Tuesday, May 30, 2006
BBC NEWS | Business | Vodafone sees record �14.9bn loss
BBC NEWS | Business | BAA rejects higher Ferrovial bid
Monday, May 29, 2006
FT.com / Markets / Investor's notebook - On Europe: Spain�s IPO pipeline gushes
FT.com / Equities / Asia-Pacific - Volatility cools appetite for Asian IPOs
Friday, May 26, 2006
Cadbury and Unilever left with share scam costs - Law - Times Online
BBC NEWS | Business | Arcelor to merge with Severstal
Thursday, May 25, 2006
BBC NEWS | Business | Investor challenges Standard Life
TSX Group, minus ownership restrictions, could be acquired by NYSE - report
TSX Group, minus ownership restrictions, could be acquired by NYSE - report
Story TSX Group could eventually be taken over by the New York Stock Exchange if the ownership-stake restriction is removed, reported the Globe and Mail.
According to the unsourced report, the listed Canadian owner of the Toronto Stock Exchange is essentially takeover-proof as a result of a stipulation that the Ontario Securities Commission must give its consent to any investor desiring to own in excess of 10% of TSX Group. The report added that the most sensible protection for investors would be to terminate the ownership-limit rule, a move which could eventually see the NYSE acquire TSX Group. As it now stands, TSX Group is starting to see its share price being adversely impacted because of the company's takeover-proof status. TSX Group has some CAD 313.6m (USD 279.8m) in cash available and zero debt.
While TSX Group has previously expressed an interest in acquiring the Montreal Exchange, which itself focuses on derivatives, the report noted that there are concerns that it could ultimately pay too much for the asset if it does make a bid.
Previous reports have said that the NYSE and Deutsche Boerse, which operates the Frankfurt Stock Exchange, are bidding to acquire Euronext, a cross-border exchange organization in Europe. Furthermore the reports said that the London Stock Exchange could eventually be acquired by the Nasdaq Stock Market in New York.
Source Globe and Mail
Value USD 280m (cash)
Story TSX Group could eventually be taken over by the New York Stock Exchange if the ownership-stake restriction is removed, reported the Globe and Mail.
According to the unsourced report, the listed Canadian owner of the Toronto Stock Exchange is essentially takeover-proof as a result of a stipulation that the Ontario Securities Commission must give its consent to any investor desiring to own in excess of 10% of TSX Group. The report added that the most sensible protection for investors would be to terminate the ownership-limit rule, a move which could eventually see the NYSE acquire TSX Group. As it now stands, TSX Group is starting to see its share price being adversely impacted because of the company's takeover-proof status. TSX Group has some CAD 313.6m (USD 279.8m) in cash available and zero debt.
While TSX Group has previously expressed an interest in acquiring the Montreal Exchange, which itself focuses on derivatives, the report noted that there are concerns that it could ultimately pay too much for the asset if it does make a bid.
Previous reports have said that the NYSE and Deutsche Boerse, which operates the Frankfurt Stock Exchange, are bidding to acquire Euronext, a cross-border exchange organization in Europe. Furthermore the reports said that the London Stock Exchange could eventually be acquired by the Nasdaq Stock Market in New York.
Source Globe and Mail
Value USD 280m (cash)
LSE CEO Furse says co to meet Nasdaq
LSE CEO Furse says co to meet Nasdaq
Story London Stock Exhange Group PLC chief executive Clara Furse said the company will shortly meet with potential suitor and 25 pct shareholder Nasdaq, but declined to comment on what they will discuss, AFX News reported.
"We're going to meet with them as our major shareholder," she said in a conference call with reporters. Furse also declined to comment on whether the LSE, which has received four takeover approaches in the past 16 months, is in talks with other potential buyers or merger partners. "We constantly explore opportunities for growth over and above the excellent growth story we already have," she said. But the LSE chief executive added that the company's recent strong performance means that it is not under any pressure to combine with rivals. "We don't need to do a deal. We're not interested in doing a deal for the sake of doing a deal, we're interested in doing a deal to add to our growth," she said.
Nasdaq built up a 25.1 pct stake in the LSE after its GBP 2.4bn takeover offer for the company was rejected as too low in March. Speculation that the US group will use its holding to negotiate an agreed deal with the LSE peaked on Monday after arch-rival NYSE Group, seen as a potential rival suitor for the London bourse, tabled a takeover offer for pan-European exchange operator Euronext NV instead. Furse was speaking shortly after the LSE unveiled full-year operating profit of GBP 120.1m, a 42 pct increase on the previous year, and ahead of the 118.7m consensus analyst forecast.
Source AFX
Story London Stock Exhange Group PLC chief executive Clara Furse said the company will shortly meet with potential suitor and 25 pct shareholder Nasdaq, but declined to comment on what they will discuss, AFX News reported.
