SVG halves stake in retailer New Look February 14, 2011 NEW LOOK’S private equity owners have slashed the value of their stake in the retail chain after tough high street conditions caused a fall in sales, according to figures. Investment group SVG Capital – an investor in New Look through buyout group Permira, which owns a 27.7 per cent stake in the retailer – revealed [...]
Nomura loses key banker after only 18 months February 14, 2011 THE global co-head of the financial institutions group (FIG) at Nomura has quit after less than 18 months with the Japanese bank. He is one of a number of high profile Nomura bankers to have left the bank within the past year. Dan McNamara, who was global co-head of the FIG business with Hubert Bastide, [...]
AssetCo slumps as it faces debt facility struggle February 14, 2011 ASSETCO, the largest outsourcing partner to London Fire Brigade, has said it is discontinuing offer talks with a third party as it faces certain short-term funding issues, sending its shares down 21 per cent to close at 36p – their lowest in nearly two years. In December, AssetCo sold three of its businesses to restructure [...]
BERGGRUEN FUND LISTS FOR £900M February 14, 2011 BILLIONAIRE Nicolas Berggruen’s Justice Holdings fund raised a greater than planned £900m from its listing of 90m shares at £10 a share yesterday, after hedge fund manager William Ackman bought into the deal. Justice said this would enable it to pursue its objective of acquiring a target business with an enterprise value of between £1bn [...]
Losses fall at MGM Resorts February 14, 2011 MGM Resorts International, which sources said last week plans to publicly list shares in its Macau operations at the end of February, has reported a smaller loss in the fourth quarter. The casino operator posted a net loss of $139.2m (£86.8m), or 29 cents a share, compared with a net loss of $433.9m, or 98 [...]
Sinclair Pharma to buy IS Pharma February 14, 2011 Specialty pharmaceutical company Sinclair Pharma is in advanced talks to buy IS Pharma in an all-share deal that creates a company worth over $200m (£124.7m), based on Friday’s closing share prices. Sinclair Pharma shareholders will own 62.4 per cent and IS Pharma shareholders would own 37.6 per cent of the new company, to be called [...]
Uniq pension deal boosts shares February 14, 2011 Shares in chilled sandwich and salad maker Uniq rose 6.9 per cent to 7p yesterday after Friday’s agreement to cede 90 per cent of its shares to its pension scheme in order to escape the burden of the size of the pension fund which is larger than its market cap. Uniq, which has already received [...]
Demand for London office space jumps February 14, 2011 OPTIMISM about the UK commercial property market is at its highest level since the onset of the credit crunch, thanks to a rebound in demand for central London offices, according to the Royal Institute of Chartered Surveyors (RICS). In the fourth quarter, 18 per cent per cent more surveyors said they expected new sales and [...]
OECD index is pointing to growth February 14, 2011 THE growth outlook for major industrialised economies is picking up, although big differences in momentum remain between countries, the OECD’s leading indicator for December showed yesterday. The Paris-based Organisation for Economic Development and Co-operation (OECD) said its December composite leading indicator (CLI) for 29 of its member countries rose to 102.8 from a revised 102.5 [...]
China economy overtakes the land of the setting sun February 14, 2011 CHINA overtook Japan last year to become the world’s second-biggest economy in nominal terms, according to Japanese GDP figures released yesterday. Japan ceded its second spot after GDP contracted in the fourth quarter due to an export slump that was exacerbated by the strong yen; the end of subsidies for carmakers; and a new tax [...]
