Legal action dogs Tate & Lyle May 25, 2011 TATE & Lyle (T&L) will announce its annual results tomorrow against the backdrop of a £100m legal dispute. The conglomerate is embroiled in a complex court case with London-based firm Whitefox Technologies. The two firms are suing each other in a spat that could cost the giant in excess of £100m if it loses. There [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2011 FINANCIAL TIMES WEST COAST RAIL FACES RETURN TO STATE HANDS Britain’s most profitable train franchise could be taken back into state hands following a government decision to delay the auction of the West Coast service amid an overhaul of the rail system. Virgin Trains is due to hand back the contract to run the lucrative [...]
BEST OF THE BROKERS May 12, 2011 ITV Morgan Stanley has cut the broadcaster from “overweight” to “equalweight” and has lowered its target price by 25p to 75p following results on Wednesday. The broker has reduced its advertising forecasts for 2011 from three per cent growth to 1.1 per cent contraction, and warns that all revenue drops will filter through to ITV’s [...]
Tate & Lyle sells Vietnam branch April 20, 2011 TATE & LYLE yesterday announced that it has agreed to sell its Vietnamese sugar business in a cash deal worth £33m, subject to regulatory approval. The sale to Vietnam firm TH Milk Food Joint Stock Company is part of the firm’s efforts to address its debt pile. The transaction is conditional on the Vietnamese government [...]
BEST OF THE BROKERS April 3, 2011 TATE & LYLE RBS rates the UK speciality food producer “buy” and ups its target price from 580p to 625p following a positive trading update and the sale of its Fort Dodge ethanol plant to Cargill for £36m. Though the sale is at a significant shortfall to the £234m of investment it had made, the [...]
Tate & Lyle sells plant March 31, 2011 SWEETENERS and starches maker Tate & Lyle sold a mothballed US ethanol plant in Iowa to Cargill yesterday, and reported a performance in line with expectations before a corn co-product boost to income. The London-based group, which makes sweeteners like Splenda, starches and ethanol, said it had sold the Fort Dodge plant for $57m (£35m). [...]
Tate & Lyle to meet expectations February 1, 2011 Tate & Lyle expects to make progress for its full-year after seeing broadly similar margins, having fixed prices for its 2011 North American pricing round for its corn sweeteners and starches. The company also said yesterday that it had raised the price of its corn sweeteners by up to a fifth to offset soaring corn [...]
FTSE 100 falls back as bank, mining and retail stocks slide January 19, 2011 BANKING and mining stocks weighed on London’s top share index yesterday as concerns over the global economic recovery resurfaced, while sentiment among retailers was dented after some disappointing updates. The FTSE 100 closed down 79.73 points, or 1.3 per cent lower at 5,976.70, ebbing away from Tuesday’s fresh 31-month high. “The market moved a long [...]
Goldman earnings prompt FTSE sell-off January 19, 2011 A surprisingly sharp sell-off on the FTSE this afternoon pushed the index below the 6,000 mark, to close down 79.73 points or 1.32 per cent, at 5,976.70. A bigger than expected fall in earnings at leading US investment bank Goldman Sachs sparked a rout among investors across all sectors. Earlier in the day, more bad [...]
Tate & Lyle unit sold for £67m November 25, 2010 TATE & Lyle yesterday sold off the last of its historic British sugar businesses – offloading its molasses distribution arm for £67m. Northern Irish commodities group W&R Barnett has bought the unit in cash, and Tate & Lyle says it will use the proceeds to pay down its net debt. The molasses business had annual [...]