Wednesday, August 31, 2005
BBC NEWS | Business | Mastercard planning share float
CRH H1 tops market expectations - Forbes.com
Goldman leads $3 bln ICBC deal-source
Tuesday, August 30, 2005
Battle Over VimpelCom Reaches U.S. Court
Old Mutual bid for Skandia
Monday, August 29, 2005
BBC NEWS | Business | Dubai cancels suspect share sales
Vimpelcom & Citi
Business in Brief: "$200M VimpelCom Loan
LONDON -- Mobile company VimpelCom picked Citigroup and Sumitomo-Mitsui Banking Corp. to arrange a $200 million loan, a banker involved in the deal said Friday.
The three-year, unsecured loan will have a 'significantly' lower rate than the company's most recent credit, the banker said, without giving more details.
Moscow-based VimpelCom paid a margin of 2.5 percentage points over interbank lending rates for a $425 million loan in March, the company said at the time. (Bloomberg)"
LONDON -- Mobile company VimpelCom picked Citigroup and Sumitomo-Mitsui Banking Corp. to arrange a $200 million loan, a banker involved in the deal said Friday.
The three-year, unsecured loan will have a 'significantly' lower rate than the company's most recent credit, the banker said, without giving more details.
Moscow-based VimpelCom paid a margin of 2.5 percentage points over interbank lending rates for a $425 million loan in March, the company said at the time. (Bloomberg)"
Sunday, August 28, 2005
27/08/2005 Lloyds TSB shares up on speculation that Wells Fargo has appointed advisers – market report
Story: Wells Fargo was rumoured to have hired an adviser for a potential takeover bid for Lloyds TSB, a market report in The Independent said. The unsourced report cited speculation that the US-listed financial services group had hired a leading investment bank to advise on a bid for its UK-listed counterpart, the item said. The rumours lost thier impetus by the end of trading, however, with Lloyds’ shares closing down 0.75p at 457.5p, the report said. Lloyds TSB has a market capitalization of around GBP 25.96bn (EUR 38.01bn).
Source: Independent
Value: £25,969m (Lloyds TSB market capitalisation)
Saturday, August 27, 2005
General
'Competition' in US markets
ditto
Dubai - DIFX and cross listings/arbitrage opportunities
Bank Of China IPO
ditto
Dubai - DIFX and cross listings/arbitrage opportunities
Bank Of China IPO
Friday, August 26, 2005
Delhi Pulls LUKoil Into Kazakh Bid
Thursday, August 25, 2005
BBC NEWS | Business | Takeover rumour lifts Lloyds TSB
Markets
Wednesday, August 24, 2005
BBC NEWS | Business | China stepping up share reforms
FT.com / Lex - Lex live: China�s stock market
FT.com / By industry / Financial services - ICBC targets staff for maiden fund drive
FT.com / By industry / Financial services - Citigroup in talks over bigger Pudong stake
Telegraph | Money | Standard Life sees tide turn in favour of float
Gazprom Meets Citigroup
Gazprom CEO Alexei Miller met with the head of Citigroup's global banking division, Michael Klein, on Tuesday to discuss possible financing deals and cooperation on diversifying the gas giant's business Tuesday, Gazprom said in a statement.
The talks come amid reports that Gazprom is preparing a bid to buy Roman Abramovich's 72 percent stake in Sibneft. The gas giant has been shopping for a $10 billion loan to finance the deal, a person familiar with the situation. Citibank has acted as a financial consultant for Sibneft for the past eight years and has also taken part in syndicated loan deals to Gazprom.
Gazprom spokesman Sergei Kupriyanov declined to comment on whether the two executives discussed a possible Sibneft deal. He declined to elaborate on what was discussed. (MT)"
The talks come amid reports that Gazprom is preparing a bid to buy Roman Abramovich's 72 percent stake in Sibneft. The gas giant has been shopping for a $10 billion loan to finance the deal, a person familiar with the situation. Citibank has acted as a financial consultant for Sibneft for the past eight years and has also taken part in syndicated loan deals to Gazprom.
Gazprom spokesman Sergei Kupriyanov declined to comment on whether the two executives discussed a possible Sibneft deal. He declined to elaborate on what was discussed. (MT)"
Contest for Kyivstar to Get Day in Court
Tuesday, August 23, 2005
Skandia targeted by four possible bidders besides Old Mutual - report
Story: Skandia, the Swedish insurance company, is targeted by four other bidders besides South African Old Mutual, according to Dagens Industri citing unnamed sources. The paper reported that although Skandia did not inform the market of its future plans in conjunction with its half year report yesterday, Monday, sources say that that there are four other compnies that are interested in looking at the possibilty of an acquisition or merger with Skandia. The paper pointed to French Axa, UK company Prudential and Swedish Nordea as earlier mentioned possibilities. The paper also reported that acting managing director for Skandia UK has rejected speculation that the UK management was looking to acquire Skanida´s UK operations.
