JD Sports in Spanish acquisition June 20, 2011 JD Sports Fashion has bought a slice of Spanish chain Sprinter and eight Cecil Gee stores, it said today. The company now has holds 50.1 per cent of Sprinter which include 47 shops in the Andalusia and Levante regions. JD Sports has invested €20m (£17.7m) into Sprinter through a subscription for shares. The retailer bought [...]
IMF cuts US growth forecast June 17, 2011 The International Monetary Fund has cut its forecast for US economic growth on Friday and warned Washington and debt-ridden European countries that they are “playing with fire” unless they take immediate steps to reduce their budget deficits. The IMF, in its regular assessment of global economic prospects, said that bigger threats to growth had emerged [...]
Virgin eyeing Northern Rock and Lloyds branches June 17, 2011 Virgin Group head Sir Richard Branson confirmed that his company’s financial division would examine possible bids for both nationalised bank Northern Rock and 600 branches up for sale at Lloyds. Branson made the comments on a blog on Virgin’s website, and those comments were confirmed by a company spokesman. “Northern Rock put on block by [...]
Dudley: BP committed to Russian joint venture June 17, 2011 Oil major BP remains committed to its Russian joint venture TNK-BP, chief executive Bob Dudley has said. Dudley also said that BP was looking at cooperation with state-controlled oil major Rosneft outside Russia, after the co-owners of TNK-BP blocked a deal to search for oil in the Russian Arctic and do a $16bn (£9.9bn) share [...]
Vallares raises £1.35bn June 17, 2011 Former BP boss Tony Hayward and financier Nat Rothschild said they had raised £1.35bn from investors to create a bid vehicle to target emerging market oil assets. Vallares, as the company will be known, aims to make a reverse takeover of an unlisted oil group in an emerging market, which needs money to develop its [...]
Prada raises $2.1bn in float June 17, 2011 Italian fashion house Prada cut the final price of its closely-watched Hong Kong stock market flotation by almost a fifth, raising $2.1bn. Prada had originally planned to raise $2.6bn but suffered from a downturn in confidence across world markets. The luxury goods company set what is Hong Kong’s biggest float this year at the lowest [...]
Laird to close antennae business after rebuffing takeover bid June 17, 2011 Electronics group Laird, which has rejected a takeover offer from larger US rival Cooper Industries, said it would close down one of its businesses after a series of poor results. Laird, which makes parts for mobile phones and laptops, said it would exit its handset antennae business, after the division had suffered a fall in [...]
CSR agrees cut price $484m to buy Zoran June 17, 2011 Chipmaker CSR will buy Zoran Corp for a reduced price of $484m (£300m) following a deterioration in the US group’s trading performance, the two firms announced. Zoran shareholders will now get $6.26 in cash and 0.589 CSR shares in the form of American depositary shares for each Zoran stock they own. The two firms originally [...]
Tata sells Riversdale stake to Ro Tinto June 17, 2011 India’s Tata Steel agreed to sell its 26 per cent stake in Australia’s Riversdale to Rio Tinto for $1.1bn £700m) giving the Anglo-Australian giant full control of the coal miner. Tata, the world’s No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney [...]
Ofcom to probe TV advertising sector June 10, 2011 Britain’s £4bn television advertising sector will be scrutinised by Ofcom over worries that limited competition is harming consumers. ITV, whose prime source of revenue is advertising, saw its shares fall by 1.6 per cent after Ofcom’s announcement. The three main concerns about the TV advertising sector are how clear pricing is, the way airtime is [...]
