German output boosts recovery November 9, 2009 German industrial output grew at its fastest rate since reunification in the third quarter, and exports rose for the fourth time in five months, showing the eurozone should move faster out of recession in the third quarter. An estimate of German GDP is due out on Friday. Economists polled last week had forecast it would [...]
Steelmaker says worst behind us November 9, 2009 There will be no recovery for Germany’s steel industry until at least 2011, following a “very difficult” 2010, the country’s steel federation said yesterday. “But the worst is behind us,” said Federation president Hans-Juergen Kerkhoff. Kerkhoff said supply and demand in Germany, the biggest steel-making nation in Europe, had now “balanced out again” on a [...]
KRAFT November 9, 2009 KRAFT has enlisted a syndicate of banks to agree to a £5.5bn credit facility to finance the cash portion of its bid and go towards paying down some of Cadbury’s debt, should the bid succeed. Citigroup Global Markets, Deutsche Bank Securities and HSBC Securities served as joint bookrunners, while Citibank and Deutsche Bank Cayman Islands [...]
BID TIMETABLE November 9, 2009 7 SeptemberKraft goes public with a proposed offer for Cadbury of 745p per Cadbury share, or £10.2bn. Cadbury rejects it as undervaluing the group and its prospects. 13 SeptemberCadbury’s chairman Roger Carr (pictured) says offer is “unappealing” and “unattractive” in an open letter toKraft’s chairman Irene Rosenfeld. 21 SeptemberCadbury asks the UK Takeover Panel to [...]
Rosenfeld sticks to her guns on bid price November 9, 2009 KRAFT’s chairman Irene Rosenfeld yesterday argued that a takeover of rival Cadbury would lead to the birth of a “global powerhouse” in snacks and confectionary and create millions of dollars in savings. Rosenfeld said that a takeover of the Dairy Milk maker would lead to annual pre-tax cost savings of at least $625m, through synergies [...]
Axa Asia arm shuns a 6bn break up bid November 9, 2009 AXA Asia Pacific Holdings (Axa APH) yesterday rejected an A$11bn (£6.1bn) break-up bid from Australian wealth management firm AMP and its parent company Axa, frustrating the French insurer’s hopes of aggressively increasing its footprint in Asia. The news came as Axa, chaired by Henri de Castries, said it plans to raise €2bn (£1.8bn) in a [...]
Five posts 21m loss November 9, 2009 CHANNEL Five posted a £20.8m loss in 2008, as the advertising downturn and the cost of servicing debt hit the terrestrial broadcaster. The RTL-owned firm made revenues of £344.4m in the 12 months to December, but costs dragged it to a £9.1m pre-tax loss. An additional £11.6m charge for “unused tax losses” exacerbating the Neighbours [...]
Inmarsat shares surge on earnings November 9, 2009 SATELLITE communications firm Inmarsat posted a better-than-expected 18.4 per cent rise in third-quarter earnings yesterday, and said it was on track for the year, sending its shares to a four-year high. The company, whose satellites provide phone and broadband services to ships, aircraft and remote locations worldwide, posted earnings of $133mn, helped by cost controls. [...]
Langholm profits dip in recession November 9, 2009 LANGHOLM Capital, the buyout group whose portfolio includes a 67 per cent stake in high-end food brand Tyrrells Potato Chips, saw its profits slide by almost a quarter last year. A handful of senior dealmakers – Bert Wiegman, Christian Lorenzen, Oliver Wyncoll and Paul Richings – shared a total of £1.7m in salary and bonuses [...]
Overseas burger sales boost McDonald’s November 9, 2009 MCDONALD’S said sales at established US restaurants fell 0.1 per cent in October, as expected, but investors welcomed the news yesterday after sales from the rest of the world buoyed overall results. McDonald’s, which has been outperforming its peers, had signaled last month that US October sales would be weak. Analysts said that while the [...]
