What the other papers say this Morning October 18, 2012 FINANCIAL TIMES ArcelorMittal explores iron ore sale ArcelorMittal is exploring the sale of a stake in its $10bn Canadian iron ore business, as the world’s biggest steel company struggles to cope with the downturn in its key commodity. People familiar with the matter said ArcelorMittal had appointed advisers and had been sounding out potential buyers [...]
Redrow extends bid deadline October 4, 2012 The Takeover Panel has given Steve Morgan, the chairman and founder of Redrow, an extra two weeks to table a bid for the housebuilder. Morgan’s vehicle Bridgemere Securities, which is bidding with Penta Capital and Toscafund Asset Management, made a preliminary 152p approach in August, valuing the firm at £562m. Bid talks are understood to [...]
Fidelity set to oppose Redrow bid September 23, 2012 Redrow’s third largest shareholder is set to oppose the proposed bid by Steve Morgan, the housebuilder’s founder and executive chairman to take the company private for about £660m. Fidelity Worldwide Investments, which together with its US counterpart, owns 10.5 per cent of Redrow, said Morgan’s offer was “opportunistic” and plans to oppose the plans, according [...]
Public finances put chancellor in the spotlight September 16, 2012 CHANCELLOR George Osborne will be under the spotlight again this week, with the release of the UK’s public finance figures for August. Last month’s shock news – that the deficit grew by £600m rather than falling by £2.8bn in July – means Friday’s figures will give an even clearer indication of whether the government can [...]
What the other papers say this morning September 13, 2012 FINANCIAL TIMES Deutsche Bank urges rivals to share Deutsche Bank is seeking to convince rival investment banks to share markets and trading software in an effort collectively to lower costs for the financial industry. Law firms queue up for FSA panel City law and accountancy firms are jostling for the opportunity to earn bumper fees [...]
CITY MOVES | WHO’S SWITCHING JOBS August 1, 2012 Freshfields Freshfields Bruckhaus Deringer, the law firm, has appointed David Trott as its new global head of finance. He currently serves as head of its London banking practice, and will replace Alan Newton. Additionally, head of restructuring and insolvency, Ken Baird, will become managing partner of the firm’s London finance practice. Revetas Capital Advisors Ian [...]
Jittery FTSE 100 swings to a gain as traders fret over Spain’s prospects June 12, 2012 BRITAIN’S top share index ended higher yesterday after another volatile session, recovering from a fall in the afternoon as Spanish bond yields hit their highest levels of the euro era on worries about the impact of its banking bailout. Initial relief over an aid deal agreed on Saturday for the country’s banks has quickly turned [...]
Redrow chairman ups stake after fundraising May 15, 2012 HOUSEBUILDER Redrow said yesterday that shareholders took up just a quarter of the £80m-worth of new shares it offered them in April, leaving its chairman in control of 40 per cent of the Flintshire-based company. Shareholders took up just over 12m shares – or 26.3 per cent – leaving the remaining 34m to go to [...]
Redrow to raise £80m to help fund expansion April 24, 2012 SHARES in housebuilder Redrow rose by almost eight per cent yesterday after it said it would raise about £80m to increase investment in London and outside the capital, in a move that could raise the stake of its executive chairman to above 40 per cent. The company, one of the smaller London-listed housebuilders, said it [...]
Redrow’s family focus pays off February 23, 2012 Housebuilder Redrow said its recovery looked set to continue after a strong start to the second half as it reported an 80 per cent jump in first half profit, driven by a focus on higher priced family houses. The company delivered a pre-tax profit of £15m in the six months to 31 December on revenue [...]