Land Securities and miners lead the FTSE index to gains May 18, 2011 STRONG energy stocks and miners drove Britain’s top shares higher yesterday as investors welcomed results from Land Securities. The FTSE 100 index ended up 62.49 points, or 1.1 per cent, at 5,923.49. Other London indices followed suit, with the FTSE 250 closing up 51.55 points, or 0.4 per cent at 11,887.54 and the FTSE AIM [...]
Why BP’s Arctic venture went sour May 17, 2011 LIGHTNING really has struck twice for Bob Dudley, BP’s beleaguered chief executive. Hounded out of Russia by the partners in BP’s joint venture project BP/TNK, of which he was head, Dudley went on to take the top job at BP following the Gulf of Mexico oil spill. Hailed as the man to take the oil [...]
Glencore float on track as prices shares at 530p each May 17, 2011 COMMODITIES giant Glencore is expected to price its up to $11bn (£6.7bn) initial public offering (IPO) at or above the midpoint of its previously announced range. The Swiss firm will price shares at 530p per unit or more, giving the commodities trader and miner a valuation of £36bn. Glencore had initially said its London share [...]
Glencore heads towards final strait May 16, 2011 THERE is still time for it to all go horribly wrong but the signs are very much that the commodities trader Glencore is about to pull off a major triumph with its $11-$12bn flotation. The process, which began some weeks ago but was foreshadowed by months if not years of speculation, has been played out [...]
Glencore narrows float price range May 16, 2011 GLENCORE has narrowed the price range for its $11bn (£6.8bn) float at the higher end of its range, despite a crash in commodity prices last week. The commodity trader began its investor roadshow with a 480p-580p price range, the midpoint of which values the company at around $60bn. However, it is now targeting a narrower [...]
Glencore narrows float guidance May 16, 2011 Commodities giant Glencore International has tightened guidance for its planned $11bn (£6bn) initial public offering (IPO), pushing up the mid-point of the marketing range, a source said, in a sign the commodities trader has seen stronger demand at the higher end of an indicative range. Glencore’s IPO has entered the home stretch after a two-week [...]
Lord Browne shortlisted for the National Grid chair May 15, 2011 FORMER BP boss Lord Browne of Madingley is among the front-runners for the chairmanship of National Grid, a source said yesterday. Browne was approached by the company about taking the job a few months ago, and is now thought to be up against just one other candidate for the role. Browne, who left BP in [...]
THE WEEK AHEAD in association with GFT May 15, 2011 COMPANY NEWS ● On Monday, Phoenix will release its first quarter trading update. The FTSE 250 insurance group specialises in the management and acquisition of closed life and pension funds. ● On Tuesday, Vodafone releases its final results. Analysts expect profits to be down on 2010 figures. ● There are plenty of AGMs throughout the [...]
Glencore to close book on £6bn float early May 13, 2011 Commodities trader Glencore will close the books for its planned $11bn (£6bn) initial public offering a day ahead of schedule, underscoring strong investor demand for its shares despite volatile commodity markets. According to details in a term sheet seen by Thomson Reuters IFR and confirmed by sources close to the deal, subscriptions to the IPO [...]
Commodity rout shakes Glencore May 12, 2011 A THIRD day of vicious turbulence in commodity trading saw investors sell out of energy and metals yesterday, causing market turmoil and even putting pressure on Glencore’s giant flotation plans. Signs that demand for raw materials is slowing in the world’s biggest industrial economies spooked investors, pushing Brent crude down three per cent to $112.33 [...]