Etalon aims to raise up to $650m in London float April 4, 2011 RUSSIAN property developer Etalon started its European investor roadshow yesterday ahead of its bigger-than-expected $650m (£403m) London float planned for later this month. Etalon said yesterday it plans to offer its stock at between $7 to $9 per share – valuing the firm at between $2.06bn and $2.51bn. The company, which develops high-end residential properties [...]
BP returns to Gulf of Mexico well drilling April 3, 2011 BP PLANS to return to deepwater oil production in the Gulf of Mexico this summer – just over a year after the Transocean oil spill disaster, sources told City A.M. yesterday. It reached a deal with US regulators to enable the oil major to resume drilling work on ten wells halted since the explosion and [...]
SUEK set to join FTSE 100 in June IPO April 3, 2011 RUSSIAN coal giant SUEK is likely to join the FTSE 100 when it floats in a London IPO in June. The group’s intention to tap investors for around $1bn (£623m) this summer was first revealed in City A.M. last Thursday. With a valuation of between $5bn and $10bn, the group – the Siberian Coal Energy Company in [...]
THE TIPSTER April 3, 2011 THIS week sees a fourth quarter trading update from Marks & Spencer. The impact of the VAT hike, rising commodity prices and careful consumers will make for interesting reading. With so many others on the high street struggling, there is no real hope of a good performance from M&S. Overseas ambitions may well help in [...]
Rusal trebles profits after bumper year March 31, 2011 RUSAL, the world’s top aluminium maker, said its 2010 net profit more than tripled, beating forecasts, and expects strong global demand for the light metal to continue this year. RUSAL shares rose more than four per cent to their highest level in more than a month, outperforming a 0.4 per cent rise in the broader [...]
Petropavlovsk suffers hit from iron ore start-up costs March 31, 2011 RUSSIAN miner Petropavlovsk posted a 10 per cent fall in full-year profit due to start-up costs at its IRC iron ore subsidiary and higher gold production costs. Underlying earnings, before exceptional items including IRC, fell to $205m (£127m), beating the $191m consensus of eight analysts provided by the company. Revenue rose 30 per cent to [...]
Russia’s deputy premier to leave Rosneft chair March 31, 2011 Russian president Dmitry Medvedev has ordered top ministers to quit the boards of major state firms, launching a drive to separate politics from business less than a year before a presidential election. The most prominent target of the shakeout was Igor Sechin, a deputy premier with sweeping control over energy policy who as chairman of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 30, 2011 FINANCIAL TIMES CHRISTIAN CANDY TO RESELL GOLD SHARES Christian Candy, the property developer, is to sell shares back to minority investors in a gold mining company after his attempt to take the mine owner private was thwarted. The agreement is part of a deal that could strengthen the rights of small investors. It is set [...]
June IPO planned for SUEK March 30, 2011 RUSSIAN coal giant SUEK is planning a $1bn (£623m) float in London by the end of June, City A.M. has learned. The float is being shopped around some of the world’s biggest investors in commodities during pre-marketing meetings in London, with BlackRock and Renaissance Capital having been approached. The deal, which is being led by [...]
Bribery Act to hit Olympics March 30, 2011 THE BRIBERY Act could hit corporate hospitality bookings at the London 2012 Olympic games, despite assurances that it is not intended to target “genuine” hospitality. In the long-awaited guidance to the Act, released yesterday after a delay of more than two months, the Ministry of Justice sought to reassure companies that “bona fide hospitality…is recognised [...]