Possible bidders eye insurance arm of HSBC September 29, 2011 GERMAN life insurer Allianz and French giant AXA are among potential bidders for HSBC’s non-life insurance division, which could fetch more than $1bn (£640.7m) when sold, sources said yesterday. HSBC has sent out information memorandums to potential bidders for the sale of its non-life insurance business, as its chief executive Stuart Gulliver streamlines the bank [...]
Levene’s bank confirms bid for Lloyds arm September 29, 2011 LORD Levene’s British bank venture NBNK confirmed yesterday it had put in a formal bid for the 632 branches that Lloyds Banking Group is selling, with the amount on the table believed to be around £1.5bn. The NBNK offer is the only formal bid for the Lloyds’ branches so far, with Hugh Osmond’s Sun Capital [...]
What a rotten time to be selling assets September 29, 2011 IT is difficult not to feel a smidgen of sympathy for Lloyds Banking Group, instructed, as it has been, to sell 632 branches under state aid rules in the middle of a major economic slowdown. For one thing, the one financial alternative to a trade sale, an IPO, is virtually out of the question given [...]
WORLD CUP RUGBY STAR REVEALS AN UNEXPECTED WEAKNESS September 29, 2011 THERE HAS only been one occasion when Jason Leonard, the most-capped England rugby player of all time, has been intimidated on the pitch. That moment came when Leonard met Norman Hadley, a six foot nine Canadian rugby union player with a scar down his cheek that “didn’t come from rugby”. For reasons best known to [...]
Thomas Cook takes axe to its dividend September 29, 2011 THOMAS Cook yesterday ditched its dividend as it tries to shore up its finances before a series of banking covenant tests in December. The travel firm has been hit by the consumer downturn in the UK and unrest in the Middle East and north Africa regions. Thomas Cook has issued a series of profit warnings [...]
First Group expects jump in first half train revenue September 29, 2011 FIRST Group yesterday said that higher fares had failed to dent demand for train travel, with like-for-like passenger revenue expected to increase by nine per cent in the six months to the end of September. The group, which runs First Capital Connect commuter services in London, said it was looking forward to expanding its number [...]
Ryanair boss steps up attack on Aer Lingus September 29, 2011 MICHAEL O’Leary, the chief executive of low-cost airline Ryanair, yesterday stepped up his attacks on Ireland’s national carrier Aer Lingus. He called for the company to pay a special dividend to give them value for their investments. In an open letter to the airline’s management, Ryanair – which owns 30 per cent of Aer Lingus – ridiculed [...]
Tate & Lyle is on track for a profits boost September 29, 2011 SWEETENERS and starches maker Tate & Lyle sees a year of profitable growth, helped by strong demand for its sucralose zero-calorie sweetener Splenda and higher prices for its by-products. The group saw strong growth in sucralose volumes due to the product’s use in more food and drink products, and expects to benefit from higher prices [...]
Alexon rescued after pre-pack deal with Sun Capital gets the go-ahead September 29, 2011 FASHION retailer Alexon has become the latest casualty of the economic downturn, going into administration before being sold to private equity firm, Sun Capital Partners. The so called pre-pack administration with KPMG, which secures continuing employment for Alexon’s staff of about 2,700, was agreed yesterday after the firm failed to secure additional funding, leaving it [...]
Compass sales point upwards September 29, 2011 COMPASS Group, the world’s biggest caterer, said full-year sales should rise, with strong growth in emerging markets and North America likely to offset a sluggish performance in Europe. The company, which provides meals for office workers, members of the armed forces and schoolchildren across the world, said revenues for the year to October would rise [...]
