Sanofi-Aventis deal progresses January 31, 2011 FRENCH pharmaceutical firm Sanofi Aventis has moved closer to a deal with US biotech company Genzyme in a proposed $18.5bn (£11.5bn) takeover. The US company has signed a non-disclosure agreement with the Paris-based firm, as the two discuss the details of a deal. Genzyme said in a regulatory statement filed with the US Securities and [...]
Chrysler on the road to profit January 31, 2011 US CARMAKER Chrysler took a step closer to profit in its fourth quarter results, despite losses of $199m (£125m). The firm narrowed its losses from October through December last year from the $2.7bn deficit it recorded for the same period of 2009. Chrysler, which is controlled by Italian carmaker Fiat, also predicted it would return [...]
Ex-Citi man in insider probe January 31, 2011 A FORMER Citigroup hedge fund manager was the latest figure to be identified as a co-conspirator in the US authorities’ probe into insider trading yesterday. Samir Barai, a Citi managing director who founded Barai Capital Management in 2008, was the fund manager referred to in court papers who allegedly took inside information on technology stocks [...]
UK subprime mortgages vulnerable to shocks January 31, 2011 REPOSSESSIONS could begin to grow again in the UK due to a stubborn core of subprime mortgage-holders who are still falling behind on their payments, according to research by Standard and Poor’s. Despite an overall improvement among subprime mortgage-holders, those with the lowest credit ratings, accounting for around £7bn’s worth of mortgages overall, show little [...]
Greencore delays vote at Northern January 31, 2011 GREENCORE successfully postponed Northern Foods’ shareholder meeting yesterday, giving it more time to put together an improved offer to rival Boparan’s £342m takeover. Northern Foods and Greencore, which agreed to merge in November before Boparan intervened, held meetings with the Takeover Panel over the weekend to decide whether to cancel their planned votes on the [...]
Tax fines to rise sharply January 31, 2011 OFFSHORE tax evaders will see the penalties they face double under new rules announced by HM Revenue & Customs. HMRC’s decision to raise the penalty from 100 to 200 per cent of the amount evaded from 6 April this year is designed to push offshore money into more transparent and cooperative jurisdictions. The penalty for [...]
ProLogis and AMB agree tie-up January 31, 2011 AMB Property struck a deal to buy rival ProLogis for $8.7bn (£5.4bn) in stock, combining the two largest US owners of warehouse and distribution centres in one of the biggest real-estate transactions since the financial crisis. The agreement comes as ProLogis, the larger company, has struggled with debt. While both companies operate in the US, [...]
Travelex wins Japanese deal January 31, 2011 Travelex Global Business Payments, the cross-border payment services provider, has commenced international payments services for Rakuten Bank, part of the Rakuten Group and one of Japan’s leading e-commerce companies, through its GEO international payments platform. Travelex GEO offers customers, like Rakuten Bank, access to an international payment capability which allows payment in 67 currencies via [...]
INEOS reveals $1bn China deal January 31, 2011 Chemicals firm INEOS yesterday unveiled the details of its plan to offload a 50 per cent stake in its oil refineries to PetroChina. The deal, announced during the Chinese vice premier Li Ke Qiang’s visit to the UK in January, will see PetroChina pay $1bn for the stake. The joint venture is due to begin [...]
Exxon posts a surprise 53pc rise in profits January 31, 2011 EXXON Mobil reported a better-than-expected 53 per cent increase in quarterly profit yesterday, helped by a lower tax rate and a surge in natural gas production in the US and Qatar. The oil company’s results and the spike in crude oil price past $100 a barrel helped push Exxon shares to their highest in two [...]
