National Grid unveils £3bn rights issue May 20, 2010 UTILITIES giant National Grid yesterday shocked the market by revealing plans to tap investors for £3.2bn to keep up with investment demands in a rapidly-changing energy landscape. The firm will issue 2 new shares per 5 existing shares, at a price of 335p – a 43.7 per cent discount to Wednesday’s closing price. Shares in [...]
HOW WILL THESE RESULTS AFFECT KRAFT’S PLANS TO BUY CADBURY? October 21, 2009 MARTIN DEBOO INVESTECCadbury have come out fighting. But, for us, the quality of the third-quarter and first-half growth is not premier cru. However, we think this will be enough to cause Kraft et al to think hard about a fair exit valuation. GRAHAM JONES PANMURE GORDONWe think this statement, plus confidence expressed about 2010 and [...]
HOW WILL THESE RESULTS AFFECT KRAFT’S PLANS TO BUY CADBURY? October 21, 2009 MARTIN DEBOO INVESTECCadbury have come out fighting. But, for us, the quality of the third-quarter and first-half growth is not premier cru. However, we think this will be enough to cause Kraft et al to think hard about a fair exit valuation. GRAHAM JONES PANMURE GORDONWe think this statement, plus confidence expressed about 2010 and [...]
Kraft apologises for factory u-turn but says no more cuts March 16, 2010 KRAFT Foods came under heavy fire from MPs yesterday for raising false hopes about the future of a Cadbury plant as it battled to win control of the British chocolatier. Kraft had possibly violated the country’s code on mergers and acquisitions after its U-turn on the closure of the Somerdale plant, parliamentarians said in the [...]
Cadbury’s boss admits there is some sense in Kraft’s takeover ambitions September 21, 2009 CADBURY chief executive Todd Stitzer has softened his stance on a possible takeover by US food giant Kraft, admitting that there are some “complementary elements” in the two companies’ portfolios. “I would never say there’s not some strategic sense in these businesses coming together,” said Stitzer yesterday. He added that in areas such as Europe, [...]
Cadbury shareholder sues firm October 1, 2009 A Cadbury shareholder is suing the confectioner’s board and chief executive, saying investors “stand to lose out massively” if the company refuses to negotiate over a £10.2bn takeover proposal from American rival Kraft Foods. The lawsuit, filed in US District Court yesterday by Steward International Enhanced Index Fund, seeks class action status and names Cadbury [...]
Camelot bought out by Canadian pension fund March 25, 2010 CAMELOT, more famously know as the National Lottery operator, has been sold to Ontario Teachers’ Pension Plan for £389m. The Canadian pension fund beat a rival offer from private equity firm CVC Capital Partners. Camelot said it had been informed by its shareholders – Cadbury Holdings, De La Rue Holdings, Fujitsu Services, Royal Mail Enterprises [...]
Lazard beats forecasts on M&A advice April 27, 2010 Lazard posted a narrower quarterly loss and beat forecasts on an operating basis, helped by strong growth in advisory and asset management fees. The New York-based investment bank reported a net loss of $33.5m (£22m), or 38 cents per share, compared with a year-earlier loss of $53.5m, or 77 cents per share. But excluding about [...]
Cadbury will aim to paint a defensive Q3 picture October 18, 2009 CADBURY, currently under siege from a bid by Kraft, will look to paint a picture of growth at this week’s update and try and see off the predator by highlighting its sales, volumes and margin trends. The world’s second largest confectionery group is due to issue a third quarter update on Wednesday after rejecting a [...]
Labour and Tories set out their stalls ahead of election April 11, 2010 LABOUR will promise not to increase income tax when it releases its manifesto today, but the party will offer no such guarantees on VAT. Energy secretary Ed Miliband, who authored the document, said there would be no “big spending commitments” in light of the country’s huge £170bn budget deficit. However, Labour’s manifesto will contain: • [...]