Canary Wharf versus the City row is reignited July 12, 2009 THE departure of Japanese bank Nomura from Canary Wharf to the City has reignited the row between the two hubs over where the true heart of the financial sector lies. Nomura is quitting the Isle of Dogs for the new new 525,000 sq ft riverside City complex Watermark Place. But Canary Wharf achieved a coup [...]
Centrica sets out to woo Venture’s shareholders July 12, 2009 CENTRICA, the company which controls British Gas, will this week seek to win over investors for its hostile £1.3bn takeover of the North Sea gas company Venture Production. The gas group’s board of directors slammed Centrica’s bid late last week, saying it “substantially undervalued” the business. The offer of 845p a share, which values the [...]
Great Portland’s cash call works June 22, 2009 Property group Great Portland Estates yesterday said it had received a 93.6 per cent take up for its fully underwritten rights issue to raise gross proceeds of £175m. The property company said it had received valid acceptances in respect of 126,777,488 new shares under the terms of its 8 for 11 cash call. JP Morgan [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
Laxey dumps Shaftesbury June 11, 2009 ACTIVIST investor Laxey Partners yesterday dumped its 19 per cent stake in Shaftesbury, just a week after supporting a £149m rights issue by the property company. Laxey yesterday appointed broker JP Morgan Cazenove as sole bookrunner for the placing of just over 25.7m shares and around 17.2m nil-paid rights in Shaftesbury, which owns large chunks [...]
Laxey dumps Shaftesbury June 11, 2009 ACTIVIST investor Laxey Partners yesterday dumped its 19 per cent stake in Shaftesbury, just a week after supporting a £149m rights issue by the property company. Laxey yesterday appointed broker JP Morgan Cazenove as sole bookrunner for the placing of just over 25.7m shares and around 17.2m nil-paid rights in Shaftesbury, which owns large chunks [...]
Bonus debate is heading out of control August 17, 2009 THE row over City bonuses shows no signs of petering out, certainly if the last 24 hours is anything to go by. Yesterday the focus of everybody’s attention was Bob Diamond’s BarCap and its £30m offer to hire Todd Edgar, a commodities trader, and four other members of his team. Edgar and his colleagues left [...]
Friends slams Cowdery’s bid after meeting July 20, 2009 INSURER Friends Provident yesterday lashed out at Resolution, the buyout vehicle led by Clive Cowdery, saying its efforts to take over the firm are “totally inappropriate”. The statement came after Friends’ chairman Sir Adrian Montague came face-to-face with Cowdery for the first time since the takeover plans were launched, at a meeting at the offices [...]
Bridgepoint plays down IPO rumours at Pets at Home July 5, 2009 BRIDGEPOINT, the private equity owner of the UK’s biggest retailer of pet products, Pets At Home, yesterday played down reports it is planning a £700m stock market flotation for the business. Bridgepoint was said to have held talks with Goldman Sachs, JP Morgan Cazenove, NM Rothschild and BOA Merrill Lynch about timing, valuation and investor [...]