Blackstone buys Emdeon August 4, 2011 Healthcare IT provider Emdeon has agreed to be taken private for $3bn (£1.84bn) by Blackstone, the latest in a slew of private equity deals in the healthcare space. The offer of $19 per Emdeon share represents a 17 per cent premium to Emdeon’s Wednesday close of $16.25 on the New York Stock Exchange.
RSA praised for its results August 4, 2011 ROYAL & Sun Alliance chief executive Andy Haste stood down on a high yesterday after the home and car insurer posted profits ahead of all market expectations. RSA made £467m operating profit in the first half of the year, up 22 per cent on the same period in 2010 and well over the highest analyst [...]
Haste goes out on a high as business he rebuilt turns in solid performance August 4, 2011 RSA’s outgoing chief executive Andy Haste will be well remembered as the man who turned the British insurance company’s fortunes around. After taking on the floundering insurer in 2003, when its market value stood at £1bn, his eight years at the helm have proved ultimately successful. Faced with huge losses, Haste was quick to make [...]
Aviva’s strategy pays off as profits rise 5pc and cash generation hits £800m August 4, 2011 AVIVA’s decision to focus its business on just 12 core markets was vindicated yesterday as it reported better-than-expected first half profits. The general and life insurer said it made £1.33bn IFRS operating profit over the past six months, four per cent higher than the consensus estimate for £1.28bn, while its net asset value per share [...]
Swiss Re and Munich Re both strike upbeat notes August 4, 2011 SWISS RE and Munich Re both declared sunnier outlooks yesterday, following a turbulent 12 months for the insurance market. Swiss Re posted an 18 per cent rise in net income to $960m (£588.9m), ahead of expectations, thanks to higher demand for catastrophe cover in the US, New Zealand and Australia. “The reinsurance market has started [...]
Pru: Time to forget AIA August 4, 2011 At the end of a torrid week in which the UK’s insurers and banks have all reported financial figures, today is the turn of the Prudential, the insurer that has been given the hardest of times over recent months for its botched attempt last year to take-over AIA. The Prudential and its super clever chief [...]
London 2012 IMAGE OF THE WEEK August 4, 2011 DOW Chemical has been confirmed as the sponsor of the Olympic stadium’s “wrap”. The wrap was rejected for public funding last year, but thanks to private sponsorship can now go ahead after all. In the run-up to the 2012 Olympic and Paralympic Games, City A.M. is publishing its Olympic Image of the Week. If you [...]
Kraft to split itself in two as sales rise August 4, 2011 KRAFT said yesterday it would split into two listed companies, comprising its global snacks business and its North American grocery business, less than two years after swallowing Cadbury in a controversial takeover. The company is the latest in a host of firms moving to separate their disparate operations, including Fortune Brands, Sara Lee and ITT. [...]
Blacks chairman steps down August 4, 2011 THE chairman of struggling outdoor goods retailer Blacks Leisure has quit a week after the firm’s largest investor, Sports Direct, voted against his reappointment at the annual shareholders’ meeting. Blacks Leisure, which runs the Blacks and Millets chains, said yesterday that David Bernstein (pictured), who is also chairman of England’s Football Association, had resigned as [...]
Unilever beats forecasts thanks to price increases August 4, 2011 CONSUMER goods giant Unilever raised its prices sharply in the second-quarter to offset a hike in commodity costs, helping to beat forecasts with 7.1 per cent rise in quarterly sales. The firm behind Ben & Jerry’s ice cream and Dove soaps said growth was driven by the group’s big emerging market presence in Asia, Africa [...]
