Monday, October 30, 2006
Tax And Regulation Are Killing UK As A Mutual Fund Domicile, Says IMA-KPMG Report
Saturday, October 28, 2006
Lloyds TSB sees talk of 780p-per-share cash offer from petrodollar source – market report
Lloyds TSB sees talk of 780p-per-share cash offer from petrodollar source – market report
Story Lloyds TSB, the UK-listed banking group, is rumoured to be set to receive a cash takeover offer worth 780p per share, the Daily Express reported. The market report cited trader chatter which suggested a source using petrodollars could accumulate a holding in the bank prior to launching a full bid.
Lloyds TSB stock currently trades at 561p; the group’s market capitalisation stands at GBP 31.453bn (EUR 46.884bn).
Source Daily Express
Story Lloyds TSB, the UK-listed banking group, is rumoured to be set to receive a cash takeover offer worth 780p per share, the Daily Express reported. The market report cited trader chatter which suggested a source using petrodollars could accumulate a holding in the bank prior to launching a full bid.
Lloyds TSB stock currently trades at 561p; the group’s market capitalisation stands at GBP 31.453bn (EUR 46.884bn).
Source Daily Express
NYSE moves to eliminate broker vote for directors in 2008
NYSE moves to eliminate broker vote for directors in 2008
« Back
Director elections no longer 'routine' proposals
October 25, 2006
NEW YORK -- The NYSE moved today to bar brokerage firms from voting in director elections in the absence of proxy instructions from shareholder customers. The proposed rule change means companies may not be able to rely on large blocs of favorable broker votes supporting their chosen candidates.
The rule change requires SEC approval. If passed, the reform of NYSE Rule 452, would apply for all shareholder meetings starting in January 2008.
NYSE Rule 452 allows brokers to vote on certain 'routine' proposals if the beneficial owner of the stock has not provided voting instructions at least ten days before a meeting. Shareholder activists have long been pushing for director elections to be considered non-routine. An NYSE proxy working group, led by Larry Sonsini of Wilson Sonsini Goodrich and Rosati, agreed, recommending changes last May after more than a year of study.
'The election of directors is simply too important to ever be considered routine, even where the election is uncontested,' says NYSE president and co-COO Catherine Kinney. 'Shareholder voting on the election of directors is a critical component of good corporate governance.'
Beth Young, an analyst with watchdog group the Corporate Library, welcomes the change, though she had hoped it would be in place by the 2007 season.
Election outcomes may be less management-driven in the future, although 'it's a very company-specific question,' she says. 'Some companies have a large amount of broker voting and others don't.'
Companies with large numbers of retail investors could see the most change. Young cites the case of Disney, which saw Michael Eisner propelled to the board in 2004 with broker votes despite 45 percent of shareholders withholding their votes in protest of his candidacy.
'At a company like that, we will see a shift in power,' Young says.
The other side of the Street
John Endean, president of the American Business Conference, a Washington-based coalition of CEOs of midsize companies, doesn't like the rule change, arguing that it will increase time and money spent on director elections.
The 'vast majority' of unreturned proxies are sent to shareholders who support management's proposals on directors, he says. 'The net effect of the NYSE proposal will be to require companies to validate this. The only real beneficiary of such a result will be proxy solicitation firms and mail houses.'
Endean says the NYSE 'shrugged off' his suggested reforms of broker voting such as proportional voting of uninstructed shares. He observes also that the proxy working group lacked a natural constituency of avid supporters of the broker vote.
'Because smaller issuers with significant numbers of individual shareholders on the street side were not included in the working group's membership, they got the short end of the stick,' he says.
by Anna Snider
« Back
Director elections no longer 'routine' proposals
October 25, 2006
NEW YORK -- The NYSE moved today to bar brokerage firms from voting in director elections in the absence of proxy instructions from shareholder customers. The proposed rule change means companies may not be able to rely on large blocs of favorable broker votes supporting their chosen candidates.
The rule change requires SEC approval. If passed, the reform of NYSE Rule 452, would apply for all shareholder meetings starting in January 2008.
NYSE Rule 452 allows brokers to vote on certain 'routine' proposals if the beneficial owner of the stock has not provided voting instructions at least ten days before a meeting. Shareholder activists have long been pushing for director elections to be considered non-routine. An NYSE proxy working group, led by Larry Sonsini of Wilson Sonsini Goodrich and Rosati, agreed, recommending changes last May after more than a year of study.
'The election of directors is simply too important to ever be considered routine, even where the election is uncontested,' says NYSE president and co-COO Catherine Kinney. 'Shareholder voting on the election of directors is a critical component of good corporate governance.'
Beth Young, an analyst with watchdog group the Corporate Library, welcomes the change, though she had hoped it would be in place by the 2007 season.
Election outcomes may be less management-driven in the future, although 'it's a very company-specific question,' she says. 'Some companies have a large amount of broker voting and others don't.'
Companies with large numbers of retail investors could see the most change. Young cites the case of Disney, which saw Michael Eisner propelled to the board in 2004 with broker votes despite 45 percent of shareholders withholding their votes in protest of his candidacy.
'At a company like that, we will see a shift in power,' Young says.
The other side of the Street
John Endean, president of the American Business Conference, a Washington-based coalition of CEOs of midsize companies, doesn't like the rule change, arguing that it will increase time and money spent on director elections.
The 'vast majority' of unreturned proxies are sent to shareholders who support management's proposals on directors, he says. 'The net effect of the NYSE proposal will be to require companies to validate this. The only real beneficiary of such a result will be proxy solicitation firms and mail houses.'
Endean says the NYSE 'shrugged off' his suggested reforms of broker voting such as proportional voting of uninstructed shares. He observes also that the proxy working group lacked a natural constituency of avid supporters of the broker vote.
'Because smaller issuers with significant numbers of individual shareholders on the street side were not included in the working group's membership, they got the short end of the stick,' he says.
by Anna Snider
Aim 'indigestion' to put brake on floats | This is Money
Friday, October 27, 2006
FSA may make London private equity listings easier | Business | Reuters.co.uk
INTERVIEW Palandri prepares new 80000case UK shipment plans AIM cancellation
ICBC shares climb after dual debut - CNN.com
Collins Stewart to buy Hawkpoint and Chapdelaine
Euronext: German, Italian and French governments working on European merger to prevent takeover by NYSE - report
The German, French and Italian governments are trying to prevent Euronext from a tie-up with New York Stock Exchange (NXSE), the Financial Times Deutschland reported. Unnamed informed sources mentioned that the governments together are working on a plan to prevent a deal between listed European stock exchange Euronext and NYSE. The ministers of financial affairs of Germany, France and Italy, Peer Steinbrueck, Thierry Breton and Tommaso Padoa-Schioppa, are said to meet in the coming weeks to work on a “European solution” involving Borsa Italiana and Deutsche Boerse. The report noted that Euronext’s chief executive officer Jean-Francois Theodore still favours a merger with NYSE.
Source Financial Times Deutschland
Source Financial Times Deutschland
Eiger Systems To Connect To SWIFTNet In 2007
Eiger Systems says their EigerPAY Gateway will offer connectivity to SWIFTNet in early 2007.
'Given SWIFT's importance in underpinning the global cross-border payments market, connectivity to SWIFTNet will transform EigerPAY Gateway into a truly global payments platform,' says Matthew Croxford, Eiger Systems corporate payments market analyst. 'This is a logical next step as part of our global strategy to establish EigerPAY Gateway as the premier payments platform for submitters with complex payment requirements.'
'With corporates increasingly needing to make payments overseas, the ability to consolidate different payment systems and channels, and control them through a single window, such as SWIFTNet, offers enormous benefits,' adds Croxford. 'Utilising SWIFTNet simplifies the entire payments process, eliminates the complexities created by different standards and requirements and significantly reduces cost and risk. The fact that SWIFT is the global messaging standard also helps corporate organisations to future-proof their systems.' "
'Given SWIFT's importance in underpinning the global cross-border payments market, connectivity to SWIFTNet will transform EigerPAY Gateway into a truly global payments platform,' says Matthew Croxford, Eiger Systems corporate payments market analyst. 'This is a logical next step as part of our global strategy to establish EigerPAY Gateway as the premier payments platform for submitters with complex payment requirements.'
