Barclays Private Equity will buy division in future profit exchange November 17, 2010 MANAGEMENT at Barclays Private Equity (BPE) will buy out the banking giant’s private equity division in a deal involving no up-front cash. Ownership will be transferred in exchange for a share of BPE’s future earnings over a period of several years, according to the Financial Times. Barclays and BPE were both unavailable for comment last [...]
GM in record float as raises over $23bn November 17, 2010 GENERAL MOTORS (GM) pulled off the biggest initial public offering in US history yesterday, raising $23.1bn after pricing shares at the top of the proposed range in response to huge investor demand. GM sold 478m common shares at $33 each, raising $15.77bn, as well as $4.35bn in preferred shares, more than the initially planned $4bn. [...]
Russia approves £20bn plan to privatise assets November 17, 2010 RUSSIAN Prime Minister Vladimir Putin yesterday approved a plan to sell 1 trillion roubles (£20bn) in state assets over the next three years to help plug a gap in the budget and lure investors. Russia’s leaders need cash as they struggle to get the country out of its worst recession in 15 years and ratchet [...]
News Corp warns Cable over Sky deal November 17, 2010 NEWS Corp’s European boss James Murdoch has called on regulators to back his firm’s £7.8bn bid for BSkyB or risk losing its investment in the “world leader” digital TV operation. Business secretary Vince Cable has asked media regulator Ofcom to investigate whether the takeover would harm “media plurality”. The European Union could also launch a [...]
Obama closes in on Altman as adviser November 17, 2010 INVESTMENT banker Roger Altman is the top candidate to replace National Economic Council director Lawrence Summer as Obama’s most senior economic adviser, it emerged yesterday. Altman, a former Treasury official, met with Obama at the White House Tuesday. Altman could signal a move to the centre because he is closely associated with moderate economic policies [...]
Tube boss vows to fight unions in a bid to modernise the network November 17, 2010 TUBE boss Mike Brown vowed not to back down in his long-running dispute with unions over his plans to cut 800 ticket office jobs. “I want staff to be more flexible, I make no apology for that,” said the London Underground managing director. “We will not run a service that is stuck in the 1960s. [...]
Northern and Greencore agree merger November 17, 2010 FOOD retailers Greencore and Northern Foods revealed plans to merge yesterday, in a deal that will produce one of the biggest chilled food players in the UK. The firms, responsible for Goodfella’s pizzas, Fox’s biscuits and the Weight Watchers range, will be rebranded Essenta once the proposed tie-up is complete in March 2011. Management said [...]
Barden left out of Essenta’s top team November 17, 2010 THE CREATION of Essenta has forced Northern Foods chief executive Stefan Barden out of the firm, after the chairmen of the two firms omitted him from the rejigged executive team. The chairmen of Northern and Greencore, old friends Anthony Hobson and Ned Sullivan, thrashed out the make-up of the combined board in private meetings over [...]
Retailers may have to eat own margins November 17, 2010 THE chilled convenience food market is ripe for consolidation. In recent years, the major players have lacked the scale needed to secure a decent return from powerful supermarket retailers. Investment has fallen, taking its toll on the quality of products. For that reason, the marriage of the two leading chilled players in the UK market [...]
Icap revenue up on e-trade November 17, 2010 ICAP, the interdealer broker, said yesterday revenue increased nine per cent to £867m in the first half of the year on the back of its electronic and post trade units. The broker said pre-tax profit also rose by two per cent to £183m and it raised its interim dividend by three per cent to 5.27p. [...]
