WHAT THE OTHER PAPERS SAY THIS MORNING May 22, 2011 FINANCIAL TIMES BAIN PULLS OUT OF RAC AUCTION Bain Capital has pulled out of the bidding for RAC, the roadside rescue business of UK insurer Aviva. The US private equity group last week dropped out of the auction after bidding less than its rivals, people close to the situation said. That leaves Carlyle, Clayton Dubilier [...]
TNK-BP to pay dividend: report May 22, 2011 Russian oil venture, TNK-BP, is set to spend almost all of its 2010 profit in the form of a dividend, business daily Vedomosti said, citing two sources at TNK-BP. The newspaper said the board of TNK-BP Holding, the traded unit of TNK-BP, recommended paying 3.85 (8p) rubles per share on fourth-quarter dividend, or 59.47bn rubles [...]
CARLO’S FIRED ON SURVIVAL SUNDAY May 22, 2011 Ancelotti pays the price for trophyless season as Chelsea owner Abramovich wields the axe again ANCELOTTI SACKED AFTER CHELSEA END WITH A LOSS ++ BLACKPOOL DOWN AFTER DEFEAT AT MAN UTD ++ BIRMINGHAM CONDEMNED BY SPURS LATE SHOW ++ WIGAN AND WOLVES ESCAPE ON FINAL DAY ++ CHELSEA kick-started their summer revolution by firing manager [...]
HMV in £53m deal to sell Waterstone’s May 20, 2011 HMV has agreed a deal to offload its Waterstone’s book chain to a fund headed by Russian billionaire Alexander Mamut for £53m. Mamut already owns six per cent of HMV which has been struggling as downloads have hit its CD business, while sales at online retailers like Amazon have also taken off. The sale to [...]
BEST OF THE BROKERS May 19, 2011 ICAP Goldman Sachs rates the inter-dealer broker “buy” with a 12-month target price of 640p. Goldman thinks ICAP is well-placed to benefit from the structural flux of the over-the-counter markets and was reassured by results on Wednesday. KINGFISHER UBS rates the retail group “buy” and has raised its target price from 285p to 310p ahead [...]
Glencore stock starts trading May 18, 2011 CONDITIONAL trading kicks off in the biggest float in London’s history this morning, with newly issued shares of commodity giant Glencore expected to open at a price of 530p. That would be precisely in the middle of the 480-580p price range it set before its investor roadshow. The price values the company at $60.1bn or [...]
Russia leaves door open for fresh BP deal May 18, 2011 BP’S hopes of teaming up with Rosneft were raised yesterday, when the Russian state-owned giant said talks could continue past Tuesday’s deadline for a planned £10bn share-swap. Rosneft said the new proposals “go… beyond the scope of the earlier agreements with BP”, a nod to the possibility of involving BP’s Russian joint venture TNK-BP, which [...]
Sechin snubbed by Medvedev over BP failure May 18, 2011 Russian President Dmitry Medvedev rapped premier Vladimir Putin’s top dealmaker on Wednesday for lapses that contributed to the collapse of a major oil deal between Rosneft and BP. The $16bn (£9.9bn) share swap and Arctic exploration pact, masterminded by Putin’s deputy Igor Sechin, fell apart on Monday when BP and Rosneft failed to agree on [...]
Why BP’s Arctic venture went sour May 17, 2011 LIGHTNING really has struck twice for Bob Dudley, BP’s beleaguered chief executive. Hounded out of Russia by the partners in BP’s joint venture project BP/TNK, of which he was head, Dudley went on to take the top job at BP following the Gulf of Mexico oil spill. Hailed as the man to take the oil [...]
BP rivals circle as Rosneft deal axed May 17, 2011 BP’S RIVALS are circling Russian firm Rosneft after the oil group’s historic plan to gain access to the Arctic oil reserves finally collapsed yesterday. BP’s difficulties with Russian partner AAR have not deterred Chevron, Shell and Exxon, who yesterday all said they were in talks with Rosneft over a variety of new projects. Exxon and [...]