Wednesday, November 30, 2005
RBC buys Abacus Financial Services Group
NEW YORK, Nov 30 (Reuters) - Royal Bank of Canada (RBC) (RY.TO: Quote, Profile, Research) on Wednesday said it bought wealth management group Abacus Financial Services Group Limited.
The companies did not disclose the terms of the deal, but said it had already been approved by Abacus shareholders and relevant regulators.
RBC said the acquisition is expected to be virtually neutral to earnings in 2006 and add slightly to earnings in 2007.
The companies did not disclose the terms of the deal, but said it had already been approved by Abacus shareholders and relevant regulators.
RBC said the acquisition is expected to be virtually neutral to earnings in 2006 and add slightly to earnings in 2007.
Tuesday, November 29, 2005
LSE
US Shareholder Communications
BBC NEWS | Business | P&O agrees bid from Dubai Ports
Monday, November 28, 2005
GlobalCustodian.com - Euroclear Shuffles Senior Management Posts
FT.com / Home UK - HSBC chairman John Bond to step down
FT.com / By industry / Financial services - SEC proposes online voting in move to slash bills
Saturday, November 19, 2005
GCM - Shareholder Communications, US market
Friday, November 18, 2005
FT.com / By industry / Financial services - Swiss Re buys GE insurance operations for $8.5bn
OMX To Buy Computershare's Markets Technology Business-2-
Executive View Highlights the New Features in World Records Version 6.1
Lonmin sees Xstrata bid talk - market reports
Story: Lonmin, the UK-listed mining group, has seen whispers that a larger mining company could make a move, according to market reports. The Independent noted talk that the bidder might be Xstrata, which recently failed in a move to secure Falconbridge. The Anglo-Swiss group could now move to attempt an alternate move, the report said, citing a Merrill Lynch research note. The Financial Times made a similar point in its market report and said the Merrill report noted good compatibility between the companies. Lonmin ended the day on a historic high, the FT noted. Its market value is GBP 2.149bn (EUR 3.148bn).
Source: Independent, Financial Times
Value: GBP 2,149m (Lonmin market cap )
Source: Independent, Financial Times
Value: GBP 2,149m (Lonmin market cap )
FT.com / Comment & analysis / Analysis - China steers clear of western capital markets
Thursday, November 17, 2005
BBC NEWS | Business | BPB accepts bid from French firm
Wednesday, November 16, 2005
Kommersant: Russians to Get Access to LSE Via Internet
Old Mutual/Skandia: Opposition towards offer could be over 25%, Skandia MD says offer too low
Story: Skandia managing director, Hans-Erik Andersson believes that several larger foreign investors are against Old Mutual’s offer, according to Dagens Industri. The paper reported that American Third Avenue is the only foreign shareholder to have openly opposed the deal and acquired more shares. Andersson said, however, that there are more shareholders than Third Avenue that have increased their stakes and several of them are larger. The paper wrote that if what the Skandia management says is true then there could be opposing shareholders with at least 25% of Skandia shares. Of these, 15% are already known and 3 % comes from the powers of attorney held by the Swedish shareholders association.
Andersson also stated that he still fully against a deal with Old Mutual and that he sees no industrial logic in it. He said that now Old Mutual is to finance the deal with loans, which could leave the South African company with huge debts that in turn may force it to sell off operations. Andersson also said that the current offer would not lead to a stable ownership as a deal with Skandia would make the new company a financial conglomerate which would tempt investors with hopes of breaking up the company structure.
Meanwhile, Dagens Nyheter reported that Andersson still deems the offer to be too low. He said that taking into account the initial indicative offer of SEK 45-48, the market development and Skandia’s development then the offer should be at least SEK 50 (EUR 5.19) per share. When asked why Skandia has not received further offers, Andersson said that further offers would likely build on the uncertain condition of immediate synergies. The paper reported that Skandia shares traded at SEK 43 (EUR 4.5) yesterday, SEK 1 (EUR 0.1) over Old Mutual’s offer.
Source: Dagens Industri, Dagens Nyheter
Value: EUR 3,300m (offer value)
Andersson also stated that he still fully against a deal with Old Mutual and that he sees no industrial logic in it. He said that now Old Mutual is to finance the deal with loans, which could leave the South African company with huge debts that in turn may force it to sell off operations. Andersson also said that the current offer would not lead to a stable ownership as a deal with Skandia would make the new company a financial conglomerate which would tempt investors with hopes of breaking up the company structure.
