Monday, October 31, 2005
business.iafrica.com | company news Strate's takeover of Ultra blocked
BBC NEWS | Business | Fraud claim hits Renaissance boss
Latest Business News and Financial Information | Reuters.co.uk
ConocoPhillips /Lukoil joint bids for Russia's oil fields to see no state restrictions
Story: Russia will not oppose the ConocoPhillips and Lukoil joint bids for Russia’s oil and gas fields, reported Vedomosti and The Moscow Times, quoting Yury Trutnev. The Natural Resources Minister told the ConocoPhillips chief executive James Mulva that Conoco may participate freely in the auctions for the Russian fields, jointly with the leading Russian oil company Lukoil. Vedomosti, referring to newswire articles, reported that ConocoPhilips is eyeing projects in the Barents Sea. The government has conceded the possibility of ConocoPhillips participating in the Shtokman condensed gas project, the article said.
Source: Vedomosti, Moscow Times
Source: Vedomosti, Moscow Times
BBC NEWS | Business | Telefonica buys UK's O2 for £18bn
Why pensioners are better off in Israel than Australia - Newspaper Edition - Times Online
Kommersant: The Shareholders Data Was Broken In
FT.com / Chinese deals
FT.com / By industry / Energy Utilities Mining - Kazakh gold group plans to list in UK
Sunday, October 30, 2005
P & O confirm bid approach
Friday, October 28, 2005
Bankinter eyed by Royal Bank of Scotland – reported rumour
Story: Bankinter, the Spanish bank controlled by the Botin family, could be the target of a friendly takeover bid by Royal Bank of Scotland, El Mundo reported. The report, which cited market sources, said that the UK bank is considering an offer of EUR 60 per share, a premium of more than 25% over its current price of EUR 47, Thursday.
Meanwhile, sources from Banco Sabadell, quoted by the report, again denied rumours of a possible offer from that bank, which the report said could involve exchanging three shares for one.
Yesterday, Bankinter traded over 20% of its capital and shares went up for the seventh consecutive day, 11% up from the previous week, the report noted. Bankinter has a market cap of EUR 3.6bn.
Source: El Mundo
Value: GBP3,619m (market cap Bankinter
Russian companies should list in Russia, Moscow bourse chief says
Proprietary Intelligence
Story: Mosccow’s RTS exchange is capable of large enough listings to enable Russian companies to carry out billion dollar IPOs in Moscow rather than London, RTS president Oleg Safonov said. Meanwhile one senior investment banker said the rising number of listed Russian companies could lead to stock increasingly being used as acquisition currency in corporate takeovers.
Speaking at the Adam Smith CFO Summit in Moscow, Safonov cited Deutsche Telekom's sale of USD 1.5bn in mobile phone company MTS onto the Russian stock exchange as proof that the RTS is suitable for large domestic listings.
“IPOs of Russian companies should take place in Russia, and they are more effective in Russia,” he said. “Domestic demand for quality instruments outstrips supply, and large global players are showing growing interest in the domestic market.” Safonov said the current capitalisation of the RTS is only 1.5% of its total potential.
Many Russian companies that have carried out IPOs this year have chosen London rather than the Russian exchanges for their listing, a development that has caused concern with the financial markets regulatory body in Moscow. Safonov said the number of Russian listings abroad was a “bad trend”, particularly as the number of blue chips appears to be falling. Safonov noted that Yukos, once the largest stock on the Russian index, has now been dismantled, Sibneft has been acquired by Gazprom, while power utility UES is undergoing restructuring that will lead to its eventual break up into smaller companies.
Andrew Cornthwaite, managing director at Renaissance Capital in Moscow, agreed with Safonov that a London listing is not necessarily the best option for a Russian company looking to tap a wide investor base. As well as being cheaper, a listing in Russia is quicker and for many companies listing under USD 250m an RTS IPO may be the better route, he added. “An international listing will not necessarily improve the valuation or liquidity of a Russian company,” Cornthwaite said. “If you can place USD 1bn of stock in one day (as MTS did), it says a lot about the maturity of the market.” Meanwhile the increasing number of listed Russian companies could mean future M&A activity will be financed through companies using stock as acquisition currency, he said. Renaissance Capital currently has a pipeline of 10 IPOs it is advising on over the next 18 months, Cornthwaite added.
