Aviva to raise 1bn by listing its Dutch unit October 4, 2009 INSURANCE group Aviva will today announce plans to raise £1bn through a partial flotation of Dutch unit Delta Lloyd. The insurer is expected to float between 30 and 40 per cent of the Dutch business on the Euronext Stock Exchange in Amsterdam. The listing will be the biggest initial public offering in Europe in the [...]
Legoland owner sets its sights on UStheme parks October 4, 2009 Blackstone, the private equity owner of Legoland and Madame Tussauds, is nearing a deal to snap up two of America’s famed theme parks for up to $3bn (£1.8bn). The US attractions SeaWorld and Busch Gardens are being sold off by brewing giant Anheuser-Busch InBev, which is dumping non-core assets to help pay for its $52bn [...]
September car sales to book a yearly increase October 4, 2009 NEWcar registrations in September 2009 outstripped the previous year’s, data from the Society of Motor Manufacturers and Traders is expected to show tomorrow, lending credence to the government’s decision to extend its scrappage scheme. New registrations for the month will be 10 per cent higher than in September 2008, in a further sign that the [...]
Gala Coral in 540m debt swap talks October 4, 2009 BINGO hall and casino operator Gala Coral is close to reaching agreement on a crucial £540m debt-for-equity swap, after months of flip-flopping about ways to secure a cash injection for the embattled company. Gala, which in June drafted in investment bank Lazard to look at options to allow it to invest in the downturn, is [...]
Trying to second-guess stocks is harder than ever October 4, 2009 EQUITY investors haven’t had much time for cliché this year. Earlier this year, they ignored dire predictions – coming from anyone with a keyboard or a microphone – that financial markets might never recover. Instead, they seized upon historically low valuations – and the trillions spent by governments around the world – and began the [...]
Tesco set to report slower sales growth October 4, 2009 TESCO, Britain’s biggest retailer, is set to report slower underlying UK sales growth than rival J Sainsbury for the fifth quarter in a row this week, alongside a small rise in first-half profit. But analysts expect Tesco to flag a stronger second-half profit performance, and some see signs it is beginning to close the gap [...]
RSA axes plans to tap markets for extra cash October 4, 2009 GENERAL insurer RSA, which operates the More Than brand in the UK, has abandoned its plans for an ambitious rights issue of around £628m. Chief executive Andy Haste is said to have told its bankers, JP Morgan and Merrill Lynch, to drop the capital raising after his plans to buy out insurance rivals with the [...]
ITV RACE RUMBLES ON October 4, 2009 ITV is moving closer to naming its new chairman, with shareholders said to be backing Bmi founder Sir Michael Bishop for the role. The broadcaster is also considering ex-Reed Elsevier chief executive Sir Crispin Davis as a replacement for Michael Grade, but some investors have said that they would be unhappy if he were to [...]
Kettle Foods sale likely October 4, 2009 Kettle Foods could be put up for sale this autumn for $700m (£440m). Owner Lion Capital, which also owns Weetabix and the Wagamama chain, bought the firm in 2006 for $270m but since then the brand, which makes the upmarket Kettle Chips, has become more popular. Lion is preparing to consult NM Rothschild bankers.
Duke Street to offload Oasis stake October 4, 2009 Buyout firm Duke Street is looking for an investor to take a stake of up to £50m in the dentist group Oasis. Duke Street, which acquired the group two years ago, wants a backer to help expand the 175-strong portfolio. Duke Street has already sounded out a number of pension funds and private equity backers.