Meanwhile, Dagens Nyheter reported that Andersson still deems the offer to be too low. He said that taking into account the initial indicative offer of SEK 45-48, the market development and Skandia’s development then the offer should be at least SEK 50 (EUR 5.19) per share. When asked why Skandia has not received further offers, Andersson said that further offers would likely build on the uncertain condition of immediate synergies. The paper reported that Skandia shares traded at SEK 43 (EUR 4.5) yesterday, SEK 1 (EUR 0.1) over Old Mutual’s offer.
Source: Dagens Industri, Dagens Nyheter
Value: EUR 3,300m (offer value)
FT.com / Home UK - Myners argues case for voting polls
FT.com / World / UK - Shareholders making greater use of their voting rights, report shows
Tuesday, November 15, 2005
LSE: Macquarie still fighting put-up-or-shut-up process; bid tomorrow highly unlikely
Story: LSE suitor Macquarie is said to be still in talks with the Takeover Panel over the put-up-or-shut-up requested by the London Stock Exchange.
Macquarie refused to comment.
But it was said that talks between the Australian investment bank and the Panel had been going on for the last ten days.
Suitors are normally given a deadline of six to eight weeks from the time they have disclosed their interest, it was said. But such a deadline would be unrealistic for Macquarie, which announced it was looking at the exchange on 15 August, so it is understood to be discussing the issue with the Panel. It was said to be opposing the process, although it was not clear whether this meant it wanted no put-up-or-shut-up, or it was simply haggling over deadlines.
A report this morning claiming that Macquarie might lay out its bid plans tomorrow is understood to be unfounded.
Macquarie is understood to see the report as the result of speculation based on reports over the weekend giving details of a possible bid and the fact that Macquarie unveils its first-half results tomorrow.
A source close to LSE said Macquarie had still not got in touch with the exchange or its bankers.
On Macquarie’s alleged attempts to win LSE clients round by offering them stakes in an acquired body, the LSE source suggested that the London Investment Banking Association may face a conflict of interest in that its chairman Alan Yarrow was also vice president of Dresdner Kleinwort Wasserstein which is said to be providing equity to Macquarie.
LIBA was unavailable for comment.
by Cathy Cooper
Macquarie refused to comment.
But it was said that talks between the Australian investment bank and the Panel had been going on for the last ten days.
Suitors are normally given a deadline of six to eight weeks from the time they have disclosed their interest, it was said. But such a deadline would be unrealistic for Macquarie, which announced it was looking at the exchange on 15 August, so it is understood to be discussing the issue with the Panel. It was said to be opposing the process, although it was not clear whether this meant it wanted no put-up-or-shut-up, or it was simply haggling over deadlines.
A report this morning claiming that Macquarie might lay out its bid plans tomorrow is understood to be unfounded.
Macquarie is understood to see the report as the result of speculation based on reports over the weekend giving details of a possible bid and the fact that Macquarie unveils its first-half results tomorrow.
A source close to LSE said Macquarie had still not got in touch with the exchange or its bankers.
On Macquarie’s alleged attempts to win LSE clients round by offering them stakes in an acquired body, the LSE source suggested that the London Investment Banking Association may face a conflict of interest in that its chairman Alan Yarrow was also vice president of Dresdner Kleinwort Wasserstein which is said to be providing equity to Macquarie.
LIBA was unavailable for comment.
by Cathy Cooper
Monday, November 14, 2005
US companies turn to AIM for growth
Banking, finance, insurance The Times Times Online Sunday Times: "US companies turn to AIM for growth"
Finextra: Killik & Co outsources settlement and custody to OMX
Sunday, November 13, 2005
GCM
LSE - October Activity (Forbes)
LSE - Macquarie
More re LSE
Article re ASX
NYSE
Euronext/Deutsche Borse (week old)
LSE - Macquarie
More re LSE
Article re ASX
NYSE
Euronext/Deutsche Borse (week old)
Russian chemicals group targets Aim
Kazakh mining firm joins Britain's top rank - Sunday Times - Times Online
Goldman to partner Macquarie in LSE bid
Saturday, November 12, 2005
URS/Vimpelcom: Telenor disappointed over USD 231m deal
Story: Telenor, the Norwegian telecoms operator, is disappointed that the USD 231m sale of Ukrainian Radio Systems (URS WellCom) to Vimpelcom has concluded, the company said.