'With corporates increasingly needing to make payments overseas, the ability to consolidate different payment systems and channels, and control them through a single window, such as SWIFTNet, offers enormous benefits,' adds Croxford. 'Utilising SWIFTNet simplifies the entire payments process, eliminates the complexities created by different standards and requirements and significantly reduces cost and risk. The fact that SWIFT is the global messaging standard also helps corporate organisations to future-proof their systems.' "
HBOS Selects Bank Of New York As Successor Depository For ADR Program
The Bank of New York has been selected as successor depositary by HBOS plc for its American depositary receipt (ADR) program. Each HBOS ADR represents one ordinary share. The ADRs trade on the over-the-counter (OTC) market under the symbol 'HBOOY.'
Edinburgh-based HBOS was created in 2001 following the merger of Halifax and Bank of Scotland. According to the company, HBOS has a market capitalisation of over �40 billion, assets of over �540 billion and approximately 22 million customers.
'Our North American shareholders are very important to us, and we hope that our new ADR partnership with The Bank of New York will help our programme maximise its performance in the market,' says Charles Wycks, the director of investor relations for HBOS. 'We look forward to working with The Bank of New York and giving our ADR program some well-deserved focus.'
'As a leading global financial institution, HBOS knows first-hand the value of partnering with a world-class securities services provider,' adds Christopher Sturdy, an executive vice president and head of The Bank of New York's Depositary Receipt Division. 'We look forward to working with HBOS to increase the liquidity and visibility of its ADRs in the US market.' "
Edinburgh-based HBOS was created in 2001 following the merger of Halifax and Bank of Scotland. According to the company, HBOS has a market capitalisation of over �40 billion, assets of over �540 billion and approximately 22 million customers.
'Our North American shareholders are very important to us, and we hope that our new ADR partnership with The Bank of New York will help our programme maximise its performance in the market,' says Charles Wycks, the director of investor relations for HBOS. 'We look forward to working with The Bank of New York and giving our ADR program some well-deserved focus.'
'As a leading global financial institution, HBOS knows first-hand the value of partnering with a world-class securities services provider,' adds Christopher Sturdy, an executive vice president and head of The Bank of New York's Depositary Receipt Division. 'We look forward to working with HBOS to increase the liquidity and visibility of its ADRs in the US market.' "
Thursday, October 26, 2006
Deutsche Boerse's proposal for a merger with Euronext faced opposition yesterday from financial services lobby groups in London, The Independent
Apcims, which represents stockbrokers, and Liba, representing the major investment banks, think the European Competition Commission should examine the Deutsche Boerse proposals, according to the report.
The item quoted Apcims chief executive Angela Knight, who said there is a danger that a merger of Deutsche Boerse would mean the closure of Euronext�s Liffe derivatives exchange, which is based in London. Liba chairman Alan Yarrow said the European Commission's stage-one inquiry is too brief to properly examine the proposed deal. The comments make a full regulatory investigation into the proposed merger almost inevitable, the newspaper commented.
Euronext prefers a merger with the New York Stock Exchange (NYSE), the report said. The pan-European exchange has said that an inquiry into the Deutsche Boerse proposals, which could drag on for over a year, might call into question the feasibility of the proposed merger. Euronext is planning to ask its shareholders to vote for a merger with NYSE at an EGM in December, the item noted.
The item quoted a source who said NYSE is still being pressed to improve its offer for Euronext, specifically as regards equal board representation at the enlarged group. Euronext�s market capitalisation stands at EUR 9.25bn
SourceIndependent"
The item quoted Apcims chief executive Angela Knight, who said there is a danger that a merger of Deutsche Boerse would mean the closure of Euronext�s Liffe derivatives exchange, which is based in London. Liba chairman Alan Yarrow said the European Commission's stage-one inquiry is too brief to properly examine the proposed deal. The comments make a full regulatory investigation into the proposed merger almost inevitable, the newspaper commented.
Euronext prefers a merger with the New York Stock Exchange (NYSE), the report said. The pan-European exchange has said that an inquiry into the Deutsche Boerse proposals, which could drag on for over a year, might call into question the feasibility of the proposed merger. Euronext is planning to ask its shareholders to vote for a merger with NYSE at an EGM in December, the item noted.
The item quoted a source who said NYSE is still being pressed to improve its offer for Euronext, specifically as regards equal board representation at the enlarged group. Euronext�s market capitalisation stands at EUR 9.25bn
SourceIndependent"
XTL Biopharmaceuticals Ltd. AGM Postponed Until November 1, 2006: Financial News - Yahoo! Finance
Balls in strong defence of Aim
Wednesday, October 25, 2006
Computershare will take 40% stake in Registrar Nikoil - report
Computershare, the listed Australian share registry company, will acquire 40% stake in Russian registry firm Registrar Nikoil, from Russian bank Uralsib. This information came in Vedomosti, which cited a source close to the deal. The source said that the transaction will soon be announced. Maxim Kalinin, Registrar Nikoil director general, refused to comment. In March last year, Kalinin valued Registrar Nikoil at USD 15m – USD 20m, Vedomosti wrote. Yesterday, Kalinin refused to provide the current value the company, the paper added.
Source Vedomosti
Value USD 20m (Registrar Nikoil last year upper valuation
Source Vedomosti
Value USD 20m (Registrar Nikoil last year upper valuation
Monday, October 23, 2006
Standard Chartered being targeted - report
Standard Chartered being targeted - report
Story Standard Chartered is being targeted, reported Sing Tao Daily citing unnamed market rumour. The report said that as the UK-based bank puts focus on high growth emerging market, rumour has been rife that it has become a target for acquisition by several US-based banks such as Citibank, Bank of America and JPMorgan Chase.
The report did not further elaborate on the issue.
Meanwhile, according to another report in Mingpao, the market cap of Standard Chartered is about HKD 286bn (USD 36.7bn).
Source Sing Tao Daily, Ming Pao
Value USD 36,700m (market cap)
Story Standard Chartered is being targeted, reported Sing Tao Daily citing unnamed market rumour. The report said that as the UK-based bank puts focus on high growth emerging market, rumour has been rife that it has become a target for acquisition by several US-based banks such as Citibank, Bank of America and JPMorgan Chase.
The report did not further elaborate on the issue.
Meanwhile, according to another report in Mingpao, the market cap of Standard Chartered is about HKD 286bn (USD 36.7bn).
Source Sing Tao Daily, Ming Pao
Value USD 36,700m (market cap)
Saturday, October 21, 2006
Exchange News
The Economist on the strength of London market since big bang.
More from The Economist, this time on Chicago mergers
Interesting article re AIM roadshow through Canada
Euronext, NYSE, Deutsche Borse
GCM
More from The Economist, this time on Chicago mergers
Interesting article re AIM roadshow through Canada
Euronext, NYSE, Deutsche Borse
GCM
Friday, October 20, 2006
Citigroup: CEO denies plans for big European banking acquisition
Citigroup chief executive Chuck Prince yesterday said the US-listed bank is not looking for a large US or European banking acquisition, the Financial Times reported.
Prince said he was irritated at continuing speculation that Citigroup might make an offer for a large bank such as Societe Generale or Barclays. A report in The Times also carried Prince�s remarks regarding acquisitions.
Prince said Citigroup wants to reduce its dependence on the US. The CEO cited Citigroup�s recent acquisition of a 20% stake in Akbank, the Turkish bank, as an example of the type of deals he is looking for. Citigroup�s market capitalisation stands at USD 246.55bn.
SourceFinancial Times, The Times (London)"
Prince said he was irritated at continuing speculation that Citigroup might make an offer for a large bank such as Societe Generale or Barclays. A report in The Times also carried Prince�s remarks regarding acquisitions.
Prince said Citigroup wants to reduce its dependence on the US. The CEO cited Citigroup�s recent acquisition of a 20% stake in Akbank, the Turkish bank, as an example of the type of deals he is looking for. Citigroup�s market capitalisation stands at USD 246.55bn.
