ENRC shares lead FTSE on Glencore talk June 13, 2011 SHARES in Eurasian Natural Resources Corporation (ENRC) jumped 4.65 per cent yesterday following rumours that Glencore is planning a £12bn takeover bid. The Kazakh miner was the biggest riser in the FTSE 100 after reports that Glencore held talks in recent weeks with ENRC’s three billionaire shareholders Alexander Mashkevitch, Patokh Chodiev, and Alijan Ibragimov, who [...]
Miners lift FTSE amid talk of ENRC takeover June 13, 2011 MINERS dug deep to help lift Britain’s FTSE 100 share index marginally yesterday, as bid talk swirled around Kazakh miner ENRC. ENRC rose 4.7 per cent, outperforming a 0.2-per cent rise on the British mining index, after the Sunday Times said commodities trader Glencore was considering a £12bn takeover bid. ENRC shares have been savaged [...]
Glencore unlikely to move soon on ENRC June 12, 2011 GLENCORE yesterday played down suggestions it would launch a takeover bid for Kazakh miner ENRC, but sources close to the firm would not rule out making an offer in the future. Top executives at ENRC, which last week sacked two of its directors and saw two more stand down in a row over corporate governance, [...]
THE WEEK AHEAD in association with GFT June 12, 2011 COMPANIES ● Today, the recently listed Glencore will release its first quarter trading statement to 31 March. On the same day, Majestic Wine and Advanced Computer Software will announce for the year. ● Carphone Warehouse and Oxford Instruments will announce on Tuesday. The latter was the first commercial spin-out company from Oxford University. Investors will [...]
Rothschild and Hayward in £1bn float June 9, 2011 CITY financier Nat Rothschild and former BP chief executive Tony Hayward set out plans yesterday to raise £1bn in a flotation of their investment vehicle Vallares in London. The scion of the banking dynasty and former City heavyweight have joined forces to launch Vallares as a cash shell to acquire and expand high-growth but cash-poor [...]
Samsonite cuts size of Hong Kong IPO June 9, 2011 Samsonite International, the world’s biggest luggage maker, narrowed the indicative price range of its Hong Kong initial public offer, the latest sign of weak investor appetite for richly-priced deals. Today’s decision by private equity-backed Samsonite comes a day after state media reported that Nanning Baling Technology became the first company in the 20-year history of [...]
Rothschild and Hayward’s Vallares to seek £1bn IPO June 9, 2011 Financier Nat Rothschild and former BP chief executive Tony Hayward intend to raise £1bn through a blockbuster IPO in London of their vehicle Vallares. The IPO is planned for this month to raise capital to fund a major acquisition in the resources or oil and gas sector, its keenly-awaited intention to float says. Vallares will [...]
CITY AT WAR June 7, 2011 Advisers blame each other for seizure of IPO market FEUDING has broken out between all the key players within the City of London’s crucial fundraising business, in a development that threatens to devastate confidence in London’s faltering flotations market. Key advisers, investors and bookrunners are at loggerheads and briefing against each other, in the worst breakdown [...]
Why all sides need to stop and relax June 7, 2011 IT is time for the City to get its act together: it is in danger of ceasing to function as a proper, efficient platform for raising money for firms seeking to go public, an untenable situation. As our special investigation on pages 1-4 of today’s newspaper demonstrates, the market for corporate floats has almost ground [...]
London IPO market is close to seizure June 7, 2011 GLENCORE recently pulled off a $11bn flotation, London’s largest ever, but the past few months have otherwise been pretty desultory in terms of new companies coming to market. Some blame last year’s flotation of Ocado, the online grocer, for starting the rot. Ocado’s share price has recovered well from its early post-IPO malaise but bankers [...]