Terra Firma hires ex-Citi banker June 6, 2011 Private equity firm Terra Firma yesterday announced the appointment of ex-Citigroup banker Kamal Tabet as managing director and head of investor relations, just four months after the US lender took control of Terra Firma’s music group EMI. Terra Firma, led by Guy Hands, made the largest known private investment write-off in a loss of £1.7bn [...]
Expansys falls on profit warning June 6, 2011 Wireless and mobile technology group Expansys shares tumbled more than 12 per cent yesterday after it issued a profit warning for the year to the end of April. The AIM-listed firm closed at 1.38p yesterday – its lowest level since floating in 2007 – after it said a recovery will take longer than expected.
Statoil to sell £2bn stake in gas pipeline June 6, 2011 NORWEGIAN energy giant Statoil has agreed to sell a 24.1 per cent stake in a key European natural gas transport venture to a group including German insurer Allianz and the Abu Dhabi Investment Authority for 17.35bn crowns (£2bn). Statoil will retain a five per cent stake in Gassled, the owner of gas pipelines on the [...]
Tullow finds oil at wells in Ghana and Uganda June 6, 2011 GLOBAL oil and gas exploration company Tullow Oil said yesterday it had made an “encouraging” first step in drilling after it found oil at the Banda-1 exploration well in the West Cape Three Points (WCTP) licence offshore Ghana. The company said the WCTP well has encountered Ceonmanian turbidites over a gross vertical interval of 300m [...]
Drugmakers agree to lower prices on vaccine supply for developing countries June 6, 2011 SEVERAL leading drugmakers are cutting their prices on potentially life-saving vaccines for people in developing countries in an effort to sustain supplies via the GAVI international vaccine alliance. The price cuts, offered by both generic and branded drugmakers including GlaxoSmithKline, Merck, Johnson & Johnson’s Crucell and Sanofi-Aventis’ Sanofi Pasteur, should help the alliance narrow a [...]
Daimler and Rolls-Royce secure control of Tognum June 6, 2011 DAIMLER and Rolls-Royce have secured a 60 per cent stake in engine maker Tognum with a sweetened takeover bid, expanding their presence in higher margin industrial diesel engines. But the bidding consortium fell short of its initial goal, which was to win full control of Tognum, a manufacturer of military and ship engines once owed [...]
Shares in OMV’s $1.3bn debt-cutting rights issue likely to be fully subscribed June 6, 2011 AUSTRIAN oil group OMV has had orders for all the shares on offer in its rights issue of up to $1.3bn (£1.2bn), two sources said yesterday. The issue of up to 27.3m new shares, on a subscription ratio of one for every 11 held, was part of OMV’s efforts to cut debt after two major [...]
SeaEnergy offloads wind farm development unit June 6, 2011 BRITAIN’S SeaEnergy has finally agreed a deal to sell its loss-making business developing wind farms to Spanish firm Repsol, enabling it to focus on providing services for the offshore wind sector. The company, which put SeaEnergy Renewables on the block a year ago, will receive a cash consideration of £30.7m from Repsol for its 80.13 [...]
OPEC oil increase may be small June 6, 2011 Saudi Arabia and its Gulf Arab allies may struggle to push through more than a cosmetic increase in oil supplies at a meeting of the OPEC cartel this week. Worried that crude prices are undermining economic growth, producers including Kuwait and the United Arab Emirates, favour an increase in output when the Organisation of the [...]
Cluff Gold drops on strike news June 6, 2011 Shares in West Africa-focused gold miner Cluff Gold fell yesterday after the group confirmed an illegal labour dispute at its Kalsaka mine in Burkina Faso. The miner says it is still in talks with its employees over 2011 pay increases, adding the disruptions had not materially impacted the mine’s performance in 2011. The company is [...]