Source: Dagens Industri
Source: Dagens Industri
FT.com / By industry / Financial services - Standard Life sales rise as UK recovers
FT.com / By industry / Financial services - LSE calls for quick decision on takeover bid
FT.com / By industry / Financial services - Citigroup shakes up senior management
Monday, August 22, 2005
GCM
FT.com / Lex - Lex live: CNPC/PetroKazakhstan
BBC NEWS | Business | TUI to buy shipping firm for $2bn
Sunday, August 21, 2005
Computershare interested in US Rivals
Saturday, August 20, 2005
General
BOC and RBS
Russian listing on LSE
Chinese IPOs HN v US
Chinese IPOs HK v US 2
DIFX
LSE
NASDAQ and ITS
Russian listing on LSE
Chinese IPOs HN v US
Chinese IPOs HK v US 2
DIFX
LSE
NASDAQ and ITS
Friday, August 19, 2005
RBS to buy Commerzbank - report
19/08/2005 Commerzbank: RBS tipped to bid EUR 23 per share - report
Story: The Royal Bank of Scotland is prepared to pay EUR 23 per share for Commerzbank, the German investment and commercial bank, the Swiss Tagesanzeiger reported. The report cites market trader talk that said RBS, the UK banking group, was interested in acquiring Commerzbank for EUR 23 per share. Several large European banks have been linked with possible interest in Commerzbank in recent weeks, among them France's BNP Paribas and Societe Generale, as well as the UK's HSBC, the report added.
Commerzbank is capitalised at EUR 11.7bn.
Source: Tagesanzeiger
Value: €11,700m (Commerzbank market cap)
Story: The Royal Bank of Scotland is prepared to pay EUR 23 per share for Commerzbank, the German investment and commercial bank, the Swiss Tagesanzeiger reported. The report cites market trader talk that said RBS, the UK banking group, was interested in acquiring Commerzbank for EUR 23 per share. Several large European banks have been linked with possible interest in Commerzbank in recent weeks, among them France's BNP Paribas and Societe Generale, as well as the UK's HSBC, the report added.
Commerzbank is capitalised at EUR 11.7bn.
Source: Tagesanzeiger
Value: €11,700m (Commerzbank market cap)
Moscow Stock Exchange resumption of trading
The Moscow Stock Exchange (MSE) has
announced the imminent resumption of trade at its
stock section. By the time the section's operation
was suspended more than a year ago, the market of
Gazprom shares, which sustained the MSE, had
moved to the joint site of the RTS Stock Exchange
and the St. Petersburg Exchange. At first the MSE
will mostly sell the shares of AFK Sistema and MTS,
simply because Vladimir Yevtushenkov, the president
and main shareholder of Sistema, is also the
chairman of the MSE board. The MSE will face stiff
competition from the other Russian exchanges, as
MTS shares are actively traded at MICEX and the
RTS Stock Exchange. The latter also sells Sistema
shares. So, many players on the Russian market do
not share the MSE's optimism. FCNovosti
announced the imminent resumption of trade at its
stock section. By the time the section's operation
was suspended more than a year ago, the market of
Gazprom shares, which sustained the MSE, had
moved to the joint site of the RTS Stock Exchange
and the St. Petersburg Exchange. At first the MSE
will mostly sell the shares of AFK Sistema and MTS,
simply because Vladimir Yevtushenkov, the president
and main shareholder of Sistema, is also the
chairman of the MSE board. The MSE will face stiff
competition from the other Russian exchanges, as
MTS shares are actively traded at MICEX and the
RTS Stock Exchange. The latter also sells Sistema
shares. So, many players on the Russian market do
not share the MSE's optimism. FCNovosti
Norilsk stories today (includes Celtic Resources - Dublin client)
Norilsk Q1 Profit Down
Miner Norilsk Nickel reported a lower first-quarter net profit on Wednesday due to a dip in metals sales.
Norilsk said its first-quarter net profit fell to $446 million from $448 million in the same period a year ago, while sales rose to $1.63 billion from $1.583 billion.
"Metals sales in the first quarter were a bit lower, and that's why the profit number is a bit lower," said Dmitry Usanov, head of Norilsk's investor relations department. (Reuters)
--------------------------------------------------------------------------------
Norilsk Unit Buys Into Mine
Polyus Gold, the gold unit of Norilsk Nickel, will soon buy into a Siberian gold deposit in which Ireland's Celtic Resources Holding has a 50 percent stake, a source close to the deal said Thursday.
Canada's Barrick Gold, the world's third-largest gold mining company, owns about 10 percent of Celtic.
The source said Norilsk's gold unit, Polyus Gold, would buy a 50 percent stake in the Nezhdaninskoye gold mine in Yakutia from an affiliate of Russian diamond monopoly Alrosa. Norilsk would also take over two smaller deposits, Kuranakh and Kyuchyus, the source said. (Reuters)
--------------------------------------------------------------------------------
Norilsk Increases UES Stake
Norilsk Nickel, the country's biggest miner, bought 2.51 percent of national power monopoly Unified Energy Systems for $322 million in June, Interfax reported, citing data from Norilsk.
