Intermediate Capital eyes up Symington May 27, 2012 INTERMEDIATE Capital Group is thought to be eyeing up a big stake in food maker Symington. The London-listed group is believed to be in talks with Leeds-based Symington, which is currently owned by Bridgepoint, about providing investment to help fund expansion plans. Symington is hoping to buy up products in order to expand, with Angel [...]
WesternZagros considering a London listing May 27, 2012 CANADIAN oil explorer WesternZagros Resources is considering a London listing in a bid to increase the valuation of its oil and gas assets. The board of the Calgary-based company, which has assets in the Kurdistan region of northern Iraq, is in discussions over whether to have a dual listing and whether the company would need [...]
Woodford to ask for $60m as Olympus tribunal set to begin May 27, 2012 FORMER Olympus boss Michael Woodford will demand up to $60m (£38.2m) from the disgraced Japanese technology company today when he begins his claim for unfair dismissal. Woodford is expected to sue for up to 10 years’ lost salary unless a settlement is agreed. He was sacked in October last year after questioning a string of [...]
Japanese chipmaker Renesas cuts 12,000 jobs and sells units May 27, 2012 JAPANESE chipmaker Renesas Electronics plans to sell off loss-making operations and cut its payroll by at least 12,000, a source close to the matter said over the weekend, as the company battles high costs and nimbler foreign rivals. Sources also confirmed that Renesas, the world’s largest maker of microcontroller chips for cars, aims to raise [...]
Ex-Dixons boss lands £36m for joining Apple May 27, 2012 JOHN BROWETT, the former boss of Dixons, is to receive a $56m (£36m) golden hello from Apple for taking charge of the tech giant’s network of stores around the world. Browett, who has been at the helm of the struggling British electronics group since 2007, moved to California last month after he was poached by [...]
France Telecom buys Mobinil May 27, 2012 FRANCE Telecom acquired 94 per cent of Egyptian mobile phone company Mobinil in a tender offer worth around £2bn, Egypt’s stock exchange said yesterday, giving the French group control of a top sector player in a volatile but lucrative emerging market. Mobinil, founded by Egyptian businessman Naguib Sawiris, competes with Vodafone Egypt for dominance of [...]
OLYMPIC MEDIA BUZZ LONDON 2012 PARTNERS May 27, 2012 IN ASSOCIATION with Repskan.com, City A.M. is measuring the relative Olympic media buzz around the London 2012 Olympic and Paralympic Games partners, week by week. The leaderboard, right, reflects their ranking over the past week, in this case from Wednesday 17 May to Wednesday 24 May. As the Olympic Flame took flight on board the [...]
Canada’s Mercom Oil Sands set for £32m float on London’s Aim May 27, 2012 CANADIAN oil exploration company Mercom Oil Sands said it has raised £3.35m through the issue of new shares ahead of its flotation on the Alternative Investment Market tomorrow. The company, which was founded earlier this year to buy and develop oil sands properties in Canada, said it has sold 33.5m shares at a price of [...]
CITY MOVES WHO’S SWITCHING JOBS May 27, 2012 Legal & General Property The institutional property fund manager has made several appointments to its research team. Head of research Rob Martin has been promoted to the board of Legal & General Property. He joined the firm from Hammerson in October 2006. Barbora Melezinkova has been appointed performance analyst. She joins from IPD, where she [...]
BEST of the BROKERS May 27, 2012 BREWIN DOLPHIN Numis rates the investment manager “sell” with a target price of 110p ahead of its interim results tomorrow. The broker expects a drop in adjusted earnings per share, from 6.7p a year ago to 4.5p – much lower than consensus estimates of 6.7p. Numis warns that consensus forecasts seem to be overlooking a [...]
