Dan Stewart chief heralds a growth era April 6, 2010 ADAM Wilson, the incoming chief executive of broker Daniel Stewart, aims to turn around the ailing business via an aggressive push to raise regional capital around the world, including on the fast-growing US equivalent of the Alternative Investment Market (Aim). Wilson, who previously turned around both Hichens Harrison and Teather & Greenwood before selling both [...]
Axa agrees £9bn takeover plan from NAB March 30, 2010 FRANCE’S AXA SA accepted a A$14bn (£8.5bn) takeover plan from National Australia Bank for its AXA Asia Pacific unit yesterday, moving closer to end a four-month takeover tussle. With AXA SA finally on NAB’s side, all eyes will now be on whether the competition watchdog approves Australia’s second-largest financial services deal, almost two months after [...]
AXA and F2i to bid for Endesa’s network March 30, 2010 AXA Private Equity is preparing to make an offer for Endesa’s gas assets in Spain together with Italian investment fund F2i, the head of AXA’s infrastructure fund said yesterday. Regulated gas assets are increasingly attracting investors, who want inflation-protected long-term returns and reliable cashflows.
Antisoma crushed as lung cancer drug fails to deliver in late trials March 29, 2010 CANCER specialist Antisoma suffered a crushing blow yesterday as a lung cancer drug being developed with Novartis failed in a late-stage trial. Chief executive Glyn Edwards admitted Antisoma is now unlikely to get any money from its ASA404 treatment, which had been its biggest drug hope. An interim analysis concluded that continuing with the study [...]
Resolution says deals will come after cash injection March 24, 2010 INSURANCE acquisition vehicle Resolution insisted its takeover strategy was on track as it announced a £180m boost to its war chest. Clive Cowdery’s firm yesterday used its first set of results since absorbing Friends Provident to allay investors’ impatience for another deal, which has caused its share price to slide since November. Describing Resolution’s demotion [...]
Whatever you fancy in the long-term, there’s an ISA for it March 23, 2010 With tax hikes on the horizon as the general election looms, sheltering more cash in an ISA is a sensible move. The investment choices you make will depend on how long you wish to invest and how much risk you are prepared to take. But every new year there brings a new fad investment and [...]
Axa wants public sector pensions cut March 21, 2010 AXA, the French insurance group, has called on the UK’s three main political parties to spell out how they plan to tackle the increasing cost of generous public sector pensions. The insurer wants public sector workers to start contributing to their pensions during their careers rather than receiving a set income in retirement. It added [...]
CITY MOVES | WHO’S SWITCHING JOBS March 15, 2010 Universal Music Max Hole has been promoted to the position of chief operating officer at Universal Music Group International (UMGI). Hole, who will take up his new role on 1 July, is currently executive vice president of UMGI and president of the group’s Asia Pacific operations. He joined the firm in 1998 from Warner Music [...]
Shell to offload its European interests February 28, 2010 Shell will offload more of its European liquid petroleum gas (LPG) operations in a bid to raise $3bn (£2bn). The firm will use the money to help fund a $28bn capital spending programme. Shell’s French LPG business, which specialises in bottled gas, is expected to raise in the region of €1bn (£900,000). It is also [...]
Allianz predicts flat 2010 as boosts dividend payout February 25, 2010 EUROPE’S biggest insurer Allianz yesterday forecast a stagnating year ahead, mired in low economic growth and high unemployment. It unveiled net profit of €1.076bn (£1bn) in the fourth quarter, shy of the €1.17bn expected in consensus forecasts and lifted its dividend by almost one fifth. But it said 2010 operating profit will match the €7.2bn [...]