Norilsk now owns 3.52 percent of UES, Interfax said. The miner bought 1.01 percent of the utility in 2003 for $115.6 million. (Bloomberg)
Miner Norilsk Nickel reported a lower first-quarter net profit on Wednesday due to a dip in metals sales.
Norilsk said its first-quarter net profit fell to $446 million from $448 million in the same period a year ago, while sales rose to $1.63 billion from $1.583 billion.
"Metals sales in the first quarter were a bit lower, and that's why the profit number is a bit lower," said Dmitry Usanov, head of Norilsk's investor relations department. (Reuters)
--------------------------------------------------------------------------------
Norilsk Unit Buys Into Mine
Polyus Gold, the gold unit of Norilsk Nickel, will soon buy into a Siberian gold deposit in which Ireland's Celtic Resources Holding has a 50 percent stake, a source close to the deal said Thursday.
Canada's Barrick Gold, the world's third-largest gold mining company, owns about 10 percent of Celtic.
The source said Norilsk's gold unit, Polyus Gold, would buy a 50 percent stake in the Nezhdaninskoye gold mine in Yakutia from an affiliate of Russian diamond monopoly Alrosa. Norilsk would also take over two smaller deposits, Kuranakh and Kyuchyus, the source said. (Reuters)
--------------------------------------------------------------------------------
Norilsk Increases UES Stake
Norilsk Nickel, the country's biggest miner, bought 2.51 percent of national power monopoly Unified Energy Systems for $322 million in June, Interfax reported, citing data from Norilsk.
Norilsk now owns 3.52 percent of UES, Interfax said. The miner bought 1.01 percent of the utility in 2003 for $115.6 million. (Bloomberg)
Telegraph | Money | Google aims to raise $4.2bn in birthday party
Telegraph | Money | RBoS buys £900m ticket to play the Chinese game
Thursday, August 18, 2005
Norilsk Nickel creates a new global gold major | Norilsk Nickel
FT.com / Lex - Lex live: RBS/Bank of China
Norilsk Plans Russian Listing of Polyus Shares by April '06
Wednesday, August 17, 2005
DTCC, CDS to link for Canadian Dollar Settlement
Australasian Investment Review
Norilk Nickel Split
17/08/2005 Polyus Gold: Norilsk Nickel progresses with spin off plans - reports
Story: Norilsk Nickel, the listed Russian nickel and palladium producer, will spin off its gold assets into a subsidiary named Polyus Gold [Polyus Zoloto]. According to reports in Kommersant and Vedomosti, which referred to a Norilsk statement, it said that Polyus Gold would incorporate the assets of Norilsk’s gold producing subsidiary, Polyus. Norilsk Nickel would also put RUR 10bn (USD 351.3m) in cash in the new subsidiary.
According to a Moscow Times report, Polyus Gold would also include Norilsk Nickel's 20% stake in Gold Fields, the South African gold miner. The shares of Polyus Gold would be divided between Norilsk Nickel shareholders, proportionally to their shareholding in Norilsk. The creation of Polyus Gold would be decided at Norilsk's extraordinary general meeting, scheduled for 30 September, the papers said. Shareholders who do not approve the spin off would have to sell their shares, Kommersnat noted.
Polyus Gold was valued by analysts at over USD 3bn, MT reported.
Polyus said at the beginning of July that by between 2010 and 2012, it would aim to have a market capitalisation of USD 6.5bn to USD 7bn, Vedomosti continued. During that time, Polyus wanted to invest USD 2.3bn on production. The above sum would include Polyus own financials, loans and proceedings from the planned initial public offer.
Source: Vedomosti, Kommersant, Moscow Times
Value: $3,000m (Value of Polyus Gold)
Story: Norilsk Nickel, the listed Russian nickel and palladium producer, will spin off its gold assets into a subsidiary named Polyus Gold [Polyus Zoloto]. According to reports in Kommersant and Vedomosti, which referred to a Norilsk statement, it said that Polyus Gold would incorporate the assets of Norilsk’s gold producing subsidiary, Polyus. Norilsk Nickel would also put RUR 10bn (USD 351.3m) in cash in the new subsidiary.
According to a Moscow Times report, Polyus Gold would also include Norilsk Nickel's 20% stake in Gold Fields, the South African gold miner. The shares of Polyus Gold would be divided between Norilsk Nickel shareholders, proportionally to their shareholding in Norilsk. The creation of Polyus Gold would be decided at Norilsk's extraordinary general meeting, scheduled for 30 September, the papers said. Shareholders who do not approve the spin off would have to sell their shares, Kommersnat noted.
Polyus Gold was valued by analysts at over USD 3bn, MT reported.
Polyus said at the beginning of July that by between 2010 and 2012, it would aim to have a market capitalisation of USD 6.5bn to USD 7bn, Vedomosti continued. During that time, Polyus wanted to invest USD 2.3bn on production. The above sum would include Polyus own financials, loans and proceedings from the planned initial public offer.