Wednesday, October 26, 2005
Anglo to Cut AngloGold Stake,
BBC NEWS | Business | CNPC secures PetroKazakhstan bid
Old Mutual shares up on bid rumours - market report
Story: Old Mutual, the UK-listed financial services group, was the subject of bid speculation yesterday, a Guardian market report said. The unsourced report noted rumours that the South African-focused company has attracted bid interest, without specifying potential suitors. Old Mutual shares were 1.25p up at 131.5p, giving the company a market capitalization of GBP 5.37bn (EUR 7.89bn).
LUKoil Seeks to Best CNPC's Kazakh Bid
Tuesday, October 25, 2005
Greenwich Resources confirms reverse takeover talks with Australia's Buka Minerals and Danae Resources
Story: The Board of listed UK company, Greenwich Resources, announced that it is in talks with two companies, Buka Minerals and Danae Resources, both of which are listed in Australia.
Talks may or may not lead to a merger which would constitute a reverse takeover of Greenwich. Shareholders will be given further information in due course.
Source: Company press release(s)
Value: EUR9m (target market cap)
Talks may or may not lead to a merger which would constitute a reverse takeover of Greenwich. Shareholders will be given further information in due course.
Source: Company press release(s)
Value: EUR9m (target market cap)
Cherkizovsky IPO: Morgan Stanley and Renaissance Capital tipped to organise the sale - report
BBC NEWS | Business | Marconi in £1.2bn Ericsson deal
Monday, October 24, 2005
BBC NEWS | Business | China to relax 'red chip' rules
Saturday, October 22, 2005
Telegraph | Money | What the Standard float means for you
Friday, October 21, 2005
Bank of New York Seeks $14M Settlement
LUKoil Sure of Success in Kazakhstan
Thursday, October 20, 2005
China Construction Bank raises 8 billion dollars in IPO
BP/Innovene
Finextra: European Commission set to extend MiFID deadline again
Tuesday, October 18, 2005
GlobalCustodian.com - OMX Kicks Off Nordic Market Aimed At Small Companies In Denmark
FT.com / By industry / Financial services - Green light for Standard Life
FT.com / By industry / Energy Utilities Mining - China readies state-run electricity grid for IPO
Monday, October 17, 2005
BBC NEWS | Business | Standard Life plans listing vote
FT.com / World - EU seeks to end bias among shareholders
Saturday, October 15, 2005
BBC NEWS | Business | Hilton US plans to buy Hilton UK
Thursday, October 13, 2005
BBC NEWS | Business | BP 'in China partnership talks'
Wednesday, October 12, 2005
Beware M&A Noise For Computershare - Citi | newratings.com
Duma to Debate Foreign IPOs
Tuesday, October 11, 2005
UK miners’ schemes in governance move
IPE.com 11/Oct/05: UK – The Mineworkers’ Pension Scheme and British Coal Staff Superannuation Scheme have beefed up their governance framework via the web – a growing trend due to stringent regulations.
“There are a huge number of parties who have a role in relation to the pension schemes and they need access to vital information to do their jobs,” said Mike Furbank of Coal Pension trustees.
eShare – a UK provider of web-based governance tools – has been tasked with implementing the new framework, which will include eMeetings (an additional eShare product).
“We are testing it at present, and are happy with the how it is shaping up. It is excellent for the dissemination of information and storing it,” Furbank told IPE.
“Trustee responsibilities are increasing at an unprecedented pace and the regulator is demanding more and more from them,” said eShare spokesperson Alister Esam.
“It’s about time we started giving them the tools and information to deal with those responsibilities. How else can they deliver to their members?”
