Goldfields bought in £1.5bn deal December 18, 2011 CANADIAN miner Eldorado Gold has struck a C$2.5bn (£1.55bn) takeover deal for European Goldfields, which owns a swathe of gold and base metal mines in Greece, Turkey and Romania. The agreement sees European Goldfield’s former suitor, Qatar Holdings, routed despite signing a deal to buy a chunk of the miner’s shares and hand it a [...]
Miners fuel FTSE gains December 16, 2011 The FTSE 100 continued where it left off in the last session with a moderate rally fuelled by positive data from the US. US weekly jobless claims fell to a three-year low suggesting that its economic recovery was still on track. But markets still remain braced for credit rating downgrades for Eurozone countries as agencies [...]
Don’t let IPO row endanger London December 15, 2011 GRAFF Diamonds, one of the most famous jewellers in the world, is based in New Bond Street, Mayfair. Its headline web-page promotes London as a sign of its class. And yet its forthcoming flotation, in which it hopes to raise $1bn, is all going on in Hong Kong. There isn’t even a secondary listing in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 6, 2011 FINANCIAL TIMES CLARKE REJECTS CALL FOR EU POWER GRAB Ken Clarke has told Conservative eurosceptics to forget about repatriation of powers from Brussels at this week’s European Union summit, while urging David Cameron to focus on “how to maintain the financial stability of the western world.” The justice secretary’s comments, in an interview with the [...]
Glencore chief to keep stock December 6, 2011 GLENCORE boss Ivan Glasenberg said yesterday that he would not sell any of his shares in the company as long as he worked there. “None of us has sold a single share. Neither before nor after the flotation. And I’ve often said that I’m not thinking about selling any shares as long as I work [...]
Glencore in retreat from $475m deal November 30, 2011 COMMODITY trader and miner Glencore has pulled out of its planned $475m acquisition of the owner of Peru’s Mina Justa copper project, saying the seller failed to satisfy necessary conditions. Glencore, the world’s largest diversified commodity trader, had announced in July it planned to buy a 70 per cent interest in Marcobre — owner of [...]
Glencore pulls out of $475m Peru mine deal November 30, 2011 Commodity trader and miner Glencore has pulled out of its planned $475m (£305m) acquisition of the owner of Peru’s Mina Justa copper project, citing the seller’s failure to satisfy necessary conditions. Glencore, the world’s largest diversified commodity trader, had announced in July it planned to buy a 70 per cent interest in Marcobre – owner [...]
BEST OF THE BROKERS November 28, 2011 BURBERRY UBS rates the fashion brand “neutral” with a 12-month target price of £12.50, 200p lower than its previous target after the broker examined Burberry’s margins and stripped out a potential premium from M&A activity. UBS expects costs to moderate the firm’s operating margins for the next two to three years, but thinks the firm [...]
Banks and miners stem tide of FTSE losses November 24, 2011 The FTSE 100 was solid this morning as banks and miners stabilized the index which has taken a battering from the confidence sapping Eurozone crisis. Germany – seen as the kingpin in the bloc – yesterday sold just €3.6bn (£3bn) worth of 10-year bonds, from €6bn euros on offer. That sent shockwaves through markets which [...]
FTSE bounces but travel firms suffer November 22, 2011 Stability in Eurozone bond yields and short-term bargain-hunting gave London stocks some momentum today but investors remained wary after six previous sessions of losses. US markets closed down last night after the bipartisan committee nominated to find $1.2 trillion (£764m) of government spending cuts admitted it could not agree on a plan. Asian markets also [...]