InterContinental joins in buyout boom with Rothesay Life deal September 3, 2013 THE WORLD’S biggest hotel chain InterContinental Hotels yesterday offloaded its UK pension plan to Goldman Sachs-owned insurer Rothesay Life, adding further momentum to the UK’s buoyant buyout market. The fiercely competitive deal, which saw a number of other life insurers providers pitch for the business, will see Rothesay take responsibility for the future pension payments [...]
Weetabix owner hopes to take a slice of Tnuva September 3, 2013 CHINESE group Bright Food yesterday revealed the latest move in its global acquisitions drive, revealing that it is holding talks with Tnuva, Israel’s biggest food manufacturer and distributor, about a possible purchase. “This has really just got going, and the two sides are in the process of talking and understanding one another,” Bright Food spokesman [...]
Mace wins £100m contract at Battersea Power Station September 3, 2013 CONSTRUCTION firm Mace has won a contract to manage the initial £100m of repair works to London’s Battersea Power Station, that will also see its four iconic towers demolished and rebuilt. The Battersea Power Station Development Company said yesterday it has hired Mace to oversee the repairing of the brickwork and the four wash towers. [...]
Great Portland issues £150m bond offering to boost spend September 3, 2013 GREAT Portland Estates yesterday announced plans to launch £150m of unsecured convertible bonds to help increase its firepower to fund developments. The west end property firm is currently building four schemes with another five due to kick-off in the next 24 months including the huge redevelopment of the Royal Mail’s old sorting office on Rathbone [...]
Spirent boss steps down September 3, 2013 SPIRENT Communications, the telecoms network company, announced the departure of long-serving chief executive Bill Burns yesterday, causing a five per cent jump in the company’s share price. Spirent gave no reason for Burns departure from the firm, but announced that he would be succeeded by chief financial officer Eric Hutchinson while a permanent replacement is [...]
Ashcroft gets into wine firm September 3, 2013 A BUSINESS backed by Conservative peer Lord Ashcroft yesterday revealed a £7m deal to buy English wine maker Gusbourne Estate. Investment vehicle Shellproof will change its name to Gusbourne and join the Alternative Investment Market as a new firm as part of the purchase, raising £2.85m in the process. Shellproof investors, including Ashcroft, will take [...]
Google names new kit KitKat September 3, 2013 Google has surprised technology-watchers by naming the next version of its mobile operating platform after a Nestle chocolate bar. Android KitKat follows Ice Cream Sandwich and Jelly Bean in Google’s sweet-themed alphabetical names for its popular mobile software. The firm said it had Nestle’s blessing for the moniker, but that no money changed hands for [...]
Amec eyes deals beyond Kentz September 3, 2013 British engineer Amec is looking at other acquisition options alongside its offer for the oil and gas construction firm Kentz, as it aims to expand in Australia, Africa and the Middle East. “We have a pipeline of acquisition targets and you need to have at least two things to make a line – otherwise it’s [...]
Dragon’s firm sells mobiles September 3, 2013 Outsourcery, the cloud computing company run by Dragon’s Den newcomer Piers Linney, has sold its small mobile distribution business to an undisclosed mobile operator. The division was the last part of Outsourcery’s mobile business, the majority of which was sold in 2011 to Daisy Group.
New hedgie buys into JC Penney September 3, 2013 Kyle Bass is the latest hedge fund manager to take a big stake in struggling American retailer JC Penney now that Bill Ackman’s Pershing Square Capital Management has sold all its shares in the company. Bass’s Hayman Capital Management reported a 5.2 per cent stake of 11.4m shares in Penney as of 30 August, according [...]
