Markets braced for further turmoil as uncertainty reigns August 21, 2011 JAPAN’S top share index lost as much as half a per cent in early trading this morning, setting the tone for what is likely to be another volatile week for global markets. Martin Slaney, a City A.M. columnist and director of global dealing operations at GFT, said he expected the FTSE 100 to open down [...]
SABMiller snaps up shares in Foster’s August 21, 2011 SABMILLER has quietly bought around £120m shares in Foster’s over the course of several months as it pursues a hostile $10bn (£6bn) bid. The Anglo-South African drinks giant built the stake through buying shares from hedge fund managers. It is understood this was done over the course of several months rather than a few days. [...]
City: British society is broken and tough measures are needed to stop more riots August 21, 2011 DAVID Cameron is right to conclude that British society is “broken” in light of the recent riots, according to members of the City A.M./ PoliticsHome Voice of the City Panel – and the government and police must take a much tougher stance to prevent a repeat of the unrest. An overwhelming majority of panellists (70 [...]
Britain’s Sage loses out to US firm in race for Australian IT company August 21, 2011 BRITAIN’S Sage has lost out in the race to buy Australian software firm MYOB, after it was beaten by a US private equity house. Bain Capital has agreed to purchase the accounting software company for about $1.3bn (£790m), trumping both Sage and private equity outfit Kohlberg Kravis Roberts. Sage was forced to abandon its bid [...]
BHP sews up Petrohawk acquisition August 21, 2011 MINING giant BHP Billiton has sealed its $12.1bn (£7.35bn) of US shale gas specialist Petrohawk, just days before it is expected to report record-breaking profits. BHP said yesterday it has approval from 97.4 per cent of Petrohawk shareholders, a month after agreeing the deal with the firm’s board. The Anglo-Australian firm hopes to complete a [...]
Cairn set to move to the Med in its search for energy August 21, 2011 OIL and gas explorer Cairn Energy is to unveil a new focus on the Middle East when it reports half-year results tomorrow, a source close to the company said yesterday. Cairn, which earlier this month abandoned one of four wells at its controversial Greenland site, is expected to throw its hat in the ring for [...]
The silver lining to losing out on Potash August 21, 2011 THIS time last year, BHP Billiton shareholders were struggling to understand the mining giant’s rationale behind bidding $40bn (£24.3bn) for a fertiliser company. Investors were left aghast after the firm became embroiled in an ugly, and ultimately unsuccessful, hostile bid for Potash Corp that cost them $350m in advisory fees alone. After they raised concerns [...]
Anglo set to launch offer for Macarthur August 21, 2011 ANGLO AMERICAN, the world’s fourth largest mining company, is preparing to trump Peabody Energy and ArcelorMittal’s joint $4.7bn (£2.85bn) bid for Australian coalminer Macarthur, a move that would mark Anglo’s first acquisition in three years. The battle for Macarthur, which produces pulverised injection coal used in steelmaking, is the latest in a string of deals [...]
Sales boost for Kelway August 21, 2011 ONE of Britain’s fastest-growing private equity-backed firms is set to hit turnover of £320m this year after beatings its targets. IT supplier Kelway, which is based in the City and has consultants in the United Arab Emirates, is on course to continue a run of double digit growth for the year to March 2012. Recently [...]
Ireland mulls plan to write off €6bn of mortgages August 21, 2011 IRELAND is considering plans to write off up to €6bn (£5.25bn) worth of mortgage debt in a bid to boost the economy, the country’s housing minister said yesterday. A government committee is to consider a proposal to relieve households left in negative equity by a fall of around 50 per cent in residential property prices, [...]
