Ferrero family divisions threaten to melt the deal November 18, 2009 DIVISIONS in the Ferrero family could mean that the Italian chocolatier does not end up launching a joint bid for Cadbury with its USrival Hershey. The head of the family-owned company Michele Ferrero – who took control of the firm from his father and uncle in the 1950s – is said to dislike leveraged deals. [...]
Hershey needs to get the green light from its trust November 18, 2009 HERSHEY, the US candy giant that makes the iconic Kisses chocolate and Reese’s peanut butter cups, has its own hurdles to overcome before it can make an offer for Cadbury. The group’s Hershey Trust Company – an independent trust company founded by Milton S. Hershey in 1905 – controls 30 per cent of the candy [...]
City divided on Cadbury’s new suitors November 18, 2009 THE City was yesterday divided over the prospect for a Cadbury bidding war as Ferrero and Hershey confirmed they were in early talks about a possible offer for the UK giant. Some said that the presence of other potential bidders in the field would prompt Kraft to increase its offer. One analyst said: “Kraft has [...]
Three-way clash among MPC over QE November 18, 2009 TENSIONS on the Bank of England’s monetary policy committee (MPC) came to a head in November as members clashed in a three-way split over the way forward for its quantitative easing (QE) policy, the minutes of its last meeting showed yesterday. The committee voted unanimously to keep interest rates on hold at 0.5 per cent [...]
NEW BOSS NORMAN PREPARES TO BRING THE ROMANCE BACK TO ITV November 18, 2009 THE market has roundly welcomed ex-Asda boss and former Tory MP Archie Norman’s appointment to the chairman’s seat at ITV, but has anyone considered the most pressing question it throws up for the broadcaster? Allow me to explain. Back in Norman’s retail days, perhaps the most exciting new initiative at Asda was the introduction of [...]
M&S and ITV brighten up dull day of trading for FTSE November 18, 2009 THE UK’s main market ticked down slightly yesterday, as an unexpected drop in US housing figures spooked investors and weakness in food retailers and tobacco firms outpaced gains in miners and energy companies. The FTSE100 closed 0.1 per cent lower at 5,342.13 with Cable & Wireless, Unilever, Vodafone and HSBC going ex-dividend. Marks & Spencer [...]
Poor building data halts Wall St gains November 18, 2009 US stocks broke three days of gains yesterday following worrisome outlooks from two major software makers and a surprising drop in home construction last month. But stocks sharply cut the session’s losses just before close as many investors pointed to a strong uptrend in equities that have pushed major indexes to 13-month highs in recent [...]
THIS IS NOT JUST ANY CHIEF EXEC… November 18, 2009 MARKS & Spencer yesterday stunned the City by naming WM Morrison’s successful boss Marc Bolland as its new chief executive. The shock move was widely welcomed by investors in M&S – but Morrisons’ shareholders suffered heavy losses. Sir Stuart Rose, who has been holding the position of executive chairman in defiance of corporate governance rules, [...]
Cadbury open to offer talks November 18, 2009 ITALIANchocolate maker Ferrero and US rival Hershey yesterday both confirmed that they were holding early talks about launching an offer for Cadbury. Cadbury, the target of a £9.8bn hostile bid from Kraft, said it would be open to a fair offer which delivers full value. Hershey told the City that it was “reviewing its options”, [...]
Fresh blow to BP over TNK November 18, 2009 TNK-BP is likely to stay under the effective control of Russian oligarch Mikhail Fridman until 2011. The chief executive’s post at the joint venture between oil giant BP and four Russian tycoons will soon pass to Maxim Barsky, the candidate agreed by both sides several months ago. But Fridman will stay at the helm of [...]
