SAB in tie-up with Efes October 20, 2011 SABMILLER is joining forces with Turkey’s Anadolu Efes to become the number two brewer in Russia in a deal that gives the London-based group a 24 per cent stake in the leading Turkish brewing group. SABMiller, which last month agreed to buy Australian rival Foster’s for $10bn (£6.3bn), said yesterday the deal will put it [...]
Diageo hit by investor critic on pay October 20, 2011 DIAGEO, the owner of drinks brands such as Smirnoff, was hit by a protest against “unacceptable” changes to its rewards for veteran chief executive Paul Walsh yesterday. Cooperative Asset Management, which owns £83m of Diageo shares, told the annual meeting it was “alarmed” to see the board loosen restrictions on Walsh’s bumper share awards without [...]
Crocs’ stock tumbles as sales soften October 20, 2011 SHOEMAKER Crocs lowered its outlook for the first time in three years as it faces softening sales at its stores, amid a weak economy in Europe and shaky consumer confidence in the US. The dim outlook sparked a sell-off in the Crocs’ stock, wiping out nearly 40 per cent of the company’s market value in [...]
C&C chief Dunsmore to leave as profits lift October 20, 2011 C&C SAID yesterday chief executive John Dunsmore would leave at the end of the year after leading a turnaround of the Irish drinks group, and reaffirmed full-year profit guidance when posting first-half results that met forecasts. Dunsmore will be succeeded at the Magners brewer by finance director and chief operating officer Stephen Glancey. Glancey said: [...]
Five bidders circle Iceland October 20, 2011 AT LEAST five private equity firms were poised to submit first-round non-binding offers for a 77 per cent stake in frozen food retailer Iceland Foods by yesterday’s deadline, four people familiar with the matter said. Iceland Foods’ chief executive and key investor Malcolm Walker is thinking about bidding for the company later in the process, [...]
DTZ launches sale after bid talks collapse October 20, 2011 DTZ, the debt-laden property agent, has put itself up for sale, just two days after announcing that its majority shareholder walked away from a deal. DTZ confirmed in May that Saint Georges Participations (SGP), the French group that owns 55 per cent of DTZ, had made a bid in partnership with the real estate arm [...]
Shares are flat as struggling Mouchel begins asset sell-off October 20, 2011 AILING outsourcing group Mouchel finally got its firesale of assets underway yesterday but the first deal will generate only £3.4m initially. It has agreed to sell its rail business and related assets to Australia’s Sinclair Knight Merz for cash and hopes to claw back a further £2.5m having retained certain assets, such as money owed [...]
BHP ups iron production as prices slide October 20, 2011 GLOBAL miner BHP Billiton reported a 24 per cent jump in quarterly iron ore production yesterday, its foot stuck firmly to the accelerator even as prices for the steel-making commodity slide and Chinese steel mills wind back output. BHP’s iron ore production for the September quarter largely met market expectations, putting it on a record [...]
Cobham to sell Parsons Corp October 20, 2011 AEROSPACE electronics group Cobham said it agreed to sell its analytic solutions business to privately owned engineering firm Parsons Corp for $350m (£222m), five months after the British firm said it would look to shed two of its non-core units. Cobham, whose equipment helps military vehicles such as F-35 fighter planes communicate with one another, [...]
Bowleven to raise $120m to fund Cameroon plans October 20, 2011 WEST Africa-focused oil firm Bowleven is seeking to raise $120m (£75.8m) via a placing to help fund the continued exploration and appraisal of an oil field it has discovered off the coast of Cameroon. The company said yesterday that without raising funds there would be a significant impact on its ability to carry out its [...]
