Arcelor and Peabody go hostile on bid August 1, 2011 ArcelorMittal and US energy group Peabody were forced to go hostile with their A$4.7bn (£3.2bn) bid for Macarthur Coal after the Australian mining group said the offer undervalued the company and was working on attracting a rival offer. Peabody the largest US coal company, and ArcelorMittal , the world’s top steelmaker, have been courting Macarthur [...]
Hammerson dodges UK gloom to post sales rise August 1, 2011 HAMMERSON, one of Britain’s largest retail landlords, has brushed off challenges in the retail market, reporting a 1.9 per cent rise in like-for-like sales across its shopping centres in their half-year results yesterday. David Atkins, Hammerson’s chief executive, said the group had seen “little impact” from the rise in retailers going into administration despite the [...]
EADS buys satellite firm for £587m August 1, 2011 EUROPEAN aerospace group EADS kept up a hot pace of acquisitions with a $960m (£587.14) cash deal to buy satellite communications firm Vizada yesterday, chasing steadier sales from high-value services. The purchase, from private equity owner Apax France, adds to a string of deals designed to help the Airbus parent firm dispose of surplus cash. [...]
Hiscox backs Bermuda tax base as catastrophes push it to £86m loss August 1, 2011 LLOYD’S insurer Hiscox said record levels of catastrophes over the past six months pushed it to an £85.6m pre-tax loss yesterday. Hiscox’s chief executive Bronek Masojada told City A.M. the period had been “very active” and 2011 would be “a record-breaking year” for disasters, but played down the impact on the insurer. “This is not [...]
Rusal lines up $4.75bn loan August 1, 2011 UC Rusal, the world’s largest aluminium producer, said yesterday it had mandated 12 banks to arrange a loan of up to $4.75bn (£2.9bn). The banks, including BNP Paribas, WestLB and ING, will provide Rusal’s loan to allow the firm to pay off debts. The interest rate on the facility will be the three-month LIBOR plus [...]
Plane production aids Senior August 1, 2011 Aero engineer Senior yesterday reported a 17 per cent rise in first-half profit, helped by a ramp up in production by its largest plane-making customers who are seeing continued growth in demand for commercial aircraft. Senior, which makes components and systems for the aerospace, defence, land vehicle and energy markets, posted an adjusted pre-tax profit [...]
Seymour Pierce still top for AIM August 1, 2011 Stockbroker FinnCap made the biggest small-cap client gains over the last three months, taking its tally to 69, according to the latest Hemscott AIM advisers data. FinnCap is now just one client short of clinching the joint lead spot alongside Seymour Pierce, which has also retained its crown as the top nominated adviser despite losing [...]
Spirit starts trading after Punch split August 1, 2011 DEBT laden pub company Punch Taverns completed its demerger yesterday as its Spirit business started trading on the market. Shares in the slimmed-down Punch plummeted 80 per cent to 13p, as Spirit Pub Company ended the day broadly flat at 52p. Spirit consists of the better performing managed pub business while the leasehold section continues [...]
ANALYST VIEWS: IS SPIRIT A GOOD BUY AFTER THE PUNCH DEMERGER? August 1, 2011 JAMIE ROLLO | MORGAN STANLEY We initiate on the newly demerged Spirit Pub Company at “underweight” as we see structural reasons for its low margins. Free cash flow generation is very weak relative to EPS (we do not think it should pay a dividend). Its exposure to leased pubs makes it less attractive to other [...]
Real Good Food shares dented August 1, 2011 Shares in The Real Good Food Co tumbled 8.7 per cent yesterday after the company announced a first-half net debt increase on the back of rising commodity costs. The bakery ingredients and sugar group said overall it had been trading strongly. In the six months to 24 June, volumes have increased, with overall sales rising [...]