SourceFinancial Times, The Times (London)"
BBC NEWS | Business | China bank raises $19bn in float
Thursday, October 19, 2006
OMX Has Sold All Its Shares In Sweden CSD VPC
OMX Has Sold All Its Shares In Sweden CSD VPC
OMX has sold all its shares in Swedish CSD VPC. The 443 700 shares were sold for a consideration of SEK 575 million, and OMX´s total return from the divestment is estimated to be approximately SEK 80 million.
VPC has a license to use OMX's system for clearing and settlement. However, the joint development project regarding a Nordic CSD platform will be discontinued.
"OMX and VPC share the same vision of an integrated Nordic securities market and we are both fully dedicated to improve the efficiency of the Nordic financial market. When we discontinue our joint development project and sell our shares in VPC, OMX's role in the Nordic financial market will be focused on developing the OMX Nordic Exchange," said Magnus Böcker, CEO of OMX.
OMX's result from this divestment is to be recognized as other income during the fourth quarter of 2006. OMX estimates that the discontinued development project will have marginal effects on OMX's profitability.
VPC acquired the Finnish Clearing and Settlement operation APK from OMX in 2004, whereby OMX became a major shareholder in VPC. Prior to today's transaction, OMX, Handelsbanken Nordea, SEB and Swedbank held 19.78 percent each in VPC. After the acquisition of OMX's shares the four remaining major shareholders will hold slightly less than 25 percent each of the shares in VPC Group.
OMX provides technology to over 15 clearing, settlement and depository organizations around the world
OMX has sold all its shares in Swedish CSD VPC. The 443 700 shares were sold for a consideration of SEK 575 million, and OMX´s total return from the divestment is estimated to be approximately SEK 80 million.
VPC has a license to use OMX's system for clearing and settlement. However, the joint development project regarding a Nordic CSD platform will be discontinued.
"OMX and VPC share the same vision of an integrated Nordic securities market and we are both fully dedicated to improve the efficiency of the Nordic financial market. When we discontinue our joint development project and sell our shares in VPC, OMX's role in the Nordic financial market will be focused on developing the OMX Nordic Exchange," said Magnus Böcker, CEO of OMX.
OMX's result from this divestment is to be recognized as other income during the fourth quarter of 2006. OMX estimates that the discontinued development project will have marginal effects on OMX's profitability.
VPC acquired the Finnish Clearing and Settlement operation APK from OMX in 2004, whereby OMX became a major shareholder in VPC. Prior to today's transaction, OMX, Handelsbanken Nordea, SEB and Swedbank held 19.78 percent each in VPC. After the acquisition of OMX's shares the four remaining major shareholders will hold slightly less than 25 percent each of the shares in VPC Group.
OMX provides technology to over 15 clearing, settlement and depository organizations around the world
Corus backs £5bn Tata Steel bid
he board of Corus, the Anglo-Dutch steelmaker, has recommended a £5.1bn takeover for the company from India’s Tata Steel and will make a statement about this, possibly as soon as Friday, people close to the discussions told the Financial Times.
The move will throw down the gauntlet to any potential counter-bidders for the world’s eighth biggest steelmaker. Novolipetsk and Severstal, two Russian steel companies, and CSN, a Brazilian steelmaker, are thought by some steel onlookers to be interested in making a counterbid. All three companies have declined to comment.
The deal would create the world’s sixth biggest steelmaker and continue the rapid trend towards consolidation in the steel sector, illustrated by the €26.9bn takeover in June of Arcelor by Mittal Steel.
The boards of Tata Steel and Corus were expected to meet on Thursday to discuss further details of the offer, which values Corus at 455p a share. Corus shares were trading at 481¾p at midday on Thursday.
According to a person involved in the transaction, Tata Steel – part of the Tata industrial group – plans to inject about $2.5bn of its own borrowings and $1bn cash into a special purpose vehicle that would take over Corus. This unit would then raise roughly $5.5bn of debt against Corus’ cashflow.
The deal will be done through a scheme which provides a two-month window for other bidders to come forward, the person familiar with the deal said.
The financing arrangements and contracts were being finalised on Thursday. Tata had considered inviting private equity groups to share in the deal but had dropped the idea.
The timing of the deal was defensive from Tata’s point of view because many of its potential rivals were tied up with separate acquisitions, share offerings and other deals, said a person knowledgeable about the transaction.
Created in 1999 from the merger of British Steel and Hoogovens of the Netherlands, Corus is three times larger than Tata in terms of output.
But a link with Corus would help Tata diversify away from its key markets in Asia and would provide it with access to more sophisticated steel-making technology.
ABN Amro and Deutsche Bank are advising Tata on the bid and helping with the financing. Corus is being advised by Credit Suisse, HSBC and JPMorgan Cazenove.
A Tata Steel spokesman was unavailable for comment. Corus said it would not comment on whether it had decided to recommend the offer but said any decision by its board would be announced in due course.
The move will throw down the gauntlet to any potential counter-bidders for the world’s eighth biggest steelmaker. Novolipetsk and Severstal, two Russian steel companies, and CSN, a Brazilian steelmaker, are thought by some steel onlookers to be interested in making a counterbid. All three companies have declined to comment.
The deal would create the world’s sixth biggest steelmaker and continue the rapid trend towards consolidation in the steel sector, illustrated by the €26.9bn takeover in June of Arcelor by Mittal Steel.
The boards of Tata Steel and Corus were expected to meet on Thursday to discuss further details of the offer, which values Corus at 455p a share. Corus shares were trading at 481¾p at midday on Thursday.
According to a person involved in the transaction, Tata Steel – part of the Tata industrial group – plans to inject about $2.5bn of its own borrowings and $1bn cash into a special purpose vehicle that would take over Corus. This unit would then raise roughly $5.5bn of debt against Corus’ cashflow.
The deal will be done through a scheme which provides a two-month window for other bidders to come forward, the person familiar with the deal said.
The financing arrangements and contracts were being finalised on Thursday. Tata had considered inviting private equity groups to share in the deal but had dropped the idea.
The timing of the deal was defensive from Tata’s point of view because many of its potential rivals were tied up with separate acquisitions, share offerings and other deals, said a person knowledgeable about the transaction.
Created in 1999 from the merger of British Steel and Hoogovens of the Netherlands, Corus is three times larger than Tata in terms of output.
But a link with Corus would help Tata diversify away from its key markets in Asia and would provide it with access to more sophisticated steel-making technology.
ABN Amro and Deutsche Bank are advising Tata on the bid and helping with the financing. Corus is being advised by Credit Suisse, HSBC and JPMorgan Cazenove.
A Tata Steel spokesman was unavailable for comment. Corus said it would not comment on whether it had decided to recommend the offer but said any decision by its board would be announced in due course.
The London Stock Exchange is delighted to welcome MCB Bank Limited Global to the Main Market.
NYSE could be takeover target if it fails to acquire Euronext - report
NYSE could be takeover target if it fails to acquire Euronext - report
Story The NYSE could end up being a takeover target if it fails in its bid to acquire Euronext, the European cross-border exchange, noted the National Post.
Tom Caldwell, a Canadian broker, who along with his clients owns a 3% stake in NYSE Group, was cited in the report as saying that NYSE could go from hunting for assets to itself being "the hunted." He explained that NYSE could fall victim to the new entity to be created via the proposed merger of the Chicago Mercantile Exchange and the Chicago Board of Trade. The merged entity would have a market cap of around USD 25bn, compared to NYSE’s market cap of about USD 9bn.
Source National Post
Story The NYSE could end up being a takeover target if it fails in its bid to acquire Euronext, the European cross-border exchange, noted the National Post.
Tom Caldwell, a Canadian broker, who along with his clients owns a 3% stake in NYSE Group, was cited in the report as saying that NYSE could go from hunting for assets to itself being "the hunted." He explained that NYSE could fall victim to the new entity to be created via the proposed merger of the Chicago Mercantile Exchange and the Chicago Board of Trade. The merged entity would have a market cap of around USD 25bn, compared to NYSE’s market cap of about USD 9bn.
