Temasek hires BoAML high-flyer August 19, 2010 Singaporean investment group Temasek has hired Gregory Curl a former top executive at Bank of America Merrill Lynch to oversee its holdings in the US. Curl retired from the bank in March but was respected for his work on its investments in China. He is one of several high profile hires in recent months as [...]
FTSE falls to lowest level in a month on US jobless figures August 19, 2010 BRITAIN’S top share index fell to its lowest close in a month yesterday, as weak US labour and other data cast further doubt on the strength of the global recovery and as oil stocks fell on lower crude prices. The FTSE 100 fell 91.58 points, or 1.7 per cent, to 5,211.29 points, the lowest close [...]
Potash on hunt for a white knight August 18, 2010 CANADIAN fertiliser firm PotashCorp yesterday signalled its intention to court potential “white knight” bidders, after mining giant BHP Billiton turned hostile with its own $40bn (£25.6bn) offer. PotashCorp has roundly rebuffed its suitor’s preliminary overtures, describing the $130-a-share offer as “grossly inadequate”. Sources close to the Canadian firm yesterday indicated it would now actively seek [...]
Oz mining tax under threat August 18, 2010 MINING groups are nervously awaiting the results of a closely fought election in Australia, as current Prime Minister and mining tax enthusiast Julia Gillard fights to keep her job. Gillard travelled to Western Australia yesterday, where the 30 per cent mining supertax is set to come into force in 2012, to appeal to voters ahead [...]
Poison pill still a headache for BHP’s bid August 18, 2010 BHP BILLITON’s $40bn (£25.6bn) bid for PotashCorp could yet hit a hurdle because of the Canadian fertiliser giant’s “poison pill” defence, it emerged yesterday. BHP is waiting on the details of the shareholder rights plan implemented by PotashCorp on Tuesday, but the global miner could have to go to court to overturn the measure if [...]
BHP Billiton August 18, 2010 AS the late Wall Street legend Bruce Wasserstein was famed for saying, it’s time for BHP Billiton’s advisers to start “bidding ‘em up”. Because there is quite simply no way the miner will get its hands on Canada’s Potash for $130 (£83.32) a share, an offer that values the fertiliser giant at around $40bn. There’s [...]
FTSE falls as economic woes hit banks and commoditiesTHE LONDON REPORT August 18, 2010 Banks and commodity stocks pushed Britain’s top shares lower yesterday, with worries over the global economic recovery knocking sentiment and weak volumes exacerbating stock moves as the FTSE 100 remained range-bound. The FTSE 100 closed down 47.68 points, or 0.9 per cent, at 5,302.87 after ending 1.4 per cent higher on Tuesday at 5,350.55 for [...]
THE TIPSTER August 18, 2010 TODAY’S interim results from Cineworld will be essential viewing with the cinema chain set to post a decent performance helped by good revenues from popular 3D films, including Avatar and Toy Story 3. In spite of the negative impact of the World Cup, which kept people away from the big screen, along with the spell [...]
BHP Billiton launches hostile bid for Potash August 18, 2010 BHP Billiton, the world’s biggest miner, has launched a hostile $39bn (£24.9bn) bid for Potash Corp after the Canadian fertiliser group’s board rejected the world’s largest takeover offer this year. BHP Billiton said it was submitting it directly to shareholders and bypassing Potash Corp’s board, which a day earlier called the bid of $130 a [...]
Poison pill hits BHP’S $39bn bid August 17, 2010 CANADIAN fertiliser firm PotashCorp yesterday snubbed a mammoth $39bn (£25bn) indicative offer from mining giant BHP Billiton, moving swiftly to shield itself by invoking a “poison pill” defence outlawed in the UK. PotashCorp, which described the $130-a-share cash offer from BHP as “grossly inadequate”, launched a shareholder rights plan defence, giving it the ability to [...]