Psion slumps after warning on its profits July 4, 2011 MOBILE computer manufacturer Psion tanked more than 17 per cent to 74.25p yesterday after issuing a shock profit warning. It said it will report a loss of £4m for the first half of the year, with revenues around four per cent lower. The firm, which brands itself as a seller of “rugged” handheld technology, blamed [...]
Vodafone buys out Essar JV July 4, 2011 Vodafone has sealed a long-awaited deal to buy out its Indian JV partner Essar for an eye-watering $5.46bn (£3.4bn). Vodafone said it will buy the 33 per cent stake owned by a collection of Essar companies, giving it a majority 74 per cent shareholding in the Vodafone Essar venture. The deal brings to an end [...]
John Menzies soars after upbeat trading statement July 4, 2011 SHARES in newspaper distributor and aviation services group John Menzies jumped 7.9 per cent to 545p yesterday after the company said it was set to exceed expectations thanks to a strong start to the financial year. John Menzies’ aviation division, which provides services such as checking passengers and baggage on to planes and cargo management, [...]
Norway’s DNO and RAK agree to merge assets in Middle East and North Africa July 4, 2011 NORWEGIAN oil firm DNO and Emirates-based RAK Petroleum have signed an agreement to merge RAK’s Middle East and North African subsidiaries into a subsidiary of DNO, the Norwegian company said yesterday. The two companies signed a non-binding heads of agreement for DNO shares to be issued to RAK Petroleum in a price range of between [...]
Volkswagen clinches key stake in truckmaker MAN July 4, 2011 VOLKSWAGEN clinched a 55.9 per cent stake in Munich-based truckmaker MAN yesterday, clearing the way for the carmaker to start building its European truck empire. Volkswagen’s majority stake allows it to determine seats on the supervisory board, a way to accelerate cooperation between MAN and VW’s Swedish brand Scania. “Volkswagen is more than pleased with [...]
Chinese interest boosts shares in Treasury Wines July 4, 2011 SHARES in Australia’s Treasury Wine Estates surged 11 per cent to a record yesterday, valuing the world’s second-largest winemaker at $2.6bn (£1.6bn), following a report that China’s Bright Food Group was considering a bid for the company. Treasury Wine, with brands including Wolf Blass, Rosemount and Lindemans, was spun off by Foster’s Group in May [...]
PetroChina buys Ineos assets July 4, 2011 PetroChina has completed its purchase of UK chemical group Ineos assets for $1bn (£621m), the firm said in a filing to the Shanghai stock exchange yesterday. PetroChina will acquire a 50 per cent stake in Ineos’ European refining business, including plants at Grangemouth in Scotland and Lavera in France.
Essar Energy to vote on Stanlow July 4, 2011 Essar Energy plans to ask shareholders to approve the acquisition of the Stanlow oil refinery near Ellesmere Port from Shell UK for $350m (£218m) at a general meeting on 18 July. The meeting will be held at Deutsche Bank in London at 9am.
Baidu in Microsoft Bing tie-up July 4, 2011 Baidu, which has three-quarters of China’s search market, signed a deal with Microsoft’s Bing to offer English-language search to Baidu users, as it eyes an overseas expansion and Microsoft aims to increase its presence in the world’s largest Internet market. Baidu dominates China’s search-engine market after Google pulled out last year following a high-profile fallout [...]
Fenner buys Tasmanian company July 4, 2011 Conveyor belt maker Fenner has bought a belting privately owned company in Tasmania. Fenner is buying Statewide, a privately owned company based in Burnie, Tasmania, with gross assets of A$3.95m (£2.63m) as of the end of June 2010. Statewide specialises in the provision of belting products, accessories and installation services to the mining and manufacturing [...]