"We're going to meet with them as our major shareholder," she said in a conference call with reporters. Furse also declined to comment on whether the LSE, which has received four takeover approaches in the past 16 months, is in talks with other potential buyers or merger partners. "We constantly explore opportunities for growth over and above the excellent growth story we already have," she said. But the LSE chief executive added that the company's recent strong performance means that it is not under any pressure to combine with rivals. "We don't need to do a deal. We're not interested in doing a deal for the sake of doing a deal, we're interested in doing a deal to add to our growth," she said.
Nasdaq built up a 25.1 pct stake in the LSE after its GBP 2.4bn takeover offer for the company was rejected as too low in March. Speculation that the US group will use its holding to negotiate an agreed deal with the LSE peaked on Monday after arch-rival NYSE Group, seen as a potential rival suitor for the London bourse, tabled a takeover offer for pan-European exchange operator Euronext NV instead. Furse was speaking shortly after the LSE unveiled full-year operating profit of GBP 120.1m, a 42 pct increase on the previous year, and ahead of the 118.7m consensus analyst forecast.
Source AFX
Gazprom could buy oligarchs out of TNK-BP, industry sources speculate
Gazprom could buy oligarchs out of TNK-BP, industry sources speculate
mergermarket
Story The latest visit of Sir John Browne, CEO of BP, to Moscow this week has sparked discussions among Moscow investment bankers that BP's partners in TNK-BP, three Russian oligarch groups, might be persuaded to sell their 50% stake in TNK-BP to Gazprom. A BP spokesperson confirmed that Browne is meeting Gazprom but wouldn't confirm whether they would discuss Gazprom buying the Russians out.
The head of Russian strategy at one investment bank said, on condition of anonymity: "Gazprom may have an interest in the Russian half of TNK-BP. That may be why it is refusing to help the company develop the Kovytka gas field, because it wants to develop it itself, as a partner in TNK-BP."
The banker, whose bank is one of the main advisors for both Gazprom and TNK-BP, said: "If I was Browne, I'd be thinking it would make sense for me to have Gazprom as a partner."
Another banker in Moscow said: "One of the main attractions for BP of the merger with TNK was the chance to develop the Kovytka field." The field, in eastern Siberia, contains 2 trillion cubic metres of gas. But TNK-BP cannot develop it without Gazprom helping it develop pipeline infrastructure. Gazprom has so far not helped. "I think BP will end up with Gazprom as an equity partner in TNK-BP", said the banker.
Anthony Brenton, the UK's ambassador to Russia, told this news service that he thinks greater cooperation is likely between Gazprom and TNK-BP. He said: "One of the positive things to come out of President Putin's trip to China in March was that he said he wanted to see Russia supplying more gas to China. The Kovytka field is perfectly placed for that, so maybe we will see progress there." Brenton added that it was "possible" that the field would be developed in a joint venture with Gazprom and TNK-BP.
Al Breach, chief strategist at UBS in Moscow, agreed: "I suspect BP would like Gazprom as an equity partner in TNK-BP, but the terms of the sale would have to be agreed for the Russian shareholders."
TNK-BP is 50% owned by three Russian oligarch groups: the Alfa Group, owned by Mikhail Fridman, Petr Aven and Gurman Han; the Access Industries group, owned by Len Blavatnik; and the Renova Group, owned by Viktor Vekselberg.
The fact the oligarchs bought TNK's assets in controversial privatizations in the 1990s is an added risk for BP, as the company has been liable for large back-tax claims. TNK-BP last week set aside USD 1.3bn for possible future back-tax claims. Alexander Blokhin, oil analyst at Antanta Capital, said: "A closer partnership with Gazprom might help" the company avoid such scrutiny by the tax authorities.
Mikhail Fridman told this news service that he has no intention of selling his stake. The Alfa Group is increasingly investing in the retail sector, which is considered less nationally strategic than the natural resources sector by the Kremlin, and is therefore less politically risky as an investment.
The Russian shareholders are unable to sell their stake before 2007, according to its contract with BP, unless BP waives the agreement. This September, the Russian shareholders will receive their third and final USD 1.25bn tranche of BP shares as payment for BP's 50% of TNK-BP.
Spokespeople at BP and Gazprom declined to comment on the possible TNK-BP sale.
Source mergermarket
Value USD 7,500m (Amount in BP shares Russian oligarchs paid for 50% of TNK)
mergermarket
Story The latest visit of Sir John Browne, CEO of BP, to Moscow this week has sparked discussions among Moscow investment bankers that BP's partners in TNK-BP, three Russian oligarch groups, might be persuaded to sell their 50% stake in TNK-BP to Gazprom. A BP spokesperson confirmed that Browne is meeting Gazprom but wouldn't confirm whether they would discuss Gazprom buying the Russians out.
