BILL OF THE WEEK October 18, 2009 To dinner at the Sanderson on Saturday night, where these four diners were ensconced in the hotel’s Malaysian restaurant, Suka. They downed martini cocktails and a bottle of Ruinart Blanc des Blancs champagne before commencing a feast of tuna tartare, soft shell crab, sliced steak, crispy pork and sea bass, accompanies by a selection of [...]
EX-CITY TRADER TO TURN LOTTERY OF LIFE INTO HIT TELEVISION SHOW October 18, 2009 AVID readers of this column might remember the name of Andrew Paul, the ex-Nomura trader who quit his lucrative job to concentrate on a new venture selling tickets for the chance to win his £1.1m mansion, £160,000 Aston Martin DBS and £200,000 luxury motor boat. Paul is provisionally set to net himself millions from his [...]
Insurer LV= eyes takeover of Royal Liver October 18, 2009 MUTUAL insurer Liverpool Victoria is in merger talks with smaller rival Royal Liver. The 166-year-old Liverpool Victoria, which recently rebranded as LV=, is already the UK’s largest friendly society, but the takeover would create a £10m mutual giant with more than 5m customers. Royal Liver turned down a merger offer from mutual insurer Royal London [...]
Cadbury will aim to paint a defensive Q3 picture October 18, 2009 CADBURY, currently under siege from a bid by Kraft, will look to paint a picture of growth at this week’s update and try and see off the predator by highlighting its sales, volumes and margin trends. The world’s second largest confectionery group is due to issue a third quarter update on Wednesday after rejecting a [...]
US Finance firm CIT has a new restructuring plan October 18, 2009 THE STRUGGLING US commercial finance company CIT and a group representing its bondholders have agreed on changes to the company’s proposed restructuring plan as it looks to shore up its finances. The changes, announced by CIT over the weekend, included a mechanism to accelerate the repayment of new notes and the shortening of maturities by [...]
SETTLING?UP October 18, 2009 AMERICAN International Group and its former chief executive Maurice “Hank” Greenberg are in advanced talks to settle their legal disputes, according to the Wall Street Journal. The insurer may pay any penalties and future legal fees in Greenberg’s case with New York Attorney General Andrew Cuomo, the newspaper said, adding that the agreement is not [...]
JPM and Caz close to sealing a takeover deal October 18, 2009 UBS has completed its valuation of Cazenove and is expected to present a figure to JP Morgan, which is mulling a bid for the UK brokerage before the end of the year. JPM appointed Swiss investment bank UBS to execute the valuation, with a view to buying out Cazenove, with which it has a 50-50 [...]
London snubs Mayor’s plans October 18, 2009 FURTHER doubts were raised over the feasibility of an airport in the Thames Estuary yesterday, as London’s Chamber of Commerce put out figures showing the City’s scepticism over the project. A survey of London firms found that 63 per cent of those questioned did not think the airport could be built within the next twenty [...]
NEW HOME FOR HABITAT? October 18, 2009 SWEDISH home furnishings retailer Habitat yesterday confirmed that it was mulling a potential sale of the business. Chief executive Mark Saunders said the group’s parent company, ICAF Antilen, had appointed Lazard as a financial adviser to look at a number of options. Saunders said no decision has been made yet.
DSB seeks 93m for possible rescue plan after takeover talks break down October 18, 2009 DUTCH bank DSB is seeking a state capital injection of 100m euros (£93m) as part of a rescue plan also involving the conversion of savings deposits into stock, after talks with a potential US.buyer broke down. A Dutch court appointed administrators last Monday at DSB at the request of the central bank after a run [...]
