Glencore lays out final offer for mega-merger with Xstrata September 10, 2012 GLENCORE laid out its revised final bid to Xstrata yesterday, raising the offer but warning it will not improve it further. On Friday, the commodities giant raised the merger ratio to 3.05 new Glencore shares for every Xstrata share, up from 2.8 as previously offered. Glencore also demanded that chief executive Ivan Glasenberg be chief [...]
Chariot shares plunge on dry well discovery September 10, 2012 SHARES in oil explorer Chariot Oil & Gas plummeted by half their value yesterday, as the company announced a well offshore Namibia was dry. Shares closed down 66.41 per cent yesterday at 33p. Chariot, which largely operates in Africa, said it had abandoned the Kabeljou well in the Nimrod prospect after tests showed there was [...]
Tullow finds gas in Kenya September 10, 2012 ■ FTSE 100-listed Tullow Oil yesterday announced a significant gas discovery offshore Kenya. The Mbawa-1 well, drilling 70km off the coast of Malindi in Kenya, went down just over 2,500 metres and found 52 metres of gas, although no oil had been found. Further drilling will now take place at a depth of 3,275 metres. [...]
Vedanta shuts controversial refinery September 10, 2012 ■ Heavyweight miner Vedanta is to shut its aluminium refinery in eastern India from 5 December due to a shortage of bauxite. The company needs 10,000 tonnes of bauxite each day to operate the Lanjigarh refinery to meet its targets of 1m tonnes each year. It is now operating at 70 per cent capacity. India, [...]
Falkland Oil & Gas falls on delays September 10, 2012 ■ Shares in Aim-listed Falkland Oil & Gas crashed 26 per cent to 67.25p yesterday after it revealed delays at its Loligo prospect. The firm said drilling is around five days behind schedule, but it expects to give a further update on the well within a week. Falkland hopes to reach the well’s target depth [...]
M&B grabs rival exec as new CEO September 10, 2012 PUB chain Mitchells & Butlers (M&B) yesterday ended its 18-month search for a new chief executive, poaching Alistair Darby from rival group Marston’s. Darby, who served as chief operating officer at Marston’s, will join M&B at the start of next month. The appointment caps a turbulent period for the company, which last year saw off [...]
Nokia launches conduct review after ad shame September 10, 2012 NOKIA yesterday attempted to limit the embarrassment caused by misleading adverts for its new smartphones by promising to conduct an ethics review into its business practices. The embattled handset manufacturer, which unveiled its flagship phones last week, was accused of deceiving consumers when a promotional film for its Lumia 920 phone’s video shooting technology was [...]
London salutes British heroes September 10, 2012 LONDON’S streets overflowed with pride yesterday as an estimated million people cheered Great Britain’s Olympic and Paralympic heroes through the city, bringing down the curtain on a glorious sporting summer. Some 800 athletes, including cyclist Sir Chris Hoy, swimmer Ellie Simmonds and heptathlete Jessica Ennis, took to floats for the parade from Mansion House to [...]
Infosys tries to buck outsourcing slowdown by buying Swiss firm September 10, 2012 SOFTWARE exporter Infosys said yesterday it had agreed to pay 330m Swiss francs (£218.4m) for Lodestone, a Zurich-based technology consultancy. Infosys, which has seen outsourcing income in its home country of India and in key US and UK markets hit by increased competition and the global slowdown, said the purchase was part of a strategy [...]
Heineken’s APB takeover faces 11th hour threat September 10, 2012 DUTCH beer group Heineken was hit yesterday by the threat of a late challenge to its crucial takeover of the maker of Tiger Beer. Shares in the firm fell on reports that Thai drinks company ThaiBev is looking for a loan of 9bn Singaporean dollars (£4.6bn) to fund a purchase of Fraser & Neave (F&N), [...]
