Vodafone wins key support for £1bn CWW deal June 18, 2012 VODAFONE’S £1.04bn offer for Cable & Wireless Worldwide was yesterday approved by shareholders after the bid’s main objector withdrew its opposition. After weeks of threatening to vote against the deal, fund manager Orbis – which owns 19 per cent of CWW’s stock – surrendered yesterday morning after the telecoms company revealed it already had the [...]
Crunch time as Vodafone faces the CWW vote June 17, 2012 THE WAIT is over. Vodafone will today find out whether its 38p per share offer for Cable & Wireless Worldwide is attractive enough to win over the telco’s stakeholders. The deal will this morning be put to CWW’s shareholders, two months after Vodafone unveiled the £1.04bn offer that would make it the UK’s second largest [...]
Banks rally fuelled by emergency credit plan June 15, 2012 The FTSE 100 saw rises fuelled by a rally in banking shares as the Government and the Bank of England announced plans to pump in £100bn of credit into the economy. Emergency measures to breathe new life into the economy were unveiled by Chancellor George Osborne last night with the money printing presses to be [...]
Investors call foul to Sky and BT’s footy deal June 14, 2012 UNIMPRESSED investors yesterday drove down the price of shares in BSkyB and BT after the companies announced they had agreed to pay a collective £3.018bn for the right to broadcast the Premier League’s games. At an average £6.53m per match, the deal will plough an extra 70 per cent into the Premier League’s pockets. Shares in [...]
Spanish worry keeps FTSE low June 14, 2012 BRITISH blue chips dipped yesterday, edging down towards recent six-month lows as a surge in Spanish bond yields to record highs cast the spotlight back onto the problems in top trading partner the Eurozone. Uncertainty ahead of Greek elections at the weekend – which may decide whether the country stays in the currency or opts [...]
Sky under threat as BT takes fight to football rights June 14, 2012 BSKYB’S delight at remaining the primary broadcaster for live football in the UK is not unreserved. Increased competition from the likes of Al Jazeera and ESPN has forced it to pay handsomely for the privilege, and the entry of BT into the market threatens its pre-eminence more powerfully than any of its previous competitors have [...]
BSkyB and BT spent £3bn to show Premier League June 14, 2012 Shares in BskyB and BT have fallen after markets reacted to their decision to pay £3bn to receive legal rights to broadcast English Premier League football. BSky’s shares fell by seven per cent and BT’s by three per cent. BT is to show 38 games a season in 2013-14 and the remaining 116 games will [...]
Eurozone concerns and football bid war keep FTSE pinned back June 14, 2012 The FTSE 100 fell back in early trading, reversing the previous session’s gains, with Eurozone concerns dominating after Spain’s debt rating was downgraded and Italy faces up to a crucial bond auction. Last night credit ratings agency Moody’s slashed its rating on Spanish government debt by three notches to ‘Baa3’ from ‘A3’, saying the newly-approved [...]
Premier League’s £3bn TV bonanza June 13, 2012 BT shot into the lucrative world of Premier League football yesterday, splashing out £738m to share domestic rights with BSkyB as the cost of broadcasting live games rocketed by an eye-watering 70 per cent. Fierce competition for the rights, believed to have involved channels such as Al Jazeera and current holders ESPN, saw the price [...]
Mouchel warns its investors to brace for losses June 11, 2012 INFRASTRUCTURE expert Mouchel saw its stock plummet yesterday after it warned that its restructuring options were limited and existing shareholders would be all but wiped out under the plans. The company has issued a string of profit warnings and has been seeking fresh funds to get it back on track. “All the options being considered [...]