ECB’s Coeure demands power to inject capital into banks June 28, 2012 EUROPEAN Central Bank policymaker Benoit Coeure called yesterday for the Eurozone’s permanent bailout fund to have the power to inject capital directly into banks as part of a package of steps to tackle the bloc’s debt crisis. “The adverse feedback loop between banks and sovereigns … can be broken by establishing a true financial union,” [...]
Growth deal of €120bn hangs in the balance June 28, 2012 ITALY and Spain last night blocked final agreement on a stimulus package, saying that they would hold out until they won promises of immediate help in reducing their borrowing costs. European Council President Herman Van Rompuy said that European leaders had agreed to devote €120bn for “immediate growth measures” to try and dig the Eurozone [...]
Veolia sells UK water unit to Rift for £1.2bn June 28, 2012 FRENCH utility Veolia Environnement has sold a majority stake in its regulated UK water business for £1.24bn including debt, notching a milestone in its overhaul aimed at returning to profitability and cutting debt. It is the first significant divestment since chairman and chief executive Antoine Frerot announced a reorganisation in December to cut debt that [...]
ADVISERS DEUTCHE BANK June 28, 2012 GLOBAL head NATURAL RESOURCES M&A Nigel Robinson was one of the advisers from Deutsche Bank who advised Veolia. Robinson is no stranger to big deals and is currently also working on the mega merger between commodities giant Glencore and FTSE 100 miner Xstrata. Robinson joined the bank in 2007 as managing director and head of [...]
DS Smith sees profit increase by 44 per cent June 28, 2012 BRITISH packaging company DS Smith yesterday said its full-year profit rose 44 per cent on strong sales of corrugated paper in Europe. The company, which makes packaging boxes for Procter & Gamble and Nestle, said pre-tax profit for the company rose to £110.2m for the year ended 30 April from £76.7m a year ago. Revenue [...]
Shell again extends its offer deadline in bid to buy Cove June 28, 2012 OIL major Shell again extended a deadline for Cove Energy shareholders to accept its $1.8bn (£1.1bn) takeover offer, leaving the way open to trump a higher bid from rival Thai group PTT Exploration and Production. The two suitors have been battling to buy Cove since February, attracted by the company’s position in huge gas fields [...]
Costain links with Severn Trent June 28, 2012 Engineering group Costain said yesterday it had a strong order book and was trading in line for the full year while securing a joint venture with Severn Trent. The company said its forward order book currently stands at £2.4bn compared to £2.3bn the same time a year earlier. The joint venture with Severn Trent will [...]
OFT says Mercedes broke rules June 28, 2012 The UK’s consumer watchdog said that German automaker Mercedes-Benz and five UK dealers of its trucks and vans may have broken competition law by co-operating illegally. The Office of Fair Trading (OFT) issued a provisional finding alleging that the Mercedes-Benz unit of German automotive group Daimler AG and five UK auto dealers were involved in [...]
Pursuit dives after update June 28, 2012 Shares in fluid technology firm Pursuit Dynamics suffered losses yesterday after it said current year revenues are expected to be around £1m – disappointing investors who had hoped that the company would win more exclusive contracts. The firm also said it plans to reduce its head-count to 40 from the current level of 61. As [...]
Pubbers in need of an everyday treat boost Greene King June 28, 2012 GREENE King’s full year results suggest that the pub industry, if anything, is recession resilient. The pub operator and brewer posted record pre-tax profits of £152m, up 8.6 per cent on the year before, as revenues jumped 9.4 per cent to £1.14bn. Chief executive Rooney Anand told City A.M., “After reaching the £1bn turnover landmark [...]