According to Esam, there has been a growing demand for products like this, which he predicts will take off “massively”.
Under the specially tailored system, all pension documents will be stored centrally, and will be easily accessible for all pension fund stakeholders. It will be implemented via standard Internet tools, and will have security and encryption similar to banking websites.
“But it will be as easy as logging onto eBay,” Esam told IPE.
According to Furbank, “The most exciting feature is eMeetings: Going forward we will be collating, distributing and storing meeting papers for trustee boards and sub-committees electronically in meeting sites.”
The eShare system will also provide flexibility and an essential control mechanism for what different stakeholders can access, he added.
“There are a huge number of parties who have a role in relation to the pension schemes and they need access to vital information to do their jobs,” said Mike Furbank of Coal Pension trustees.
eShare – a UK provider of web-based governance tools – has been tasked with implementing the new framework, which will include eMeetings (an additional eShare product).
“We are testing it at present, and are happy with the how it is shaping up. It is excellent for the dissemination of information and storing it,” Furbank told IPE.
“Trustee responsibilities are increasing at an unprecedented pace and the regulator is demanding more and more from them,” said eShare spokesperson Alister Esam.
“It’s about time we started giving them the tools and information to deal with those responsibilities. How else can they deliver to their members?”
According to Esam, there has been a growing demand for products like this, which he predicts will take off “massively”.
Under the specially tailored system, all pension documents will be stored centrally, and will be easily accessible for all pension fund stakeholders. It will be implemented via standard Internet tools, and will have security and encryption similar to banking websites.
“But it will be as easy as logging onto eBay,” Esam told IPE.
According to Furbank, “The most exciting feature is eMeetings: Going forward we will be collating, distributing and storing meeting papers for trustee boards and sub-committees electronically in meeting sites.”
The eShare system will also provide flexibility and an essential control mechanism for what different stakeholders can access, he added.
China's CITIC sets up jv fund management company with Prudential
BEIJING (AFX) - China International Trust and Investment Corporation (CITIC)and UK's Prudential PLC have set up a joint venture fund management company, the China Securities Journal reported. The newspaper said CITIC takes a 33 pct share in the venture, which is called Xincheng Fund Management Co Ltd. Prudential also gets 33 pct. The report did not explain which firm or firms took the remaining 34 pct. It will be the third fund management Sino-foreign joint venture since China opened its funds market to foreign financial institutions under its accession commitments to the World Trade Organization. No information on registered capital was provided. CITIC and Prudential already have a 50-50 joint venture in China -- Xincheng Life Insurance Co Ltd. mark.xiong@xfn.com mx/gf/dg
Finextra: Deutsche Bourse retaliates against London's ambitions for AIM
Telegraph | Money | Kazakhmys duo each pass up £10m options
Monday, October 10, 2005
Security concerns as Prince William picks HSBC
BBC NEWS | Business | Standard denies flotation hitches
FT.com / By industry / Energy Utilities Mining - Lukoil moves to block China�s Petrokaz deal
FT.com / By industry / Financial services - Standard Life may delay flotation
HSBC - Chairman comments on their expansion plans in China & Russia
Bank of China to sell 40% stake in the 2006 Hong Kong IPO
10/10/2005 Story: Bank of China (BOC), China's third largest money lender based in Beijing, has made decisions to launch its IPO in Hong Kong in March or April, 2006.
This is according to the Beijing News, citing Zhu Xinqiang, the assistant to the BOC president.
The article went on to cite Zhu as saying that BOC would sell 40% of its stake at the IPO. BOC has sold some 24% stake to the overseas strategic investors including Royal Bank of Scotland, Singapore's Temasek, the Swiss UBS and the Manila-based Asian Development Bank for as much as USD 8bn, the paper added, again citing Zhu.
Source: Beijing News
Value: $8,000m (invested by the overseas strategic investors)
This is according to the Beijing News, citing Zhu Xinqiang, the assistant to the BOC president.
