Reckitt shares soar on takeover October 26, 2010 Shares in Reckitt Benckiser rose 31p to 3,449p at one stage yesterday before closing 114p lower at 3,436p after EU competition watchdogs gave the green light to its takeover of Durex condoms maker SSL. The Cillit Bang to Nurofen painkiller group is disposing of SSL’s brands for mouth pain relief products in the UK and [...]
FTSE 100 hits six-month high on US and European results October 21, 2010 Britain’s leading shares surged to a six-month closing high yesterday, led by miners, as UK investors were buoyed by strong earnings in the US and Europe, but TUI Travel fell after reporting accounting errors. Europe’s largest travel firm TUI Travel slumped more than 11 per cent after it revealed its finance chief would quit and [...]
Reckitt fined £10m for restricting competition October 15, 2010 HOUSEHOLD products giant Reckitt Benckiser has agreed to pay a fine of £10.2m after admitting to abusing its market position for the supply of heartburn drug Gaviscon. The Office of Fair Trading (OFT) had launched a probe into allegations that the company had restricted competition in the supply of heartburn medicines to the NHS. The [...]
New wave of M&A has profit potential for spread betters August 1, 2010 IT HAS been a veritable whirlwind of good old-fashioned company matchmaking of late and especially so here in Britain, thanks to the sharp depreciation in sterling. In May, UK manufacturer Chloride was snapped up by its American rival Emerson. More recently, International Power revived merger talks with French energy firm GDF Suez, household goods group [...]
DEFEND YOUR PORTFOLIO IN TOUGH TIMES July 27, 2010 MANAGING DIRECTOR, ARTEMIS SO NOW we know. The economic environment is “unusually uncertain”, apparently. Ben Bernanke, chairman of the US Federal Reserve, has confirmed what everyone knew already. Reform – in particular the discharge of debt – has to take place in the midst of the western world’s inevitable and longstanding entanglements, obligations and historical [...]
Reckitt profit up but warns over growth July 26, 2010 CONSUMER goods maker Reckitt Benckiser warned of shrinking European growth and posted its first ever quarter-on-quarter underlying sales dip in the region yesterday. The British group, which makes nearly half its sales in Europe, said growth had virtually disappeared in its markets there. However, Reckitt saw a 21 per cent rise in second quarter overall [...]
Reckitt Benckiser profit up 23pc July 26, 2010 CONSUMER goods group Reckitt Benckiser saw net profit rise 23 per cent to £380m, in the second quarter. Sales rose to £2.1bn from £1.9bn in the same period last year. Reckitt, which agreed to buy durex-maker SSL for £2.54bn, said if its offer was successful it hoped to close the deal in the fourth quarter [...]
BEST OF THE BROKERS July 22, 2010 RECKITT BENCKISER Execution Noble rates Reckitt Benckiser as “sell”, with a fair value of 3,106p. Execution believes the SSL deal makes strategic sense, but cites the timing of the deal as evidence of increased competition in the company’s core categories and expects continued evidence of this in second quarter results next week. MORGAN STANLEY JP [...]
Merger mania grips the City July 21, 2010 A SUMMER flurry of corporate activity gathered pace yesterday as SSL, the maker of Durex condoms, agreed a £2.5bn takeover offer from Reckitt Benckiser, and the owners of United Biscuits put the firm up for sale. Shares in SSL soared 33.5 per cent to £11.77 after the board recommended the FTSE 100 household goods company’s [...]
Reckitt agrees £2.5bn bid for Durex maker July 21, 2010 CONSUMER goods group Reckitt Benckiser yesterday agreed to buy Durex condoms and Scholl sandals maker SSL International for £2.5bn in cash to increase its presence in the health and personal care markets. The Anglo-Dutch maker of Nurofen painkillers, Strepsils and Lemsip cold remedies, said SSL stockholders would receive 1,171p a share. Regulators and investors are [...]