Coca-Cola seals $980m Saudi soft drinks deal December 14, 2011 COCA-COLA has acquired about half of the equity in the beverage business of Saudi Arabia-based Aujan Industries for $980m (£634m) to expand its presence in non-alcoholic beverages in the Middle East. Under the agreement, Coca-Cola will acquire a 50 per cent stake in the entity that holds the rights to Aujan’s brands and a 49 [...]
Gulfsands presses on in Syria despite sanctions December 14, 2011 GULFSANDS Petroleum said its exploration activities in Syria remained ongoing and would not be restricted by the recent introduction of additional European Union sanctions on oil production in Syria. On Monday Gulfsands said production in the country would cease. “The company is continuing with drilling of the Khurbet East 102 appraisal well, which is anticipated [...]
BG Group sells 10pc stake in gas field to Kazakhstan’s government for $3bn December 14, 2011 BRITISH oil company BG Group said yesterday the Kazakhstan government has agreed to acquire a 10 per cent interest in its Karachaganak gas-condensate field for $3bn (£1.9bn). Under the terms of the agreement with the Kazakh government, each of the contracting companies, including Italy’s ENI, will transfer 10 per cent of their stake in the [...]
US offers first Gulf oil licences since BP spill December 14, 2011 THE UNITED States returned to selling deepwater drilling rights yesterday, more than a year and a half since the Gulf of Mexico disaster. The US Interior Department auctioned off rights to drill in the waters of the western Gulf of Mexico, with 20 parties submitting bids. ConocoPhillips bid $103m (£66.6m) for one block, edging out [...]
Southern Cross gets rid of its last care homes December 14, 2011 COLLAPSED care homes provider Southern Cross yesterday transferred the last of its homes to new operators. The firm handed over the final two of its 752 homes to conclude a break-up plan mooted in July, when the firm’s shares were suspended amid mounting debts. The board intends to put the company into solvent liquidation. Chairman [...]
UK Coal fined £1.2m for deaths December 14, 2011 UK Coal was yesterday ordered to pay £1.2m after four miners died following safety breaches at two of its collieries. The firm admitted offences under health and safety laws during an earlier hearing at Sheffield Crown Court. The deaths happened in near Coventry and in Nottinghamshire.
Centamin restructure agreed December 14, 2011 FTSE 250-listed Centamin Egypt said yesterday the majority of its shareholders had agreed to a corporate restructure of the gold mining firm and its subsidiaries. A new Jersey-incorporated parent company, Centamin, will be put in place after the scheme was approved by 99.97 per cent of the total votes cast on the resolution. The scheme [...]
Vatukoula gold output picks up December 14, 2011 Gold miner Vatukoula said yesterday it remains on course to produce 65,000 ounces of gold in the current year after production picked up sharply. The Fiji-based miner produced 52,157 ounces in the year to August, below expectations at the start of the year after it was forced to change the way it developed the mine. [...]
CITY MOVES | WHO’S SWITCHING JOBS December 14, 2011 Bargate Murray The City law firm has appointed Jonathan Lea as a senior associate in the corporate department. He will focus on developing relationships with the technology and digital media companies establishing themselves around the Silicon Roundabout area, as well as traditional corporate advisory work. Lea trained at Clyde & Co and has spent his [...]
BEST OF THE BROKERS December 14, 2011 BUNZL JP Morgan Cazenove rates the outsourcing and packaging group “neutral” with a target price of 835p. The broker has raised its estimates by two per cent to account for forex and acquisitions boosting revenues, and now expects earnings per share of 68.4p next year. JP Morgan sees Bunzl’s trading update this week as an [...]
