Banks slam plan to shake up takeovers April 12, 2010 LABOUR manifesto proposals to make mergers between companies more difficult to complete came under fire from the City’s investment banking community yesterday. The government controversially said all takeovers – whether hostile or not – should require the approval of 66 per cent of shareholders rather than the current straight majority. It also said a “public [...]
British Gas profits jump 58pc February 25, 2010 OPERATING profits at British Gas soared by 58 per cent in 2009 to a record high. The announcement came just days after energy regulator Ofgem revealed that energy firms’ profit margins had risen in recent months. British Gas said the average bill was “slightly higher” than the previous year when there were a series of [...]
Red Knights bid imminent April 18, 2010 THE structure for an audacious fan-backed bid for Manchester United has been finalised, paving the way for a formal offer as soon as next month. A group of wealthy City financiers desperate to take control of the club from the Glazer family thrashed out details of their £1.25bn bid last week and will now present [...]
FTSE drops after Spain downgrade April 28, 2010 BRITAIN’S top share index closed lower yesterday, extending the previous session’s steep falls, after ratings agency Standard & Poor’s cut Spain’s credit rating to AA, overshadowing strong corporate earnings. The FTSE 100 index closed down 16.91 points, or 0.3 per cent, at 5,586.61, after it tumbled 2.6 per cent on Tuesday — its biggest one-day [...]
Petrofac will create new oil colossus March 4, 2010 OIL services group Petrofac will buy-up a string of North Sea fields as it prepares to float a new venture with Sweden’s Lundin Petroleum. The new company, named EnQuest, is expected to crash straight into the FTSE 250 and have a market capitalisation of $1bn (£669m). EnQuest will become one of the ten biggest oil [...]
FTSE slips on caution over banking stocks and falling commodity prices March 15, 2010 FALLING commodity prices dented miners and energy stocks and banks fell, pushing Britain’s top share index 0.6 per cent lower yesterday, with investors cautious before central bank policy meetings later in the week. The FTSE 100 index ended 31.80 down points at 5,593.85, having risen 0.5 per cent last week. Miners, sensitive to shifts in [...]
CITY’S NON-EXEC ALSATIANS ARE LET OFF THE LEASH February 10, 2010 TO THE Plaisterers Hall on London Wall last night for the annual Non-Executive Director Awards, hosted by broker KBC Peel Hunt. Top of the honours list was former Cadbury chairman Roger Carr – who must have been relieved that, for once, the accolade had nothing to do with chocolate and everything to do with his [...]
Green rules pushing up energy prices February 25, 2010 ENERGY prices are too high in Britain, even after the recent cuts in gas prices. But those tempted to join in the populist rage at British Gas-owner Centrica’s results yesterday – UK profits hit a new record, though global earnings fell – need to understand all of the forces at play. It is true that sometimes [...]
Guy Dawson joins up with Red Knights March 8, 2010 CITY stalwart Guy Dawson will advise a string of wealthy backers on their bid to wrest control of Manchester United. The Nomura banker, who sold his Tricorn Partners advisory firm to the Japanese bank and now works there, will advise a group of United fans who plan to buy the club for £1.25bn. Dawson advised [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 14, 2010 FINANCIAL TIMES SIEMENs CHAIRMAN TO MEET INVESTORS Gerhard Cromme, chairman of Siemens and ThyssenKrupp, and the chief financial officers of both conglomerates will meet investors on Friday in an unusual joint move ahead of the first shareholder votes on executive pay in Germany. The meeting in Munich is considered extraordinary by investors as it highlights [...]