BEST OF THE BROKERS April 7, 2010 MAN GROUP Execution Nobel has initiated a “buy” recommendation on Man Group as it says the global investor is well placed to build its long short capability with $1.5bn of surplus cash and its track record of successful acquisitions. Execution Nobel says that Man Group’s performance will bounce back and the risk reward ratio is [...]
Renault’s three way car tie-up could give £3.5bn cost savings in five years April 7, 2010 Renault, Nissan and Daimler will swap stakes and jointly develop cars in a tie-up that could lead to combined savings of $5.35 bn (£3.5bn) over five years. Renault and Daimler have been discussing cooperation plans for some months as carmakers worldwide seek partnerships that boost their competitiveness by sharing technology investment costs and gaining scale [...]
WHAT DO ANALYSTS THINK OF BREWER MARSTON’S FIGURES? April 7, 2010 PAUL HICKMAN | KCB PEEL HUNT We believe that Marston’s is among those companies likely to benefit from the World Cup. Management estimates that every England match is worth £0.25m in turnover, and the tenancies, with their high concentration of community locations, should pull in extra business. But it would be imprudent to upgrade ahead [...]
Marston’s sales benefit from appetite for food April 7, 2010 PUB group Marston’s saw first half revenues rise after being boosted by strong food sales. The company, which has 2,200 pubs across Britain, said sales at its managed pubs open for more than a year were up 1.4 per cent in the 26 weeks to 3 April. During the half year, food sales were up [...]
Thiam set for £5m payday April 7, 2010 TIDJANE Thiam, the architect of the biggest M&A deal of the year so far, Prudential’s audacious £23.4bn takeover of the Asian assets of AIG, is in line for a remuneration package worth up to £5.22m if he delivers on the insurer’s performance targets. Thiam could receive shares worth up to £2.7m as part of a [...]
Shareholders take a tougher line with firms April 7, 2010 ARE institutional shareholders finally getting tougher with the companies in which they invest? Investors have taken their share of the flak for being too weak to intervene when things were turning sour in the run up to the financial crisis. While non-executive board directors failed in their duty to stand up to the likes of [...]
Balfour Beatty selected for Dallas International Airport revamp plan April 7, 2010 A JOINT venture consortium involving British infrastructure group Balfour Beatty has been selected for a $900m (£589m) pre-construction and construction services project at Dallas Fort Worth (DFW) International Airport. The work will include renovation of terminals A and C, intended to improve efficiency, passenger processing and the aesthetic appearance for all four terminals in the [...]
The biggest Mad Man in the world still retains a close eye for detail April 7, 2010 This downturn is evidently really beginning to get on the nerves of WPP chief executive Sir Martin Sorrell. He says: “People’s expectations have shifted. Company profits were down 30 per cent in 2008, now that they were only down, say, 13 per cent last year, they are calling that good. But if profits keep falling [...]
Ready, Steady, Go April 6, 2010 GORDON BROWN and David Cameron hit the campaign trail yesterday, after the Prime Minister announced an election on 6 May. Brown kicked off what aides called a “kitchens and canteens” campaign by visiting shop workers at a Rochester branch of Wm Morrison. And Cameron tried to prove his party’s commitment to the NHS by visiting [...]
GREEK SCARE SENDS BOND YIELDS UP April 6, 2010 GREEK borrowing costs soared yesterday after Athens was forced to deny suggestions it had tried to renegotiate the rescue package hammered out by eurozone countries last month. The spread between Greek and German 10-year Treasuries hit 406 basis points before falling back to 377 basis points, soothed by a statement from the government insisting it [...]