The article went on to cite Zhu as saying that BOC would sell 40% of its stake at the IPO. BOC has sold some 24% stake to the overseas strategic investors including Royal Bank of Scotland, Singapore's Temasek, the Swiss UBS and the Manila-based Asian Development Bank for as much as USD 8bn, the paper added, again citing Zhu.
Source: Beijing News
Value: $8,000m (invested by the overseas strategic investors)
Sunday, October 09, 2005
London Stock Exchange related
Saturday, October 08, 2005
Polyus expects IPO in spring 2006; plans acquisitions
Story: Polyus, the Russian gold producer, will carry out an IPO on Russia’s MICEX exchange in April or May 2006, and will subsequently list on the New York or Toronto exchanges, according to CEO Yevgeny Ivanov. “We see ourselves as a public company,” Ivanov said. “There are good reasons to become an independent, public company.” Polyus’ parent company, Norilsk Nickel, announced the planned spin-off of its gold producer in August. The spin-off is scheduled to include the 20% in South African mining company Gold Fields which Norilsk owns. Ivanov said acquisitions of new assets would form part of Polyus’ growth strategy for the future.
Source: mergermarket
Value: $3,000m (estimated Polyus value)
Source: mergermarket
Value: $3,000m (estimated Polyus value)
ScottishPower company secretary departs – report
Story: ScottishPower company secretary Andrew Mitchell has left the UK-listed utility company, a report in The Scotsman said. The news comes as ScottishPower announced 450 job losses in the UK, the item said. James Stanley, ScottishPower’s head of legal affairs, will replace Mitchell, the report said, without directly sourcing the information on Mitchell and Stanley.
The job cuts were a result of the GBP 5.1bn (EUR 7.3bn) disposal of ScottishPower’s PacifiCorp subsidiary. The sale has meant that ScottishPower is now in play, with E.ON, the listed German power company, having admitted an interest in the group. ScottishPower has a market capitalization of GBP 10.7bn (EUR 15.5bn).
Source: The Scotsman
Value: £10,709m (ScottishPower market capitalisation)
The job cuts were a result of the GBP 5.1bn (EUR 7.3bn) disposal of ScottishPower’s PacifiCorp subsidiary. The sale has meant that ScottishPower is now in play, with E.ON, the listed German power company, having admitted an interest in the group. ScottishPower has a market capitalization of GBP 10.7bn (EUR 15.5bn).
Source: The Scotsman
Value: £10,709m (ScottishPower market capitalisation)
BBC NEWS | Business | BP sells chemical unit for £5bn
CCB lashed by Corporate Governance website
Banks in China are a lynchpin of the emerging capital market. If they are steeped in cronyism and politics, companies hungry for loan capital have to play that game. Governance watchdog webb-site.com, for instance, just lashed China Construction Bank, “Sure, they've taken the bad loans out of the bank, but what about the bad lenders? Do you really believe that thousands of semi-autonomous branches have suddenly discovered the art of credit analysis and that the local Communist Party cadres and bribe-waving wannabe tycoons will leave them alone to make good lending decisions?” No wonder investors such as the International Finance Corp. are applauding the China Banking Regulatory Commission (CBRC) for taking steps two weeks ago to energize bank boards as real overseers. The agency’s guidelines on director responsibilities call on boards to exercise “independent” supervision of management. Recommendations break ground by requiring audit committees to be part of the board, rather than controlled by the supervisory council, often packed with state bureaucrats or communist officials. And they require new safeguards against insiders pulling strings to favor cronies. CBRC calls the rules “guidelines” but expects to treat them as mandatory. The test is what regulators do to enforce them.
U.K. Considers Changes to Voting Disclosure Rules
Investors in U.K. companies may soon see better disclosure on votes at shareholder meetings in light of a decision by the Department of Trade and Industry (DTI) to move forward on disclosure proposals from this spring.
In March, Prime Minister Tony Blair's administration said it would introduce measures to enhance the "timeliness and transparency of company information and proceedings." Specifically, the measures were to include provisions to: require quoted companies to disclose on a website the results of polls at general meetings; and "empower shareholders in quoted companies to require an independent report of any polled vote," with the report of the polls being published on the website.
