Liberum’s quest to borrow a big balance sheet November 14, 2011 THERE can be no doubting that the long-expected consolidation in the small to mid-cap broker market has well and truly begun. In the past few weeks there have been deals to buy Ambrian (RFC), Arbuthnot Securities (Westhouse), Evolution (Investec) and Merchant Securities (Sanlam). Such deals follow an earlier transaction in February of last year when [...]
Russian IPOs in spotlight as FTSE probes free float November 1, 2011 COMPANIES that float only a small proportion of their shares in London could be barred from FTSE stock indices in future under new proposals from the index group yesterday. FTSE is to consult on whether to make UK-based firms list at least 25 per cent of shares, rather than the current 15 per cent, to [...]
Bakrie in $1bn Bumi sell-off November 1, 2011 INDONESIA’S Bakrie group has announced a $1bn (£626.5m) deal to sell half its stake in London-listed coal miner Bumi – its venture with Nat Rothschild (pictured) – to help tackle its debts. The stake is being bought by Indonesian rival Borneo Lumbung Energi and will allow Bakrie to avoid a default on $1.35bn of loans [...]
Bakrie close to debt deal October 31, 2011 INDONESIA’S Bakrie Group is poised to announce a deal with Renaissance Capital which will see it averting a default on a $1.345bn (£839.7m) loan. The deal was reached after Bakrie’s talks with commodities giant Glencore hit the buffers. Renaissance Capital, led by Indonesian investor Samin Tan, is expected to provide financing to reduce the debt [...]
Bakries seek more Bumi loan options October 30, 2011 INDONESIA’S billionaire Bakrie family is believed to have approached China Investment Corporation (CIC), the Chinese sovereign wealth fund, as it looks to refinance a $1.35bn (£870m) loan held against its stake in the FTSE 100 coal mining firm Bumi. Bumi, in which the Bakrie family hold the largest stake of 47 per cent, was brought [...]
Merkel helps send FTSE into retreat October 25, 2011 MINERS and banks retreated as Britain’s FTSE 100 fell yesterday after comments from the German chancellor led to concerns over how far European leaders would go to solve the region’s debt crisis. Chancellor Angela Merkel said Germany opposes a phrase in a draft conclusion for today’s EU summit that calls for the European Central Bank [...]
Noble shuts its City coal trade desk October 17, 2011 ASIA-focused commodities trader Noble has closed its London coal trading desk while hiring heavily in the US and Asia, in the latest blow to the City’s status as a global financial hub. The desk used to trade both physical coal and coal swaps in London as part of Noble’s 120 staff employed in two UK [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 16, 2011 FINANCIAL TIMES CHOPPY MARKETS THREATEN EMI SALE Turbulent financing markets could derail Citigroup’s attempt to sell EMI, according to people close to the $3bn-plus auction who warned that the US bank could abandon the sale if it cannot squeeze higher offers from bidders. The bidding process remains fluid, with Citigroup expected to decide within two [...]
UK quarterly dividends top £20bn mark October 16, 2011 DIVIDENDS in the UK have broken through the £20bn-in-a-quarter barrier for the first time since 2008. Data for the third quarter from analysts Capita Registrars shows investors pocketed £20.1bn in dividends, a 15.9 per cent rise on the same period in 2010. Forecasts for total dividends this year have been hiked to £67bn – 18 [...]
Glencore nears refinancing deal with Bakries October 13, 2011 LONDON-LISTED commodities trader Glencore is nearing a deal to lend up to $900m (£570m) to Indonesia’s Bakrie Group to help it refinance debt of $1.35bn in exchange for additional marketing rights on coal. Under the refinancing deal, Glencore will have the option of turning the loan into an equity stake in the coal miner Bumi, [...]