Mail.ru shareholders to sell stock April 27, 2011 Russian internet investment company Mail.ru said shareholders have launched a sale of a 6.65 per cent stake, five months after its London listing. Mail.ru’s shares were down almost nine per cent yesterday, diving below the sale price which was set at $32.50 (£20). Shares in the Facebook investor were sold in the London listing in [...]
J&J confirms $23.1bn bid for Synthes April 27, 2011 JOHNSON & Johnson (J&J) yesterday confirmed a $23.1bn takeover bid for Swiss group Synthes, in a deal that will create the world’s largest orthopaedic devices producer. The agreed price values Synthes at SwFr159 (£109.3) per share, with payment in a mixture of cash and shares. The price is a premium of 8.5 per cent to [...]
London & Stamford makes City swoop April 27, 2011 REAL estate investment trust (REIT) London & Stamford Property yesterday agreed to buy One Carter Lane and Two Old Change Court for £75m, to take advantage of constrained office supply in one of the main financial districts. The two properties, which form one office complex near St Paul’s have a current net income of £5.814m [...]
TomTom cuts targets on sales April 27, 2011 DUTCH navigation equipment maker TomTom said yesterday sales of its flagship product fell 16 per cent in the first-quarter and it cut its revenue forecast as it sees an even bigger contraction in the global market in 2011. In February, TomTom predicted a contraction of 10-15 per cent. The group said first-quarter sales of portable [...]
Volvo upbeat as orders increase April 27, 2011 WORLD number two truckmaker Volvo rolled out proof of surging market demand yesterday and reassured investors worried about cost pressures with forecast-beating profit margins. The highly cyclical heavy-duty truck market has picked up strongly in recent quarters, with growth spreading out of emerging markets in Asia and Latin America to more mature markets. Volvo said [...]
Glaxo grows profit despite drop in sales April 27, 2011 GAINS on disposals have cushioned GlaxoSmithKline’s first-quarter profit from a sharp fall in sales of flu products, following last year’s pandemic-linked windfall. The UK’s biggest drugmaker admitted the first three months of 2011 were tough but highlighted an improving picture in underlying growth as its diversified portfolio adjusts to pressure on prices and competition from [...]
BAA warns on Heathrow traffic as losses increase April 27, 2011 BRITISH airports operator BAA scaled back its forecasts for passenger traffic at Heathrow during the peak summer season and said higher interest costs pushed it deeper into the red in the first-quarter, wiping out the benefits of revenue increases and lower costs. BAA, majority owned by Spanish infrastructure group Ferrovial , said yesterday that its [...]
Hedge funds to see pre-crash levels this year April 27, 2011 GLOBAL hedge fund assets shot up by 13 per cent last year to $1.9 trillion (£1.1 trillion), with further recovery to pre-crisis levels predicted for 2011. The leap marks the second consecutive year of growth, according to a report by financial services industry body TheCityUK. London remains the largest centre for managers of hedge funds, [...]
Investors will back National Express board April 27, 2011 EMBATTLED transport group National Express yesterday won the backing of three shareholder advisory groups ahead of its May annual meeting. ISS, PIRC and US-based agency Glass Lewis, which advise institutional shareholders, all now publicly support the board. National Express’ largest shareholder, activist hedge fund Elliott Advisors, has proposed three new directors join the board to [...]
Aggreko expects profits rise April 27, 2011 BRITISH temporary power provider Aggreko said it expected trading profit to be slightly ahead of 2010, after a strong start to the year helped revenues grow by nine per cent. Aggreko, whose containerised generators help meet electricity shortfalls and power major events such as the Olympics and soccer World Cup, said revenues in the three [...]
