G4S to conduct formal review following failed £5.2bn ISS deal November 6, 2011 G4S is to conduct a formal review of the role played by its financial advisers in the wake of the firm’s botched attempt to buy Danish cleaning group ISS. The security services firm abandoned the unpopular £5.2bn merger last week at the eleventh hour after shareholders expressed concerns about the takeover strategy and size of [...]
Virgin attacks IAG’s BMI bid November 6, 2011 VIRGIN Atlantic has lashed out at British Airways owner International Airline Group’s (IAG) bid to buy the loss-making BMI from Germany’s Lufthansa, warning that it still faces competition concerns before it can proceed. Virgin responded to IAG’s announcement on Friday that it had “reached an agreement in principle” to buy BMI by confirming it had [...]
Qantas gives away free tickets as strike apology November 6, 2011 THOUSANDS of Qantas passengers left stranded during industrial action will be offered free flights as compensation, the airline announced yesterday. The offer so far only applies to residents of Australia, who will be given a free return ticket within Australia and New Zealand, redeemable within two years. The airline said it also intends to compensate [...]
Selfridges to buck the high street gloom November 6, 2011 SELFRIDGES, the British chain of high-end department stores, will this week report a surge in profits thanks to the resilience of the luxury goods market. The company, which is owned by Canadian billionaire Galen Weston, is expected to report a 19 per cent jump in profits later this week, after sales at is stories in [...]
Shops have a tough start to fourth quarter November 6, 2011 THE RETAIL sector began the final quarter of the year with a demoralising 3.1 per cent drop in annualised like-for-like sales, according to accountancy group BDO. An identical 3.1 per cent fall was also recorded in like-for-like fashion sales, compared to the same time last year, as shoppers delayed winter purchases partly due to the [...]
Hedge funds betting on further woe for retailers November 6, 2011 HEDGE funds are betting on further falls in the share prices of some of Britain’s best-known retailers, according to new data from Data Explorers. Hedge funds and other investors borrowed large amounts of retailers’ shares in October, allowing them to sell the stock when the price declines and pocket the difference. From electricals seller Dixons [...]
Julius Baer lifts bid for Sarasin November 6, 2011 Swiss private bank Julius Baer has raised its bid for unlisted Rabobank’s stake in Swiss bank Sarasin and is now making an all cash offer, the SonntagsZeitung reported yesterday. Baer had initially offered to pay in cash and Julius Baer shares for the stake in Sarasin, a bank catering for rich clients. Swiss cooperative lender [...]
Luminar has queue to buy clubs November 6, 2011 Collapsed nightclub operator Luminar has received a dozen expressions of interest for parts of the group. Oakley Capital, Sun European Partners, R Capital, Hugh Osmond and Luminar founder Stephen Thomas are said to be among those considering an offer. Last week the firm closed 11 venues, with the loss of around 300 jobs. The remaining [...]
Leahy outfit considers bid for Greencore November 6, 2011 THE mystery investor considering a bid for Irish food company Greencore is understood to be private equity firm Clayton Dubilier & Rice (CD&R), the new employer of former Tesco chief executive Sir Terry Leahy. Greencore confirmed on 25 October that an unidentified party had made an approach that could lead to an offer. The company, [...]
Police probe fireworks role in M5 carnage November 6, 2011 POLICE were last night investigating whether smoke from a local firework display could have caused the crash on the M5 motorway on Friday night that left seven people dead and injured more than 50. Several eyewitnesses have reported seeing fog or black smoke on the stretch of road in Somerset where the accident happened, and [...]