Source National Post
Lukoil: announces strategic development program, could invest USD 112bn including buys
Lukoil, the listed Russian oil firm, has announced its strategic development program for 2007-2016.
The program, which could include acquisitions, was presented by president of Lukoil, Vagit Alekperov, in New York, a company statement said.
The strategy of accelerated growth will place Lukoil among the largest global energy companies. The main aim is to achieve increasing growth rates and to maximise shareholder value.
The company’s investment program will total USD78 bn, assuming the conservative scenario, or USD 112bn including acquisitions, assuming the optimistic scenario. In the latter case acquisitions will represent nearly a third of total investments.
The company plans to significantly increase its oil refining capacities in the course of the decade, both in Russia and abroad. Lukoil expects to increase its daily oil refining capacities by more than 70% to 2m barrels by expansion of existing refineries and acquisition of new ones.
The company’s financial policy will remain conservative with debt-to-capital ratio below 30%. This will allow the company to carry out a flexible financial policy and raise additional funding in an efficient manner, both for implementation of large-scale projects and for acquisition of new assets.
The Kommersant daily cited analysts as saying that Lukoil’s presentation aims mainly to increase the company's market capitalisation. The analysts suggested that Lukoil management may want to sell its stake (about 20%) in the company. Earlier, investment bankers recommended that the Russian state-controlled gas monopoly, Gazprom, should consider the purchase of this stake, Kommersant wrote.
Source Company press release(s), Kommersant
The program, which could include acquisitions, was presented by president of Lukoil, Vagit Alekperov, in New York, a company statement said.
The strategy of accelerated growth will place Lukoil among the largest global energy companies. The main aim is to achieve increasing growth rates and to maximise shareholder value.
The company’s investment program will total USD78 bn, assuming the conservative scenario, or USD 112bn including acquisitions, assuming the optimistic scenario. In the latter case acquisitions will represent nearly a third of total investments.
The company plans to significantly increase its oil refining capacities in the course of the decade, both in Russia and abroad. Lukoil expects to increase its daily oil refining capacities by more than 70% to 2m barrels by expansion of existing refineries and acquisition of new ones.
The company’s financial policy will remain conservative with debt-to-capital ratio below 30%. This will allow the company to carry out a flexible financial policy and raise additional funding in an efficient manner, both for implementation of large-scale projects and for acquisition of new assets.
The Kommersant daily cited analysts as saying that Lukoil’s presentation aims mainly to increase the company's market capitalisation. The analysts suggested that Lukoil management may want to sell its stake (about 20%) in the company. Earlier, investment bankers recommended that the Russian state-controlled gas monopoly, Gazprom, should consider the purchase of this stake, Kommersant wrote.
Source Company press release(s), Kommersant
FT.com / Home UK / UK - Banks begin to dip into 'dark pools'
Exchange News
Exchange News
Wednesday, October 18, 2006
BBC NEWS | Business | Lukoil announces expansion plan
LSE: Nasdaq might consider bidding for LSE before March if deal recommended
Nasdaq might consider bidding for the London Stock Exchange [LSE] before next March if an offer were recommended, it is believed.
The two exchanges are not in talks, but Nasdaq might consider making an offer were LSE chief Clara Furse to bow to shareholder pressure and seek out the US exchange to do a deal. Nasdaq, with its 25% holding in LSE, is believed to feel that it has a number of options.
The US exchange believes the most logical course of action is to wait until next March, when a year will have elapsed since it paid an effective highest price of GBP 12.43 (EUR 23.20) a share for its LSE stake and is free to bid below this price, it is thought.
It does not feel pressurised to do a deal by the prospect that its rival, the New York Stock Exchange, could steal several months in the consolidation stakes by doing a deal with Euronext in the New Year, it is believed.
Nasdaq feels NYSE is facing considerable obstacles in its efforts to seal a cross-Atlantic deal, it is thought.
by Cathy Cooper
Source mergermarket
The two exchanges are not in talks, but Nasdaq might consider making an offer were LSE chief Clara Furse to bow to shareholder pressure and seek out the US exchange to do a deal. Nasdaq, with its 25% holding in LSE, is believed to feel that it has a number of options.
The US exchange believes the most logical course of action is to wait until next March, when a year will have elapsed since it paid an effective highest price of GBP 12.43 (EUR 23.20) a share for its LSE stake and is free to bid below this price, it is thought.
It does not feel pressurised to do a deal by the prospect that its rival, the New York Stock Exchange, could steal several months in the consolidation stakes by doing a deal with Euronext in the New Year, it is believed.
Nasdaq feels NYSE is facing considerable obstacles in its efforts to seal a cross-Atlantic deal, it is thought.
by Cathy Cooper
Source mergermarket
BBC NEWS | Business | Tycoon buys stake in Aer Lingus
Unprecedented demand for ICBC
Strategic investors have placed orders worth $2.3bn for Industrial and Commercial Bank of China's upcoming Shanghai A-share offering, which could raise up to $5.8bn.
China's biggest lender is also set to raise as much as $16bn in a parallel H-share listing in Hong Kong, which will make its initial public offering the world's largest, exceeding the $18.4bn raised by NTT DoCoMo in 1998.
According to a person familiar with the listing, the Hong Kong offering has been so well received - attracting more than $175bn in global demand for its institutional tranche - that it will wrap up its New York roadshow today, a day earlier than planned.
ICBC said the orders for its Shanghai listing were received from 23 domestic companies and financial institutions, led by China Life Insurance (Group) Company, which together with its Hong Kong-listed unit have subscribed for $510m worth of shares.
ICBC said it would reserve as much as 53 per cent of its A-share offering for strategic investors, 23 per cent for institutions and the remainder for investors, prior to the exercise of a clawback provision. The weighting ICBC's strategic placing will have in Shanghai contrasts with the 15 corporate placements it arranged to help support its Hong Kong offering, where local tycoons and investment agencies from Singapore and the Middle East will absorb $3.9bn - or potentially less than one quarter - of the $16bn it stands to raise in the territory.
"It's not a big retail market [in Shanghai] and the institutions want [ICBC's shares] because they think they will go up," one executive said.
ICBC's corporate placements in Hong Kong have been criticised by some investors who say the arrangement leaves less for them. "The guys who make the real money [on ICBC's IPO] are the tycoons - the rich get richer," said one retail investor. However, ICBC's 15 corporate placements are subject to a 12-month lock-up period.
ICBC will be the first company to list in Shanghai and Hong Kong simultaneously, making its offering a test of the two rival markets' relative strengths and weaknesses, while posing some unique risks for investors.
"A-share investors are more bearish on banks and large caps [than Hong Kong investors]," said John Tang, a strategist with JPMorgan in Hong Kong. "Any weakening of ICBC's A-shares could cap the upside for its [Hong Kong-listed] H-shares."
China's biggest lender is also set to raise as much as $16bn in a parallel H-share listing in Hong Kong, which will make its initial public offering the world's largest, exceeding the $18.4bn raised by NTT DoCoMo in 1998.
According to a person familiar with the listing, the Hong Kong offering has been so well received - attracting more than $175bn in global demand for its institutional tranche - that it will wrap up its New York roadshow today, a day earlier than planned.
ICBC said the orders for its Shanghai listing were received from 23 domestic companies and financial institutions, led by China Life Insurance (Group) Company, which together with its Hong Kong-listed unit have subscribed for $510m worth of shares.
ICBC said it would reserve as much as 53 per cent of its A-share offering for strategic investors, 23 per cent for institutions and the remainder for investors, prior to the exercise of a clawback provision. The weighting ICBC's strategic placing will have in Shanghai contrasts with the 15 corporate placements it arranged to help support its Hong Kong offering, where local tycoons and investment agencies from Singapore and the Middle East will absorb $3.9bn - or potentially less than one quarter - of the $16bn it stands to raise in the territory.
"It's not a big retail market [in Shanghai] and the institutions want [ICBC's shares] because they think they will go up," one executive said.
ICBC's corporate placements in Hong Kong have been criticised by some investors who say the arrangement leaves less for them. "The guys who make the real money [on ICBC's IPO] are the tycoons - the rich get richer," said one retail investor. However, ICBC's 15 corporate placements are subject to a 12-month lock-up period.
