Moncler seeks Italian IPO April 5, 2011 Outerwear maker Moncler, known for its trendy goose down jackets, is seeking an initial public offering (IPO) on the Milan bourse, the company said yesterday. Global coordinators are Intesa Sanpaolo’s Banca IMI, Morgan Stanley and Bank of America Corp’s Merrill Lynch, it said in a statement. Revenues last year were €429m ($608.5m) and net income [...]
Mercedes-Benz recalls M-Class over cruise control worries April 5, 2011 Daimler’s Mercedes-Benz is undertaking a global recall of some of its older-model M-Class sport utility vehicles for issues related to cruise control that may lead to a crash, Daimler and US federal safety regulators said yesterday. A wide majority of the vehicles being recalled are model year 2000-2002 M-Class SUVs, but there are a small [...]
Mouchel falls after bids fail April 5, 2011 SHARES in road maintenance group Mouchel dropped further yesterday after both Costain and Interserve walked away from their takeover offers, amid uncertainty about the company’s future. Mouchel’s shares have tumbled more than 40 per cent since rejecting a string of bids at the end of March, and yesterday analysts downgraded their forecasts. Numis analyst Francesca [...]
Satyam and PwC settle US fraud case April 5, 2011 SATYAM Computer Services and its former auditor PwC agreed to pay a combined $17.5m (£10.7m) to settle US probes into an accounting fraud that in 2009 became India’s biggest corporate scandal. Satyam, an outsourcing company now known as Mahindra Satyam, will pay $10m to settle US Securities and Exchange Commission (SEC) charges it fraudulently inflated [...]
Equinox delays Lundin decision to consider deal April 5, 2011 EQUINOX extended its $4.8bn (£2.9bn) bid for Lundin Mining, and postponed a vote on the deal by two weeks yesterday, as it awaited a formal $6.5bn takeover offer from China’s Minmetals Resources. Minmetals, China’s biggest metals trading firm, unveiled plans to launch a C$7 a share bid for Canadian firm Equinox on Monday, chasing its [...]
Water under the bridge for Costain April 5, 2011 Costain, the construction firm that walked away from Mouchel’s stonewalling after four months, has plenty to be getting on with. The firm has a forward order book worth £2.4bn, including a contract to build the first major road to cross the River Thames in 20 years. While Mouchel seems to have slipped through the net [...]
BTG sees full-year results in line April 5, 2011 Specialist healthcare company BTG has said results for the year ending March will be in line with their previous guidance. Revenue is predicted to fall between the range of £108m to £114m with recurring revenue accounting for around £98m to £102m of that. The market consensus for 2010-11 is £110m. The group added integration of [...]
Tanfield dips as losses continue April 5, 2011 Shares in Tanfield Group fell eight per cent to 37p yesterday despite the firm having announced it expected 2011 to be a transitional year of recovery. The maker of aerial work platforms managed to slightly reduce its operating loss before impairments in 2010 to £15.8m, compared to a loss of £16m in 2009. In the [...]
Wells Fargo settles SEC charges April 5, 2011 A unit of Wells Fargo & Co settled civil charges yesterday alleging that Wachovia violated federal securities laws when it sold mortgage-backed securities to investors in the lead-up to the housing crisis. The Securities and Exchange Commission said that Wells Fargo Securities will pay $11m (£6.8m) in disgorgement and penalties to settle the administrative charges [...]
Protests about tax payments have no effect April 5, 2011 SOMETIMES no change at all can be as interesting as dramatic movements and that is certainly the case when we look at brands that have been targeted by UK Uncut over the past five months. The protest movement has attempted to shame brands that it claims have dodged UK taxes. A series of actions began [...]
