GKP hires advisers for Iraqi sale February 9, 2012 IRAQ-FOCUSED oil company Gulf Keystone Petroleum yesterday said it had appointed corporate advisers to help it sell its 20 per cent stake in the Akri-Bijeel block in Kurdistan, northern Iraq, almost five months after putting it on the market. The group is taking on Strand Hanson and Perella Weinberg to assist its advisory team, which [...]
Third Xstrata shareholder opposes Glencore merger February 9, 2012 A THIRD prominent shareholder in Xstrata has come out against the miner’s £56bn mega-merger with commodities trader Glencore. Chad Deakins, a fund manager with RidgeWorth, a US-based investment company, told Bloomberg that the effective eight per cent premium implied in the share swap ratio for the deal significantly undervalues Xstrata. “Xstrata is a prized asset,” [...]
Canaccord to launch $1bn fund for Canada resources after China deal February 9, 2012 CANACCORD Financial yesterday announced it was launching a $1bn (£630.8m) fund to invest in the resources sector in Canada. The firm, one of the biggest investment banks in Canada, will work in partnership with China’s Eximbank. The fund will be branded the Canada-China Natural Resource Fund. The deal was signed yesterday by Canaccord chief executive [...]
Retail gloom takes toll on British Land February 9, 2012 BRITISH LAND has seen growth of its net asset value stall in the third quarter as the ongoing consumer downturn led to a slight dip in value across its retail portfolio. The landlord – whose tenants include Tesco, Sainsbury’s and Debenhams – said its retail estate, which accounts for 61 per cent of its property [...]
ANALYST VIEWS: WERE BRITISH LAND’S QUARTERLY RESULTS ON TRACK? February 9, 2012 JAMES CARSWELL | PEEL HUNT We think retail, operationally, performed well, but the small valuation declines might be further signs of things to come. Their development pipeline is very well de-risked. They have de-risked over 50 per cent through pre-lets like Aon which is clearly a huge advantage over their competitors. ALISON WATSON | LIBERUM [...]
Diageo profits despite weak Europe sales February 9, 2012 DIAGEO, the world’s biggest spirits group, said it has beaten its medium-term targets, as strongly growing emerging markets and a slow recovery in North America helped to offset weakness in Europe in the first half of the year. Chief executive Paul Walsh said while he “remained cautious” about Diageo’s future, the firm was well placed [...]
Enterprise Inns rockets on steady revenue rises February 9, 2012 ROBERT Walker, the chairman of Travis Perkins, was appointed chairman of Enterprise Inns yesterday as the UK’s biggest pub landlord revealed revenue increases. Average income per pub grew one per cent on a like-for-like basis for the 18 weeks to 4 February, while the average pub upped profits by five per cent. Beacon delivered the [...]
Rank tanks in Spain yet sees firm UK growth February 9, 2012 BRITISH gaming group Rank has reported a steady increase in profits, boosted by its flagship casino business, despite faring badly in Spain. The group generated revenues of £295.9m in the second half of 2011, up three per cent, of which £125.8m came from Grosvenor Casinos and £117.4m from Mecca Bingo. Grosvenor profits jumped 11 per cent [...]
Rolls positive on 2012 as its earnings soar February 9, 2012 ROLLS-ROYCE yesterday reported a 21 per cent rise in full-year profit, triggered by demand from airlines for more fuel-efficient planes, and said it expects further progress in 2012. The world’s second-largest maker of aircraft engines behind General Electric reported underlying 2011 pre-tax profits of £1.16bn compared with a forecast for £1.15bn. This prompted the firm [...]
BG Group eyes higher output despite setbacks in shale gas February 9, 2012 BRITISH gas producer BG Group said it expects to grow production at seven per cent per year to 2020, even as weak US gas prices force it to scale back its shale gas drilling activity by 80 per cent. BG also gave a buoyant outlook for its liquefied natural gas (LNG) sales division yesterday, as [...]
