Misys finally admits to bid June 21, 2011 MISYS surged almost nine per cent yesterday after confirming it has received a preliminary bid. One analyst described the move as the “end game” for the firm, which has been subject to takeover speculation for almost a year. The unnamed suitor is thought to be a US-listed financial software firm, with Merrill Lynch understood to [...]
INVESTMENT BANK OF THE YEAR | The Shortlist day 3 June 21, 2011 This hasn’t been the easiest of times for investment banks but there are signs that deal activity, at least, is picking up to more normal levels. We have chosen JP Morgan because, as ever, it has shown itself to be strongly placed in most markets. Bank of America Merrill Lynch is something of a recovery [...]
CITY MOVES | WHO’S SWITCHING JOBS June 21, 2011 Linklaters The law firm has appointed Michael Cutting as global head of competition and Sir Christopher Bellamy (pictured) as chairman of the practice, both effective from 1 July. Cutting, who has been a partner at the firm since 2005, specialises in banking, energy and utilities competition law, and takes over from Gerwin Van Gerven, who [...]
FTSE gains after commodity rally and flurry of M&A bids June 21, 2011 BRITAIN’S leading shares pushed higher yesterday, led by rallying commodity stocks and banks as investors awaited a vote of confidence in the Greek Parliament. The vote, due after the London market close, is seen as a key step towards the passage of more spending cuts in exchange for foreign emergency loans. “What equity markets need [...]
A HAVEN OF FREE TRADE SHOWS THE WAY TO CHINA’S OPENING MARKETS June 21, 2011 HEAD OF PRODUCT, BARCLAYS STOCKBROKERS THIS week takes us to Asia-Pacific; to Australia, Hong Kong and Singapore. All three offer investors access to China but none more so than Hong Kong. FRAGRANT HARBOUR Hong Kong is Asia’s second largest exchange by market capitalisation and was formed in 1980 by a merger between the Far East [...]
Apollo firm buys £220m Rexam assets June 20, 2011 REXAM, the FTSE 100 packaging maker, has signed a deal to sell its closures business, which makes bottle lids, to US manufacturer Berry Plastics for $360m (£222m). The deal was announced to markets yesterday following a report in City A.M. on Friday that Berry, owned by US private equity giant Apollo, had been in exclusive [...]
Banks hit by Greece loan delay June 20, 2011 Banking stocks took a pummeling in early trading today as Eurozone ministers stalled on loan payments to Greece creating more uncertainty surrounding the beleaguered country. Ministers said Greece would need to introduce harsh austerity measures before it received the 12bn euros (£10.6bn) in loans. The FTSE 100 was dented by the news and European markets [...]
Old Vic Productions in money drama June 19, 2011 Old Vic Productions, which co-produces and invests in shows from the West End to Broadway, has revealed a full-year pre-tax loss of £630,423 for 2010. The company has decided to close a US tour of Billy Elliot the Musical after the show’s Toronto run. The company, chaired by Barclays chief executive, Bob Diamond, said losses [...]
CITY MOVES | WHO’S SWITCHING JOBS June 16, 2011 Dalton Strategic Partnership The investment manager has appointed Keith Busuttil as an analyst on the European Absolute Return equities team, based in London, where he will work on the Melchior European equity long short strategies. Busuttil joins DSP from The Blackstone Group, where he was vice president in the European Debt Restructuring team. Prior to [...]
BEST OF THE BROKERS June 16, 2011 BARCLAYS Deutsche Bank rates the bank “buy” with a target price of 386p. The broker notes that Barclays was keen to stress its flexibility in the face of regulatory shifts at a recent investor day, forecasting a 15 per cent return on equity for BarCap in 2013 even if revenues are subdued by rule changes. [...]