Poll: Icelanders look set to reject Icesave repayment April 7, 2011 ICELANDERS look set to reject a deal to repay Britain and the Netherlands for debts from a bank crash, denting government hopes of drawing a line under its financial crisis and speed economic recovery. A referendum will be held on Saturday on an agreement to repay the $5bn (£3bn) debt, run up after the British [...]
Sinclair Pharma heads for £130m merger deal with rival IS Pharma April 7, 2011 SINCLAIR Pharma and IS Pharma, two UK-based pharmaceutical groups, yesterday agreed terms for a recommended £130m merger. Following the merger, the enlarged group will be headquartered in the UK with direct distribution operations in the UK, France, Germany, Italy, Spain and Ireland, and its own manufacturing and product development capability. Sinclair Pharma’s shares will move [...]
ANALYST VIEWS: HOW STRONG ARE HAYS’ FIGURES? April 7, 2011 PAUL JONES | PANMURE Some decent quarter three growth from Hays, with broad-based progress in a number of areas and driven by international operations. But exposure to the UK public sector is likely to drag overall progress for Hays given the ongoing market challenges, and the ramifications of the Japanese earthquake is likely to take [...]
Bank ratings under review April 7, 2011 MOVES to do away with the “too big to fail” problem have prompted Moody’s to launch a revaluation of all of its ratings for major UK banks. The ratings agency said yesterday that it is embarking upon a reassessment of its ratings on all senior bank debt that could see downgrades of one to five [...]
Edwards board meets to try to salvage planned flotation April 7, 2011 THE LISTING plans of British vacuum technology group Edwards were in danger of collapse last night, over fears a lack of subscription and a low pricing could put off its private equity backers from selling out now. The board held an eleventh hour meeting last night to discuss the quality of investors signed up for [...]
Old Mutual sale approved in US April 7, 2011 Savings and investment group Old Mutual said yesterday that it had received regulatory approval for the sale of its US Life business to Harbinger Group, for the accepted price of $350m (£214.5m). The deal was agreed in August last year, but was subject to approval from the New York State Insurance Department.
INTL FCStone closes Ambrian buy April 7, 2011 Commodities advisory INTL FCStone yesterday announced the completion of negotiations to acquire Ambrian Commodities (ACL), the wholly owned broker-dealer subsidiary of Ambrian Capital. Subject to approval from the FSA, the purchase consideration will be equal to the net asset value of ACL at 31 March, estimated at £10.3m including £4.3m of the £6m debt owed [...]
Lamprell in talks with Maritime April 7, 2011 Oil rig maker Lamprell is in talks to buy Norway’s Maritime Industrial Services for 38 crowns (£4.22) per share, valuing the business at around £203m. Lamprell said it had entered into a letter of understanding with MIS on the potential offer, which would be pitched at a 19 per cent premium to the MIS share [...]
US tax probe turns to HSBC India records April 7, 2011 THE TAX division of the US department of justice is seeking a summons for records about American clients of HSBC in India, according to a source familiar with the matter. The government filed the request with a San Francisco federal court yesterday, seeking permission to get information from the bank about American residents who might [...]
Austrian firm lists despite lower price April 7, 2011 AUSTRIAN aluminium group AMAG has raised €366m (£320m) in the first Vienna listing since October 2007. The manufacturer sold at €19 per share, at the bottom end of its anticipated price of between €19 and €24. The range was narrowed earlier this week to between €19 and €21, amid tough market conditions for initial public [...]