ICBC will be the first company to list in Shanghai and Hong Kong simultaneously, making its offering a test of the two rival markets' relative strengths and weaknesses, while posing some unique risks for investors.
"A-share investors are more bearish on banks and large caps [than Hong Kong investors]," said John Tang, a strategist with JPMorgan in Hong Kong. "Any weakening of ICBC's A-shares could cap the upside for its [Hong Kong-listed] H-shares."
Telegraph | Money | Nasdaq feels heat in London bid hopes
Rosneft, CNPC Set Up Firm
Tuesday, October 17, 2006
BBC NEWS | Business | S Korea raids Citigroup over KEB
FT.com / Companies / Americas - CME in $8bn deal with rival CBOT
The Chicago Mercantile Exchange on Tuesday announced plans to merge with cross-town rival the Chicago Board of Trade in a $8bn deal that will intensify consolidation pressure in the financial exchange sector.
The bold move comes two years after the CBOT rejected an approach in favour of a stock market listing.
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It will increase pressure on the New York Stock Exchange to seal a transatlantic deal with Euronext, the Paris based pan-European stock and derivatives exchange.
The proposed deal would create the world’s largest futures and options exchange and provide a powerful platform to expand the two companies’ existing plans to expand into fast-growing areas such as credit derivatives and foreign exchange.
The CME had steered clear of the recent consolidation in the exchange sector in favour of alliances and organic growth, and had been wary of overpaying at a time when valuations have been inflated by deal activity.
However, chief executive Craig Donohue – who had looked to buy Euronext and the smaller IntercontinentalExchange – has opted for a domestic deal to counter the expansion of the New York Stock Exchange’s move into derivatives the threat of an all-European deal involving Euronext and Frankfurt’s Deutsche Börse.
In a statement, the CME said the deal would create one of the world’s largest and most liquid market places, with average daily trading volume approaching 9m contracts, representing approximately $4,200bn in notional value.
The combined company, to be known as CME Group, would provide customers efficient, global access to a wide array of benchmark exchange-traded derivatives based on US interest rate yield curve, equity indexes, foreign exchange, agricultural and industrial commodities, energy and alternative investment products such as weather and real estate, it added.
Based on the closing stock prices of CME and CBOT on October 16, 2006, the last trading day prior to the announcement of the merger, the combined company is valued at $25bn.
Terry Duffy, CME chairman, said: “We are very pleased to announce this strategic merger today. We have enjoyed a strong, productive relationship with CBOT for a number of years, including our historic clearing agreement in 2003 in which CME began clearing all CBOT trades. This merger takes us to the next level in the evolution of our high-growth business.”
Bernard Dan, CBOT chief executive, welcomed the deal, which he said created the world’s most diverse, global derivatives exchange.
Both highly-regarded management teams will stay on, with Mr Donohue retaining the chief executive post and Mr Dan remaining to oversee the Board of Trade’s business.
Under the terms of the deal, CBOT shareholders will have the right to receive 0.3006 CME shares for every CBOT share held, or cash equal to the value of the exchange ratio based on a 10-day average of closing prices of CME common stock at the time of the merger. The cash portion is capped at $3bn.
The proposed deal will face significant regulatory scrutiny, though there is little overlap in the products traded by the two exchanges.
However, their common clearing link and expansion plans come at a time when banks and other users have expressed concern about the pricing power of the dominant exchanges.
A number of banks have already invested in competing options exchanges.
The companies said they exp[ected the deal to be accretive to earnings in 12 to 18 months after closure, with pre-tax cost savings put at more than $125m beginning in the second full year following the closing
The bold move comes two years after the CBOT rejected an approach in favour of a stock market listing.
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It will increase pressure on the New York Stock Exchange to seal a transatlantic deal with Euronext, the Paris based pan-European stock and derivatives exchange.
The proposed deal would create the world’s largest futures and options exchange and provide a powerful platform to expand the two companies’ existing plans to expand into fast-growing areas such as credit derivatives and foreign exchange.
The CME had steered clear of the recent consolidation in the exchange sector in favour of alliances and organic growth, and had been wary of overpaying at a time when valuations have been inflated by deal activity.
However, chief executive Craig Donohue – who had looked to buy Euronext and the smaller IntercontinentalExchange – has opted for a domestic deal to counter the expansion of the New York Stock Exchange’s move into derivatives the threat of an all-European deal involving Euronext and Frankfurt’s Deutsche Börse.
In a statement, the CME said the deal would create one of the world’s largest and most liquid market places, with average daily trading volume approaching 9m contracts, representing approximately $4,200bn in notional value.
The combined company, to be known as CME Group, would provide customers efficient, global access to a wide array of benchmark exchange-traded derivatives based on US interest rate yield curve, equity indexes, foreign exchange, agricultural and industrial commodities, energy and alternative investment products such as weather and real estate, it added.
Based on the closing stock prices of CME and CBOT on October 16, 2006, the last trading day prior to the announcement of the merger, the combined company is valued at $25bn.
Terry Duffy, CME chairman, said: “We are very pleased to announce this strategic merger today. We have enjoyed a strong, productive relationship with CBOT for a number of years, including our historic clearing agreement in 2003 in which CME began clearing all CBOT trades. This merger takes us to the next level in the evolution of our high-growth business.”
Bernard Dan, CBOT chief executive, welcomed the deal, which he said created the world’s most diverse, global derivatives exchange.
Both highly-regarded management teams will stay on, with Mr Donohue retaining the chief executive post and Mr Dan remaining to oversee the Board of Trade’s business.
Under the terms of the deal, CBOT shareholders will have the right to receive 0.3006 CME shares for every CBOT share held, or cash equal to the value of the exchange ratio based on a 10-day average of closing prices of CME common stock at the time of the merger. The cash portion is capped at $3bn.
The proposed deal will face significant regulatory scrutiny, though there is little overlap in the products traded by the two exchanges.
However, their common clearing link and expansion plans come at a time when banks and other users have expressed concern about the pricing power of the dominant exchanges.
A number of banks have already invested in competing options exchanges.
The companies said they exp[ected the deal to be accretive to earnings in 12 to 18 months after closure, with pre-tax cost savings put at more than $125m beginning in the second full year following the closing
BBC NEWS | Business | Corus confirms �4bn Tata proposal
LSE: Nasdaq not about to bid, it is believed
Nasdaq is not about to launch a bid for the London Stock Exchange, it is believed.
The US exchange is still more likely than not to wait until March, when a year will have elapsed since it paid an effective highest price of GBP 12.43 a share for a stake in the exchange, it is thought. Beyond this point it is free to make an offer below this.
Nasdaq is said not to see any truth in a report claiming it has secured funding for a takeover from its shareholders Silver Lake Partners and Hellman & Friedman. The two private equity firms were unavailable for comment.
Nasdaq would have spoken to its shareholders before embarking on its approach for LSE and moving into its stock, and feels it has their support, it is believed.
Nasdaq has not sought discussions with LSE shareholders, though a number of the UK company's stockholders have made their views known to the US exchange, it is thought.
Nasdaq believes hedge fund shareholders are pressuring LSE CEO Clara Furse to either enter talks with Nasdaq or to find a white knight if that is her plan. LSE declined to comment.
Nasdaq might feel comfortable waiting until next year to watch the pressure on Furse grow, it is thought.
Nasdaq would never re-list itself to London and would almost certainly not move its headquarters there, contrary to a recent report, it is believed.
The US exchange might however set up a secondary listing in London and hold half its board meetings in the UK capital, it is thought.
Nasdaq is not worried about losing potential synergies from an LSE merger if the UK government goes ahead with proposals to ‘ringfence’ LSE from exposure to foreign legislators, it is believed.
The US exchange plans to replace LSE’s IT system with its own, but each exchange would be run from a separate platform, it is understood.
Also, Nasdaq said itself in its 10 March proposal that it planned to ringfence LSE, it was pointed out.
The US exchange is still more likely than not to wait until March, when a year will have elapsed since it paid an effective highest price of GBP 12.43 a share for a stake in the exchange, it is thought. Beyond this point it is free to make an offer below this.
