Russian iron firm plans London IPO February 13, 2011 RUSSIA’S biggest iron ore producer is planning to sell 20 per cent of its shares on the London Stock Exchange, valuing the company at £12.3bn. Metalloinvest, which is half-owned by oligarch Alisher Usmanov, could be launched into the FTSE 100 by the listing. The company has appointed Deutsche Bank, Merrill Lynch and Credit Suisse to [...]
London snubbed by Russian Papa John’s February 13, 2011 THE RUSSIAN franchise of Papa John’s, the global pizza chain, has snubbed London to list on the Frankfurt Stock Exchange. Worldwide Papa’s, which operates four outlets in St. Petersburg under the American brand Papa John’s, will today begin trading in Germany. The development comes after a slew of Russian companies pulled plans to list in [...]
BP offers TNK-BP a role in Rosneft deal February 11, 2011 BP has offered its Russian venture TNK-BP a chance to join its partnership with Rosneft, TNK-BP’s deputy CEO has told reporters, signalling a possible resolution to a row. “We had an offer from BP … about its agreements with Rosneft. For the company, obviously, the partnership would be interesting,” Maxim Barsky told reporters on a [...]
Russian IPOs pulled due to Egypt unrest February 10, 2011 NORD GOLD, the gold mining unit of steel giant Severstal, has become the latest Russian firm to scrap plans for a London initial public offering (IPO). The miner, led by billionaire Alexey Mordashov, is the latest casualty of the ongoing volatility in emerging markets, fuelled by unrest in Egypt. Nord Gold had been seeking to [...]
BP’s Russian deal is put on hold until March by arbitration panel February 10, 2011 BP must wait until at least March to learn the fate of its £10bn share-swap with Russian oil firm Rosneft, after an arbitration tribunal yesterday extended the injunction blocking the deal. Russian investor group AAR, which owns half of BP’s Russian venture TNK-BP, obtained an injunction last week to halt the deal until 25 February [...]
Jaeger moves into Russia February 10, 2011 Jaeger has signed a deal with JamilCo, one of Russia’s leading luxury brand distributors, to bring the British brand to Russia. The first two stores are set to open in spring 2011 in Moscow, with more to follow in autumn 2011 in Moscow and St. Petersburg. “We are delighted to be expanding into the Russian [...]
ALSO OUT THIS WEEKEND February 10, 2011 FILMS JUST GO WITH IT Rom com with Adam Sandler and Jennifer Anniston. For masochists only. YOGI BEAR New animated version of the Sixties cartoon, with Dan Ackroyd on “pick-a-nick basket” duties. SON OF BABYLON Iraqi drama about a boy and his grandmother in the chaos of modern Iraq. DVD EAT PRAY LOVE Julia Roberts [...]
Everyone gets their 15 minutes of fame February 9, 2011 THAT the merger between the London and Toronto Stock Exchanges was old news by the end of the day on which it was announced is indicative of just how quickly consolidation in the sector is moving. By the afternoon, Deutsche Börse and NYSE Euronext had stolen the limelight, announcing they were in advanced talks to [...]
Telenor upbeat on 2011 gains February 8, 2011 NORWAY’S Telenor took a fresh swipe at its estranged Russian affiliate Vimpelcom yesterday as it reported earnings, saying the company has taken its eye off the ball at home as it pursues expansion abroad. Telenor’s adjusted earnings were 7.18bn crowns (£769m) in October to December, compared with 6.93bn a year earlier and a 6.92bn average [...]
What the other papers say this morning February 7, 2011 FINANCIAL TIMES SEC EYES MORTGAGE DISCLOSURES US securities regulators investigating the role of banks in the mortgage crisis are homing in on the question of whether investors were misled about the home loans used to back securities. The Securities and Exchange Commission and other regulators have been investigating a wide range of banking activities in [...]