The head of Russian strategy at one investment bank said, on condition of anonymity: "Gazprom may have an interest in the Russian half of TNK-BP. That may be why it is refusing to help the company develop the Kovytka gas field, because it wants to develop it itself, as a partner in TNK-BP."
The banker, whose bank is one of the main advisors for both Gazprom and TNK-BP, said: "If I was Browne, I'd be thinking it would make sense for me to have Gazprom as a partner."
Another banker in Moscow said: "One of the main attractions for BP of the merger with TNK was the chance to develop the Kovytka field." The field, in eastern Siberia, contains 2 trillion cubic metres of gas. But TNK-BP cannot develop it without Gazprom helping it develop pipeline infrastructure. Gazprom has so far not helped. "I think BP will end up with Gazprom as an equity partner in TNK-BP", said the banker.
Anthony Brenton, the UK's ambassador to Russia, told this news service that he thinks greater cooperation is likely between Gazprom and TNK-BP. He said: "One of the positive things to come out of President Putin's trip to China in March was that he said he wanted to see Russia supplying more gas to China. The Kovytka field is perfectly placed for that, so maybe we will see progress there." Brenton added that it was "possible" that the field would be developed in a joint venture with Gazprom and TNK-BP.
Al Breach, chief strategist at UBS in Moscow, agreed: "I suspect BP would like Gazprom as an equity partner in TNK-BP, but the terms of the sale would have to be agreed for the Russian shareholders."
TNK-BP is 50% owned by three Russian oligarch groups: the Alfa Group, owned by Mikhail Fridman, Petr Aven and Gurman Han; the Access Industries group, owned by Len Blavatnik; and the Renova Group, owned by Viktor Vekselberg.
The fact the oligarchs bought TNK's assets in controversial privatizations in the 1990s is an added risk for BP, as the company has been liable for large back-tax claims. TNK-BP last week set aside USD 1.3bn for possible future back-tax claims. Alexander Blokhin, oil analyst at Antanta Capital, said: "A closer partnership with Gazprom might help" the company avoid such scrutiny by the tax authorities.
Mikhail Fridman told this news service that he has no intention of selling his stake. The Alfa Group is increasingly investing in the retail sector, which is considered less nationally strategic than the natural resources sector by the Kremlin, and is therefore less politically risky as an investment.
The Russian shareholders are unable to sell their stake before 2007, according to its contract with BP, unless BP waives the agreement. This September, the Russian shareholders will receive their third and final USD 1.25bn tranche of BP shares as payment for BP's 50% of TNK-BP.
Spokespeople at BP and Gazprom declined to comment on the possible TNK-BP sale.
Source mergermarket
Value USD 7,500m (Amount in BP shares Russian oligarchs paid for 50% of TNK)
Tuesday, May 23, 2006
BBC NEWS | Business | Euronext balks at NYSE bid terms
BBC NEWS | Business | Eircom agrees Australian takeover
GlobalCustodian.com - CREST And British Bankers' Association Form UK Corporate Actions Standardisation Group
Euroclear-owned CREST has joined forces with the British Bankers' Association (BBA) to form the UK Market Implementation Group (UKMIG), with the goal of harmonising corporate actions in the UK, in line with the rest of Europe.
The new working party has been established to lead the smooth implementation in the UK of harmonised, pan-European corporate-action standards, as part of the Giovannini Group initiatives to remove the barriers preventing the development of an efficient and cost-effective clearing and settlement infrastructure in Europe for securities transactions, says CREST. The group met for the first time today: Friday 19 May 2006.
CREST says the UK Market Implementation Group (UKMIG) will ensure that the UK is compliant with the new corporate-actions standards based on the recommendations made by the European Credit Sector Associations (ECSA) and the European Central Securities Depositories Association (ECSDA). UKMIG's specific role will be to plan, instigate and monitor implementation in the UK of the new, pan-European standards addressing corporate-action processing including distributions, shareholder rights and company reorganisations.
The UKMIG has been set up following an extensive, pan-European analysis carried out by the ECSA and ECSDA of the different market rules and practices employed across Europe for the processing of corporate actions. The British Bankers' Association (BBA) and CRESTCo (part of the Euroclear group) are the UK's representatives in these organisations, respectively. The issues and objectives leading to this analysis were set out in two reports published in 2001 and 2003 by a European Commission appointed expert committee led by Alberto Giovannini, which identified 15 barriers preventing efficient and cost-effective cross-border clearing and settlement of securities transactions in the EU. These included, in the UK for instance, a lack of a fully electronic dividend distribution system. The UKMIG will be responsible for implementing in the UK what other countries across Europe will also be doing to remove Barrier 3 by harmonising national rules and practices relating to corporate-actions processing.
Membership of UKMIG will consist of expert representatives from firms and organisations in the financial sector and will be jointly chaired by the BBA and CRESTCo. The Department of Trade and Industry, the Financial Services Authority and the Bank of England have each been invited to nominate a representative in an observer capacity.
