ANALYST VIEWS: ARE WOLSELEY’S RESULTS ON TRACK? October 4, 2011 CHARLIE CAMPBELL | LIBERUM CAPITAL Sales growth in August and September was in line with Q4 and while the statement is somewhat cautious, this is general rather than specific. Ferguson’s like-for-likes have turned strongly positive and is clearly outperforming the market. We find the results reassuring and confirm our positive investment case. CHRIS ALEXANDER | [...]
Insurers given deadline delay October 4, 2011 UK insurance companies were yesterday granted more time to change their internal structure ahead of the start of new Solvency II regulation in 2014. The Financial Services Authority pushed back the deadline for insurers to seek its approval for their proposed new internal models from May 2012 to mid-2013. Its decision comes after European regulators [...]
EU objects to NYSE merger October 4, 2011 EUROPEAN regulators will today file a list of formal objections to the blockbuster $10.2bn (£6.6bn) merger of the NYSE Euronext and Deutsche Boerse stock exchanges, perhaps forcing the parties to offer concessions to get the deal approved. The European Commission is concerned that the merger, which would create the biggest stock exchange in the world, [...]
Euro Car Parts sold to US rival LKQ for £280m October 4, 2011 SUKHPAL Singh Ahluwalia was just 18 when he spotted the chance to buy a car parts shop in North London that had gone into bankruptcy for £5,000. The Wembley-based entrepreneur is now set to pocket up to £280m after agreeing to sell his business Euro Car Parts to US rival LKQ Corporation. Singh, hailed as [...]
Land Sec gets planning for St Paul’s build October 4, 2011 LAND Securities, the UK’s biggest commercial landlord, has secured planning consent for a new mixed office and retail development near St Paul’s Cathedral in the City of London. The 250,000 square foot scheme will replace three existing buildings on the corner of Shoe Lane and Little New Street with cafes, restaurants and premium office space [...]
Jon Moulton sees £9.7m offer for Clarity rejected October 4, 2011 JON Moulton has seen his £9.7m bid for Clarity Commerce rejected, after the offer was branded “highly opportunistic” by the firm’s board. Clarity said the unsolicited bid by Enigmatic – a vehicle controlled by Moulton’s buyout company Better Capital – “undervalues the company and its prospects”, adding the board decision to recommend its rejection was unanimous. [...]
New Canadian link for law firm Norton Rose October 4, 2011 CITY law firm Norton Rose has sealed its second Canadian merger, announcing a tie-up with resources specialist Macleod Dixon less than a year after it took over Montreal-based Ogilvy Renault. Norton Rose said yesterday it had inked a deal that would see it team up with Macleod Dixon from January 2012, in a move that will [...]
Kindle Fire could lead the two-man tablet race October 4, 2011 AMAZON’S Kindle Fire entry into the US tablet market has caused a flurry of speculation around its impact on tablets. It seems that the Kindle Fire will now lead Amazon and Apple into a two-horse race, potentially eliminating all other competitors. YouGov’s TabletTrack suggests that £250 is the price point where the tablet market will [...]
Rio will not change Mongolia deal October 4, 2011 Rio Tinto and Ivanhoe Mines have rejected moves by the Mongolian government to increase its stake in the vast Oyu Tolgoi copper and gold project located in the resource-rich country. Mongolia last week invited the miners to renegotiate the terms of a 2009 deal that included boosting Mongolia’s share in the $10bn deposit from 34 [...]
Sugar firm Cristal buys rival stake October 4, 2011 French sugar cooperative Cristal Union agreed to take control of Societe Vermandoise yesterday in a deal valued at nearly €1bn (£863m) that would create the number two sugar group in France after Tereos. The exclusive deal covers a 51 per cent stake owned by the Delloye family in Vermandoise, which has a market capitalisation of [...]
