the New York Stock Exchange yesterday. The Milwaukee-based company plans to raise $450m (£283m) by offering 23.7m shares at a price range of $18 to $20. At the midpoint of the proposed range, Rexnord would command a market value [...]
Julius Baer chair severs 120 year old family ties March 19, 2012 WHEN Julius Baer set up a private bank in Switzerland in the 1890s, modern skiing had just emerged and Sir Arthur Conan Doyle would speed down the Alps in a tweed suit. Now, 120 years on, the Baer family has severed its link with the management of the bank. Raymond Baer has quit as chairman [...]
Bahrain buys GL Education March 19, 2012 Investcorp, a Bahraini alternative investment manager, yesterday said it acquired UK-based education firm GL Education Group for an undisclosed amount. Investcorp, which once floated luxury brands Gucci and Tiffany, said it bought the company from Veronis Suhler Stevenson, a private equity and debt capital firm focused mainly on education, media and information sectors.
Tesco Thai property float soars March 19, 2012 The property fund of Tesco’s Thai unit jumped nearly 10 per cent in its trading debut yesterday as investors who were shut out of Thailand’s largest IPO in six years scrambled to get a piece of the high-yielding security. The IPO raised about £378.8m, the biggest in Thailand since 2006, but the supply of units [...]
Zayo agrees $2.2bn deal for AboveNet March 19, 2012 ZAYO Group, a privately-owned fibre-based provider of bandwidth, yesterday agreed to acquire AboveNet for $2.2bn (£1.38bn), after making an offer at $84 a share, 13 per cent above AboveNet’s previous closing price. But shares in AboveNet rose 14 per cent to $84.45 after the announcement, indicating investors expected a better offer. “AboveNet and Zayo’s business [...]
India set to boycott EU’s airline carbon tax plans March 19, 2012 INDIA is poised to pull its airlines out of the controversial EU emissions trading scheme, a senior official said yesterday, in what would be an escalation of a row over the EU’s unilateral move to charge for carbon emitted by flights in and out of Europe. China barred its airlines from participating in the European [...]
Construction drops as grim outlook bites March 19, 2012 CONSTRUCTION output across the EU plummeted in January, official figures showed yesterday, with economists warning the sector is unlikely to recover for some time. Meanwhile the Italian manufacturing sector shrank further, underlining the severity of the recession the country is currently going through. Compared with January 2011, output was down 1.4 per cent in the [...]
Investors unsure on Greek stability March 19, 2012 INVESTORS showed scant faith in Greece’s ability to cut its colossal debt after an auction yesterday that handed insured holders of defaulted bonds a large payout. The auction set a price of €0.215 in the euro for a selection of Greek bonds, broadly in line with expectations and the best guide yet to the fair [...]
BANK’S MILES SAYS HOUSE PRICES WILL RISE March 19, 2012 David Miles, who sits on the Bank of England’s monetary policy committee, said yesterday that UK house prices are likely to stay on an upward trajectory due to a long-term lack of space and a growing population. Writing in a Bank research paper, Miles said “the upwards trajectory in house values may ultimately become steeper [...]