"The UK financial services industry is one of the most sophisticated in the world and is renowned for its ability to adapt quickly to change," says BBA chief executive Ian Mullen. "It is essential that the UK maintains its position as a prime participant in global markets and we are pleased to be playing an instrumental role in assisting industry in harmonising standards. This will ensure that issuers, market infrastructure providers, banks and their customers all enjoy the benefits of greater efficiency through a system that is harmonised to commonly accepted pan-European standards."
Tim May, Chief Executive of CRESTCo, described the new working party as an "excellent example" of the UK market resoponding to pressure from the European Commission to improve the settlement infrastructure in Europe. "CRESTCo and the rest of the Euroclear group are committed to delivering harmonised market rules and practices alongside platform consolidation in order to reduce cross-border settlement costs, in line with the European Commission's objectives," he says. "However, the steady progress being made to implement the new harmonised standards to a large extent can be credited to the active and constructive collaboration of our clients and other market stakeholders
The new working party has been established to lead the smooth implementation in the UK of harmonised, pan-European corporate-action standards, as part of the Giovannini Group initiatives to remove the barriers preventing the development of an efficient and cost-effective clearing and settlement infrastructure in Europe for securities transactions, says CREST. The group met for the first time today: Friday 19 May 2006.
CREST says the UK Market Implementation Group (UKMIG) will ensure that the UK is compliant with the new corporate-actions standards based on the recommendations made by the European Credit Sector Associations (ECSA) and the European Central Securities Depositories Association (ECSDA). UKMIG's specific role will be to plan, instigate and monitor implementation in the UK of the new, pan-European standards addressing corporate-action processing including distributions, shareholder rights and company reorganisations.
The UKMIG has been set up following an extensive, pan-European analysis carried out by the ECSA and ECSDA of the different market rules and practices employed across Europe for the processing of corporate actions. The British Bankers' Association (BBA) and CRESTCo (part of the Euroclear group) are the UK's representatives in these organisations, respectively. The issues and objectives leading to this analysis were set out in two reports published in 2001 and 2003 by a European Commission appointed expert committee led by Alberto Giovannini, which identified 15 barriers preventing efficient and cost-effective cross-border clearing and settlement of securities transactions in the EU. These included, in the UK for instance, a lack of a fully electronic dividend distribution system. The UKMIG will be responsible for implementing in the UK what other countries across Europe will also be doing to remove Barrier 3 by harmonising national rules and practices relating to corporate-actions processing.
Membership of UKMIG will consist of expert representatives from firms and organisations in the financial sector and will be jointly chaired by the BBA and CRESTCo. The Department of Trade and Industry, the Financial Services Authority and the Bank of England have each been invited to nominate a representative in an observer capacity.
"The UK financial services industry is one of the most sophisticated in the world and is renowned for its ability to adapt quickly to change," says BBA chief executive Ian Mullen. "It is essential that the UK maintains its position as a prime participant in global markets and we are pleased to be playing an instrumental role in assisting industry in harmonising standards. This will ensure that issuers, market infrastructure providers, banks and their customers all enjoy the benefits of greater efficiency through a system that is harmonised to commonly accepted pan-European standards."
Tim May, Chief Executive of CRESTCo, described the new working party as an "excellent example" of the UK market resoponding to pressure from the European Commission to improve the settlement infrastructure in Europe. "CRESTCo and the rest of the Euroclear group are committed to delivering harmonised market rules and practices alongside platform consolidation in order to reduce cross-border settlement costs, in line with the European Commission's objectives," he says. "However, the steady progress being made to implement the new harmonised standards to a large extent can be credited to the active and constructive collaboration of our clients and other market stakeholders
BBC NEWS | Business | Deutsche Boerse bids for Euronext
Monday, May 22, 2006
FT.com / World / UK - Investors in GSK opt for anonymity
BBC NEWS | Business | NYSE in $21bn Euronext merger bid
Friday, May 19, 2006
BBC NEWS | Business | Nasdaq's LSE stake grows to 25.1%
BBC NEWS | Business | Deutsche Boerse lays out bid plan
Joint Working Party Established To Implement Harmonized Corporate Action Standards In UK
Joint Working Party Established To Implement Harmonized Corporate Action Standards In UK
A new working party has been established to lead the smooth implementation in the UK of harmonized, pan-European corporate-action standards, as part of the Giovannini Group initiatives to remove the barriers preventing the development of an efficient and cost-effective clearing and settlement infrastructure in Europe for securities transactions. The group will meet for the first time on May 19, 2006.
The UK Market Implementation Group (UKMIG) aims to ensure that the UK is compliant with the new corporate-action standards based on the recommendations made by the European Credit Sector Associations (ECSA) and the European Central Securities Depositories Association (ECSDA). UKMIG’s specific role will be to plan, instigate and monitor implementation in the UK of the new, pan-European standards addressing corporate-action processing including distributions, shareholder rights and company reorganisations.