Source: Vedomosti, Kommersant, Moscow Times
Value: $3,000m (Value of Polyus Gold)
India Makes Bid for Kazakh Oil Firm (CPU Client)
Tuesday, August 16, 2005
GCM
HSBC Expands branch network in South west China
BEIJING (AFX) - HSBC is expanding to the southwest of China, opening its Chongqing branch today and its Chengdu branch on Sept 12, bringing its network in China to 12 branches. "The opening of the Chongqing and Chengdu branches has enabled HSBC to expand into western China for the first time," according to Richard Yorke, CEO for China of The Hongkong and Shanghai Banking Corp Ltd. HSBC first opened Chongqing and Chengdu representative offices in 1999 and 1996, and obtained approval to upgrade the two offices into full service branches in late 2004 and early 2005 respectively. The statement said the Chongqing branch will employ 29 people and the Chengdu branch 28.
LUKoil's securities remain the most liquid on LSE
LUKoil's securities have been the most liquid on
the London Stock Exchange among foreign papers
(according to IOB, renamed CIB: Chartered
Institute of Bankers) since 2004. This shows, in
part, that LUKoil is working in full compliance
with LSE rules and requirements, said the company's
management. Trade in LUKoil's securities in
the three years since it received LSE listing has
reached about $50 billion. In August 2002, LUKoil
became the first Russian company to be granted a
full secondary listing at the LSE. FCNovosti
the London Stock Exchange among foreign papers
(according to IOB, renamed CIB: Chartered
Institute of Bankers) since 2004. This shows, in
part, that LUKoil is working in full compliance
with LSE rules and requirements, said the company's
management. Trade in LUKoil's securities in
the three years since it received LSE listing has
reached about $50 billion. In August 2002, LUKoil
became the first Russian company to be granted a
full secondary listing at the LSE. FCNovosti
Narodny Bank offer seats to British Bankers
Moscow Narodny Bank (MNB), 88.9% owned by
the Central Bank of Russia (CBR), has offered
board seats to former LSE chief executive Gavin
Casey and renowned investment banker David
Charters. Both bankers are destined to help MNB
organize IPO's in London for Russian companies.
The financiers were invited on MNB managers'
initiative under Vneshtorgbank's plan to develop
business in Europe. Vedomosti
the Central Bank of Russia (CBR), has offered
board seats to former LSE chief executive Gavin
Casey and renowned investment banker David
Charters. Both bankers are destined to help MNB
organize IPO's in London for Russian companies.
The financiers were invited on MNB managers'
initiative under Vneshtorgbank's plan to develop
business in Europe. Vedomosti
Vneshtorgbank looking to acquire Russia’s foreign banks
Vneshtorgbank (VTB) hopes to get the permission
of British supervisory agencies to buy the Londonbased
Moscow Narodny Bank from the Central
Bank of Russia no later than September, said
Andrei Kostin, VTB president and board chairman.
The bank has received the permission of French
authorities to buy Eurobank. "We plan to complete
the acquisition of Russia's foreign banks by the end
of the year," Mr. Kostin said. VTB wants to form a
holding of foreign banks under a common brand,
possibly VTB Europe. The Central Bank
announced its intention to withdraw from the capital
of Russia's foreign banks in mid-2002. The
International Finance Corporation, which had
granted $100-million loans to both banks, and VTB
were named possible buyers of the shares of
Central Bank's biggest foreign subsidiaries -
Moscow Narodny Bank and Eurobank. FCNovosti
of British supervisory agencies to buy the Londonbased
Moscow Narodny Bank from the Central
Bank of Russia no later than September, said
Andrei Kostin, VTB president and board chairman.
The bank has received the permission of French
authorities to buy Eurobank. "We plan to complete
the acquisition of Russia's foreign banks by the end
of the year," Mr. Kostin said. VTB wants to form a
holding of foreign banks under a common brand,
possibly VTB Europe. The Central Bank
announced its intention to withdraw from the capital
of Russia's foreign banks in mid-2002. The
International Finance Corporation, which had
granted $100-million loans to both banks, and VTB
were named possible buyers of the shares of
Central Bank's biggest foreign subsidiaries -
Moscow Narodny Bank and Eurobank. FCNovosti
OMX & LSE
15/08/2005 LSE: OMX declines to comment on weekend reports of renewed interest
Story: OMX AB, the Scandinavian stock exchange, is interested in expanding outside the Nordic region, AFX reported. Also, the hostile bid it launched for London Stock Exchange PLC in 2000 was "premature", said a spokeswoman for the Nordic exchange operator. However, she declined to comment directly on a Sunday Times report that OMX may be preparing a new offer for LSE. "We are looking beyond the Nordics, but that doesn't tell you anything in terms of this (report)... and we don't comment on rumours," she said. The LSE's owners had been very positive towards OMX in 2000, though the idea of selling such an establishment jewel such as the LSE was "premature" then, she added. "But ... a lot of things have happened since. (The LSE has) gone public and a lot of (its former) owners are no longer (there)."
