IPO values up despite strife June 27, 2011 THE TOTAL value of share offerings worldwide this year has hit its highest second quarter level since before the financial crisis, despite a near record number of floats having been pulled over the past three months. A combined total of $62bn (£38.7bn) worth of initial public offerings (IPOs) have been priced in the past three [...]
Investment banks reap bumper fees June 27, 2011 INVESTMENT banks have reaped a massive $38.1bn (£23.8bn) in fees in the first six months of this year, 22 per cent up on the same period a year earlier, according to data provider Dealogic. Debt market activity and equity market deals accounted for 28 per cent of total fee revenue taken by investment banks in [...]
US dollar bond issuance hits a record high June 27, 2011 THE TOTAL value of global debt market deals reached $3.21 trillion (£2 trillion) in the first half of this year, up two per cent on the same period a year earlier, according to Dealogic. The increased use of debt markets, seen in a 19 per cent jump in the volume of corporate issued bonds year-on-year, [...]
Delay for VW in plans for MAN board June 27, 2011 VOLKSWAGEN suffered a setback in its efforts to create Europe’s biggest truckmaker yesterday, as a European regulator pushed it to drop plans to take control of MAN’s supervisory board. The German carmaker, which has made a takeover offer for MAN that expires tomorrow, had wanted several of its managers to take seats on MAN’s board [...]
Rockhopper soars on oil find June 27, 2011 SHARES in British oil company Rockhopper Exploration reached a three-month intraday high after the Falklands-focused group reported that flow rates from a well off the north coast of the Falkland Islands were at commercially viable levels. Rockhopper yesterday jumped as high as 11 per cent to 305.75p as the announcement signalled a positive step towards [...]
Vedanta trims $600m off deal for Cairn India stake June 27, 2011 MINER Vedanta altered the terms of its deal to buy Cairn’s Indian assets yesterday, cutting the total value of the long-delayed deal by $600m (£376m) to just over $6bn. Cairn and Vedanta also agreed to complete the deal for 40 per cent of Cairn India in two tranches, with an initial 10 per cent being [...]
AstraZeneca shares fall as drug effects revealed June 27, 2011 ASTRAZENECA shares fell 1.1 per cent yesterday after its experimental diabetes pill dapagliflozin was associated with breast and bladder cancer, as well as more cases of infections, in a late-stage clinical trial. “The recent findings on cancer incidence create an additional element of regulatory risk for dapagliflozin,” said Jefferies analyst Jeffrey Holford. He was already [...]
Rank execs U-turn on Guoco offer June 27, 2011 RANK Group, the operator of Mecca Bingo clubs, has changed its recommendation to shareholders on the Guoco Group takeover bid yet again. The group announced yesterday that shareholders should reject the offer if they are worried about the risk of Rank’s shares being delisted if Guoco gains enough acceptances. The firm said investors would be [...]
China demand sees Nike boost profits despite the rising price of commodities June 27, 2011 NIKE set a blistering pace with its fourth-quarter results yesterday, seeing its profits race 14 per cent and future orders bouncing 12 per cent. It was buoyed by bumper demand in China and emerging markets, where its high-end sportswear is highly sort after. This offset pressure from rising commodity and labour costs. Nike shares gained [...]
Salamander closes in on Kerendan gas sales deal June 27, 2011 ASIA-focused oil and gas firm Salamander Energy is close to agreeing a sales deal for its gas from a field in Indonesia in a move which will significantly boost its official reserves, the company’s chief executive said yesterday. “The commercialising of the gas, the gas sales agreement between ourselves and the buyer of gas, we’re [...]
