China bid for UB gives Cable a headache September 27, 2010 United Biscuits could be the next iconic British firm to be snapped up by a foreign buyer, posing a fresh problem for embattled business secretary Vince Cable. China’s Bright Food Group has its eye on a $3.2bn (£2bn) bid for the maker of Jaffa Cakes and McVities biscuits. Cable has campaigned for tougher regulation to [...]
3i ramps up debt operations with £18m Mizuho purchase September 27, 2010 PRIVATE equity group 3i yesterday moved to expand its reach into the debt management space, snapping up debt specialist Mizuho Investment Management (MIM) for £18.3m. MIM will merge with 3i’s existing small-scale debt activities to create a third substantial string to the firm’s bow, alongside its private equity and infrastructure arms. The new business – [...]
Third time lucky for Cinven as it snaps up Spice at 70p per share September 27, 2010 SPICE, the UK’s biggest installer of water meters, yesterday succumbed to a £251.1m takeover bid from Cinven, after the private equity group twice sweetened its offer. Cinven submitted its recommended bid through its investment vehicle Cilantro Acquisitions at 70p per share, after offering 54p a share for the firm in May and raising the bid [...]
OFT puts off decision on Travis Perkins September 27, 2010 BUILDING merchant Travis Perkins said yesterday its £558m purchase of BSS Group has been delayed after the Office of Fair Trading (OFT) said it needed more time to examine the deal. Travis Perkins, which also runs the Wickes DIY chain, told the stock market the OFT had extended the decision date on whether to approve [...]
Sirius completes share placing September 27, 2010 SIRIUS Petroleum is close to completing a $40m (£25.2m) money-raising drive to pay for its first oil field in Nigeria, more than seven months after suspending its shares on the AIM market. Sirius is set to beat its $40m target with both a share placing with institutional investors and a debt agreement, a person close [...]
WYG says it will continue to slim down after cuts September 27, 2010 TROUBLED engineering consultant WYG said yesterday its major restructuring was on track, after announcing pared losses for the year of £21.9m. The company, which undertook a debt for equity swap with its lenders in January, said it cut 620 jobs in the year to 30 June, costing £8m in redundancy payments and office closures. More [...]
US vote over firms too big to fail postponed September 27, 2010 US BANKING regulators yesterday put off proposing how the government would use its new authority to dismantle large, collapsing financial companies, saying they need more time for industry and other regulators to weigh in. The Federal Deposit Insurance Corp (FDIC)?had tentatively planned to vote yesterday on issuing an interim final rule that would have put [...]
TFL HANDS OUT £320M IN TUBE REPAIR JOBS September 27, 2010 TFL named the 17 companies it had chosen to make £320m worth of repairs to the Tube network yesterday. The work includes new plumbing, fire prevention and an upgrade to the communications system. Companies that have won three-year contracts include Siemens, Atkins and MJ Quinn, which will focus on the stations previously maintained by Metronet.
Nestle in plan to open new nutrition unit September 27, 2010 NESTLE, the world’s biggest food group, is setting up a new company to develop products it says will treat diseases like diabetes. The maker of Nescafe coffee, and KitKat chocolate bars has been advancing into healthy foods to tap into growing consumer awareness of the benefits of a healthier diet. Nestle chief executive Paul Bulcke [...]
System C sees profit up 32pc September 27, 2010 HEALTH and social care solutions provider System C Healthcare yesterday reported a 32 per cent rise in pre-tax profit to £5.4m from £4.1m for the year to 31 May. Revenue surged by 75 per cent to £38.3m from £21.9m. Excluding new acquisitions, revenue increased by 44 per cent to £31.5m. Meanwhile, earnings per share were [...]