Source: AFX
Value: £1,405m (LSE current market cap)
Story: OMX AB, the Scandinavian stock exchange, is interested in expanding outside the Nordic region, AFX reported. Also, the hostile bid it launched for London Stock Exchange PLC in 2000 was "premature", said a spokeswoman for the Nordic exchange operator. However, she declined to comment directly on a Sunday Times report that OMX may be preparing a new offer for LSE. "We are looking beyond the Nordics, but that doesn't tell you anything in terms of this (report)... and we don't comment on rumours," she said. The LSE's owners had been very positive towards OMX in 2000, though the idea of selling such an establishment jewel such as the LSE was "premature" then, she added. "But ... a lot of things have happened since. (The LSE has) gone public and a lot of (its former) owners are no longer (there)."
Source: AFX
Value: £1,405m (LSE current market cap)
Monday, August 15, 2005
VimpelCom Postpones Takeover Vote
Exchange News
Vimpelcom Meeting Today
"15/08/2005Vimpelcom general assembly to decide on URS/Wellcom acquisition today
Story:Telenor and Alfa Group, the Norwegian telco and the Russian investment company, are to battle it out about Ukrainian mobile company URS/Wellcom today, Monday, according to Dagens Naeringsliv. The paper which cited no specific sources, reported that the two opponents, which are both shareholders in the Russian telecom company Vimpelcom, are to meet today at Vimpelcom�s extraordinary general assembly in which shareholders are to vote on whether Vimpelcom should acquire URS or not. Alfa Group needs 50% of the votes in order to make the acquisition happen. The paper reported that both Telenor and Alfa have sent letters to the Vimpelcom shareholders explaining their opinions.
Source:Dagens Naeringsliv
Value:$206m (price which Alfa Group wishes to pay for target) "
Story:Telenor and Alfa Group, the Norwegian telco and the Russian investment company, are to battle it out about Ukrainian mobile company URS/Wellcom today, Monday, according to Dagens Naeringsliv. The paper which cited no specific sources, reported that the two opponents, which are both shareholders in the Russian telecom company Vimpelcom, are to meet today at Vimpelcom�s extraordinary general assembly in which shareholders are to vote on whether Vimpelcom should acquire URS or not. Alfa Group needs 50% of the votes in order to make the acquisition happen. The paper reported that both Telenor and Alfa have sent letters to the Vimpelcom shareholders explaining their opinions.
Source:Dagens Naeringsliv
Value:$206m (price which Alfa Group wishes to pay for target) "
MICEX to acquire 51% stake in ATMVB; eyeing Yekaterinburg and Nizhegorodsk
15/08/2005
Story: Moscow Interbank Currency Exchange MICEX, the Russian bourse, today (15 August), will finalize the purchase of a 51% stake in Vladivostok‘s Pacific Interbank Currency Exchange (ATMVB). This is according to a Kommersant report, which cited MMVB president, Alexander Potyomkin.
ATMVB had a turnover of RUR 35.7bn (EUR 1bn), in 2004. According to the paper, MMVB also plans to take stakes in the Yekaterinburg and Nizhegorodsk bourses.
Source: Kommersant
Value: €1,000m (ATMVB turnover ion 2004)
Story: Moscow Interbank Currency Exchange MICEX, the Russian bourse, today (15 August), will finalize the purchase of a 51% stake in Vladivostok‘s Pacific Interbank Currency Exchange (ATMVB). This is according to a Kommersant report, which cited MMVB president, Alexander Potyomkin.
ATMVB had a turnover of RUR 35.7bn (EUR 1bn), in 2004. According to the paper, MMVB also plans to take stakes in the Yekaterinburg and Nizhegorodsk bourses.
Source: Kommersant
Value: €1,000m (ATMVB turnover ion 2004)
BBC NEWS | Business | Australian bank considers LSE bid
Sunday, August 14, 2005
General
Friday, August 12, 2005
Exchange News
FT.com / By industry / Media & internet - Institutions attack News Corp's �poison pill'
Metals Company Mulling Listing
Thursday, August 11, 2005
ASX Perpetual Registrars in sale talks - Breaking News - Business - Breaking News
The Australian Stock Exchange Ltd (ASX) and fund manager Perpetual Trustees Ltd are in discussions to sell their share registry firm ASX Perpetual Registrars Ltd.
Both firms have previously said they were interested in selling their 50 per cent stakes in the company.
"Negotiations are progressing but no sale agreement has been entered into with any party," the ASX said in a statement.
The ASX said it would retain its investor relations subsidiary, Orient Capital, and its 14.1 per cent stake in IRESS Market Technology Ltd after reviewing its non-core businesses last month.
But its review of the ASX Perpetual Registrars business was continuing.
ASX Perpetual Registrars is Australia's second largest registry services provider behind Computershare and includes clients such as Qantas Airways Ltd and Coles Myer Ltd
Both firms have previously said they were interested in selling their 50 per cent stakes in the company.
"Negotiations are progressing but no sale agreement has been entered into with any party," the ASX said in a statement.
The ASX said it would retain its investor relations subsidiary, Orient Capital, and its 14.1 per cent stake in IRESS Market Technology Ltd after reviewing its non-core businesses last month.
