Telecom Italia considering bid for Brazil’s GVT August 6, 2014 ITALIAN telecom giant Telecom Italia yesterday announced that it was considering all its options in Brazil, including the possibility of an acquisition that would rival its top investor, Spain’s Telefonica. Telefonica made a surprise €26.7bn (£21.2bn) bid for Vivendi’s Brazilian broadband unit GVT. The Italian firm, meanwhile, has not ruled out the possibility of merging GVT [...]
Ackman builds Allergan call August 6, 2014 Institutional Shareholder Services (ISS) yesterday said it was backing activist investor Bill Ackman’s call for a special meeting of Botox-maker Allergan investors that could topple the firm’s board and boost the chances of a takeover by Valeant Pharmaceuticals. ISS’ recommendation on Wednesday follows a similar view from shareholder advisory firm Glass Lewis on Monday, giving [...]
Life not so sweet for Cadbury’s owner Mondelez as its growth target is slashed August 6, 2014 Cadbury’s owner Mondelez yesterday cut its 2014 sales target, after price hikes to cover commodity costs sparked a backlash by consumers and retailers in some European markets. The company said it was reducing its 2014 net organic revenue growth target to a range of two per cent to 2.5 per cent. In May, it forecast [...]
Best of the Brokers for 07 August 2014 August 6, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BAE SYSTEMS Westhouse Securities has maintained its “sell” rating for BAE Systems, noting soft bill-to-book ratios and concerns over the US defence budget. It has praised BAE’s growing commercial cyber-security department and core UK business, leaving the target price unchanged. SERCO GROUP Numis [...]
London Report: Ukraine and poor data weigh on FTSE but easyJet climbs August 6, 2014 THE FTSE 100 yesterday fell after being pummelled by disappointing economic data and growing fears over the crisis in Ukraine. The FTSE 100 fell 46.32 points, or 0.7 per cent, to 6,636.16 points after earlier hitting a three-month low of 6,588.43 points. Pharma stocks were the biggest fallers as investors worried that interest from US [...]
New York Report: Wall Street closes flat August 6, 2014 MAJOR US stock indexes yesterday ended little changed, as simmering tensions in Ukraine and Russia and a failed merger between Sprint and T-Mobile offset gains in consumer staples shares. The Dow Jones industrial average rose 13.87 points, or 0.08 per cent, to 16,443.34. The S&P 500 was up 0.03 point to 1,920.24, and the Nasdaq [...]
Cowes Week Diary: Ladies Day to help charity and recognise sailing’s top woman August 6, 2014 THE SHARP end of Aberdeen Asset Management Cowes Week is upon us and what a week it has been so far. Highs, lows, tears and plenty of laughter; I’m sure it’s been a week packed full of memories for those sailors competing in this magnificent event. Being a keen sailor who has raced at Cowes [...]
Kate Middleton pays her respects at Tower of London’s WW1 anniversary tribute August 5, 2014 The Duchess of Cambridge walks in the Tower of London’s “Blood Swept Lands and Seas of Red” ceramic poppy field installation to mark the 100th anniversary of Britain’s entry into the First World War. Kate Middleton was there with Prince William and Prince Harry as they paid their respects to Britain’s heroes of the [...]
Groupon shares tank on losses August 5, 2014 Shares in online deal company Groupon plummeted yesterday after it reported second quarter losses of $22.9m (£13.5m), or three cents a share, on revenue of $751.6m. During the same period a year ago, it lost $7.8m on $608.7m in sales. The company’s 24 per cent increase in revenue was offset by a jump in spending [...]
T-Mobile cuts off Iliad’s bid August 5, 2014 TELECOMS giant T-Mobile US yesterday rejected a $15.5bn (£9.2bn) bid by French rival Iliad, saying it was not high enough. Iliad made its surprise proposal for 56.6 per cent of T-Mobile last week and sought access to its confidential financial information to conduct due diligence. Sources told the Wall Street Journal that the bid was “dead on [...]
