Lonza snaps up American rival Arch in £750m deal July 11, 2011 DRUGS industry supplier Lonza is buying US-based Arch Chemicals for some $1.2bn (£750m), making it the world’s largest player in the multi-billion dollar microbial control market, the groups said. The move, which boosts Lonza’s life science unit and also helps protect the Swiss group against the impact of the strong Swiss franc, puts Lonza in [...]
Corporate Britain paying £5bn more than necessary into retirement plans July 11, 2011 CORPORATE Britain is overpaying at least £5bn a year into pension schemes, according to research by PricewaterhouseCoopers (PwC). UK-based firms are failing to calculate the gains that can be made over the longer-term, leading them to pay more than necessary into defined benefit pension schemes. Outmoded ways of calculating the contributions needed to cover future [...]
Pension funds investment in alternative assets rising July 11, 2011 THE TOTAL value invested by pension funds in alternative assets worldwide hit close to $1 trillion (£626bn) last year. Alternative assets managed on behalf of pension funds by the world’s largest fund managers grew 16 per cent to $952bn, according to research produced by Towers Watson in conjunction with the Financial Times. Total assets under [...]
ANALYST VIEWS: HOW WELL PACED IS MICHAEL PAGE FOR GROWTH? July 11, 2011 PAUL JONES | PANMURE We trim our target price slightly on this update, despite the ongoing progress, given current valuations. The impact that tightening economic conditions can have on the bottom line, however, means the shares remain a Hold. Page remains the best franchise to play the recruitment cycle in our view. HENRY CARVER | [...]
Centamin buys Sheba for £7.5m July 11, 2011 Centamin Egypt said it made a recommended £7.48m offer for a small gold exploration company operating in Ethiopia, expanding its reach outside of Egypt. Sheba, which is quoted on the PLUS market, owns and operates three gold and base metal exploration licences in Northern Ethiopia that lie within the resource-rich Arabian Nubian Shield, also host [...]
OFT delays Cosalt disposal July 11, 2011 Marine safety group Cosalt said the disposal of its marine unit had been delayed by the Office of Fair Trading (OFT). The disposal of the marine business is now unlikely to be completed by 22 July, as previously expected. On 3 May, the company announced the disposal of its marine unit, comprising its UK and [...]
Barry Callebaut sells Europe arm July 11, 2011 Barry Callebaut, the world’s largest chocolate products maker, said it would sell its European consumer business Stollwerck to Belgium’s Baronie Group for an undisclosed price. The group, which makes chocolate for companies such as Nestle and Hershey, has been trying to sell the unit for years. In 2009, a deal with Spain’s Natra failed as [...]
AIG to reshuffle book-runners July 11, 2011 AIG plans to replace one or more Wall Street banks in its next sale of shares from the US government, because it was disappointed in the banks’ efforts to drum up interest in the previous offer. AIG’s recent share offering was led by Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan.
CITY MOVES | WHO’S SWITCHING JOBS July 11, 2011 Begbies Traynor Group The professional services consultancy has appointed Mark Fry as head of insolvency and restructuring. Fry joined the group in 2005 as a partner in its Insolvency and Restructuring division, rising to become both managing partner of the group’s London office and regional managing partner for London and the South East. His recent [...]
BEST OF THE BROKERS July 11, 2011 BRITISH AMERICAN TOBACCO Jefferies rates BAT a buy with £33.51 target price, as it believes its geographical exposure and market positions favour it over its main competitor Imperial Tobacco. Its strong emerging market bias will provide fast volume growth and pricing improvements, with a lower level of regulation. It also holds the number one position [...]