Nasdaq is said not to see any truth in a report claiming it has secured funding for a takeover from its shareholders Silver Lake Partners and Hellman & Friedman. The two private equity firms were unavailable for comment.
Nasdaq would have spoken to its shareholders before embarking on its approach for LSE and moving into its stock, and feels it has their support, it is believed.
Nasdaq has not sought discussions with LSE shareholders, though a number of the UK company's stockholders have made their views known to the US exchange, it is thought.
Nasdaq believes hedge fund shareholders are pressuring LSE CEO Clara Furse to either enter talks with Nasdaq or to find a white knight if that is her plan. LSE declined to comment.
Nasdaq might feel comfortable waiting until next year to watch the pressure on Furse grow, it is thought.
Nasdaq would never re-list itself to London and would almost certainly not move its headquarters there, contrary to a recent report, it is believed.
The US exchange might however set up a secondary listing in London and hold half its board meetings in the UK capital, it is thought.
Nasdaq is not worried about losing potential synergies from an LSE merger if the UK government goes ahead with proposals to ‘ringfence’ LSE from exposure to foreign legislators, it is believed.
The US exchange plans to replace LSE’s IT system with its own, but each exchange would be run from a separate platform, it is understood.
Also, Nasdaq said itself in its 10 March proposal that it planned to ringfence LSE, it was pointed out.
Clipper Windpower could be take-out target in wind space, sources say
Clipper Windpower could be take-out target in wind space, sources say
mergermarket
Story Clipper Windpower, a California-based wind turbine manufacturer and project developer, could be a target in an increasingly active wind energy space, industry sources said. A spokesperson for Clipper Windpower, which is listed on London’s AIM exchange, declined numerous requests for an interview and for company comment.
An industry banker said that Clipper Windpower is a takeout target, and that potential acquirers could come from outside the space. For example, an acquisitive industrial manufacturing company like AMETEK or Danaher, both listed companies based in Pennsylvania, could be logical, the banker said. But since Clipper only recently went public, valuations may be too high at the moment, the banker said.
In September 2005, Clipper made its debut on AIM with a market cap of GBP 180m. Today it is valued at GBP 540m, or USD 1bn.
Clipper is an unusual company, an industry lawyer said, as it both develops wind generation projects and manufactures turbines. He said a potential acquirer would have to be interested in both aspects.
This month, FPL agreed to acquire Clipper’s Iowa-based, 100 megawatt Endeavor Wind Project. And in July, Clipper and BP Alternative Energy signed a strategic alliance for a long-term supply agreement and a joint development for five wind projects in the US. The company has also sold wind projects to PPM Energy and MidAmerican Energy in the past.
The industry lawyer noted that large utility companies gain greater tax benefits than smaller companies from having renewable energy projects in their portfolios. He declined comment on potential bidders, but said listed, Florida-based FPL and listed, Texas-based TXU are big players in the wind space. He also noted that Clipper has a joint venture with BP.
Additionally, an industry observer said he would not be surprised if Clipper were targeted, as the company recently introduced the 2.5 megawatt “Liberty” turbine. Turbines have traditionally generated 2 megawatts of power. The observer said there are many merchant developers interested in wind generation assets, and cited Goldman Sachs’ acquisition of Horizon Wind as an example of interest from financial players.
GE Energy Financial Services also has an interest in Clipper, as it has granted the company construction loans and will help bring in strategic investors, according to Kevin Walsh, managing director of the GE division. Walsh called the company “very promising” at a clean tech conference in September.
Clipper Windpower has offices in California, Colorado, Maryland, Mexico and the U.K. Clipper’s project development activities include approximately 6,000 MW of wind resource rights, with new project sites being actively pursued, according to the company.
by Heather West and Anjali Naik
mergermarket
Story Clipper Windpower, a California-based wind turbine manufacturer and project developer, could be a target in an increasingly active wind energy space, industry sources said. A spokesperson for Clipper Windpower, which is listed on London’s AIM exchange, declined numerous requests for an interview and for company comment.
An industry banker said that Clipper Windpower is a takeout target, and that potential acquirers could come from outside the space. For example, an acquisitive industrial manufacturing company like AMETEK or Danaher, both listed companies based in Pennsylvania, could be logical, the banker said. But since Clipper only recently went public, valuations may be too high at the moment, the banker said.
In September 2005, Clipper made its debut on AIM with a market cap of GBP 180m. Today it is valued at GBP 540m, or USD 1bn.
Clipper is an unusual company, an industry lawyer said, as it both develops wind generation projects and manufactures turbines. He said a potential acquirer would have to be interested in both aspects.
This month, FPL agreed to acquire Clipper’s Iowa-based, 100 megawatt Endeavor Wind Project. And in July, Clipper and BP Alternative Energy signed a strategic alliance for a long-term supply agreement and a joint development for five wind projects in the US. The company has also sold wind projects to PPM Energy and MidAmerican Energy in the past.
The industry lawyer noted that large utility companies gain greater tax benefits than smaller companies from having renewable energy projects in their portfolios. He declined comment on potential bidders, but said listed, Florida-based FPL and listed, Texas-based TXU are big players in the wind space. He also noted that Clipper has a joint venture with BP.
Additionally, an industry observer said he would not be surprised if Clipper were targeted, as the company recently introduced the 2.5 megawatt “Liberty” turbine. Turbines have traditionally generated 2 megawatts of power. The observer said there are many merchant developers interested in wind generation assets, and cited Goldman Sachs’ acquisition of Horizon Wind as an example of interest from financial players.
GE Energy Financial Services also has an interest in Clipper, as it has granted the company construction loans and will help bring in strategic investors, according to Kevin Walsh, managing director of the GE division. Walsh called the company “very promising” at a clean tech conference in September.
Clipper Windpower has offices in California, Colorado, Maryland, Mexico and the U.K. Clipper’s project development activities include approximately 6,000 MW of wind resource rights, with new project sites being actively pursued, according to the company.
by Heather West and Anjali Naik
Lukoil: to be worth USD 150bn - USD 200bn by 2016, plans acquisitions; vice-president denies plans to buy into ConocoPhillips - report
Lukoil: to be worth USD 150bn - USD 200bn by 2016, plans acquisitions; vice-president denies plans to buy into ConocoPhillips - report
Story Lukoil, the listed Russian oil firm, will be worth USD 150bn – USD 200bn by 2016, reported Vedomosti.
The paper referred to a copy of a presentation project of Lukoil's new strategy, which highlights the company gaining international status and expanding operations via organic growth and new acquisitions.
Vedomosti cited various experts and wrote that Lukoil will have to acquire in Russia and abroad to achieve its financial and production goals. Venezuela and Central Asia could be potential expansion areas, one expert said.
Two investment bankers suggested that Lukoil could merge with its US peer ConocoPhillips and that shareholders of the Russian firm are considering a public share issue for ConocoPhillips’s shareholders.
One source said that Lukoil could use 20% - 25% of its stake for the transaction. A few weeks ago Lukoil vice-president Leonid Fedun rejected news that the company is preparing a purchase or assets swap with ConocoPhillips, Vedomosti wrote.
Source Vedomosti
Story Lukoil, the listed Russian oil firm, will be worth USD 150bn – USD 200bn by 2016, reported Vedomosti.
The paper referred to a copy of a presentation project of Lukoil's new strategy, which highlights the company gaining international status and expanding operations via organic growth and new acquisitions.
Vedomosti cited various experts and wrote that Lukoil will have to acquire in Russia and abroad to achieve its financial and production goals. Venezuela and Central Asia could be potential expansion areas, one expert said.
Two investment bankers suggested that Lukoil could merge with its US peer ConocoPhillips and that shareholders of the Russian firm are considering a public share issue for ConocoPhillips’s shareholders.
One source said that Lukoil could use 20% - 25% of its stake for the transaction. A few weeks ago Lukoil vice-president Leonid Fedun rejected news that the company is preparing a purchase or assets swap with ConocoPhillips, Vedomosti wrote.
