Old Mutual veteran set to lead Phoenix Group offer November 27, 2011 PRIVATE equity house CVC has brought in Jim Sutcliffe, the former chief executive of Old Mutual, to lead its £1bn takeover bid for closed life and pension fund group Phoenix, it was reported yesterday. CVC is believed to have access to a data room to conduct due diligence but declined to comment last night. Clive [...]
Olympic Media Buzz LONDON 2012 PARTNERS November 27, 2011 IN ASSOCIATION with Repskan.com, the media monitoring and analytics platform, City A.M. is measuring the relative Olympic media buzz around the partners for the London 2012 Olympic and Paralympic Games, week by week. The leaderboard, right, reflects their ranking over the past week, in this case from Wednesday 16 November to Wednesday 23 November. Recently, [...]
Centrica eyes bid for RWE assets November 27, 2011 Centrica, the owner of British Gas, has been eying a possible bid for RWE’s North Sea oil and gas assets for up to €2bn (£1.7bn). The FTSE 100 energy company has been working with bankers from Citigroup, the Telegraph reported this weekend. The move comes as German power company RWE looks to sell assets, including [...]
NSN chief says no more bailouts November 27, 2011 The chief executive of Nokia Siemens Networks (NSN), the world’s second-largest maker of mobile phone network equipment, has warned employees NSN can not expect any more money from its parent companies, a German magazine reported yesterday. Parents Nokia and Siemens have provided capital “for the last time” and expect this investment will provide results, Spiegel [...]
Over-50s still feel squeezed by downturn November 27, 2011 PEOPLE aged 50 and over are continuing to suffer from a decline in their quality of life as a result of rising inflation, unemployment and a fall in savings, research by Saga reveals today. The Saga quarterly report, conducted by the Centre for Economics and Business Research and Populus, questioned more than 10,000 people over [...]
Safra wins battle for Sarasin November 27, 2011 DUTCH cooperative Rabobank has agreed to sell its majority stake in private Swiss bank Sarasin to the Brazilian-Swiss private bank Safra for 1.04bn Swiss francs (£730bn), scuppering chances of a domestic tie-up sought by rival Julius Baer. The deal ended months of uncertainty as Rabo weighed whether and how to sell its stake in Sarasin. [...]
Drydocks World faces a deadlock in debt accord November 27, 2011 A potential $2.2bn (£1.4bn) debt restructuring for Drydocks World, the shipbuilding arm of indebted Dubai World, is seen facing tough headwinds with the presence of hedge funds and a lack of government aid seen threatening an amicable deal. Drydocks has set up a committee to thrash out an agreement for the restructuring of its $2.2bn [...]
New Zealand’s re-elected government plans asset sales and welfare reform November 27, 2011 NEW Zealand’s re-elected centre-right government claimed a mandate yesterday to push on with up to $5bn (£2.4bn) worth of asset sales and welfare reforms and said it would quickly get down to forming a new administration. The National Party, led by former foreign exchange dealer John Key, scored 48 per cent of the vote, increased [...]
ILP cash injection is the last it will get: Noonan November 27, 2011 IRELAND is confident that the €1.3bn (£1.12bn) it will have to inject into Irish Life & Permanent after the collapse of the sale of its life arm will be the last capital injection required, Finance Minster Michael Noonan said yesterday. Noonan told broadcaster RTE that the government had already set aside €1.3bn for the recapitalisation. [...]
PAKISTAN FURY OVER NATO ATTACKS November 27, 2011 Fury spread in Pakistan yesterday over a NATO cross-border air attack that killed 24 Pakistani soldiers and could undermine the US effort to wind up the war in Afghanistan. NATO described the killings as a “tragic unintended incident” and said an investigation was underway. A Western official and an Afghan security official who requested anonymity [...]
