Aggreko adds £30m to fleet spend budget June 20, 2011 AGGREKO, the temporary power supplier that provides energy for the Glastonbury festival, yesterday announced plans to boost investment in its fleet of equipment by £30m. The higher spending, which comes on top of a £70m increase announced in April, is intended to soothe fears that principal rival APR could steal market share. Despite reporting accelerated [...]
DTZ says it is considering a bid from majority shareholder SGP June 20, 2011 SHARES in property consultant DTZ jumped yesterday after the company said it was reviewing a takeover bid from majority shareholder Saint George Participations (SGP). French SGP – which owns 54 per cent of the company – made an initial approach in May, causing shares in DTZ to shoot up by more than 30 per cent [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF AGGREKO’S RESULTS? June 20, 2011 MIKE MURPHY | NUMIS While we are great admirers of the management and business model we are conscious of value. The stock is priced for high growth and high returns. There is nothing that ought to send the share price higher; a lot of the good news is already out there. We leave our forecasts [...]
Apollo firm buys £220m Rexam assets June 20, 2011 REXAM, the FTSE 100 packaging maker, has signed a deal to sell its closures business, which makes bottle lids, to US manufacturer Berry Plastics for $360m (£222m). The deal was announced to markets yesterday following a report in City A.M. on Friday that Berry, owned by US private equity giant Apollo, had been in exclusive [...]
Adviser throws its weight behind London bid for TMX June 20, 2011 THE LONDON Stock Exchange’s agreed merger with Toronto bourse operator TMX Group received backing from an independent adviser yesterday, in a damaging blow to a hostile bid from a consortium of Canadian financial institutions. Institutional Shareholder Services (ISS), the biggest shareholder advisory service in the world, backed the LSE’s friendly C$3.2bn (£2bn) deal with the [...]
BATS and Chi-X tie-up delayed by regulators June 20, 2011 The £185m takeover of Chi-X Europe, Europe’s largest alternative equity trading platform, by its rival BATS Global Markets, was yesterday referred to the UK competition regulator for investigation. The Office of Fair Trading said combining the two trading platforms, the largest for UK equities after the London Stock Exchange, could reduce the number of trading [...]
Dotcom loses top billing in web shake-up June 20, 2011 THE .com web address suffix that has become synonymous with online activity could lose its prominence after regulators waved through proposals to allow companies to use their own branding instead. The looser regulation will allow firms to use addresses such as www.news.cityam or www.ipad.apple. The changes have been brought in as it becomes increasingly difficult [...]
Inmarsat surges after its US partner signs major contract June 20, 2011 SATELLITE communications firm Inmarsat surged five per cent yesterday after a deal between its US partner LightSquared and network operator Sprint was announced. The deal means LightSquared is almost certain to honour a deal to pay Inmarsat $115m (£71m) a year over the next five years, which some analysts had questioned. Inmarsat has been enlisted [...]
Vodafone’s Indian branch nears 140m subscribers June 20, 2011 VODAFONE’S Indian unit, the country’s third-biggest mobile carrier, added 2.45m subscribers in May, taking its total to an eye-watering 139.4m. The world’s largest network operator by revenue has seen the business surge despite being dogged by an ongoing tax dispute with Indian authorities. Once the dispute, which focuses on the $11.2bn (£6.9bn) purchase of Hutchison [...]
CITY VIEWS: WILL THE CHANGES AFFECT ONLINE SALES? June 20, 2011 CLIVE GILBERT | INCEPTA “I don’t think it will make a difference. People can adapt to change very easily. For example when the telephone numbers changed people got used to it quickly and it didn’t cause any problems.” DAVID PHILLIPS | JRB UNDERWRITING “With .com and .co.uk people find it very trustworthy as it has [...]
