Google gets EU and US green light over Motorola takeover February 13, 2012 GOOGLE has won the approval of US and European regulators for the $12.5bn (£7.9bn) purchase of Motorola Mobility. Both the US Justice Department and European antitrust authorities both warned, however, that they would monitor how patents are used to ensure they comply with antitrust rules. Antitrust enforcers on both sides of the Atlantic are concerned [...]
FACEBOOK UNDER FIRE FOR STOCK STRUCTURE February 13, 2012 Facebook’s proposed shareholder structure, outlined ahead of its forthcoming IPO, has failed to impress Institutional Shareholder Services. The proxy advisory group criticised the social network’s dual-class stock – which will give Zuckerberg (pictured) voting control of 57 per cent of Facebook – for diminishing shareholder rights. ISS also condemned the limited board accountability at Facebook, [...]
MEET THE ADVISERS February 13, 2012 Both Vodafone and Cable & Wireless Worldwide have been quick to maintain that there is, as yet, no deal on the table. But, should Vodafone serve an offer, CWW has its usual advisory team – comprising Barclays Capital and Rothschild – at the ready. Heading the BarCap squad is Will Peters, who has been at the [...]
France and Belgium end shorting ban February 13, 2012 REGULATORS in France and Belgium have finally lifted the bans on the short-selling of certain financial stocks, six months after they were introduced as markets plunged on Eurozone debt fears. The separate decisions, by French watchdog AMF and Belgium’s Financial Services and Markets Authority (FSMA), come after a boost to market sentiment and are expected [...]
Swiss are global leaders for 2012 cross-border takeovers February 13, 2012 SWISS corporations have taken a global lead in international acquisitions during 2012 and are responsible for 16 per cent of cross-border takeovers this year. The relative strength of the nation’s financial sector has allowed Switzerland to surge the top of the M&A rankings, with outbound acquisitions by Swiss firms totalling $12.8bn (£8.1bn) in 36 deals [...]
Knight Vinke ups Kesa stake February 13, 2012 KNIGHT VINKE, the activist US investor, has increased its stake in Kesa, sending shares in the electricals retailer up by 1.42 per cent yesterday. Kesa revealed yesterday that its biggest shareholder has upped its holding by 2.2m shares, takings its stake to 107.6m shares, or 20.32 per cent. The electricals group sold its loss-making Comet [...]
IFA reforms may result in higher fees February 13, 2012 REFORMS designed to regulate the world of independent financial advisers will lead to higher costs for consumers who seek investment guidance, according to a survey by accountancy firm BDO. The report suggests that 90 per cent of advisers expect their earnings to stay stable or increase after the reforms and claims that the new regulations [...]
Fidessa beats profit forecast but warns of slowdown ahead February 13, 2012 BRITISH trading software firm Fidessa yesterday announced that its pre-tax profit had risen to £43.2m in 2011, up from £40m a year earlier. The results beat analysts’ predictions, despite the tough trading conditions caused by a wave of insolvencies and consolidation in the sector. Revenue for last year was up six per cent at £278.3m [...]
Turmoil forces GLG to shut the door on Harker’s Japanese fund February 13, 2012 CONCERNS over liquidity in Japan have forced GLG to close the door on a key fund in the nation. Stephen Harker’s £1.1bn Japan CoreAlpha fund faces a “soft closure” from 30 March, meaning it will place restrictions on new investment. The fund, which has beaten the Japanese sector average for the last three years, will [...]
ANALYST VIEWS: CAN FIDESSA CONTINUE TO GROW AT ITS CURRENT RATE? February 13, 2012 DAVID TOMS | NUMIS Fidessa’s results are modestly ahead of our expectations. Management’s increasing confidence in the multi-asset opportunity and the potential for a new engine of growth from hosted platforms for larger customers continue to support our positive stance. JULIAN YATES | INVESTEC Unsurprisingly the company is seeing continued weakness in its SME customer [...]
