Etalon aims to raise up to $650m in London float April 4, 2011 RUSSIAN property developer Etalon started its European investor roadshow yesterday ahead of its bigger-than-expected $650m (£403m) London float planned for later this month. Etalon said yesterday it plans to offer its stock at between $7 to $9 per share – valuing the firm at between $2.06bn and $2.51bn. The company, which develops high-end residential properties [...]
Actelion board candidates set out their plan April 4, 2011 ELLIOTT Advisors pushed back at the board of Swiss biotech company Actelion yesterday with a letter from its proposed board members. In a letter from Actelion Shareholders for Choice, a lobby vehicle set up by Elliott, the six prospective directors said they would cut costs and bring better new drugs to market. It said the [...]
Bosses split on pan-EU rules on governance April 4, 2011 EUROPEAN bosses are split on new EU corporate governance rules, with those on the continent more in favour of pan-European rules than in the UK. EU officials will formally ask for opinions on a corporate governance green paper today, but 64 per cent of UK executives are against the rules, compared to 65 per cent [...]
Alterian loses founder after contract miss April 4, 2011 SHARES in software group Alterian lost almost a fifth of their value yesterday after it compounded a profit warning with the loss of its founder chief executive. Alterian, which makes marketing software for governments and big companies, said a delay to a £4m contract renewal would cut ten per cent off its full-year revenues and [...]
Portugal’s bond yields near 10pc as investors price in EU bailout April 4, 2011 PORTUGAL’S cost of borrowing surged to almost 10 per cent yesterday as investors priced in an expected international bailout. The yield on Portgual’s five-year bonds rose to 9.91 per cent yesterday, higher than the yield on Ireland’s bonds when it was bailed out last November. Eurozone finance ministers will this week discuss Portugal’s options to [...]
ANALYST VIEWS: HOW SERIOUS IS THIS PROFIT WARNING FOR ACTELION? April 4, 2011 JAMES GOODMAN | INVESTEC Given the company’s uneven record of delivering against consensus forecasts, this deal slippage is unfortunate. It might just be a timing issue, but the market may not take it that lightly. Until we get more clarity, we place our estimates and target price under review. With no chief executive and a [...]
RIVERSIDE HQ MARKS NOMURA’S NEW START April 4, 2011 THE humanitarian disaster in Japan was never far from the City’s minds at the opening of Nomura’s new offices at One Angel Lane, which started with a one-minute silence as a mark of respect for the victims and survivors of the tragedy. The Japanese bank’s president and chief executive Kenichi Watanabe paid tribute to Londoners [...]
Telecom deals continue with Vodafone exit April 4, 2011 Vodafone’s exit from France’s SFR marks another step in the revamp of its portfolio and reflects how Europe’s telecom giants are ditching weaker assets to achieve scale elsewhere ahead of a wave of big investments. The long-awaited €7.95bn (£7bn) sale of Vodafone’s 44 per cent stake in SFR to Vivendi comes two weeks after Deutsche [...]
Why a £4bn share buyback is uninspiring April 4, 2011 IF Steve Jobs were to announce plans to return Apple’s £50bn cash pile in a share buyback tomorrow, there would be an almighty outcry among some investors. If, as many believe, Apple has the Midas touch then shareholders would be better served by more investment and acquisitions. It all boils down to one question: who [...]
Solvay closes Rhodia deal April 4, 2011 BELGIAN chemicals group Solvay is betting on emerging markets exposure and speciality chemicals with a €3.4bn (£3bn) cash bid for French group Rhodia. Yesterday’s deal ends Solvay’s search for a takeover after it sold its drugs unit to US partner Abbott Laboratories in September 2009 for €4.5bn. The offer of €31.60 per share for Rhodia, [...]
