Sberbank heads to US to find investors April 25, 2011 THE CHIEF executive of Russia’s largest lender, Sberbank, is to tour the United States this week to court potential investors ahead of a privatisation expected to start later this year. Herman Gref and other top managers are visiting the US this week to meet the largest fund managers and institutions. The state-owned lender, which has [...]
All Saints edges closer to sale amid administration fear April 25, 2011 HIGH street fashion retailer All Saints is set to complete a sale to US private equity house Goode Partners by the end of this week, despite fears its creditors could put it into administration. Sources close to the process said the US firm was “leading the deal” to buy all of the ordinary shares in [...]
Russian oil group Rosneft launches a share buyback April 20, 2011 RUSSIA’S top crude producer, Rosneft, announced a share buyback programme yesterday as the company continues to negotiate its $16bn (£10bn) share swap deal with BP. Rosneft said it will start with $100m to $200m worth of shares buyback in coming months, sending its share price up 1.7 per cent. The company also said that its [...]
BEST OF THE BROKERS April 20, 2011 BERKELEY GROUP HSBC has upgraded the housebuilder’s rating from “neutral” to “overweight” and has raised its target price by 340p to £12.30. The broker has raised its forecasts and ratings for a number of British residential property firms after government support for new builds in the Budget and a growing resilience in prices. HSBC sees [...]
WPP buys German firm Commarco April 19, 2011 WPP yesterday agreed to buy German marketing company Commarco from private equity firm Cognetas for an undisclosed sum. A source close to the matter said the price was about €150m (£132m). Chief executive Martin Sorrell said Germany, along with Poland and Russia, is showing signs of strength. The advertising agency group says it is sticking [...]
Nomos prices share offer to raise £443m April 18, 2011 RUSSIAN private bank Nomos has priced its London share offer at the higher end of expectations, as the faltering market for listings in the capital begins to show signs of life. Nomos will look to sell ordinary shares in Moscow for $35 (£21) apiece, while it will sell global depository receipts (GDRs) for $17.50 per [...]
Dividends hit £15bn as FTSE ups payouts April 17, 2011 UK dividends soared by an underlying 7.9 per cent to £15bn in the first quarter of 2011, according to a survey published today. The rise represents a £1.4bn lift compared with the same period last year and the largest quarterly growth for three years. The strong first quarter means dividend experts Capita Registrars, who carried [...]
Russia looks to alter web laws April 17, 2011 Russia is looking to the experience of other countries, including China, to “regulate” internet use, though Moscow has no plans to broaden web censorship, a government spokesman said. Weeks after hacker attacks temporarily closed down the country’s most popular blog site, a state tender calling for research into “foreign experience in regulating” the internet has [...]
Protests mar BP’s meeting April 14, 2011 BP management faced angry protests from shareholders yesterday, as investors concerned about Russian deals, tar sands projects and the Gulf of Mexico disaster gave the company a bloody nose in the annual vote. BP said yesterday that prospective Russian partner Rosneft has given the firm more time to clear the path for its £10bn share [...]
SHAREHOLDER VIEWS: WERE YOU HAPPY WITH BP’S AGM? April 14, 2011 “It was a very good BP shareholder meeting, and I’ve been to a few. I think the board were very forthright and got their points across. I had some questions about the Gulf and the chief executive answered them in his speech.” JAMIE JOHN | BRIDGEND “I was mostly interested in how my shares were [...]