Odeon bond issue paves way for sale May 15, 2011 ODEON & UCI has completed a £500m bond issuance that could make it easier for Terra Firma, the private equity firm founded by Guy Hands, to sell the cinema chain. The deal, led by Bank of America/Merrill Lynch and Goldman Sachs, is the first ever high-yield bond issuance for Europe’s cinema industry and has an [...]
Southern Cross to consider selling up May 15, 2011 STRUGGLING care home provider Southern Cross will consider putting the business up for sale once its battle to cut costs with landlords is over, City A.M. can confirm. Southern Cross last week appointed Greenhill as joint adviser to run discussions with landlords alongside KPMG and turnaround specialist Bolt Partners, but the investment bank is also [...]
CVC readies €20bn float for Evonik May 15, 2011 CVC Capital Partners has taken a big step towards one of the biggest IPOs of the year, after it hired banks to run the €20bn (£17.4bn) float of German chemicals company Evonik. It is understood that bankers in Germany from Goldman Sachs, Bank of America Merrill Lynch and Deutsche Bank have been brought in to [...]
Lord Browne shortlisted for the National Grid chair May 15, 2011 FORMER BP boss Lord Browne of Madingley is among the front-runners for the chairmanship of National Grid, a source said yesterday. Browne was approached by the company about taking the job a few months ago, and is now thought to be up against just one other candidate for the role. Browne, who left BP in [...]
Charterhouse in $950m deal for carbon advisory May 15, 2011 PRIVATE equity firm Charterhouse Capital has bought Environmental Resources Management (ERM), an environmental consultancy, for close to $1bn (£618m). Charterhouse will buy the company, which advises firms on their carbon footprints, for $950m. Structured as a management buyout from private equity peer Bridgepoint, Charterhouse will hold approximately 65 per cent of the firm, while ERM’s [...]
LSE cries foul at rival bid for Canada’s TMX May 15, 2011 THE BID threatening to derail the London Stock Exchange’s agreed merger with Canadian peer TMX Group should raise significant regulatory concerns, the chief of the London bourse has claimed. A consortium of Canadian banks and pension funds, known together as the Maple group, tabled a counterbid to the LSE’s offer at the weekend. But speaking [...]
London shops get wedding fever boost May 15, 2011 TRADING at London’s West End shops during April outperformed both last year’s figures and the rest of the country, as the extended bank holidays and Royal Wedding celebrations boosted footfall at the capital’s retailers. Sales at 600 stores on Oxford Street, Regent Street and Bond Street rose 7.6 per cent year on year, according to [...]
Leadenhall site bought out of administration May 15, 2011 HENDERSON has snapped up a development plot near Leadenhall Market for more than £175m after the site was placed into administration. The Leadenhall Triangle site, which includes five buildings on Leadenhall Street and Fenchurch Street, was sold by Cook & Powell, the asset manager that was hired by administrator PricewaterhouseCoopers in January to find a [...]
Daimler and Rolls hike bid for Tognum May 15, 2011 DAIMLER and Rolls-Royce have written to Tognum with a higher takeover offer, according to two people close to the situation. The move comes after speciality engine maker Tognum said during the weekend that two bidders had signalled in talks they were willing to raise their bid. A raised bid could bring a two-month long takeover [...]
Inflation needs to fall before rates can rise May 15, 2011 SO another week but the focus is the same. Where’s inflation going and what’s the impact on the consumer and growth? Last week the Bank of England said inflation could hit five per cent and tomorrow April CPI could rebound to an annual rate of 4.4 per cent. For the fourth quarter in a row [...]
