Barbie falling flat for Mattel July 17, 2013 MATTEL’S quarterly results offered further proof of the fading appeal of the iconic Barbie doll, as newer brands including the teen monsters of the company’s own Monster High line gained market share. Mattel shares fell 6.8 per cent after the world’s biggest toymaker reported a much weaker-than-expected second-quarter profit. Shares of smaller rival Hasbro fell [...]
Severn Trent books £19m charge on failed bid July 17, 2013 FTSE 100-listed water company Severn Trent said yesterday that it has incurred £19m in advisory and legal costs after rejecting last month’s takeover bid, in a first quarter trading update that was in line with expectations. The British utility firm rebuffed a £5.2bn offer from investor consortium LongRiver Partners, claiming it was not fair value. [...]
Bottom Line: Expensive but far from £19m down the drain July 17, 2013 SHAREHOLDERS in Severn Trent may be mourning the sky-high prices of May and early June, but it is too soon to claim the City didn’t earn its fees in helping the water firm resist the advances of the LongRiver consortium. It was revealed yesterday that in batting away the takeover bid Severn Trent paid £19m [...]
RBC Capital Markets picks Uden as new head of ECM and broking July 17, 2013 RBC CAPITAL Markets, the corporate and investment banking arm of Royal Bank of Canada, has appointed Darrell Uden as head of European equity capital markets (ECM) and corporate broking. Uden, who was most recently co-head of ECM for Europe, Middle East and Africa at UBS, will report to Josh Critchley and Patrick Meier, co-heads of [...]
Allen & Overy tops capital markets adviser table July 17, 2013 MAGIC circle law firm Allen & Overy has come out on top in a global round-up of legal advisers to the debt and equity capital markets, winning roles on more than 450 deals in the first half of 2013. According to the latest Thomson Reuters survey, combined debt and equity capital markets activity totalled $3.4 [...]
Protest vote at FirstGroup over executive pay July 17, 2013 ALMOST 30 per cent of FirstGroup shareholders voting in yesterday’s annual meeting refused to back the transport group’s pay plans for its top staff. And 22.7 per cent of shareholders voted against the reappointment of Martin Gilbert, who is stepping down as chairman once a replacement is found. Gilbert announced his departure in May alongside [...]
Philippines firm makes takeover bid for HR Owen July 17, 2013 LUXURY car retailer HR Owen yesterday received a takeover offer from its biggest shareholder. Philippines-based conglomerate Berjaya, which distributes Mazda’s cars in the Philippines, bought a 29.8 per cent stake in the firm for £8.3m last month. It said yesterday it was willing to pay 130p per share to buy the rest of the company, [...]
Walkie-Talkie awaits more calls July 17, 2013 PROPERTY giant Land Securities said yesterday that it expects the Walkie-Talkie skyscraper to be two thirds let by its completion next year, in a sign of growing confidence in the market. The City office market has seen a pick-up in leasing activity in the past year as companies who had previously shelved plans rushed to [...]
Derwent London plans to tap the bond market for £150m July 17, 2013 DERWENT London yesterday announced plans to launch £150m of unsecured convertible bonds, as it looks to lower debt costs and fund developments. The West End property firm said the move would help to extend maturities and provide “an appropriate mix of secured and unsecured debt, taking advantage of current favourable market conditions”. It also plans [...]
Bargain Booze owner to raise £65m in London Aim listing July 17, 2013 THE COMPANY behind Bargain Booze announced plans yesterday to launch on London’s Alternative Investment Market (Aim) as the north west-based off-licence chain looks to target thirsty shoppers in the south of England. Conviviality Retail, which also trades as Bargain Booze Plus, Select Convenience and Thorougoods, said it hopes to raise £60m to £65m through a [...]
