UPS gets more time for TNT deal October 31, 2012 United Parcel Services has won an extension from the Dutch authorities for its planed takeover of TNT Express. UPS had aimed to close the deal by 9 November, when its offer period expired, but yesterday said it has been granted more time and hopes to sew up the takeover before the end of February 2013. [...]
British explorer Tullow strikes oil in its second Kenyan well October 31, 2012 BRITISH explorer Tullow Oil, alongside partner Africa Oil, yesterday confirmed that it had struck oil at the second well it has drilled in northern Kenya. Drilling is ongoing at the Twiga South-1 exploration well onshore Kenya Block 13t, where Tullow and Africa Oil each have a 50 per cent interest. The final drilling result is [...]
Britvic and AG Barr extend talks over £1.4bn merger by a month October 31, 2012 BRITVIC and AG Barr, the soft drinks companies planning a £1.4bn merger, yesterday extended talks for a second time until the end of the month. In a statement announcing a new Takeover Panel deadline of 28 November, the companies said “substantial progress has been made and the two parties are at an advanced stage of [...]
GSK revenues sink as pain in Europe drags October 31, 2012 GLAXOSMITHKLINE sales fell a bigger-than-expected eight per cent in the third quarter, hurt by continued pressure on drug prices in austerity-hit Europe and lower demand for some vaccines. GSK, like its rivals, has suffered a string of patent expiries in recent years and is struggling to grow sales, even though it has come through the [...]
Livingstone leisure tycoons pocket a dividend of £124m October 31, 2012 IAN and Richard Livingstone, the brothers behind David Lloyd Leisure and a string of top hotels, have paid themselves a £124m dividend despite seeing their net assets fall by a third at their property group. Loopsign, the tycoons’ holding company, paid out the dividend in the year to September 2011, according to accounts filed at [...]
AB InBev disappoints as beer sales are watered down in US October 31, 2012 ANHEUSER-Busch InBev, the world’s largest brewer, reported third-quarter profits below analysts’ estimates yesterday as sales to US retailers declined in the period. Profit in the third quarter rose 10.6 per cent on a like-for-like basis to $3.98bn (£2.47bn), below the $4.08bn consensus forecast. The maker of Budweiser, Stella Artois and Beck’s said that beer sales [...]
Unibet profits take a blow as it gambles on Spanish markets October 31, 2012 SWEDISH gambling group Unibet reported a 55 per cent drop in profit yesterday, as it was stung by higher levies on the betting industry and a one-off payment to Spain’s tax authorities. The company said revenue had risen to £43.8m in the three-month stretch to the end of September, up from £37.8m in the same [...]
Stagecoach buys 120 First buses October 31, 2012 Stagecoach has paid £12m for the Wigan bus business owned by a subsidiary of FirstGroup, the firms said yesterday. First, which is pruning its bus operations to focus on growth areas, said the deal involves 120 vehicles, 300 staff and some property including Wigan bus station. The purchase strengthens Stagecoach’s presence in Greater Manchester.
Lufthansa and Air France cheer October 31, 2012 Lufthansa will widen its cost-cutting drive to counter rising fuel prices and sluggish growth in its core market, the German airline said yesterday as it reported third-quarter operating profit of €648m. The rise beat forecasts, sending its shares seven per cent higher. Air France-KLM saw its shares jump eight per cent after the Franco-Dutch carrier [...]
Centamin to appeal Egypt ruling October 31, 2012 Egypt-focused gold miner Centamin is to appeal against an Egyptian court ruling that declared the company’s right to operate the Sukari mine invalid. It said it would take “vigorous action” to defend its rights to extract gold from its flagship asset. If necessary, Centamin said yesterday it will mount a “substantive legal challenge”. Shares in [...]
