Cinven coughs up $915m to buy stake in drug testers Medpace February 24, 2014 PRIVATE equity firm Cinven yesterday announced a $915m (£549m) deal to take control of drug testing business Medpace, the latest in a string of deals for its London-based healthcare team. Medpace, which is based in Ohio but has a strong presence in the UK and Germany, offers testing and trials for pharmaceutical firms developing new [...]
Steady start for CVC Credit as it eyes further growth in lending February 24, 2014 CVC CREDIT Partners, the credit firm linked to CVC Capital, yesterday reported inaugural results for its listed European fund showing a rise in net asset value (Nav) of investments for last year. The company, which floated on London’s stock market in June, said it made an absolute return on funds invested of 3.31 per cent for [...]
Rolls-Royce wins US marine deal February 24, 2014 FTSE 100-quoted aerospace giant Rolls-Royce yesterday said it has won a $90.1m (£54.2m) contract to produce engines for aircraft operated by the US Marine Corps. The deal includes 40 Rolls-Royce engines made for the Naval Air Systems Command in Maryland. “Continual innovation has led to increases in power, dependability and time on wing as we [...]
Amec renews contract with Eni February 24, 2014 Amec, the FTSE 100 engineering firm, yesterday said it has renewed and extended its contract with Eni, to provide environmental services for the Italian oil and gas company’s exploration and production division on a worldwide basis. The new two-year deal can be extended by another year. Amec supported Eni under the previous framework across Europe, [...]
Gulf Keystone cancels Aim listing February 24, 2014 Gulf Keystone yesterday confirmed that it plans to cancel its Aim listing and simultaneously begin trading on the main market on 24 March, subject to the necessary regulatory approvals. The Kurdistan-focused oil explorer has long had main market ambitions, but its progress was held up by a long-running court dispute that recently ended over the [...]
City Moves for 25 February 2014 | Who’s switching jobs February 24, 2014 Investec Asset Finance The asset finance business has announced the appointment of Alan Carter to its middle ticket team. He was most recently at Aldermore Asset Finance, where he was head of wholesale finance. Prior to that, Carter held senior positions at Fortis and Lombard. Electra Partners The private equity fund manager has appointed Nicola [...]
Best of the Brokers for 25 February 2014 February 24, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com RIGHTMOVE Canaccord Genuity has cut the online property group from “buy” to “hold” but keeps its target price at 3,000p. While Rightmove impresses the broker with its high return on capital, Canaccord reckons Agents’ Mutual will seriously challenge the rest of the property [...]
London Report: HSBC drops yet FTSE closes in on an all-time high February 24, 2014 GAINS at Vodafone and business supplies distributor Bunzl enabled Britain’s top equity index to rise yesterday for the seventh straight session. The blue-chip FTSE 100 index closed up by 0.4 per cent, or 27.80 points, at 6,865.86 points – just 1.2 per cent below its December 1999 record level of 6,950.60. Vodafone and Bunzl together [...]
New York Report: US stocks rise with indexes near to records February 24, 2014 US STOCKS rose yesterday and the S&P 500 hit a record intraday high, helped by gains in health insurers’ shares and optimism about merger activity. The Nasdaq reached a 14-year high, though all three indexes closed off their highs for the day, with the S&P 500 finishing less than a point away from its record [...]
Letters to the Editor – 25/02 – Intimidated Russia, Best of Twitter February 24, 2014 Intimidated Russia [Re: Russia must back down over Ukraine to avoid a catastrophe, yesterday] The situation with Russia is more complicated than generally appreciated. Suppose the communist system of the USSR had triumphed and that, one by one, European states had applied to join that Union, and were then invited to join the Warsaw Pact. [...]