The UKMIG has been set up following an analysis carried out by the ECSA and ECSDA of the different market rules and practices employed across Europe for the processing of corporate actions. The British Bankers’ Association (BBA) and CRESTCo (part of the Euroclear group) are the UK’s representatives in these organisations, respectively.
The issues and objectives leading to this analysis were set out in two reports published in 2001 and 2003 by a European Commission appointed expert committee led by Alberto Giovannini, which identified 15 barriers preventing efficient and cost-effective cross-border clearing and settlement of securities transactions in the EU. These included, in the UK for instance, a lack of a fully electronic dividend distribution system. The UKMIG will be responsible for implementing in the UK what other countries across Europe will also be doing to remove Barrier 3 by harmonising national rules and practices relating to corporate-action processing.
Membership of UKMIG will consist of expert representatives from firms and organisations in the financial sector and will be jointly chaired by the BBA and CRESTCo. The Department of Trade and Industry, the Financial Services Authority and the Bank of England have each been invited to nominate a representative in an observer capacity.
BBA chief executive Ian Mullen said, “The UK financial services industry is one of the most sophisticated in the world and is renowned for its ability to adapt quickly to change. It is essential that the UK maintains its position as a prime participant in global markets and we are pleased to be playing an instrumental role in assisting industry in harmonising standards. This will ensure that issuers, market infrastructure providers, banks and their customers all enjoy the benefits of greater efficiency through a system that is harmonised to commonly accepted pan-European standards.”
Tim May, Chief Executive of CRESTCo, said, ”The establishment of this working party is an excellent example of how the UK market is rising to the Commission’s challenge to improve the settlement infrastructure in Europe. CRESTCo and the rest of the Euroclear group are committed to delivering harmonised market rules and practices alongside platform consolidation in order to reduce cross-border settlement costs, in line with the European Commission’s objectives. However, the steady progress being made to implement the new harmonised standards to a large extent can be credited to the active and constructive collaboration of our clients and other market stakeholders.”
A new working party has been established to lead the smooth implementation in the UK of harmonized, pan-European corporate-action standards, as part of the Giovannini Group initiatives to remove the barriers preventing the development of an efficient and cost-effective clearing and settlement infrastructure in Europe for securities transactions. The group will meet for the first time on May 19, 2006.
The UK Market Implementation Group (UKMIG) aims to ensure that the UK is compliant with the new corporate-action standards based on the recommendations made by the European Credit Sector Associations (ECSA) and the European Central Securities Depositories Association (ECSDA). UKMIG’s specific role will be to plan, instigate and monitor implementation in the UK of the new, pan-European standards addressing corporate-action processing including distributions, shareholder rights and company reorganisations.
The UKMIG has been set up following an analysis carried out by the ECSA and ECSDA of the different market rules and practices employed across Europe for the processing of corporate actions. The British Bankers’ Association (BBA) and CRESTCo (part of the Euroclear group) are the UK’s representatives in these organisations, respectively.
The issues and objectives leading to this analysis were set out in two reports published in 2001 and 2003 by a European Commission appointed expert committee led by Alberto Giovannini, which identified 15 barriers preventing efficient and cost-effective cross-border clearing and settlement of securities transactions in the EU. These included, in the UK for instance, a lack of a fully electronic dividend distribution system. The UKMIG will be responsible for implementing in the UK what other countries across Europe will also be doing to remove Barrier 3 by harmonising national rules and practices relating to corporate-action processing.
Membership of UKMIG will consist of expert representatives from firms and organisations in the financial sector and will be jointly chaired by the BBA and CRESTCo. The Department of Trade and Industry, the Financial Services Authority and the Bank of England have each been invited to nominate a representative in an observer capacity.
BBA chief executive Ian Mullen said, “The UK financial services industry is one of the most sophisticated in the world and is renowned for its ability to adapt quickly to change. It is essential that the UK maintains its position as a prime participant in global markets and we are pleased to be playing an instrumental role in assisting industry in harmonising standards. This will ensure that issuers, market infrastructure providers, banks and their customers all enjoy the benefits of greater efficiency through a system that is harmonised to commonly accepted pan-European standards.”
Tim May, Chief Executive of CRESTCo, said, ”The establishment of this working party is an excellent example of how the UK market is rising to the Commission’s challenge to improve the settlement infrastructure in Europe. CRESTCo and the rest of the Euroclear group are committed to delivering harmonised market rules and practices alongside platform consolidation in order to reduce cross-border settlement costs, in line with the European Commission’s objectives. However, the steady progress being made to implement the new harmonised standards to a large extent can be credited to the active and constructive collaboration of our clients and other market stakeholders.”
