Office Depot buys its rival February 21, 2013 OFFICE Depot will acquire smaller rival OfficeMax in a $1.2bn (£788m) all-stock deal, the companies said yesterday, confirming an agreement inadvertently announced earlier in the day, before it was completed. The combined entity’s name, headquarters location and chief executive are all still undetermined, suggesting the companies were in a rush to get the deal confirmed [...]
AngloGold sees profits plunge as strikes weigh February 21, 2013 SOUTH African miner AngloGold Ashanti yesterday reported a plunge in fourth quarter earnings, hit by wildcat strikes at its operations last year. Industrial action plagued the world’s third-largest bullion producer from the end of September until November, essentially halting production for several weeks. Fourth quarter headline earnings in 2012 were $7m (£4.6m) – down from [...]
Iconix buys Denim Brand Lee Cooper for £47m February 21, 2013 ICONIX Brand Group said yesterday it has snapped up the British denim label Lee Cooper for £47m as it continues its buying spree to expand its international business. The group, which licenses shoe and clothing brands to retailers, also reported a fall in fourth quarter profit to $26.1m (£17m) from $27.2m last year with sales [...]
Polymetal buys $96m gold field February 21, 2013 JSC Polymetal, the subsidiary of Russian precious metal producer Polymetal, has agreed to buy ZAO Maminskaya Gornorudnaya kompania, which has a mining licence for the Maminskoye gold mining field in Russia, in a deal worth $95.5m (£62.7m). The licence is valid until 2023. Scoping studies show that the field could have the potential to produce [...]
Severstal lays out spending plans February 21, 2013 Russian steelmaker Severstal yesterday said it would spend $1.3bn (£850m) this year, focusing mostly on its Russian operations. Out of the $1.3bn, it will direct $704m towards its Russian steel business, to spend on projects such as building steel mills and modernising operations across the region. Around $107m will be spent in Severstal’s North America [...]
Lafarge returns to quarterly profit February 21, 2013 French cement maker Lafarge returned to profit in the fourth quarter, as it secured almost €900m (£787m) of divestments in 2012. Quarterly net profit was €100m, compared to a loss of €3m in the same period a year earlier, while sales declined one per cent to €3.8bn, it said yesterday. Full-year sales were up three [...]
US startup incubator TechStars moves into Silicon Roundabout February 21, 2013 A COLORADO-BASED firm that nurtures technology startups has made its first move out of the US by launching in London. TechStars will launch a programme designed to help 20 small businesses develop, allowing them €85,000 (£74,000) made up of funding and convertible debt each. The startups will also receive mentoring from successful British technology startups [...]
Tesco voted worst supermarket in survey of 11,000 UK shoppers February 21, 2013 TESCO has been voted the worst of Britain’s nine major supermarkets in a poll carried out by one of the leading consumer groups. More than 11,000 Which? members rated the supermarkets with customer scores based on customer satisfaction and the likelihood they would recommend it to a friend. Tesco, the UK’s largest supermarket group, came [...]
Kabel hikes its payout as tries to fend off bid February 21, 2013 VODAFONE takeover target Kabel Deutschland hiked its dividend by two thirds yesterday in a move that may protect the company from a bid. The German cable company, which Vodafone is circling as it attempts to improve its presence in the country, also saw profits double to €200m (£175m), boosted by strong demand for broadband and [...]
Sky splashes out with a deal for Disney movies and new channel February 21, 2013 BSKYB has inked a deal with Disney that will see the Hollywood giant’s films shown on a new channel as well as open up its catalogue of historic films to on-demand viewing. The deal will tighten Sky’s grip on exclusive film rights by giving it first access to new titles such as Iron Man 3 [...]
