ST-Ericsson to cut 1,700 jobs April 23, 2012 ● Chip maker ST-Ericsson will cut 1,700 jobs and shift a key part of its product to parent STMicro, forcing the French co-owner to focus more on its loss-making and volatile wireless business. ST-Ericsson said it would partner with STMicro to develop application processors, after failing to cut a deal with one of four other [...]
Bumi fall sparks Bakries headache April 23, 2012 ● Indonesian group Bakrie has until Friday to resolve a covenant breach on a $437m loan following a drop in the price of its London-listed coal miner Bumi last week, sources familiar with the loan said yesterday. The breach was the latest in a series of debt problems for Bakrie Group, one of Indonesia’s largest [...]
Vodafone agrees to hand over £1bn for ailing CWW in £1bn buyout April 23, 2012 VODAFONE faces a possible shareholder rebellion over its £1.04bn bid for Cable & Wireless Worldwide after the ailing telecoms company’s biggest investor expressed disappointment at the offer. Orbis, which holds a 19 per cent stake in CWW, refused to back Vodafone’s offer of 38p per share. A spokesperson for Orbis said: “With the transaction being [...]
Carcass of a failed tech firm may be worth more than you thought April 23, 2012 JUST three months ago, everyone thought Cable & Wireless Worldwide was a busted flush. After de-merging from the C&W mobile business in 2010, it was forced to make three profit warnings and went through the same number of chief executives. A roster of impressive blue-chip clients couldn’t hide the fact it lacked the scale and [...]
advisers vodafone and Cable & Wireless worldwide April 23, 2012 UBS Vodafone has put its long-standing team at UBS, headed by global co-head of investment banking Simon Warshaw, on the case to guide it through its acquisition of CWW. Oxford-educated Warshaw joined the Swiss bank in 1986 and has under his belt the former positions of head of EMEA investment banking, joint head of UK [...]
TIMELINE | CABLE & WIRELESS April 23, 2012 1860s Sir John Pender founds a number of British telegraph companies. 1928 Various radio and telegraph companies throughout the British Empire merge into Imperial & International Communications Limited, which becomes Cable and Wireless Limited in 1934. 1947 The Labour government nationalises Cable & Wireless. All its UK assets are integrated with those of the Post Office. [...]
AstraZeneca set for $1.3bn deal for biotech firm April 23, 2012 PHARMA giant AstraZeneca is poised to snap up US firm Ardea Biosciences in a bid to boost its diminishing pipeline of new drugs. The $1.26bn (£782m) deal will grant AstraZeneca a nearly-cleared treatment for gout, described by boss David Brennan yesterday as an “excellent opportunity to leverage our global specialty and primary care sales and [...]
ADVISERS April 23, 2012 BANK OF AMERICA MERRILL LYNCH AstraZeneca brought in Morgan Stanley to advise on its acquisition on Ardea, with the bank hoping to secure business on future deals. The pharma giant has signalled its intention to snap up more firms at around the $1bn dollar mark. Morgan Stanley also advised fellow drug firm GlaxoSmithKline in its [...]
Nestlé eats up Pfizer division April 23, 2012 Swiss food group Nestlé is to buy US drugmaker Pfizer’s baby food business for $11.85bn, beating out French rival Danone in the battle for dominance of fast-growing emerging markets. The world’s biggest food company had to dig deeper than expected to win the high-stakes fight for Pfizer Nutrition, which makes 85 per cent of its [...]
Thomson Reuters sells healthcare arm April 23, 2012 DATA and analytics provider Thomson Reuters said yesterday it had agreed to sell its healthcare unit to an affiliate of private equity firm Veritas Capital for $1.25bn (£776m). The deal, likely to close in the next few months, will help to free up cash at Thomson Reuters, which has seen its share price fall 30 per [...]