Source Vedomosti
BBC NEWS | Business | Thames Water to be sold for �8bn
$60b finance frenzy as ICBC offer opens
Monday, October 16, 2006
Credit Agricole chairman eyes UK banks despite high prices
Credit Agricole chairman eyes UK banks despite high prices
Story Credit Agricole is looking for a British bank to acquire, according to chairman Rene Carron, who mentioned the information in a Sunday Times interview. Carron acknowledged that UK banks are costly to acquire but said he would continue to seek one regardless.
The EUR 53bn French banking group previously considered UK-listed Alliance & Leicester but decided against making an offer as its returns were not sufficiently high, Carron said.
Source Sunday Times
Story Credit Agricole is looking for a British bank to acquire, according to chairman Rene Carron, who mentioned the information in a Sunday Times interview. Carron acknowledged that UK banks are costly to acquire but said he would continue to seek one regardless.
The EUR 53bn French banking group previously considered UK-listed Alliance & Leicester but decided against making an offer as its returns were not sufficiently high, Carron said.
Source Sunday Times
LSE: Nasdaq could move HQ to UK and list in London if takeover succeeds – report
LSE: Nasdaq could move HQ to UK and list in London if takeover succeeds – report
Story US exchange Nasdaq could move its base to the UK if an attempted takeover of the London Stock Exchange is successful, the Sunday Telegraph said. According to sources familiar with Nasdaq’s workings, the company is considering listing in London, as well as New York, to silence British critics sceptical of the deal, the report said.
The headquarters move could take place if America’s corporate regulations become unattractive, the item reported. It went on to quote an observer who said Nasdaq is hoping to reassure those who believe the LSE’s independence will be compromised if it is taken over by a US group.
Nasdaq did not wish to make any comment, the report said.
Source Sunday Telegraph
Story US exchange Nasdaq could move its base to the UK if an attempted takeover of the London Stock Exchange is successful, the Sunday Telegraph said. According to sources familiar with Nasdaq’s workings, the company is considering listing in London, as well as New York, to silence British critics sceptical of the deal, the report said.
The headquarters move could take place if America’s corporate regulations become unattractive, the item reported. It went on to quote an observer who said Nasdaq is hoping to reassure those who believe the LSE’s independence will be compromised if it is taken over by a US group.
Nasdaq did not wish to make any comment, the report said.
Source Sunday Telegraph
FT.com / Home UK / UK - Lloyds TSB sparks frenzied trading
Lloyds TSB sparks frenzied trading
By Robert Orr
Published: October 14 2006 03:00 | Last updated: October 14 2006 03:00
The FTSE 100 closed at a five-year high yesterday, surpassing the previous peak in April amid heavy trading in Lloyds TSB.
Talk was that Lloyds, the UK's fifth largest lender, was in the sights of US giant Citigroup, which is known to be on the lookout for an acquisition in Europe.
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While this speculation is nothing new, yesterday's activity was more frenzied than usual, with one dealer describing trading in the stock as "extraordinary".
Sentiment was also helped by an upgrade from HSBC, which said that Lloyds would be the big beneficiary of a new savings boom. "We believe the household savings market has turned a corner, [and] profits here could double over the next five years. We highlight Lloyds TSB as a beneficiary," said Robin Down,analyst.
With 85m shares traded, Lloyds ended 3.9 per cent higher at 581p, its highest close since November 2002.
By Robert Orr
Published: October 14 2006 03:00 | Last updated: October 14 2006 03:00
The FTSE 100 closed at a five-year high yesterday, surpassing the previous peak in April amid heavy trading in Lloyds TSB.
Talk was that Lloyds, the UK's fifth largest lender, was in the sights of US giant Citigroup, which is known to be on the lookout for an acquisition in Europe.
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While this speculation is nothing new, yesterday's activity was more frenzied than usual, with one dealer describing trading in the stock as "extraordinary".
Sentiment was also helped by an upgrade from HSBC, which said that Lloyds would be the big beneficiary of a new savings boom. "We believe the household savings market has turned a corner, [and] profits here could double over the next five years. We highlight Lloyds TSB as a beneficiary," said Robin Down,analyst.
With 85m shares traded, Lloyds ended 3.9 per cent higher at 581p, its highest close since November 2002.
FT - UK - Euronext and NYSE shift tack over proposed merger
Euronext and NYSE shift tack over proposed merger
By Norma Cohen
Published: October 16 2006 03:00 | Last updated: October 16 2006 03:00
Euronext and the New York Stock Exchange yesterday offered to open talks with Deutsche Börse and Borsa Italiana about the purchase of their share trading businesses in a tacit acknowledgement of the growing hurdles their own merger plan now faces.
The two exchanges, in a press statement yesterday, said they were making their offer in light of Deutsche Börse's "unilateral" move to seek clearance from European competition authorities for another merger plan between it and Euronext that could eventually lead to a single eurozone exchange.
Advisers to Euronext said the Paris-based exchange viewed the move as "hostile". Euronext has long resisted efforts by Deutsche Börse to get it to agree to a merger, citing, among other things, the likelihood that competition authorities in Brussels would object. Deutsche Börse's latest move will put that to the test. They are offering the Italian and German exchanges one seat each on a board of 22 members, equally split between US and European representatives.
Deutsche Börse yesterday repeated its previous view that such an offer is unattractive.
Euronext and NYSE yesterday sought to portray their deal as the best for Europe. "This combination would be advantageous to Europe while leveraging transatlantic synergies," they said. A Euronext spokesman added that it was still confident its tie-up with NYSE would go ahead.
However, objections to it have arisen from various quarters of European political and financial circles almost daily for over a week. On Friday, Deutsche Börse formally rejected the offer to sell its equities business to a combined NYSE/Euronext and the Italian stock exchange is understood to be equally cool about such a transaction.
On Thursday, Borsa Italiana also implicitly rebuffed the NYSE/Euronext tie-up, with its board authorising its executives instead to work with Deutsche Börse on seeking a three-way merger of continental exchanges. Just one week earlier a report from French industrialist Henri Lachmann, prepared on behalf of lobbying group Paris Europlace, concluded that the tie-up with the NYSE would amount to a takeover of Euronext by the US exchange with no guarantee of any benefits for the French market.
By Norma Cohen
Published: October 16 2006 03:00 | Last updated: October 16 2006 03:00
Euronext and the New York Stock Exchange yesterday offered to open talks with Deutsche Börse and Borsa Italiana about the purchase of their share trading businesses in a tacit acknowledgement of the growing hurdles their own merger plan now faces.
The two exchanges, in a press statement yesterday, said they were making their offer in light of Deutsche Börse's "unilateral" move to seek clearance from European competition authorities for another merger plan between it and Euronext that could eventually lead to a single eurozone exchange.
Advisers to Euronext said the Paris-based exchange viewed the move as "hostile". Euronext has long resisted efforts by Deutsche Börse to get it to agree to a merger, citing, among other things, the likelihood that competition authorities in Brussels would object. Deutsche Börse's latest move will put that to the test. They are offering the Italian and German exchanges one seat each on a board of 22 members, equally split between US and European representatives.
Deutsche Börse yesterday repeated its previous view that such an offer is unattractive.
Euronext and NYSE yesterday sought to portray their deal as the best for Europe. "This combination would be advantageous to Europe while leveraging transatlantic synergies," they said. A Euronext spokesman added that it was still confident its tie-up with NYSE would go ahead.
However, objections to it have arisen from various quarters of European political and financial circles almost daily for over a week. On Friday, Deutsche Börse formally rejected the offer to sell its equities business to a combined NYSE/Euronext and the Italian stock exchange is understood to be equally cool about such a transaction.
On Thursday, Borsa Italiana also implicitly rebuffed the NYSE/Euronext tie-up, with its board authorising its executives instead to work with Deutsche Börse on seeking a three-way merger of continental exchanges. Just one week earlier a report from French industrialist Henri Lachmann, prepared on behalf of lobbying group Paris Europlace, concluded that the tie-up with the NYSE would amount to a takeover of Euronext by the US exchange with no guarantee of any benefits for the French market.
Telegraph | Money | LSE fears Nasdaq will 'strangle' Aim
Exchange News
The International Herald Tribune writes that President Jacques Chirac of France and Chancellor Angela Merkel of Germany favor "a European solution" to stock exchange mergers in the region.
