BP to ramp up production of Russian gas November 22, 2010 RUSSIA’s third largest oil firm, TNK-BP, said yesterday it was to invest $3.8bn (£2.4bn) in its gas business over the next three years in a bid to more than double production to 30bn cubic metres (bcm) by 2020. The oil firm, which is half-owned by British oil company BP, will invest $1.8bn between now and [...]
Orascom sells 50pc stake in $1.2bn deal November 22, 2010 ORASCOM Telecom has sold its 50 per cent stake in Tunisian mobile operator Tunisiana to a Qatari-Tunisian consortium for $1.2bn in a further sign of consolidation in the Arab telecoms market. The consortium includes Qatar Telecom’s (Qtel) Kuwaiti unit Wataniya, which already owns 50 per cent of Tunisiana, the Qatari fixed line and wireless carrier [...]
OPEC keeps its quotas on hold November 22, 2010 OPEC ministers do not plan to discuss production quotas at their next meeting in Ecuador in December, Venezuela’s energy minister said yesterday. “I think all the OPEC nations agree on the consensus to keep quotas as we have them and to continue monitoring the oil market,” Rafael Ramirez said ahead of the 11 December get-together [...]
Bain’s interest in Seagate fades November 22, 2010 PRIVATE equity firm Bain Capital’s interest in a deal for hard-disk drive manufacturer Seagate Technology is waning, three sources familiar with the situation said yesterday. The private equity firm was one of several that had been initially interested in Seagate – the others were TPG Capital and Kohlberg Kravis Roberts (KKR). A deal could still [...]
Pearson buys CTI Education in £31m deal November 22, 2010 EDUCATIONAL publisher Pearson will acquire CTI Education Group for £31m as it continues its expansion in South Africa. The Financial Times publisher will buy 75 per cent of the firm, which is among the leading private higher education providers in South Africa with more than 9,000 students. Pearson says it expects the transaction to enhance [...]
London boosts Winkworth November 22, 2010 LONDON estate agent Winkworth expects to beat its 2010 profit targets after growing revenues 20 per cent in the first nine months of the year, it announced yesterday. Its third quarter trading update said it saw “further strong performance” in the three months to September, despite relatively low transaction volumes and a weaker pricing environment. [...]
Put your money where your mouth is November 22, 2010 FEW can deny the rationale behind Sanofi-Aventis’ bid for US-based Genzyme. The French pharma giant is losing patents on its blockbuster drugs more quickly than it can replace them, and it has to act fast. That’s why Genzyme is such an attractive proposition. It specialises in niche high-margin treatments for rare genetic diseases, which are [...]
Genzyme offers Sanofi different deal structure November 22, 2010 US BIOTECHNOLOGY firm Genzyme, which is fending off an $18.5bn (£12bn) hostile takeover bid from France’s Sanofi-Aventis, is considering a new deal structure that Sanofi has said it would be open to. Genzyme has been holding internal discussions to consider the use of a contingent value right (CVR), which gives shareholders more value if the [...]
Hana set to pay £2.6bn for stake in Korean bank November 22, 2010 HANA Financial Group is set to clinch a deal to buy a 51 per cent stake in Korea Exchange Bank (KEB) worth about $4.1bn (£2.6bn), marking a setback for rival suitor Australia and New Zealand Banking Group (ANZ). In addition to being a blow to ANZ, Hana’s offer for KEB places a hurdle on South [...]
Ping An to expand into banking November 22, 2010 Ping An Insurance Co of China, the world’s second-biggest insurer, said it aims to draw half of its profit from non-insurance operations within three to five years, up from about 30 per cent currently. The firm said it aims to become a financial conglomerate modelled after the likes of HSBC and Citigroup, with banking and [...]