Clearstream To Offer Settlement In Russian Domestic Equities
Clearstream To Offer Settlement In Russian Domestic Equities
Clearstream via Deutsche Bank Moscow is the first International Central Securities Depositary (ICSD) to offer settlement in Russian equities. The link will initially include over 50 of the most liquid Russian stocks, including Gazprom, as well as Ministry of Finance bonds. As of May 18, Clearstream customers will be able to settle domestic free of payment transactions via Deutsche Bank Moscow, Clearstream’s depository in Russia. The Russian market has seen exponential growth in recent years. The Moscow Interbank Currency Exchange (MICEX) has risen by 121% and the Russian Trading System (RTS) is up by 117% over the last 12 months with market capitalization up from approximately USD248 billion one year ago to approximately USD630 billion now. The development of this new link demonstrates Clearstream’s commitment to facilitate market openness and to create solutions in response to customer and market needs. Jeffrey Tessler, CEO of Clearstream said:” Clearstream is pleased to be the first ICSD to offer settlement in Russian equities. We have been working with the Russian authorities in order to deliver this new link which further widens the international nature of Clearstream’s business.” Roger Harrold, Global Head of Domestic Custody Services at Deutsche Bank, said: “We are very pleased to have been chosen to support Clearstream’s entry into the Russian market. Over the last two years our client base in Russia has grown steadily, and we believe this appointment by Clearstream demonstrates the quality of our service offering in this market.”
Clearstream via Deutsche Bank Moscow is the first International Central Securities Depositary (ICSD) to offer settlement in Russian equities. The link will initially include over 50 of the most liquid Russian stocks, including Gazprom, as well as Ministry of Finance bonds. As of May 18, Clearstream customers will be able to settle domestic free of payment transactions via Deutsche Bank Moscow, Clearstream’s depository in Russia. The Russian market has seen exponential growth in recent years. The Moscow Interbank Currency Exchange (MICEX) has risen by 121% and the Russian Trading System (RTS) is up by 117% over the last 12 months with market capitalization up from approximately USD248 billion one year ago to approximately USD630 billion now. The development of this new link demonstrates Clearstream’s commitment to facilitate market openness and to create solutions in response to customer and market needs. Jeffrey Tessler, CEO of Clearstream said:” Clearstream is pleased to be the first ICSD to offer settlement in Russian equities. We have been working with the Russian authorities in order to deliver this new link which further widens the international nature of Clearstream’s business.” Roger Harrold, Global Head of Domestic Custody Services at Deutsche Bank, said: “We are very pleased to have been chosen to support Clearstream’s entry into the Russian market. Over the last two years our client base in Russia has grown steadily, and we believe this appointment by Clearstream demonstrates the quality of our service offering in this market.”
Rosneft's IPO Likely to Precede G8 Summit
Telegraph | Money | Blow for Goldman as NYSE hires rival
Thursday, May 18, 2006
BBC NEWS | Business | Rush to buy Bank of China shares
FT.com / Asia-Pacific / China - Rush for port IPO bodes well for Bank of China
FT.com / By industry / Financial services - HSBC�s Studzinski set to join Blackstone
Wednesday, May 17, 2006
BBC NEWS | Business | Bank of China starts share offer
Saturday, May 13, 2006
BBC NEWS | UK | Firms back 'bullied' shareholders
BBC NEWS | Business | Rosneft float 'could be delayed'
Friday, May 12, 2006
FT.com / China / Finance & Markets - China tops US and Europe in IPO size
Thursday, May 11, 2006
FT.com / Markets / The battle for LSE - Nasdaq raises LSE stake to block rival
FT.com / By industry / Financial services - Japan slaps suspension order on PwC unit
"How to Go Public on the London Stock Exchange’s AIM"
Karvy Official Meet SEBI To Clarify Their Position
Telegraph | Money | Nasdaq swoops to outmuscle rivals
Wednesday, May 10, 2006
BBC NEWS | Business | Computer glitch at Citibank Japan
BBC NEWS | Business | Nasdaq raises stake in LSE again
BBC NEWS | Business | Glaxo wins injunction over threat
FT.com / By region / UK - Ofex provides an ideal platform for upstart's challenge to City's old order
FT.com / Lex - Lex: C&W/US delisting
FT.com / Financial Services / IPOs - Bank of China poised for IPO to raise $9.9bn
FT.com / China / Finance & Markets - Setback for Citigroup's Chinese bank bid
Monday, May 08, 2006
Animal rights activists target Glaxo shareholders
Sunday, May 07, 2006
Exchange News
Sox, competitiveness of US markets, and AIM
NYSE, NASDAQ and LSE etc
NYSE to talk to Euronext and more on same...
Changes in HK
Dubai, DIFX - subcustodian and more re DIFX
Reuters and CME in FX jv
NYSE, NASDAQ and LSE etc
NYSE to talk to Euronext and more on same...