U.K. company proxy cards allow a shareholder to designate an agent to cast votes on his behalf if he does not wish to vote by mail. An institution might choose to have a representative attend the meeting if it wanted to raise questions from the floor, to ensure that its votes are part of any matters decided by a show of hands, or to gather a sufficient number of other shareholders to request that a "poll" of mailed proxies be taken for votes on particular proposals. Under U.K. company law, between two and five shareholders (depending on the bylaws) can force such a "poll."
The DTI has now incorporated the provisions in the form of draft clauses and is seeking comment on their implementation. The DTI said the clauses will apply only to listed companies and to shareholders in listed companies and "will provide more flexibility as to who may be appointed to undertake independent reporting of a poll."
In March, Prime Minister Tony Blair's administration said it would introduce measures to enhance the "timeliness and transparency of company information and proceedings." Specifically, the measures were to include provisions to: require quoted companies to disclose on a website the results of polls at general meetings; and "empower shareholders in quoted companies to require an independent report of any polled vote," with the report of the polls being published on the website.
U.K. company proxy cards allow a shareholder to designate an agent to cast votes on his behalf if he does not wish to vote by mail. An institution might choose to have a representative attend the meeting if it wanted to raise questions from the floor, to ensure that its votes are part of any matters decided by a show of hands, or to gather a sufficient number of other shareholders to request that a "poll" of mailed proxies be taken for votes on particular proposals. Under U.K. company law, between two and five shareholders (depending on the bylaws) can force such a "poll."
The DTI has now incorporated the provisions in the form of draft clauses and is seeking comment on their implementation. The DTI said the clauses will apply only to listed companies and to shareholders in listed companies and "will provide more flexibility as to who may be appointed to undertake independent reporting of a poll."
Friday, October 07, 2005
Marconi set to receive 325p-per-share Ericsson offer;
Story: Ericsson, the Swedish telecommunications business, is set to make a 325p-per-share bid for Marconi, the Guardian said in a market report. Citing professionals in the market, the article reported gossip that Ericsson hopes to buy the group and then float its North American data-networking arm in London.
Its German, Italian and UK divisions would be retained in the event of a deal, the report said. It added that the German and Italian arms would be a good fit with the networking and mobile mast assets that Nasdaq-listed Ericsson already operates.
The item went on to cite analysts who note Ericsson is sitting on GBP 1.4bn (EUR 2bn) and so could well afford to make an offer, even taking into account the deficit in Marconi’s pension fund.
London-listed Marconi has a market capitalisation of GBP 648m.
Source: The Guardian
Value: £648m (Marconi market cap)
Thursday, October 06, 2005
Mazheikiu: Yukos appoints Lehman Brothers as adviser; state to choose between TNK-BP and Lukoil as buyer
Story: Russian oil player, Yukos has appointed Lehman Brothers as a consultant for the sale of Mazheikiu Nafta, reported Kommersant, with reference to wire reports. Kommersant reported that Lehman Brothers is talking to potential bidders on behalf of Yukos.
Yukos and Lehman Brothers did not provide comment.
Yukos, via its subsidiary Yukos International U. K . B. V, holds a 53.7% stake in Mazheikiu Nafta, the Lithuanian oil refiner. Another 40.66% stake in Mazheikiu belongs to the Lithuanian government. Analysts value Yukos’s stake at between USD 1.5bn to USD 2bn. Lithuania is reportedly preparing a bill that would enable the state to buy Yukos’s stake for USD 1.05bn. Afterwards, Lithuania would be ready to sell up to a 84.36% stake in Mazheikiu to a strategic investor. Kommersant recalled last night's announcement by the Lithuanian prime minister. It said that the bidder for Mazheikiu will be chosen between Russia’s oil firm Lukoil and the Anglo-Russian oil venture, TNK-BP.
