Fidelity set to oppose Redrow bid September 23, 2012 Redrow’s third largest shareholder is set to oppose the proposed bid by Steve Morgan, the housebuilder’s founder and executive chairman to take the company private for about £660m. Fidelity Worldwide Investments, which together with its US counterpart, owns 10.5 per cent of Redrow, said Morgan’s offer was “opportunistic” and plans to oppose the plans, according [...]
JJB’s sale faces scrutiny of the retail watchdog September 23, 2012 SPORTS Direct’s proposed takeover of JJB Sports’ 180 stores is likely to come under investigation by the competition watchdog once the acquisition has already taken place. The sportswear giant founded by Newcastle United owner Mike Ashley remains one of the frontrunners to buy the struggling retailer, although it is said to be interested in less [...]
Interest in Tchenguiz property portfolio reaches a crescendo September 23, 2012 INSURANCE firms are leading the charge for property magnate Vincent Tchenguiz’s £3bn property portfolio after a pick up in demand for the assets. MetLife, AIG and Prudential are all understood to be in the running for the portfolio, which is being sold off by the Tchenguiz Family Trust. Citigroup has been appointed to handle the [...]
Norway’s oil workers in deal September 23, 2012 NORWEGIAN energy firms and oil services workers reached a preliminary wage deal over the weekend, raising hopes the sides could avoid another strike after labour action in July hamstrung the world’s eighth-largest oil exporter. They agreed on a 4.5 per cent wage increase, subject to a ballot by the 5,800 employees, negotiators said in separate [...]
Hannam yet to decide future September 23, 2012 TOP INVESTMENT banker Ian Hannam yesterday denied rumours that he is looking to join fellow JP Morgan veteran Lloyd Pengilly’s new natural resources fund, insisting he has not decided what role to take when he leaves the firm. The two are both experienced mining dealmakers, with Hannam currently consulting on the ongoing Glencore and Xtrata [...]
Investors warm to UK nuclear plant projects September 23, 2012 THE UK’s next generation of nuclear power plants will come closer to construction this week, as bids roll in for the Horizon project and EDF progresses in talks with potential partners for work at Hinkley Point. Horizon’s future was put in doubt in March, when RWE and E.ON put the £15bn joint venture up for [...]
Coalition could breathe a sigh of relief over plans for power September 23, 2012 IT’S been a busy week for energy secretary Ed Davey. Somewhere between lambasting the “rightwing Tea Party tendencies” of anti-green Conservatives and batting away suggestions he’s the next leader of the Liberal Democrats, the minister has been plagued by the thorny problem of keeping Britain’s lights on. Hamstrung by his party’s pledge to block public [...]
EU carbon law for airlines is vetoed by US September 23, 2012 THE Senate unanimously passed a bill over the weekend that would shield US airlines from paying for their carbon emissions on European flights, pressuring the European Union to back down from applying its emissions law to foreign carriers. The European Commission has been enforcing its law since January to make all airlines take part in [...]
Energy giants sizing up Bord Gais disposal September 23, 2012 SOME OF Britain’s biggest energy firms are circling Ireland’s state-owned gas company as it gears up for privatisation. Bord Gais Energy is to be put on the block by Ireland’s National Treasury Management Agency (NTMA), which is looking to raise cash for the bailed-out country through asset disposals. Other stakes that will be sold by [...]
Apple seeks further damages in Samsung patent case in US September 23, 2012 APPLE has asked a judge to award an extra $535m (£329.7m) in its US patent case with Samsung Electronics in addition to its requested permanent injunction against sales of Samsung’s infringing products. “The harm to Apple was deliberate, not accidental,” Apple attorneys said in court papers filed 21 September in the US District Court in [...]