We are disappointed but not overly surprised, a company spokesman was stated as saying in a company press release.
Telenor, which held 26.6% of VimpelCom, was opposed to the acquisition of the Ukrainian mobile operator, because it did not see it as a profitable investment.
The other main VimpelCom shareholder, Russia’s Alfa Group, which holds 32.9%, was in favour of the sale.
Source: Company press release(s)
Value: USD 231m (Reported consideration)
Friday, November 11, 2005
Asia Times Online :: Japan News and Japanese Business and Economy: Identifying new shareholders
Thursday, November 10, 2005
Strate to fight ruling against Ultra merger
Willis Group announces sale of KKR shares
Story: Willis Group Holdings, the listed UK insurance broker, today announced that two of its shareholders commenced a secondary offering of 6.1 million shares of common stock. According to a company press release, the offered shares are being sold by Profit Sharing (Overseas), Limited Partnership, an affiliate of Kohlberg Kravis Roberts & Co. L.P., and Fisher Capital Corp. L.L.C.
Concurrent with the offering, Willis plans to purchase 1.5 million shares directly from the selling shareholders in a private transaction at the net price per share to be received by the selling shareholders in the underwritten offering, and expects to use cash on hand to fund the purchases. The remaining shares will be publicly offered.
After this offering, the KKR fund will have fully exited its holdings in Willis Group common stock though certain KKR executives will continue to own shares. These transactions represent the last stage of KKR's orderly disposition program which commenced approximately five years ago.
Citigroup Corporate and Investment Banking and Lehman Brothers Inc. will be acting as joint bookrunning managers for the offering.
Source: Company press release(s)
Value: USD 2,257m (Value of stock as of 8/11 closing on NYSE)
Concurrent with the offering, Willis plans to purchase 1.5 million shares directly from the selling shareholders in a private transaction at the net price per share to be received by the selling shareholders in the underwritten offering, and expects to use cash on hand to fund the purchases. The remaining shares will be publicly offered.
After this offering, the KKR fund will have fully exited its holdings in Willis Group common stock though certain KKR executives will continue to own shares. These transactions represent the last stage of KKR's orderly disposition program which commenced approximately five years ago.
Citigroup Corporate and Investment Banking and Lehman Brothers Inc. will be acting as joint bookrunning managers for the offering.
Source: Company press release(s)
Value: USD 2,257m (Value of stock as of 8/11 closing on NYSE)
Bill Simplifies IPOs on Russian Markets
Wednesday, November 09, 2005
Serono up on takeover talk - market report; GlaxoSmithKline, AstraZeneca tipped, Novartis ruled out
Story: Serono, the Swiss biotechnology company, saw its shares soar 12% to CHF 968 (EUR 627) on the back of takeover talk, according to a Tagesanzeiger market report.
Serono yesterday (Tuesday) issued a statement confirming press reports that it has retained Goldman Sachs to evaluate potential buyers.
A report yesterday on this news service cited a source following the situation who said that both GlaxoSmithkline and AstraZeneca were looking at possibly tabling bids, although others still question the strategic imperative behind doing so.
Yesterday's report added that other potential bidders for Serono include Pfizer, Novartis, Amgen, Abbott Laboratories, Wyeth and Johnson & Johnson, although a source familiar with Novartis had ruled the company out from bidding.
Serono has a market cap of USD 10.936bn (EUR 9.292bn).
Source: Tagesanzeiger, mergermarket
Value: EUR 9,292m (Market cap)
Serono yesterday (Tuesday) issued a statement confirming press reports that it has retained Goldman Sachs to evaluate potential buyers.
A report yesterday on this news service cited a source following the situation who said that both GlaxoSmithkline and AstraZeneca were looking at possibly tabling bids, although others still question the strategic imperative behind doing so.
Yesterday's report added that other potential bidders for Serono include Pfizer, Novartis, Amgen, Abbott Laboratories, Wyeth and Johnson & Johnson, although a source familiar with Novartis had ruled the company out from bidding.