Source: Kommersant
Value: $2,000m (Yukos’s stake value)
Yukos and Lehman Brothers did not provide comment.
Yukos, via its subsidiary Yukos International U. K . B. V, holds a 53.7% stake in Mazheikiu Nafta, the Lithuanian oil refiner. Another 40.66% stake in Mazheikiu belongs to the Lithuanian government. Analysts value Yukos’s stake at between USD 1.5bn to USD 2bn. Lithuania is reportedly preparing a bill that would enable the state to buy Yukos’s stake for USD 1.05bn. Afterwards, Lithuania would be ready to sell up to a 84.36% stake in Mazheikiu to a strategic investor. Kommersant recalled last night's announcement by the Lithuanian prime minister. It said that the bidder for Mazheikiu will be chosen between Russia’s oil firm Lukoil and the Anglo-Russian oil venture, TNK-BP.
Source: Kommersant
Value: $2,000m (Yukos’s stake value)
LSE: Macquarie joins forces with Computershare for GBP 1.8bn bid – reports
Story: Macquarie Bank has discussed a joint takeover bid for the London Stock Exchange with Computershare, a Financial Times report said. The unsourced item said the offer could come inside the next week, while sources cited by a report in The Times said a formal bid might emerge within a fortnight. A Daily Telegraph report cited People involved in the bid approach who said Macquarie plans to make an approach to the London Exchange within 10 days. The Financial Times report said discussions between the Australian bank and Computershare, the Australian share registry group, had been in depth. However, as of Wednedsay night (6 October) Computershare had not decided whether or not to join a potential Macquarie bid. A source close to the preparations cited by the Daily Telegraph said that the potential bid needs further preparatory work.
The Times report said a Macquarie bid could be worth GBP 1.8bn (EUR 2.64bn), without attributing the figure. The Financial Times report did not mention a specific bid level from Macquarie, although it commented that a bid in excess of 530p per share would be necessary to be seriously considered by the LSE.
Computershare would probably take a passive role in any bid headed by Macquarie, the Australian bank, the Times report said. However, the FT report took a different view, saying that Computershare would contribute its financial services technology to the bid team. The Daily Telegraph report quoted people involved in the bid approach, who said Computershare had joined as an investor, with the bid still headed by Macquarie. The sources said Macquarie was increasingly serious about a bid.
The Competition Commission, which has been considering offers from Euronext and Deutsche Boerse for the LSE, would be unlikely to raise objections to a Macquarie bid, the Times item said.
Macquarie has hired Greenhill, as adviser to a potential takeover offer, the FT report noted. The item said the Macquarie might look to include other parties in its bid in addition to Computershare. Computershare was not available for comment, the item added. The London Stock Exchange has a market capitalization of GBP 1.45bn (EUR 2.13bn).
Source: Financial Times, The Times, Daily Telegraph
Value: £1,451m (LSE market capitalisation)
The Times report said a Macquarie bid could be worth GBP 1.8bn (EUR 2.64bn), without attributing the figure. The Financial Times report did not mention a specific bid level from Macquarie, although it commented that a bid in excess of 530p per share would be necessary to be seriously considered by the LSE.
Computershare would probably take a passive role in any bid headed by Macquarie, the Australian bank, the Times report said. However, the FT report took a different view, saying that Computershare would contribute its financial services technology to the bid team. The Daily Telegraph report quoted people involved in the bid approach, who said Computershare had joined as an investor, with the bid still headed by Macquarie. The sources said Macquarie was increasingly serious about a bid.
The Competition Commission, which has been considering offers from Euronext and Deutsche Boerse for the LSE, would be unlikely to raise objections to a Macquarie bid, the Times item said.
Macquarie has hired Greenhill, as adviser to a potential takeover offer, the FT report noted. The item said the Macquarie might look to include other parties in its bid in addition to Computershare. Computershare was not available for comment, the item added. The London Stock Exchange has a market capitalization of GBP 1.45bn (EUR 2.13bn).