Changes in HK
Dubai, DIFX - subcustodian and more re DIFX
Reuters and CME in FX jv
Thursday, May 04, 2006
Telegraph | Money | Furse to meet Nasdaq after Americans lift stake to 18pc
Wednesday, May 03, 2006
Rangers unique share save deal to kick off UK-wide scheme for clubs - [Sunday Herald]
Eurotunnel digs a deeper hole
Just when you think it can only get worse at Eurotunnel, it does. The shares have been suspended.
The Financial Services Authority temporarily suspended Eurotunnel shares early this morning after the channel tunnel operator failed to produce its results for the 2005 calendar year despite having had four months to tot up the figures since the year end.
Amazingly, the shares had already added 1.5p to 26.5p first thing despite Eurotunnel's obvious discomfort so some trusting souls snapped up shares that they may not be able to sell for some time.
Meanwhile, financial news agency AFX reports from Paris that bondholders are protesting that chairman Jacques Gounon is ignoring them as he attempts yet another restructuring of the company's massive debt, currently reckoned to be top side of £6bn.
European financial institutions including Deutsche Bank have formed a group representing 60% of bondholders owed a cool £2bn between them.Their spokesman Jean-Pierre Mattei is quoted as saying: 'Jacques Gounon wants to ignore us.'
Perhaps those who were foolish enough to pour their money down a bottomless pit should be asking themselves what Gounon can possibly have to say to them.
How about: 'I can't even get the accounts together, let alone suggest a way of paying £6bn out of the proceeds of a lossmaking company that has no real prospect of ever paying its way unless you all write off most of what you are owed. Push me and you get nothing.'
Debt payments have been waived for a third time, with the latest deadline July 12th. This is a classic case of: if you borrow £100, that's your worry; borrow £1bn and that's the bank's worry.
The Financial Services Authority temporarily suspended Eurotunnel shares early this morning after the channel tunnel operator failed to produce its results for the 2005 calendar year despite having had four months to tot up the figures since the year end.
Amazingly, the shares had already added 1.5p to 26.5p first thing despite Eurotunnel's obvious discomfort so some trusting souls snapped up shares that they may not be able to sell for some time.
Meanwhile, financial news agency AFX reports from Paris that bondholders are protesting that chairman Jacques Gounon is ignoring them as he attempts yet another restructuring of the company's massive debt, currently reckoned to be top side of £6bn.
European financial institutions including Deutsche Bank have formed a group representing 60% of bondholders owed a cool £2bn between them.Their spokesman Jean-Pierre Mattei is quoted as saying: 'Jacques Gounon wants to ignore us.'
Perhaps those who were foolish enough to pour their money down a bottomless pit should be asking themselves what Gounon can possibly have to say to them.
How about: 'I can't even get the accounts together, let alone suggest a way of paying £6bn out of the proceeds of a lossmaking company that has no real prospect of ever paying its way unless you all write off most of what you are owed. Push me and you get nothing.'
Debt payments have been waived for a third time, with the latest deadline July 12th. This is a classic case of: if you borrow £100, that's your worry; borrow £1bn and that's the bank's worry.
BBC NEWS | Business | Euronext eyes German bourse again
Euronext says no longer in talks with LSE after Nasdaq takes 15% in latter; Euronext still talking to DB and others
Euronext says no longer in talks with LSE after Nasdaq takes 15% in latter; Euronext still talking to DB and others
Story
Euronext said in light of the acquisition of a 15% stake in London Stock Exchange by The Nasdaq Stock Market, Inc., Euronext confirms that it is no longer in discussions with LSE regarding a possible offer for the company. An agenda item proposed by a shareholder is asking for a vote on the principle that a merger between Deutsche Boerse and Euronext is in the best interests of all the shareholders of Euronext. While this is certainly a serious option, the Supervisory and Managing Boards of Euronext firmly believe that they have a duty to their shareholders and other stakeholders to examine thoroughly all strategic options available to the Company. Active discussions with Deutsche Boerse and other parties are therefore continuing, with a view to identifying the most attractive and value creating transaction available. However, at this point it is not possible to provide shareholders with sufficient detail and clarity on key transaction issues to allow them to make an informed decision. Euronext is committed to pursuing discussions expeditiously, and to submitting as rapidly as possible the outcome of such negotiations to shareholders. In the meantime, Euronext is concerned not to restrict its flexibility during this period. Given the commitment of the Supervisory board to return to shareholders, Euronext is advising shareholders not to vote in favour of agenda item 10-b.
