London Report: Supermarkets’ results to show split in fortunes May 5, 2014 THE varying fortunes of the UK’s supermarkets will be revealed this week as Morrisons gives its quarterly results while Sainsbury’s announces full-year figures. Sainsbury’s annual results are forecast to show that underlying pre-tax profits rose 3.5 per cent to £782m. However investors will be anxious to see the company’s plans for the next year, especially [...]
Fat Face unveils London listing to pay off debt May 1, 2014 FAMILY friendly retailer Fat Face yesterday became the latest private equity-backed retailer to tee up a listing on the London stock market, after announcing plans to raise £110m to cut debt. The business, which has about 200 stores across the UK, will offer shares to City fund managers after private equity backer Bridgepoint moved to [...]
How the FTSE 100 is being undermined by the strong pound April 24, 2014 The mood music for the British economy has been sounding all the right notes this year. But one section of the business community are not tapping their feet – stocks listed on the UK’s top share index the FTSE 100. According to a new note from investment bank Deutsche Bank, business analyst have revised down [...]
Glencore uses Bambas cash to snap up Caracal April 14, 2014 GLENCORE Xstrata yesterday swooped for Chad-focused oil company Caracal Energy, offering $1.3bn (£780m) to beat off a rival bid from Canada’s TransGlobe Energy. London-listed Caracal had agreed to a $1.08bn merger with the Canadian oil explorer last month, but the FTSE 100 miner trader trumped the deal with a £5.50 per share offer, representing a [...]
Linklaters partner joins Fresnillo board as Lord Cairns steps down April 14, 2014 A SENIOR partner at magic circle law firm Linklaters will join the board of Mexico-focused miner Fresnillo, replacing Lord Cairns. Cairns plans to step down at the FTSE 100-quoted miner’s annual meeting in May. “I should like to take this opportunity to thank Lord Cairns for his significant contribution to the board over the past [...]
Confessions of a shopaholic: Debt-struck Glencore splashes out on Caracal Energy April 14, 2014 Miner trader Glencore Xstrata has today agreed to buy Chad-focused oil company Caracal Energy for around $1.3bn (£780m), usurping a potential deal between Caracal and Canada’s TransGlobe Energy. City A.M. understands that the FTSE 100 firm will fund the acquisition with some of the proceeds from the (upwards of) $6.25bn sale of Peruvian copper mine [...]
What you need to know before the open April 14, 2014 Rising tensions in Ukraine are expected to hit European equities this morning. The Ukrainian government has begun a full-scale anti-terrorist operation, following the arrival of pro-Russian forces in several towns in eastern Ukraine. Russia has asked for a dialogue to be initiated, calling for Kiev not to use force. The rouble's currently down almost one [...]
Glencore sells Peruvian copper project Las Bambas for £3.7bn April 14, 2014 GLENCORE Xstrata yesterday confirmed the long-awaited sale of its Peruvian copper mine Las Bambas to a consortium for $6.25bn (£3.73bn), as demanded by the Chinese antitrust regulator last year in return for merger approval. China Minmetals-backed Australian resource company MMG owns a 62.5 per cent stake in the consortium, with Chinese firms Guoxin International Investment [...]
Seplat launches £301m London and Lagos float April 9, 2014 NIGERIAN oil and gas explorer Seplat yesterday said it has raised £300.9m in its initial public offering in London and Lagos, valuing the company at around £1.14bn. The deal is London’s biggest oil industry flotation in years and will provide a significant boost for Nigeria’s energy sector, which has seen an exodus of international players [...]
Mick the miner raises $3.75bn for new deals March 31, 2014 THE FORMER boss of mining giant Xstrata is back on the acquisition trial after raising up to $3.75bn (£2.25bn) from five institutional investors. Mick Davis, dubbed Mick the Miner for his successful mining exploits, has raised the money through his X2 Resources company vehicle, which will use the money to invest in various metal and [...]