HAYWARD TO FINALLY QUIT BP September 11, 2011 TONY Hayward is set to finally sever his 29-year relationship with BP. The decision comes after the announcement last week he will take the helm at Genel Enerji following its takeover by Vallares. It is understood Hayward will resign his non-executive post at Russian joint venture TNK-BP. Hayward quit as BP chief executive after its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 8, 2011 FINANCIAL TIMES DEADLINE LOOMS TO OUT SECRET SUITORS Companies covertly circling UK acquisition targets are being warned by advisers that they risk the disclosure of their identities to the market in coming days if they pursue bid talks. On 19 September, the UK Takeover Panel, which regulations M&A of public companies, brings into force new rules [...]
Russian bank pounces for Austria’s VBI September 8, 2011 RUSSIAN lender Sberbank has snapped up Austrian multinational Volksbank International (VBI) in its second multi-million euro purchase of the year. An adviser on the deal said that it provides an example of how Western European banks are missing out on growth opportunities due to being embroiled in the region’s debt crisis. At a stroke, the [...]
SPORT | IN BRIEF September 7, 2011 Russia hockey stars among crash fatalities ICE HOCKEY: A leading professional ice hockey team was on board a Russian plane which crashed on take off yesterday, killing 43 people. The plane was carrying the Lokomotiv team, who play in the Kontinental Hockey League, whose website confirmed that Canadian coach Brad McCrimmon and Czech Republic internationals Jan Marek [...]
Green shoots for PhosAgro September 7, 2011 THE chief executive of PhosAgro said he did not plan to cash in his shares in the fertiliser group, as it announced its maiden results since its $538m (£337m) listing in London in July. Maxim Volkov told City A.M. he was “not inclined” to sell his stock after PhosAgro went public, in a float that [...]
BP appeals against Russian raid September 7, 2011 BP’s subsidiary BP Exploration Operating Company has filed an appeal against a Russian court ruling that allowed bailiffs to search the company’s Moscow offices last week. The search was carried out by black-clad armed bailiffs after minority shareholders in BP’s Russian joint venture TNK-BP obtained a court order against the oil major. TNK-BP is seeking [...]
Vimpelcom net income drops September 7, 2011 RUSSIAN telecoms operator Vimpelcom posted a 29 per cent fall in its second-quarter net profit yesterday, blaming higher interest and depreciation costs following its acquisition of Wind Telecom. The company, which bought a controlling stake in Italy’s Wind Telecom in April, said its net profit fell to $239m (£150m), including the results of the newly [...]
Gazprom fills Nord Stream gas pipeline September 6, 2011 GAZPROM yesterday started pumping the first gas through its controversial subsea pipeline from Russia to Germany, bypassing Ukraine, where disputes have halted energy supplies to European countries twice since 2006. The 1,220-kilometre Nord Stream pipeline is the first direct link between western Europe and Russia, which provides for around quarter of the EU’s gas supplies. [...]
BEST OF THE BROKERS September 5, 2011 INTEGRA GROUP Morgan Stanley rates the Russian oilfield services provider as “equal-weight” and lowers its target price of $2.80, implying an 18 per cent upside. The broker says the company’s first-half results were in line with expectations, reporting adjusted Ebitda of $56m and revenues of $444m. Integra’s acquisition of Siam Company for $76m, should complement [...]
CITY MOVES | WHO’S SWITCHING JOBS September 4, 2011 Troika Dialog The Russian investment bank has appointed Chris Weafer as chief strategist to develop Troika’s strategy for clients’ investments in Russia and the CIS. Weafer was formerly chief strategist for UralSib Bank in Moscow and chief strategist at Alfa Bank in Moscow. Weafer has additionally been appointed as a non-executive director of Niche, the [...]