Man United drops Asia IPO for US June 13, 2012 Manchester United, the world’s best-supported football club, has ditched its plans for an Asian stock market flotation and is preparing to list in the United States, according to sources with knowledge of the deal. After first eyeing a Hong Kong IPO, the Premier League runners up, owned by the Glazer family, had planned a $1bn [...]
Zara owner Inditex bucks EU gloom with sharp profits rise June 13, 2012 INDITEX, the Spanish fashion retailer behind Zara and Massimo Dutti, has posted a sharp rise in first quarter earnings amidst volatile conditions and poor consumer demand in Europe. Sales rose to €3.4bn (£2.8bn) in the three months to 30 April, up 15 per cent on last year while net profit jumped by 30 per cent [...]
UBS losses on Facebook set to soar to $350m June 10, 2012 UBS is thought to have lost up to $350m (£226m) on the botched Facebook float last month. The Swiss investment bank racked up the losses, far higher than those initially estimated, after placing an order for one million shares in the social networking giant. When it did not receive confirmation of the trade it repeated [...]
Diageo looks at new listing in Hong Kong June 10, 2012 DRINKS giant Diageo is looking at a potential listing of its shares on the Hong Kong stock exchange to help boost its expansion plans in Asia, part of its overall drive into fast growing emerging markets. The world’s biggest spirits group already has its shares listed on the London and New York stock exchanges and [...]
Wonga criticised as it looks at American dream of a flotation June 5, 2012 WONGA is set to float in the US in a listing that could value the controversial payday loans firm at more than £1bn. It is considering joining Nasdaq or the New York Stock Exchange next year in another blow to the London stock exchange. It is believed to be choosing an investment bank to help [...]
Graff Diamond’s Hong Kong adventure ends in disaster May 31, 2012 IN an ideal world, ahead of the Jubilee weekend, we would now be looking forward to the listing of Graff Diamonds shares in London. Graff’s history is London through and through. Founder Laurence Graff started as a jewellery apprentice here in 1950 and then 12 years later opened his first two stores in the capital. [...]
Hopes of euro bailout lift stocks as Facebook dives May 29, 2012 US stocks rose yesterday as signs Greece would stay in the Eurozone were enough to spark buying in what has been a weak month for equities, while Facebook plumbed new lows on high volume. Wall Street has swung back and forth on shifting signals coming out of Europe. More than three issues rose for every [...]
The Facebook debacle deserves a reaction from London May 28, 2012 THE controversies surrounding the historic $104bn flotation of Facebook in the US should have reminded all of us that although the New York financial markets may currently be the place to go for technology flotations, they are not infallible. What is disappointing is that with so much wrangling about how the float was handled, very [...]
Investors have chance to snap up photo agency Getty Images May 22, 2012 PHOTO agency Getty Images could be on the market after its owners appointed advisers to consider a potential sale or IPO. Hellman & Friedman, the US private equity fund which bought the business for $2.4bn (£1.5bn) four years ago, is understood to be working with Goldman Sachs and JP Morgan Chase to help it decide whether [...]
Borrows set to reign at 3i after Queen leaves May 13, 2012 TOP City rainmaker Simon Borrows is set to be named this week as chief executive of 3i, Britain’s oldest private equity firm. Borrows, who joined as chief investment officer last summer, will take over from Michael Queen, who in March announced his intention to step down. The promotion of Borrows will surprise few in the [...]