But its review of the ASX Perpetual Registrars business was continuing.
ASX Perpetual Registrars is Australia's second largest registry services provider behind Computershare and includes clients such as Qantas Airways Ltd and Coles Myer Ltd
AIM story
mining market heats up, as independents take new exploration role � analysis
Proprietary Intelligence
Story:A series of mining listings on London�s Alternative Investment Market (AIM) have prompted fears of a bubble similar to that suffered by AIM oil stocks earlier this year, but industry participants say that the sector is not in danger, as mining independents increasingly take the exploration role previously held by the industry's majors.
Oil and gas shares listed on the AIM exchange lost more than 60% of their value in a single day earlier this year, following an overestimate of crude reserves by Regal Petroleum. However, mining industry participants say that their market has different characteristics from the oil market, so they expect the flow of new mining listings to continue.
A source at an AIM-listed independent mining group with upstream assets in Latin America noted that independent mining players often served as the exploration and production arms for the mining majors like Anglo, BHP Billiton and Rio Tinto. In this context, the source said that there was still considerable value to be gained from an AIM listing, as when proven reserves are discovered by the listed independent, a buyout from a major often swiftly follows.
'Mining is a poor relation to oil. The E&P [Exploration and Production] cycle is much cheaper in minerals than in oil and gas,' the source continued. This means that mining groups could continue to launch cheap and cheerful IPOs, without the high financial risks often associated with the oil market. The person adde"
Proprietary Intelligence
Story:A series of mining listings on London�s Alternative Investment Market (AIM) have prompted fears of a bubble similar to that suffered by AIM oil stocks earlier this year, but industry participants say that the sector is not in danger, as mining independents increasingly take the exploration role previously held by the industry's majors.
Oil and gas shares listed on the AIM exchange lost more than 60% of their value in a single day earlier this year, following an overestimate of crude reserves by Regal Petroleum. However, mining industry participants say that their market has different characteristics from the oil market, so they expect the flow of new mining listings to continue.
A source at an AIM-listed independent mining group with upstream assets in Latin America noted that independent mining players often served as the exploration and production arms for the mining majors like Anglo, BHP Billiton and Rio Tinto. In this context, the source said that there was still considerable value to be gained from an AIM listing, as when proven reserves are discovered by the listed independent, a buyout from a major often swiftly follows.
'Mining is a poor relation to oil. The E&P [Exploration and Production] cycle is much cheaper in minerals than in oil and gas,' the source continued. This means that mining groups could continue to launch cheap and cheerful IPOs, without the high financial risks often associated with the oil market. The person adde"
Skandia/Old Mutual
Deutsche Bank and Merrill Lynch to underwrite share placing to finance Old Mutual bid
Proprietary Intelligence
Story:Deutsche Bank and Merrill Lynch are said to have agreed to underwrite a share placing to finance part of the cash consideration of Old Mutual�s potential bid for Skandia, it is understood.
The placing will finance part of the cash consideration of the bid which will be structured as a cash and share offer, it is understood. People tracking the situation have mooted SEK 43 per share as Old Mutual�s likely bid price.
A source close to Old Mutual and a spokesperson for the South African group both declined to comment.
Old Mutual is said to be in the final stages of talks, though a number of issues still need to be resolved, it is understood. It was also pointed out, however, that, at this point in time, there was no certainty that Old Mutual would ultimately launch a formal bid. "
Proprietary Intelligence
Story:Deutsche Bank and Merrill Lynch are said to have agreed to underwrite a share placing to finance part of the cash consideration of Old Mutual�s potential bid for Skandia, it is understood.
The placing will finance part of the cash consideration of the bid which will be structured as a cash and share offer, it is understood. People tracking the situation have mooted SEK 43 per share as Old Mutual�s likely bid price.
A source close to Old Mutual and a spokesperson for the South African group both declined to comment.
Old Mutual is said to be in the final stages of talks, though a number of issues still need to be resolved, it is understood. It was also pointed out, however, that, at this point in time, there was no certainty that Old Mutual would ultimately launch a formal bid. "
Old Mutual/Skandia
Story:Old Mutual, the South African insurer, is still in talks with Scandinavian counterpart Skandia over a possible takeover, Jim Sutcliffe, chief executive confirmed Wednesday. �Talks with management are continuing,� Sutcliffe said in a conference call. Sutcliffe wouldn't comment further on the situation but said the company will make an announcement when required. According to a recent report on this news service, there is no certainty that Old Mutual will ultimately launch a formal bid.
