ConAgra seals $5bn Ralcorp deal after almost two years of talks November 27, 2012 LONG-TIME suitor ConAgra Foods finally sealed a deal to buy Ralcorp Holdings for $5bn (£3bn) to become the biggest private label food company in North America. Ralcorp shareholders will receive $90 per share in cash, a premium of 28.2 per cent to the stock’s Monday close, ConAgra said in a statement. ConAgra, the maker of [...]
Zambeef plans return to dividend November 27, 2012 Argicultural business Zambeef said yesterday it plans to reinstate its dividend, as its profits before tax rose 20 per cent to $12.7m (£7.9m). Revenues rose 23 per cent to $255.1m. Profits after tax were hit by a $9m tax liability that the Zambia Revenue Authority (ZRA) is demanding, with a judgment on a pending appeal [...]
Capita preferred bidder to council November 27, 2012 Support services firm Capita said yesterday it had been recommended as the preferred bidder to deliver Staffordshire Council’s educational support services. The contract has an initial value of £85m a year over 20 years to a joint venture (JV) of Capita and the county council. Capita will make an initial investment of £24.9m to take [...]
Xstrata starts production in Peru November 27, 2012 Miner Xstrata said yesterday that its Antapaccay mine in Peru had dispatched its first shipment of copper in concentrate. The mine is expected to produce an average of 160,000 tonnes of copper in concentrate each year. Production from the mine is expected to boost the miners production figures for the second half of the year. [...]
Who’s switching jobs November 27, 2012 RiverRock European Capital Partners Michel Péretié has been appointed partner and joint chief executive at the investment firm. He was most recently chief executive of the corporate and investment banking division of Societe Generale. Péretié was also previously chairman and chief executive of Bear Stearns International. Jones Lang LaSalle Jonathan Mills has been appointed to [...]
Best of the Brokers November 27, 2012 ABERDEEN ASSET MANAGEMENT Analysts at Citigroup yesterday downgraded the stock from “buy” to “neutral”, citing slow capital returns. They also increased the target price from 320p to 345p. SAGE George O’Connor at Panmure Gordon has reiterated his “sell” rating, saying brokers have “spivved up take-up chatter” but “the valuation is out of kilter with operational [...]
Lift to BAE Systems from Lockheed rumour helps FTSE edge upwards November 27, 2012 BRITISH top shares rose yesterday, helped by a 2.5 per cent jump in British aerospace group BAE Systems after four traders cited market speculation of interest in the company from US firm Lockheed Martin. “Vague rumours that Lockheed is showing interest,” one trader wrote in an email. BAE shares closed at 319.70p. Banks also helped [...]
Fiscal cliff fears send Wall St shares diving November 27, 2012 US stocks slid yesterday in a choppy session, losing ground in the last hour before the close after Senate Majority Leader Harry Reid expressed disappointment that there has been “little progress” in dealing with the fiscal cliff. The market was flat for most of the session but fell sharply after Reid’s comments, a signal that [...]
Mark Carney’s Canadian legacy has still not weathered the test of time November 27, 2012 MARK Carney, the Bank of England’s new governor, will leave his current position as governor of the Bank of Canada with a sterling reputation. The widespread acclaim he has attracted is based on his Bank’s deft handling of the beginning of the financial crisis, and his recent appointment as head of the G20’s Financial Stability [...]
Yet another Greek bailout will change nothing without structural reform November 27, 2012 ANOTHER bailout deal has been secured for Greece. Some of the country’s borrowing will be written off – it will be left with a debt to GDP ratio of “only” 125 per cent. But is this the end of the matter or another failure by Europe’s elite to face up to the real problems? With [...]