Serono has a market cap of USD 10.936bn (EUR 9.292bn).
Source: Tagesanzeiger, mergermarket
Value: EUR 9,292m (Market cap)
Capita Group acquires Lonsdale Travel for GBP 10.25m
Story: The Capita Group, the UK provider of integrated professional support service solutions, has acquired the entire share capital of Lonsdale Travel, one of the UK’s leading independent travel management companies, it was announced in a press release. Capita will pay GBP 10.25m on completion, to be satisfied by the issue of 64,185 new ordinary shares in Capita and GBP 10m in cash. A further GBP 250,000, payable in cash, will be paid over the next four years, subject to the business achieving certain performance targets.
Lonsdale is ranked number 11 in the Business Travel Company market and provides a wide range of travel administration services to organisations across the public and private sectors. Lonsdale is Capita’s preferred supplier of travel services and Capita currently represents approximately 16% of Lonsdale's business. Lonsdale’s audited accounts for the year ended 30 November 2004, recorded operating profit of GBP 2m on net fee income of GBP 7.3m. As at 30 November 2004 Lonsdale had audited net assets of GBP 1.7m.
Some 220 employees, based primarily in Derby, will transfer to Capita and the founder and Chairman of Lonsdale, Stuart Webb, is retiring from the business as part of the transaction.
Full Details to follow in the Deal Database
Source: Stock Exchange Announcement(s)
Value: GBP 10m (deal value)
Bank of New York to Pay $38M in Penalties
Tuesday, November 08, 2005
GlobalCustodian.com - BNY Appointed By Telecom Argentina As Trustee, Registrar, Paying Agent And Transfer Agent
The Bank of New York was appointed by Telecom Argentina as trustee, registrar and paying and transfer agent for its landmark $1.5 billion debt restructuring. The transaction was Argentina's largest corporate debt restructuring to date, according to published reports.
The restructure involved the exchange of $2.8 billion in outstanding debt for newly issued exchange notes and cash. As the settlement agent in the transaction, The Bank of New York received and processed electronic and manual instructions from investors holding bonds in Euroclear, Clearstream, the DTC, and from creditors holding debt in physical form. Consents and distribution instructions were sought from over 1,100 creditors.
Karen Peetz, executive vice president and Head of the Bank's Corporate Trust Division, said, "Our role in this milestone transaction, along with our involvement in other recent high-profile sovereign restructurings for the Dominican Republic, the Federative Republic of Brazil, the Republic of Colombia, and the Republic of Argentina, emphasizes our commitment to Latin America. By collaborating with Telecom Argentina and its advisors, we were able to bring about a successful and professionally executed debt restructuring where we leveraged our innovative technology platform and expertise to meet their specific needs."
The restructure involved the exchange of $2.8 billion in outstanding debt for newly issued exchange notes and cash. As the settlement agent in the transaction, The Bank of New York received and processed electronic and manual instructions from investors holding bonds in Euroclear, Clearstream, the DTC, and from creditors holding debt in physical form. Consents and distribution instructions were sought from over 1,100 creditors.
Karen Peetz, executive vice president and Head of the Bank's Corporate Trust Division, said, "Our role in this milestone transaction, along with our involvement in other recent high-profile sovereign restructurings for the Dominican Republic, the Federative Republic of Brazil, the Republic of Colombia, and the Republic of Argentina, emphasizes our commitment to Latin America. By collaborating with Telecom Argentina and its advisors, we were able to bring about a successful and professionally executed debt restructuring where we leveraged our innovative technology platform and expertise to meet their specific needs."
GlobalCustodian.com - Bank Of Royal Dutch Shell Selects The Bank Of New York As Its Successor Depositary Bank
The Bank of New York has been appointed as successor depositary bank by Royal Dutch Shell plc for its Class "A" American depositary receipt (ADR) program.
Each Royal Dutch Shell Class "A" ADR represents two ordinary shares. The ADRs trade on the New York Stock Exchange under the symbol "RDS.A."
This successorship continues the Bank's 47-year working partnership with the Shell Group. In addition to being the depositary bank for Royal Dutch Shell's Class "B" ADR program, the Bank also served as depositary for The "Shell" Transport & Trading Company, P.L.C. from 1958 until its unification with Royal Dutch Petroleum Company earlier this year.
