G4S chief in last-minute battle on deal October 31, 2011 SECURITY group G4S will not back down from an investor vote on its controversial £5.2bn takeover of ISS despite the Co-operative Group and Harris Associates joining the growing ranks of those against the deal. Sources said G4S has received the backing of several unnamed investors and that chief executive Nick Buckles will press ahead with [...]
Blavatnik ends EMI talks on Citi’s high price October 31, 2011 TALKS to sell iconic music group EMI looked shaky yesterday after the lead bidder for its recorded music arm walked away claiming that the seller, Citigroup, wanted too high a price. Len Blavatnik, the new owner of EMI’s US on-off suitor Warner Music, has tabled a $1.5bn (£930m) offer for EMI’s recorded music business, home [...]
Capital Shopping Centres falls on its bleak outlook October 31, 2011 SHARES in Capital Shopping Centres (CSC) fell by more than three per cent yesterday, despite issuing a robust trading statement, as the UK’s biggest shopping mall owner warned of tough times ahead. The owner of Manchester’s Trafford Centre and the MetroCentre in Gateshead said footfall at its malls was up two per cent from 1 [...]
JJB will not tap investors despite losses October 31, 2011 STRUGGLING retailer JJB Sports said it will not need to tap shareholders for cash, despite issuing a full-year profit warning as losses widened in the first half of the year. Shares tumbled 19 per cent yesterday after the sports group said pre-tax losses almost trebled to £66.5m in the 26 weeks to 31 July from [...]
Luminar suitors want deal tied up by Christmas October 31, 2011 BIDDERS for toppled nightclub owner Luminar want a deal tied up by the first week of December or they will pull out of the running, City A.M. has learned. One source close to the deal said: “There is some value in us picking up a company with the Christmas rush still on. Nobody wants to [...]
Bakrie close to debt deal October 31, 2011 INDONESIA’S Bakrie Group is poised to announce a deal with Renaissance Capital which will see it averting a default on a $1.345bn (£839.7m) loan. The deal was reached after Bakrie’s talks with commodities giant Glencore hit the buffers. Renaissance Capital, led by Indonesian investor Samin Tan, is expected to provide financing to reduce the debt [...]
Gould made chairman at BG Group October 31, 2011 BRITISH gas producer BG Group has named Andrew Gould (below), from Schlumberger as its next chairman, kicking off the process to replace Frank Chapman, who is due to retire as chief executive in 2013. Paris-based Gould will take up his new role in May after stepping down from his role as chairman at Schlumberger, the [...]
Npower is fined £2m by Ofgem October 31, 2011 ENERGY regulator Ofgem has slapped a £2m fine on Npower, one of Britain’s “Big Six” power companies, for improperly handling customer complaints. Ofgem said npower — owned by German utility RWE — was in breach of regulations that set standards for the way energy companies handle customer complaints. Complaint handling regulations, which took effect from [...]
Centamin profits soar on higher gold price October 31, 2011 CENTAMIN Egypt yesterday posted quarterly net profits almost three times the year-ago level, boosted by higher gold prices, and said it was on track to hit its revised 2011 gold production target. The miner said third-quarter profits came in at $43.4m (£27m) compared with $14.7m a year ago, as revenue more than doubled thanks to [...]
Tullow in deal with Mauritania to develop three oil and gas projects October 31, 2011 TULLOW Oil said yesterday it has signed a deal with Mauritania and its partners that will enable it to take charge of the development of three oil and gas discoveries made off the coast of the west African country. The company, which has extensive interests across Africa, said that it had raised its stakes to [...]
