Daimler and Rolls-Royce secure control of Tognum June 6, 2011 DAIMLER and Rolls-Royce have secured a 60 per cent stake in engine maker Tognum with a sweetened takeover bid, expanding their presence in higher margin industrial diesel engines. But the bidding consortium fell short of its initial goal, which was to win full control of Tognum, a manufacturer of military and ship engines once owed [...]
Shares in OMV’s $1.3bn debt-cutting rights issue likely to be fully subscribed June 6, 2011 AUSTRIAN oil group OMV has had orders for all the shares on offer in its rights issue of up to $1.3bn (£1.2bn), two sources said yesterday. The issue of up to 27.3m new shares, on a subscription ratio of one for every 11 held, was part of OMV’s efforts to cut debt after two major [...]
SeaEnergy offloads wind farm development unit June 6, 2011 BRITAIN’S SeaEnergy has finally agreed a deal to sell its loss-making business developing wind farms to Spanish firm Repsol, enabling it to focus on providing services for the offshore wind sector. The company, which put SeaEnergy Renewables on the block a year ago, will receive a cash consideration of £30.7m from Repsol for its 80.13 [...]
OPEC oil increase may be small June 6, 2011 Saudi Arabia and its Gulf Arab allies may struggle to push through more than a cosmetic increase in oil supplies at a meeting of the OPEC cartel this week. Worried that crude prices are undermining economic growth, producers including Kuwait and the United Arab Emirates, favour an increase in output when the Organisation of the [...]
Cluff Gold drops on strike news June 6, 2011 Shares in West Africa-focused gold miner Cluff Gold fell yesterday after the group confirmed an illegal labour dispute at its Kalsaka mine in Burkina Faso. The miner says it is still in talks with its employees over 2011 pay increases, adding the disruptions had not materially impacted the mine’s performance in 2011. The company is [...]
Churchill completes placing June 6, 2011 Embattled AIM-listed miner Churchill Mining has completed the private placement of 19.3m ordinary shares to Rachmat Gobel and Fara Luwia, raising £7.7m. The 40p placing price represented a 60 per cent premium to the 20-day volume weighted average share price as of 28 April – the day before the subscription agreement. The shares represent approximately [...]
CITY MOVES | WHO’S SWITCHING JOBS June 6, 2011 Ingenious The financial services group has promoted Neil Forster from group finance director to the group’s chief operating officer. Prior to joining Ingenious in 2008, Forster was group finance director at Hat Trick Productions and held senior finance roles in Walt Disney’s European television business. Forster remains a non-executive director of Hat Trick Productions and [...]
BEST OF THE BROKERS June 6, 2011 Halfords UBS expects the car and bike retailer to post full year profits in line with expectations when it reports its results to the market next week. Halfords has struggled amid tough trading conditions for retailers. UBS said good weather over Easter will have helped the retailer’s sales, but also expects Halfords to put out [...]
Commodities lift FTSE and offset weak banks and travel June 6, 2011 STRENGTH in commodity stocks helped Britain’s leading share index edge higher yesterday, offsetting weakness in banks and travel stocks, as some of the recent gloom lifted in the absence of further glum data. The FTSE 100 closed up 8.15 points, or 0.1 per cent, at 5,863.16 points, adding to Friday’s 0.1 per cent gain after [...]
Wall Street drops on poor US data June 6, 2011 THE S&P 500 extended its slide to a fourth day yesterday, hitting its lowest level since March 18, as a spate of recent weak US data lent support to a bearish outlook for the economy. Sectors most closely associated with economic fortunes took the biggest beating, with shares of Bank of America off 4 per [...]
