Top rainmaker hit by fine for market abuse April 4, 2012 ONE of the City’s most senior rainmakers was taken out by the FSA yesterday, as JP Morgan Cazenove’s Ian Hannam was fined for “market abuse” and quit his job to appeal the decision. The FSA said that although Hannam “did not set out to commit market abuse” and no trading had taken place as a [...]
PROFILE: IAN HANNAM April 4, 2012 EVER since Andrew Osborne quit Bank of America Merrill Lynch after being fined for a market abuse case in December, there have been rumours that Ian Hannam, one of the City’s top deal-makers, was being scrutinised by the Financial Services Authority. Nevertheless when Xstrata announced its proposed £56bn merger with rival Glencore in February, Hannam’s [...]
BlackRock backs Glencore-Xstrata March 28, 2012 BlackRock yesterday came out in support of Glencore’s planned £21.3bn bid for Xstrata. The merger, which would create the world’s fourth-largest mining company, has been widely criticised with Standard Life, Schroders and Allianz Global all publicly coming out in opposition. But speaking in Hong Kong yesterday, fund manager Catherine Raw, who helps manage BlackRock’s World [...]
Banks start IPO marketing for Brunello Cucinelli March 28, 2012 BANK of America Merrill Lynch and the Italian bank Mediobanca yesterday began the investor marketing for the forthcoming flotation of Brunello Cucinelli, the premium cashmere clothing line. The founder (pictured), who runs the eponymous brand, has decided to float in Milan even though other premium brands such as Prada or Graf diamonds have preferred a [...]
Energy stocks lift FTSE March 26, 2012 Energy stocks gave the FTSE 100 index renewed impetus in early trading but gains were limited by weaker miners and banks. Fears over China’s growth are still casting a shadow over commodity stocks while banks are still struggling to maintain upward momentum. Aberdeen Asset Management was the top riser, up 2.4 per cent as the [...]
Morgan Stanley loses corporate broker Cochran to BG Group March 22, 2012 MORGAN Stanley is losing Alistair Cochran from its UK corporate broking team. He is joining the exploration group BG to head up its mergers and acquisitions department. Cochran joined Morgan Stanley in 2004 from Credit Suisse along with Alisdair Gayne, as the US bank looked to build out its corporate broking franchise. A managing director, [...]
M&A activity still in slump March 22, 2012 NERVOUS companies have held off from buying up or merging with rivals so far this year, with global activity down by almost half on a year ago, according to Thomson Reuters’ latest figures. The market is particularly subdued in Europe, where the value of announced M&A deals has slumped to its lowest quarterly level by [...]
Glencore deal bonanza helps prop up a struggling market March 22, 2012 THE M&A MARKET might be moribund in 2012, but a handful of massive deals have helped prop up activity figures – and the rankings of several top banks. Glencore’s long-awaited advances on Xstrata in February added $48.9bn to Thomson Reuters’ M&A values for the first quarter of the year. And the army of banks working [...]
Glencore buys up Viterra March 20, 2012 COMMODITIES giant Glencore yesterday sealed a £3.9bn deal to buy Canadian grain handler Viterra. Glencore, which is also in the throes of a $36bn (£22bn) takeover of FTSE 100 miner Xstrata, has previously said it would like to expand its operations in agriculture. Shareholders accounting for 16.5 per cent of Viterra’s stock, including the company’s [...]
Glencore to buy Viterra for £3.9bn March 20, 2012 Glencore, the world’s largest commodities trader, is buying Canada’s leading grain handler, Viterra, in a cash deal valuing it at C$6.1bn (£3.9bn). Glencore, which is also in the throes of a $36bn takeover of miner Xstrata, already markets and produces crops as well as metals, minerals and oil, but has earmarked agricultural commodities as an [...]