B&B Investment Partners flexes muscles with PhD Nutrition deal November 16, 2014 London-based investment fund B&B Investment Partners yesterday announced the acquisition of PhD Nutrition, a leading producer of protein powder and nutrition bars. The deal is worth approximately £20m, a source close the negotiations told City A.M.. PhD has become a recognised brand in the fast-growing sports nutrition market since it was co-founded by Jason Rickaby [...]
Buffett recharges with $3bn Duracell bid November 13, 2014 WARREN Buffett’s Berkshire Hathaway has agreed to acquire Proctor & Gamble’s Duracell battery business in exchange for its $4.7bn (£2.9bn) stake in P&G, the consumer goods company announced yesterday. P&G, whose brands include Pampers and Gillette, also expects to contribute around $1.8bn in cash to capitalise Duracell, known for its trademark bunny (pictured), before the [...]
SABMiller hit by disappointing Far East sales November 13, 2014 SOUTH African brewing giant SABMiller yesterday posted below-expectation earnings and a drop in margins for the first half, with the numbers hit by a poor performance in Asia-Pacific. The world’s second largest beer manufacturer recorded $3.28bn (£2.08bn) in earnings before interest, tax, depreciation and amortisation (Ebitda) in the six months to the end of September. [...]
Latham advises on largest IPO in Middle East November 13, 2014 US INTERNATIONAL law firm Latham & Watkins announced yesterday it had advised Saudi Arabia’s largest bank, The National Commercial Bank, on its 22.5bn rand (£3.8bn) initial public offering (IPO). The largest ever in the Middle East, the IPO was for 25 per cent of NCB’s shares at an offer price of 45 rand per share. [...]
Simmons & Simmons raids rival Dentons for key Africa specialist November 13, 2014 London-based international Law firm Simmons & Simmons has raided competitor Dentons for its Africa specialist Paul Bugingo (pictured). Bugingo joins Simmons as a partner, as the law firm looks to expand its Africa group and energy and infrastructure sector. He comes from being former relationship chair of Dentons’ Africa Steering Committee. He was a leading [...]
Capita’s bid pipeline dries November 12, 2014 UK OUTSOURCING firm Capita saw its share price fall 6.51 per cent to 1,048p yesterday after it revealed recent contract losses and a decreasing bid pipeline. The company said it had obtained £1.63bn in new contracts in the year to date, dropping from £2.9bn in the same period last year. Its bid pipeline also dropped [...]
Income hike for Punch Taverns November 12, 2014 UK BAR and pub operator Punch Taverns yesterday announced its core estate had achieved 1.3 per cent growth in like-for-like net income for the year ending 24 August. The Staffordshire-based company also successfully completed its capital restructuring process, reducing its total net debt by £600,000. The company said it was “delivering [its] business plan with [...]
Apax and Bain Capital launch bid for Oi’s Portugal Telecom November 12, 2014 Private equity firms Apax Partners and Bain Capital have launched a joint bid to acquire Portugal Telecom from Brazilian telecoms giant Oi for an enterprise value of €7.075bn (£5.57bn). The offer was for “certain assets” of PT Portugal, Oi confirmed in a statement. Those target assets exclude the company’s debt and its investments in Africa [...]
InterContinental share price rises after hotel group rejects Marcato report suggesting merger would see share price double November 11, 2014 Activist US hedge fund Marcato Capital Management yesterday lit a fuse under the independence of British hotels giant InterContinental Hotels Group by calling for the firm to actively seek a merger, claiming it could double its share price. The San Francisco-based Marcato also publicly released a report it had commissioned from LA-headquartered financial advisers Houlihan [...]
Caterham F1 raises £1.2m in crowdfunding project as possible buyers begin to surface November 11, 2014 Potential buyers have emerged for Caterham F1, with the cash-strapped Formula One team having raised over £1m in crowdfunding in just 48 hours. The team is looking to raise £2.35m to allow it to race in the Abu Dhabi Grand Prix on 23 November. Finbarr O’Connell, a partner from Caterham’s administrator Smith & Williamson, launched the [...]