Source
Company press release(s)
Value
EUR 4,550m (LSE market cap)
Story
Euronext said in light of the acquisition of a 15% stake in London Stock Exchange by The Nasdaq Stock Market, Inc., Euronext confirms that it is no longer in discussions with LSE regarding a possible offer for the company. An agenda item proposed by a shareholder is asking for a vote on the principle that a merger between Deutsche Boerse and Euronext is in the best interests of all the shareholders of Euronext. While this is certainly a serious option, the Supervisory and Managing Boards of Euronext firmly believe that they have a duty to their shareholders and other stakeholders to examine thoroughly all strategic options available to the Company. Active discussions with Deutsche Boerse and other parties are therefore continuing, with a view to identifying the most attractive and value creating transaction available. However, at this point it is not possible to provide shareholders with sufficient detail and clarity on key transaction issues to allow them to make an informed decision. Euronext is committed to pursuing discussions expeditiously, and to submitting as rapidly as possible the outcome of such negotiations to shareholders. In the meantime, Euronext is concerned not to restrict its flexibility during this period. Given the commitment of the Supervisory board to return to shareholders, Euronext is advising shareholders not to vote in favour of agenda item 10-b.
Source
Company press release(s)
Value
EUR 4,550m (LSE market cap)
C.A.T. Denies LUKoil Ownership
RioNor Will Set Its Sights On Copper
Tuesday, May 02, 2006
Rosneft IPO: JP Morgan appointed bank-depositary - report
Rosneft IPO: JP Morgan appointed bank-depositary - report
Story
Rosneft, the Russian federal oil firm, last week appointed JP Morgan as the company's bank-depositary for the upcoming IPO, reported Vedomosti. The report, cited information from a source familiar with Rosneft’s plans and a source close to the bank. According to Rosneft’s estimates at the end of last year, the sale of up to 30% stake could gain about USD 20bn. Rosneft, belonging to the federal vehicle Rosneftegaz, will IPO in London and on Russian stock exchanges, Vedomosti noted. Vedomosti recalled that for IPO abroad, Rosneft has appointed the following banks: Morgan Stanley, J. P. Morgan, ABN Amro, DRKW and Citigroup. Rosneft has also chosen Russian banks that will handle the company’s IPO in Russia. The banks, led by Sberbank, will include: Gazprombank, Uralsib, Troika Dialog, Renaissance Capital, Deutsche UFG and Aton.
Source
Vedomosti
Value
USD 20,000m (Estimate gains from sale of up to 30% stake in Rosneft)
Story
Rosneft, the Russian federal oil firm, last week appointed JP Morgan as the company's bank-depositary for the upcoming IPO, reported Vedomosti. The report, cited information from a source familiar with Rosneft’s plans and a source close to the bank. According to Rosneft’s estimates at the end of last year, the sale of up to 30% stake could gain about USD 20bn. Rosneft, belonging to the federal vehicle Rosneftegaz, will IPO in London and on Russian stock exchanges, Vedomosti noted. Vedomosti recalled that for IPO abroad, Rosneft has appointed the following banks: Morgan Stanley, J. P. Morgan, ABN Amro, DRKW and Citigroup. Rosneft has also chosen Russian banks that will handle the company’s IPO in Russia. The banks, led by Sberbank, will include: Gazprombank, Uralsib, Troika Dialog, Renaissance Capital, Deutsche UFG and Aton.
Source
Vedomosti
Value
USD 20,000m (Estimate gains from sale of up to 30% stake in Rosneft)
Monday, May 01, 2006
Santander eyes UK banks; Clydesdale, Yorkshire, AIB and B&B possible targets – report
Santander, the Spanish banking giant, is reportedly seeking to increase its operations in the UK, the Daily Telegraph said. According to market sources cited in the article, Clydesdale and Yorkshire, Allied Irish Banks and Bradford & Bingley could all be the targets. Alliance & Leicester could also be under consideration, and would fit well with Santander-owned Abbey, but Santander is believed to consider it currently too pricey, the report said. The piece went on to note that previous comments by Francisco Gomez-Roldan, chief executive of Abbey, had indicated that Santander may be interested in buy-to-let businesses and those that deal with current accounts or business banking. Santander declined to comment on the UK, the piece reported, adding that sources said to be close to the bank had earlier stated that chairman Emilio Botin was keen to acquire in Britain, North America and continental Europe.
Source
Daily Telegraph
Value
EUR 77,000m (Santander market cap)
Source
Daily Telegraph
Value
EUR 77,000m (Santander market cap)
First Calgary eyed by CNOOC – report
The China National Offshore Corporation is reportedly mulling a takeover approach for AIM-listed Canadian gas-and-oil group First Calgary Petroleum, the Daily Mail reported. Citing market speculation, the report said that First Calgary’s gas assets in Algeria are thought to be most attractive to CNOOC. First Calgary was put on the market last year but failed to attract a purchaser; its value subsequently dropped from GBP 10 per share, around GBP 1.9bn (EUR 2.7bn), to GBP 3 per share, the report noted. It added that the company’s share price currently stands at 520p.
Source
Daily Mail
Value
GBP 1,900m (First Calary market cap at last year's height)
Source
Daily Mail
Value
GBP 1,900m (First Calary market cap at last year's height)
Telegraph | Money | Big Board post opens door into London