Source: Financial Times, The Times, Daily Telegraph
Value: £1,451m (LSE market capitalisation)
FT.com / Lex - Lex: Gulf stock markets
FT.com / By industry / Financial services - Macquarie in talks with Computershare on bid for LSE
S. Africa Denies Blocking Norilsk Bid
Telegraph | Money | Australian bank targets London Stock Exchange
Wednesday, October 05, 2005
FT.com / World / Europe - Berlin tries to attract Germany's investors to AGMs
Telenor Vows to Rebuff Alfa Challenge
Steel Barons to Shed Hot Stocks
Tuesday, October 04, 2005
Aim woos Europe with expansion plan | This is Money
Mano and Petra to merge – market report
Story: Petra Diamonds, the UK-listed mining business, has announced that it is to merge with Mano River Resources, according to a market report in the Guardian. With a Sierra Leone joint venture between the two already set to begin production in 2006, Petra will now be able to exploit diamond assets in Guinea and Liberia, the unsourced report said.
It noted that Mano owns gold assets which will reportedly be put on the market in the future. London-listed Mano River has a market capitalisation of GBP 32.85m (EUR 48.4m).
Source: The Guardian
Value: £32m (Mano River market cap)
It noted that Mano owns gold assets which will reportedly be put on the market in the future. London-listed Mano River has a market capitalisation of GBP 32.85m (EUR 48.4m).
Source: The Guardian
Value: £32m (Mano River market cap)
Nelson hires BMO Nesbitt Burns to consider Lukoil bid – report
Story: Nelson Resources, the AIM-listed oil, gold and gas producer, has hired investment bank BMO Nesbitt Burns to consider an offer from Lukoil, the Times reported.
Russian Lukoil has made an unsolicited offer of 124p per share, valuing the company at GBP 1.1bn (EUR 1.6bn), the unsourced article said, noting that this is believed to be the first time a Russian business has tried to take over a London-listed group. The Canadian bank must report back to members of the Nelson board in seven days, the report stated, although holders of 66.3% of Nelson shares have already given Lukoil irrevocable undertakings, it added.
Source: The Times
Value: £1,100m (Lukoil offer for Nelson)
Russian Lukoil has made an unsolicited offer of 124p per share, valuing the company at GBP 1.1bn (EUR 1.6bn), the unsourced article said, noting that this is believed to be the first time a Russian business has tried to take over a London-listed group. The Canadian bank must report back to members of the Nelson board in seven days, the report stated, although holders of 66.3% of Nelson shares have already given Lukoil irrevocable undertakings, it added.
Source: The Times
Value: £1,100m (Lukoil offer for Nelson)
LUKOIL subsidiary makes USD 2bn bid for Nelson Resources
Story: LUKOIL Overseas Holding has announced that it has made a USD 2bn acquisition offer for Nelson Resources, the listed UK-based energy company.
According to a company press release, LUKOIL Overseas Holding, a subsidiary of Russian oil and gas giant LUKOIL, is seeking to acquire 100% of the share capital of Nelson Resources, which also has operations in Toronto, Canada. Further details on the deal are expected to be released later on today (Monday) at a conference call.
Source: Company press release(s)
Value: $2,000m (deal value)
According to a company press release, LUKOIL Overseas Holding, a subsidiary of Russian oil and gas giant LUKOIL, is seeking to acquire 100% of the share capital of Nelson Resources, which also has operations in Toronto, Canada. Further details on the deal are expected to be released later on today (Monday) at a conference call.
Source: Company press release(s)
Value: $2,000m (deal value)
Monday, October 03, 2005
BBC NEWS | Business | NTL seals $6bn Telewest takeover
South Africans Rebuff Norilsk
Sunday, October 02, 2005
Skadden and Linklaters scoop £7.4bn Gazprom roles - 30 September 2005
Eircom seeks lost shareholders - Sunday Times - Times Online
Saturday, October 01, 2005
Lukoil Nelson deal is largest ever Russian acquisition abroad
