Cut debt, but not yet: CBI September 27, 2009 THE Confederation of British Industry (CBI) will today call for a faster, more aggressive approach to solving Britain’s public debt crisis as it sets out its business recommendations for a new government ahead of next year’s election. CBI deputy director-general John Cridland said the emphasis should be on balancing the government’s books by 2015/16, two [...]
HERMES SET TO SPARKLE September 27, 2009 Luxury French fashion house Hermes is set to snap up jeweller Asprey’s Bond Street store for £75bn. Industry observers have viewed Hermes’ plans as the latest step in its business expansion. Contracts have already changed hands for the shop, owned by Quinlan Private. Quinlan private, run by Irish property tycoon Derek Quinlan, also owns London’s [...]
Legal &General bosses resolve to resist takeover by Resolution September 27, 2009 TOP BOSSES at blue-chip insurer Legal & General have resolved to fight any approach from Clive Cowdery’s buyout vehicle Resolution. Chief executive Tim Breedon has been briefing investors that a Resolution approach would be unwelcome, following Cowdery’s buyout of Friends Providentlast month. But Cowdery is understood to be undeterred by Breedon’s hostility, and is continuing [...]
Rebel bondholders to launch fund to snap up toxic assets September 27, 2009 In the freshest hint of a property recovery, two rebel bond investors yesterday revealed their plans to raise up to £250m through a stock market flotation to take advantage of the cheap prices in the bombed out market for bricks and mortar. Tony Wardle and Richard Tice, who launched a shareholder campaign against commercial property [...]
Deripaska in HK flotation September 27, 2009 ALUMINIUM giant Rusal, the group controlled by Russian billionaire Oleg Deripaska, is set to announce one of the biggest floats of the year this week, in Hong Kong. The $30bn (£19bn) flotation, which will see 10 per cent of the group’s shares put on the Asian market, is snubbing the London Stock Exchange (LSE) because [...]
New listing rule will not be light touch, says FSA September 27, 2009 THE Financial Services Authority (FSA) yesterday insisted that measures to make it easier for UK companies to list in London did not amount to “light touch” regulation. The City watchdog will this week unveil plans to allow UK companies to apply for a “standard” listing, equivalent to the “secondary” listing process currently available only to [...]
New Look set for return to public market September 27, 2009 HIGH street retailer New Look is mulling a £1.7bn stock market flotation – six years after it was taken private. The budget fashion chain owned by private equity firms Apax and Permira has enjoyed robust trading throughout the downturn as it steals cash-strapped shoppers away from its mid-market rivals. Founder Tom Singh, who still owns [...]
O2 BE DOING SO NICELY September 27, 2009 London’s O2 arena recorded a pre-tax profit of £15.6m in its first full year of trading, to make it the most popular music arena in the world. The arena sold 2m tickets to 140 events last year and it achieved revenue of £53m with headline acts such as Celine Dion and Elton John.
Takeover Panel poised to step into the bid battle between Kraft and Cadbury September 27, 2009 KRAFT is this week expected to be given its “put up or shut up” deadline by the Takeover Panel, which will force the US giant to either make a formal offer for Cadbury or walk away for six months. Due to the speed of the appeal by Cadbury, the panel is expected to give Kraft [...]
Abbott Labs nears 4.4bn pharma deal September 27, 2009 Belgium drugs conglomerate Solvay is believed to be close to a €4.8bn (£4.4bn) deal with US firm Abbott Laboratories. Solvay put its pharmaceuticals business up for sale two months ago in a bid to raise cash for acquisitions in its chemicals portfolio. Swiss drugmaker Nycomed had previously made an offer between €4bn and €5bn for [...]