Source:mergermarket"
Source:mergermarket"
BNP preparing offer for Commerzbank
BNP Paribas, the French bank, is rumoured to be preparing a EUR 30 per share offer for German bank Commerzbank. According to a report from the German paper Financial Times Deutschland, market speculation suggested that an offer is being prepared whereas unnamed sources from Commerzbank mentioned that there are no talks being held with BNP Paribas and the company has no indication of any offer being prepared. The report added that Commerzbank’s share price rose by 8.8% to EUR 21.79 per share due to the speculation. Both BNP Paribas and Commerzbank did not wish to comment on the matter. Several bankers suggested that further potential bidders could include French banks Societe Generale (SocGen) or Credit Agricole; Dutch ABN Amro; Royal Bank of Scotland (RBS) and HSBC of the UK, and Spanish BBVA. Unnamed sources close to Commerzbank from the investment banking sector stated that several foreign banks signalled their interest in holding takeover talks with Commerzbank. A takeover in the short-term is seen as being very unlikely as Commerzbank’s share price has risen considerably over the past months.
BBC NEWS | Business | Yahoo (Equiserve client) in $1bn Chinese online deal
Tuesday, August 09, 2005
FT.com / Business life / Law and professions - The country prince comes of age
FT.com / Columnists / Lombard - Lombard: Mixed message for naughty nomads
FT.com / By industry / Financial services - Public censure of Durlacher was intended to bring nomads into line
FT.com / Home UK - LSE rebuke signals clampdown on Aim
Vodafone Sweden
09/08/2005 Vodafone Sweden denies sale rumours
Story: Vodafone Sweden, the Swedish subsidiary of the UK mobile telecom giant Vodafone, has denied rumours that it is for sale, according to Dagens Industri. The paper cited manager of Vodafone Sweden, Grahame Maher, who said that he took over the Swedish operations three months ago and he did definitely not go to Sweden in order to sell the company. This came after reports in the UK press this weekend that Norwegian Telenor is looking to acquire Vodafone´s Swedish operations. Meanwhile, the paper also wrote that analysts believe that Vodafone Sweden probably is for sale and that Telenor is a potential bidder.
Source: Dagens Industri
Value: €750m (min. possible price of target)
Story: Vodafone Sweden, the Swedish subsidiary of the UK mobile telecom giant Vodafone, has denied rumours that it is for sale, according to Dagens Industri. The paper cited manager of Vodafone Sweden, Grahame Maher, who said that he took over the Swedish operations three months ago and he did definitely not go to Sweden in order to sell the company. This came after reports in the UK press this weekend that Norwegian Telenor is looking to acquire Vodafone´s Swedish operations. Meanwhile, the paper also wrote that analysts believe that Vodafone Sweden probably is for sale and that Telenor is a potential bidder.
Source: Dagens Industri
Value: €750m (min. possible price of target)
GlobalCustodian.com - Mellon Investor Services To Carry On As Transfer Agent For MetLife
Monday, August 08, 2005
Markets
Vimpelcom EGM - Note from ISS
Company: Vimpel Communications
When: August 15, 2005
Where: Moscow, Russia
Why: VimpelCom's largest shareholder, Alfa Group, has called a special meeting to seek investor approval of an acquisition of telecommunications firm Ukrainian Radio Systems. VimpelCom's management supports the transaction, which would allow the company to enter the promising Ukrainian market. Alfa sought the shareholder vote after management failed twice to get board approval for the deal. According to VimpelCom's charter, acquisitions must be approved by eight out of nine directors. Three members on the board represent Telenor, the company's second-largest shareholder, and have opposed the transaction. Telenor opposes VimpelCom's entry into the Ukraine, as the acquisition of Ukrainian Radio Systems would create a direct competition to another player in the market, Kyivstar, in which Telenor holds a 55-percent stake. At the special shareholder meeting, the acquisition will be voted on as a related party transaction since Pavel Kulikov, one of VimpelCom's directors, has been recently elected to the Ukrainian Radio Systems board, thus becoming an interested party to the transaction. Accordingly, the acquisition must be supported by at least 50 percent of all votes cast at the meeting and does not require board approval.
When: August 15, 2005
Where: Moscow, Russia
Why: VimpelCom's largest shareholder, Alfa Group, has called a special meeting to seek investor approval of an acquisition of telecommunications firm Ukrainian Radio Systems. VimpelCom's management supports the transaction, which would allow the company to enter the promising Ukrainian market. Alfa sought the shareholder vote after management failed twice to get board approval for the deal. According to VimpelCom's charter, acquisitions must be approved by eight out of nine directors. Three members on the board represent Telenor, the company's second-largest shareholder, and have opposed the transaction. Telenor opposes VimpelCom's entry into the Ukraine, as the acquisition of Ukrainian Radio Systems would create a direct competition to another player in the market, Kyivstar, in which Telenor holds a 55-percent stake. At the special shareholder meeting, the acquisition will be voted on as a related party transaction since Pavel Kulikov, one of VimpelCom's directors, has been recently elected to the Ukrainian Radio Systems board, thus becoming an interested party to the transaction. Accordingly, the acquisition must be supported by at least 50 percent of all votes cast at the meeting and does not require board approval.
