Petrobas eyes top share sale September 5, 2010 PETROBRAS, the Brazilian state oil company, has filed one of the largest rights issues to date as the firm plans to sell up to $64.5bn (£41.7bn) of new stock. The global stock offer could be expanded to as much as $74.7bn if underwriters exercise a “greenshoe” option to sell an additional 564m shares to meet [...]
BP to launch $20bn sale of stake in Prudhoe Bay oil field September 5, 2010 BP has put its $20bn (£12.9bn) stake in Alaska’s Prudhoe Bay oil field up for sale as part of the oil major’s move to cover the rising costs of the Gulf of Mexico spill. The sale falls in line with plans announced by BP to auction off roughly $30bn in global assets to help pay [...]
Oracle in talks to hand former HP boss new role September 5, 2010 ORACLE has offered a job to Mark Hurd, the former chief executive of Hewlett-Packard who resigned amid a scandal involving inaccurate expense receipts related to a female contractor. It is understood that a final decision has not yet been made. Oracle was not immediately available for a comment. Hurd resigned early last month, after a [...]
Travelex boss to buy The Office in £43.3m deal September 5, 2010 LLOYD DORFMAN, founder of currency exchange Travelex, is to acquire serviced office company The Office Group for £43.3m. Dorfman is acquiring the company from Bridges Ventures, the private equity firm launched by Sir Ronald Cohen and dedicated to urban regeneration. Dorfman will take over a portfolio of six sites in London and one in Bristol, [...]
Fitness First sparks fresh talk of an IPO September 5, 2010 FITNESS FIRST, the gym chain owned by BC Partners, is understood to be adopting international accounting methods in a move that could position it for a £1.2bn flotation. Fitness First’s 2009/10 accounts will be prepared in line with international financial reporting standards (IFRS), the format used by publicly listed companies. The news will prompt renewed [...]
British bankers ask Hague to help fight Bahrain travel ban September 5, 2010 THREE BRITISH bankers who are banned from leaving Bahrain as part of a financial investigation have called on foreign secretary William Hague to intervene in their case. The three men, along with several others from Ireland and Canada, have been prevented from leaving the Arab state since 2009 while authorities look into the financial activities [...]
Japanese finance minister says he is willing to stem yen’s rise September 5, 2010 JAPANESE finance minister Yoshihiko Noda says Tokyo would take decisive steps to stem the yen’s rise when needed, while suggesting that coordinated currency market intervention was a difficult option. Traders are getting cautious about bidding the yen up too much after Japanese ministers kept up warnings against the currency’s surge to 15-year high versus the [...]
Germany will soon tire of footing the euro bill September 5, 2010 HOW much longer will Germany want or need to be a member of the Eurozone is a question that’s been increasingly asked since the start of this financial crisis. With the stunning strength of the bounce back in Germany becoming clearer with every data series release, this is a crucial yet slow burn story that [...]
HayFin to lend €3bn with Cohen backing September 5, 2010 HAYMARKET FINANCIAL, the recently-established small business lender, has raised €450m (£375m) from Lord Rothschild, Sir Ronald Cohen and an Australian fund. HayFin was set up last year to extend credit to young businesses with enterprise values of between €100m and €500m. It is run by former Goldman Sachs partner Tim Flynn and boasts non-executive advisers [...]
FXPro to announce plans for Aim float September 5, 2010 RETAIL broker FXPro will today signal its intention to float on the AIM junior stock market, in a move that could make existing shareholders up to £60m. An announcement to the stock market is expected at 7am today, when the Cyprus-based firm will outline its plan to place 30 per cent of its existing shares [...]