Royal Dutch Shell plc is the largest company, as measured by free-float market capitalization, in The Bank of New York's ADR Index.
Royal Dutch Shell plc is principally a holding company. The company is incorporated in the United Kingdom, under English Law, and headquartered in The Netherlands. The Shell Group, which includes Royal Dutch Shell and its subsidiaries, is a global group of energy and petrochemicals companies that operates in more than 140 countries and territories.
Each Royal Dutch Shell Class "A" ADR represents two ordinary shares. The ADRs trade on the New York Stock Exchange under the symbol "RDS.A."
This successorship continues the Bank's 47-year working partnership with the Shell Group. In addition to being the depositary bank for Royal Dutch Shell's Class "B" ADR program, the Bank also served as depositary for The "Shell" Transport & Trading Company, P.L.C. from 1958 until its unification with Royal Dutch Petroleum Company earlier this year.
Royal Dutch Shell plc is the largest company, as measured by free-float market capitalization, in The Bank of New York's ADR Index.
Royal Dutch Shell plc is principally a holding company. The company is incorporated in the United Kingdom, under English Law, and headquartered in The Netherlands. The Shell Group, which includes Royal Dutch Shell and its subsidiaries, is a global group of energy and petrochemicals companies that operates in more than 140 countries and territories.
Telenor agrees in principle to VimpelCom purchase of URS
Monday, November 07, 2005
BBC NEWS | Business | Warplane firm eyes London listing
Sunday, November 06, 2005
ScottishPower: SSE hires CSFB to weigh up GBP 19bn merger; E.ON deal could be announced this week – report
Story: Scottish & Southern Energy, the Perth-based energy group, has hired CSFB to consider a potential merger with ScottishPower, the Sunday Times reported. Sources close to SSE confirmed the appointment, the report said, stating that ScottishPower is believed to be amenable to the merger idea and that such a deal would allay local political concerns regarding foreign takeovers. German energy giant E.ON is in early-stage talks with ScottishPower, which has a market capitalisation just short of GBP 10.5bn (EUR 15.5bn), the piece said, adding that the E.ON deal is believed to be opposed by the Energy Intensive Users Group. The German business is believed to be considering making a bid in excess of 600p per share, making ScottishPower worth GBP 11.2bn, the piece said. According to source cited in a report in The Business, a deal could be signed with E.ON as soon as this week, possibly at ScottishPower’s or E.ON’s results presentations on Thursday. A banker quoted in the piece said that a bid of less than 600p per share would be likely to encourage counterbidding. A Sunday Telegraph report said advisers to the two groups had discussed prices between 610p and 640p last week. It quoted a source who dismissed talk of a 770p bid as “daft”. An item in Scotland on Sunday reported rumours that a private-equity bid from a consortium including Guy Hands has considered making an offer for ScottishPower.
The Times report said that SSE, valued at GBP 8.4bn, has yet to approach ScottishPower formally although, according to a source familiar with the workings of SSE, will step forward if E.ON talks founder. The UK regulator Ofgem may set stringent conditions for a merger, the report said, noting that the combined group would have 70% of the Scottish gas and electricity market. Morgan Stanley and UBS are advising ScottishPower while E.ON has hired Lazard.
The report went on to say that SSE has been rumoured to be a target for Germany’s RWE and Centrica of the UK, although neither is believed to have appointed advisers at this stage.
Source: Sunday Times, Sunday Telegraph, Scotland on Sunday
Value: GBP 11,200m (Estimated SP bid from E.ON)
The Times report said that SSE, valued at GBP 8.4bn, has yet to approach ScottishPower formally although, according to a source familiar with the workings of SSE, will step forward if E.ON talks founder. The UK regulator Ofgem may set stringent conditions for a merger, the report said, noting that the combined group would have 70% of the Scottish gas and electricity market. Morgan Stanley and UBS are advising ScottishPower while E.ON has hired Lazard.
The report went on to say that SSE has been rumoured to be a target for Germany’s RWE and Centrica of the UK, although neither is believed to have appointed advisers at this stage.