FT.com / By industry / Financial services - A focus on ethics with the share price in mind
FT.com / By industry / Financial services - Road to growth: Prince insists Citigroup still has the skills to make its size tell
FT.com / Home UK - Citi targets growth markets
Deutsche Bank to complete takeover of UFG (Russia)
Deutsche Bank closing in on 60% stake - report
Story:Deutsche Bank could finalize a deal to complete the takeover of Russian bank United Financial Group (UFG), in the next few weeks, the Financial Times Deutschland reported. The report cites financial circles who believe the deal is close to completion. The negotiating parties are thought to be agreed on most points for the 60% stake in UFG, with some tax clauses and price questions still to be resolved, the report said. Russian press reports at the weekend suggested Deutsche Bank will offer USD 420m (EUR 340m), but industry experts rate this price estimate as being too high, the report continued. Deutsche Bank declined to comment on reports, confirming only that it has an option to acquire shares, the report concluded.
Source:Financial Times Deutschland
Value:$420m (Estimated deal value"
Story:Deutsche Bank could finalize a deal to complete the takeover of Russian bank United Financial Group (UFG), in the next few weeks, the Financial Times Deutschland reported. The report cites financial circles who believe the deal is close to completion. The negotiating parties are thought to be agreed on most points for the 60% stake in UFG, with some tax clauses and price questions still to be resolved, the report said. Russian press reports at the weekend suggested Deutsche Bank will offer USD 420m (EUR 340m), but industry experts rate this price estimate as being too high, the report continued. Deutsche Bank declined to comment on reports, confirming only that it has an option to acquire shares, the report concluded.
Source:Financial Times Deutschland
Value:$420m (Estimated deal value"
Telenor & Vodafone
Telenor could be eyeing Vodafone Sweden - report
Story:Telenor, the Norwegian telecoms company, could be eyeing Vodafone Sweden, according to Aftenposten citing The Business. The paper reported that Telenor could be planning to make an offer for Vodafone�s Swedish operations and that the price could land at around EUR 750m-1bn. A Telenor spokesperson refused to comment on the speculation, Aftenposten said.
Source:aftenposten, The Business
Value:€750m (possible price of target) "
Story:Telenor, the Norwegian telecoms company, could be eyeing Vodafone Sweden, according to Aftenposten citing The Business. The paper reported that Telenor could be planning to make an offer for Vodafone�s Swedish operations and that the price could land at around EUR 750m-1bn. A Telenor spokesperson refused to comment on the speculation, Aftenposten said.
Source:aftenposten, The Business
Value:€750m (possible price of target) "
Sunday, August 07, 2005
BG & CNOOC
06/08/2005 BG Group a bid target for CNOOC - market report
Story: BG Group saw its shares rise on rumours that CNOOC might make a bid for it, according to an unsourced Mail market report. The UK-listed oil company saw its share price rise 6p to 494.25p, the report said. The logic of the rumour was that China National Offshore Oil Corporation (CNOOC) might look to acquire BG after losing out to Chevron in the auction for Unocal, the US-listed oil company. BG Group has a market capitalization of GBP 17.3bn (EUR 24.8bn).
Story: BG Group saw its shares rise on rumours that CNOOC might make a bid for it, according to an unsourced Mail market report. The UK-listed oil company saw its share price rise 6p to 494.25p, the report said. The logic of the rumour was that China National Offshore Oil Corporation (CNOOC) might look to acquire BG after losing out to Chevron in the auction for Unocal, the US-listed oil company. BG Group has a market capitalization of GBP 17.3bn (EUR 24.8bn).
Friday, August 05, 2005
GlobalCustodian.com - OMX Exchanges Have Best July Yet
OMX Exchanges Have Best July Yet
July 2005 has been the best month of July to date for OMX Exchanges, with an average daily trading amounting to Euros 2,780 million. On 21 July 2005, OMX Exchanges had the highest daily turnover with a turnover of Euros 7,481 million.
The same day, the Helsinki Stock Exchange experienced an all-time high in daily share turnover with a turnover of Euros 4,278 million. The previous record was on 27 July 2000 with a turnover of Euros 3,928 million. "
July 2005 has been the best month of July to date for OMX Exchanges, with an average daily trading amounting to Euros 2,780 million. On 21 July 2005, OMX Exchanges had the highest daily turnover with a turnover of Euros 7,481 million.
The same day, the Helsinki Stock Exchange experienced an all-time high in daily share turnover with a turnover of Euros 4,278 million. The previous record was on 27 July 2000 with a turnover of Euros 3,928 million. "
BBC NEWS | Business | Chinese web firm to join Nasdaq
Thursday, August 04, 2005
BBC NEWS | Business | HSBC buys US credit card business
TNK-BP Cleans Up Sprawling Structure
Wednesday, August 03, 2005
Telegraph | Money | French group launches hostile �3bn bid for BPB
BBC NEWS | Business | Adidas agrees to buy rival Reebok
Tuesday, August 02, 2005
FT.com / By industry / Energy Utilities Mining - CNOOC abandons $18.5bn bid for Unocal
BBC NEWS | Business | Russian stocks climb to record
Monday, August 01, 2005
BBC NEWS | Business | Murdoch 'eyes' Russian investment
FT.com / Home UK - HSBC profits buoyed by emerging markets
BBC NEWS | Business | Coral eyes stock market flotation
