Private equity hits back after union blames it for mishandling business March 22, 2011 THE body representing private equity players has hit back at comments by the GMB union against pub group Punch, following its announcement of a demerger. Unions claimed Punch’s debt pile had been triggered by private equity failures and suggested that the business was being poorly run. The GMB described private equity as the “fifth horse [...]
JJB lifeline approved by creditors March 22, 2011 STRUGGLING retailer JJB Sports has avoided collapsing into administration for the second time in two years, agreeing a restructuring with landlords who will forfeit millions of pounds of rent. Unsecured creditors of the Wigan, northwest England-based sportswear retailer, which has America’s richest man Bill Gates as a five per cent shareholder, backed its proposed company [...]
Chief of eBay sees pay soar despite a profit fall March 22, 2011 THE boss of eBay saw his pay soar by 22 per cent to $12.4m (£7.5m) last year after being given shares, share options and perks including a private jet. President and chief executive John Donahoe’s pay deal came despite eBay’s profit dropping from $2.39bn to $1.8bn during the year. Filings made the US Securities and [...]
Metro targets emerging markets to boost growth March 22, 2011 RETAIL giant Metro is stepping up investment in emerging markets and online after it beat 2010 profit forecasts and said it saw good growth this year, provided the economic recovery continues. The German group, which runs cash & carries, electronics stores, hypermarkets and department stores, said it planned to open more than 110 new stores [...]
Forth Ports backs £745m takeover bid March 22, 2011 FORTH PORTS agreed a deal to sell itself to its largest shareholder yesterday for £745m. Arcus European Infrastructure Fund will take control of the business – which owns docks and development property at Leith, Grangemouth, Dundee and Tilbury near London – subject to shareholder approval. Arcus already owns 22.8 per cent of the firm. The [...]
Paper giant to list in London March 22, 2011 INDIA’S biggest paper producer, Bilt Paper, is to list on the London Stock Exchange to raise $330m (£203m) to fund growth, it said yesterday. Bilt will use the net proceeds of the issue to finance $170m of capital expansion, including bigger wood pulp mills and paper production facilities. The rest will be used to pay [...]
Best investors could hope for March 22, 2011 AND so Forth Ports, Britain’s last public ports company, is to be sold off, following in the footsteps of P&O, Associated British Ports, Mersey Docks and Harbour, and PD Ports. Bad news for the nostalgic, but a good deal for shareholders and proof that insistence really does pay off. Arcus European Infrastructure Fund first made [...]
Rolls-Royce in $200m Trent deal March 22, 2011 AERO-ENGINE maker Rolls-Royce yesterday won a $200m (£122m) order from Turkish Airlines for Trent 700 engines to power three Airbus A330 freighter aircraft. The contract includes a TotalCare long-term service agreement. The aircraft, which will be delivered between 2012-2014, are in addition to two Rolls-Royce powered A330 freighters previously ordered, one of which is now [...]
Ofcom unveils its spectrum auction plans March 22, 2011 OFCOM yesterday detailed its plans to host the largest ever auction of mobile spectrum in the first half of next year. The watchdog has included a number of coverage conditions it says will ensure mobile broadband will reach 95 per cent of the population – the same as the current 2G network – by 2017. [...]
Russian telecoms giant Euroset plans to raise £600m through London flotation March 22, 2011 RUSSIAN telecoms giant Euroset plans to raise up to $1bn (£600m) through a London initial public offering (IPO) later this year. The firm, which is part-owned by Russian telecoms group Vimpelcom, said billionaire Russian businessman Alexander Mamut will sell down his 50.1 per cent controlling stake, as well as offering ordinary shares in the form [...]