Source: Sunday Times, Sunday Telegraph, Scotland on Sunday
Value: GBP 11,200m (Estimated SP bid from E.ON)
Friday, November 04, 2005
UK Company Law Reform Bill Published
Davenham float to bolster Aim
BBC NEWS | Business | German owner to sell Thames Water
FT.com / By industry / IT - Autonomy to buy Verity for $500m
FT.com / By industry / Financial services - Ex-World Bank chief to join Citigroup
GlobalCustodian.com - Tokyo Exchange Plans To Transfer Clearing House For Foreign Securities To Japan Depository
The Tokyo Stock Exchange (TSE) is moving forward with its plans to transfer a clearing house for foreign securities from Japan Securities Settlement & Custody, Inc (JSSC), a subsidiary of TSW, to Japan Securities Depository Center, Inc (JASDEC).
Settlement and safekeeping of foreign securities traded at TSE has been handled by JSSC since 1973 when TSE's Foreign Section was launched.
As a part of development of securities settlement infrastructure in Japan, securities certificates traditionally handled by JSSC have been gradually handed over to JASDEC: domestic securities certificates in 1991, convertible bonds in 2001, non-JGB bonds in January, 2006.
Integration of settlement infrastructure of both domestic and foreign securities is expected to reinforce Japanese securities market as a whole.
By enabling JASDEC to handle foreign securities, TSE hopes to further promote foreign investors' investment in foreign securities traded in Japan.
Settlement and safekeeping of foreign securities traded at TSE has been handled by JSSC since 1973 when TSE's Foreign Section was launched.
As a part of development of securities settlement infrastructure in Japan, securities certificates traditionally handled by JSSC have been gradually handed over to JASDEC: domestic securities certificates in 1991, convertible bonds in 2001, non-JGB bonds in January, 2006.
Integration of settlement infrastructure of both domestic and foreign securities is expected to reinforce Japanese securities market as a whole.
By enabling JASDEC to handle foreign securities, TSE hopes to further promote foreign investors' investment in foreign securities traded in Japan.
Thursday, November 03, 2005
BBC NEWS | Business | Iran 'offers shares to the poor'
FT.com / By industry / Financial services - Citigroup move highlights importance of China
BBC NEWS | Business | Eircom confirms takeover interest
BBC NEWS | Business | Partygaming in Empire bid talks
Wednesday, November 02, 2005
Kommersant: Foreign Stock Issuers to Have Depository Receipts
Tuesday, November 01, 2005
Kommersant: NIKoil Register Leaked from State
BBC NEWS | Business | Computer glitch hits Tokyo market
BBC NEWS | Business | LSE takeover conditions set out
Pan Pacific heads for GBP 60m IPO – report
Story: Pan Pacific Aggregates, the British Columbia-based mining services business, is to float on the Alternative Investment Market, the Times reported. The group is expected to have a value of up to GBP 60m (EUR 88m) and hopes to raise GBP 10m from the transaction, the unsourced article stated. It added that Pan Pacific is currently developing minerals and aggregates from land in the Vancouver area.
Source: The Times
Value: GBP 60m (post-float value
Source: The Times
Value: GBP 60m (post-float value
XXI Vek to float on AIM - report
Story: XXI Vek, the Ukrainian financial industrial group, is to float on the AIM section of London Stock Exchange, according to Delo. The unsourced report said the floatation is likely to take place by the end of the year with ING Bank being responsible for placement. The report cited experts who said that this was likely to value the group at USD 530m.
XXI Vek is owned by Kiev city councillor Lev Partskhaladze. It owns the Kvadrat chain of department stores, the Shvydko fast food chain and the real estate company Zhile XXI Vek.
Source: Delo
Value: USD 530m (Valuation of XXI Vek after floatation)
XXI Vek is owned by Kiev city councillor Lev Partskhaladze. It owns the Kvadrat chain of department stores, the Shvydko fast food chain and the real estate company Zhile XXI Vek.
Source: Delo
Value: USD 530m (Valuation of XXI Vek after floatation)
Australian gaming firm seeks fast AIM listing
FT.com / China / Regulation & Reform - China lines up railways for listing
Internet Firm Yandex Mulls Listing
Tiremaker Share Sale to Bring In $308M
Secret Shareholder Data for Sale