GCM
GCM
Sunday, October 15, 2006
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NASDAQ to list in London if LSE bid successful?
SMARTS at LSE
NYSE Euronext and EU markets
TSX wooing Brazilian issuers?
GCM
SMARTS at LSE
NYSE Euronext and EU markets
TSX wooing Brazilian issuers?
GCM
Saturday, October 14, 2006
AIB buoyed by rumours of Citibank interest; Lloyds also considered target – market reports
AIB buoyed by rumours of Citibank interest; Lloyds also considered target – market reports
Story AIB Group, the Irish listed banking company, may be eyed by giant US rival Citibank, according to rumours reported in the Irish Examiner’s market report.
The item said that AIB's shares rose 3% amid the rumours in Ireland on Thursday (12 October) and a further 8c the next day.
Unidentified analysts cited in the report said a Citibank bid for AIB is unlikely as the North American group will have to make a larger acquisition if it wants to please its shareholders. Allied Irish Banks has a current market capitalisation of EUR 18.895bn.
Market reports across the UK press carried stories of Citigroup’s rumoured interest in the UK-listed bank Lloyds TSB. The Financial Times noted that the US firm is looking for a European acquisition. According to a Daily Express item a takeover of Lloyds TSB could be worth GBP 40bn (EUR 59bn). The Guardian said traders believe North Carolina-based Bank of America could be a potential predator.
The Daily Telegraph cited sceptics who believed a leap in the Lloyds TSB share price to be the result of an HSBC upgrade to neutral and an increased target price.
Source Irish Examiner, Financial Times, Daily Express
Story AIB Group, the Irish listed banking company, may be eyed by giant US rival Citibank, according to rumours reported in the Irish Examiner’s market report.
The item said that AIB's shares rose 3% amid the rumours in Ireland on Thursday (12 October) and a further 8c the next day.
Unidentified analysts cited in the report said a Citibank bid for AIB is unlikely as the North American group will have to make a larger acquisition if it wants to please its shareholders. Allied Irish Banks has a current market capitalisation of EUR 18.895bn.
Market reports across the UK press carried stories of Citigroup’s rumoured interest in the UK-listed bank Lloyds TSB. The Financial Times noted that the US firm is looking for a European acquisition. According to a Daily Express item a takeover of Lloyds TSB could be worth GBP 40bn (EUR 59bn). The Guardian said traders believe North Carolina-based Bank of America could be a potential predator.
The Daily Telegraph cited sceptics who believed a leap in the Lloyds TSB share price to be the result of an HSBC upgrade to neutral and an increased target price.
Source Irish Examiner, Financial Times, Daily Express
Friday, October 13, 2006
BBC NEWS | Business | Key European exchanges eye merger
SIBOS NEWS - CITIGROUP TO OFFER DCC IN SWEDEN
Borse Italiana to pursue D Börse merger
Borse Italiana to pursue D Börse merger
By Norman Cohen in London
Published: October 12 2006 22:14 | Last updated: October 13 2006 01:14
The board of Borsa Italiana has agreed to seek a memorandum of understanding to pursue merger talks with Deutsche Börse aimed at agreeing creation of a eurozone stock exchange that will include Paris-based Euronext.
The decision, which was almost unanimous, came after a protracted board meeting late on Thursday. The move appears to increase the pressure on Euronext, which has struck a deal to be acquired by the New York Stock Exchange despite growing opposition from France’s financial and political communities.
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Last week, a long-awaited report prepared for Paris Europlace, a politically well-connected French business lobbying group, recommended that Euronext delay its plans to be acquired by the NYSE until greater integration between European stock exchanges is complete. As a first step, it recommended that Deutsche Börse inject its cash equities market into Euronext in exchange for 15-20 per cent of Euronext’s share capital – a move that would make it the largest shareholder of the Paris-based exchange.
The report for Paris Europlace, prepared by French industrialist Henri Lachmann, also warns against an immediate merger with Deutsche Börse – a move proposed by the German exchange and favoured by a significant minority of shareholders – noting that the size of its potential partner may dilute French control.
In a statement this week, Euronext said it was prepared to acquire the cash equities businesses of both the Deutsche Börse and Borsa Italiana, and said its announcement is “suggested with the full support of the NYSE”.
“Euronext . . . believes that a combination of Euronext, and the cash equity trading activities of Deutsche Börse and Borsa Italiana is fully compatible with the anticipated merger between NYSE and Euronext,” it said. However, Euronext is facing growing pressure to delay, if not abandon, its plans to be acquired by the NYSE.
NYSE Group, which operates the New York Stock Exchange, would not comment on the German-Italian plan on Thursday night.
Euronext is firmly opposed to a merger with Deutsche Börse, which it says would face regulatory and implementation risks and could not be completed.
By Norman Cohen in London
Published: October 12 2006 22:14 | Last updated: October 13 2006 01:14
The board of Borsa Italiana has agreed to seek a memorandum of understanding to pursue merger talks with Deutsche Börse aimed at agreeing creation of a eurozone stock exchange that will include Paris-based Euronext.
The decision, which was almost unanimous, came after a protracted board meeting late on Thursday. The move appears to increase the pressure on Euronext, which has struck a deal to be acquired by the New York Stock Exchange despite growing opposition from France’s financial and political communities.
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Last week, a long-awaited report prepared for Paris Europlace, a politically well-connected French business lobbying group, recommended that Euronext delay its plans to be acquired by the NYSE until greater integration between European stock exchanges is complete. As a first step, it recommended that Deutsche Börse inject its cash equities market into Euronext in exchange for 15-20 per cent of Euronext’s share capital – a move that would make it the largest shareholder of the Paris-based exchange.
The report for Paris Europlace, prepared by French industrialist Henri Lachmann, also warns against an immediate merger with Deutsche Börse – a move proposed by the German exchange and favoured by a significant minority of shareholders – noting that the size of its potential partner may dilute French control.
In a statement this week, Euronext said it was prepared to acquire the cash equities businesses of both the Deutsche Börse and Borsa Italiana, and said its announcement is “suggested with the full support of the NYSE”.
“Euronext . . . believes that a combination of Euronext, and the cash equity trading activities of Deutsche Börse and Borsa Italiana is fully compatible with the anticipated merger between NYSE and Euronext,” it said. However, Euronext is facing growing pressure to delay, if not abandon, its plans to be acquired by the NYSE.
NYSE Group, which operates the New York Stock Exchange, would not comment on the German-Italian plan on Thursday night.
Euronext is firmly opposed to a merger with Deutsche Börse, which it says would face regulatory and implementation risks and could not be completed.
Aozora Bank IPOaims to raise $3bn
Aozora Bank IPOaims to raise $3bn
By Michiyo Nakamoto in Tokyo
Published: October 13 2006 03:00 | Last updated: October 13 2006 03:00
Aozora Bank, the last of Japan's former distressed banks to relist, is today due to launch an initial public offering in an effort to raise more than $3bn.
The listing of about a third of the bank, the second largest IPO in Japan after NTT DoCoMo in 1998, would value Aozora at $10bn.
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The bank's leading shareholders - including Cerberus, the US private equity group; Orix, the leasing group; Millea Holdings, the insurance group; and the government - will each sell about a third of their stakes.
Cerberus owns 62 per cent, while Orix and Millea each own 14.99 per cent.
The Japanese government - which owns 457m preference shares, or about 33 per cent when converted into common shares - will also sell a third of its holdings, a person close to the deal said.
The Aozora listing comes as China's Industrial and Commercial Bank seeks to raise $16bn in Hong Kong and $5.8bn in Shanghai in the world's largest IPO.
It also follows some big flotations in Japan, including Nomura Real Estate, which raised Y164.5bn ($1.4bn) this month, and Idemitsu, the oil group, which is expected to raise Y62.3bn.
A banker said: "Japan is still very much flavour of the month." The banker added that the pool of funds available for the Aozora listing would mostly be Japan-focused and therefore different from emerging market funds that would be buying into ICBC.
The Aozora listing would be the first time the Japanese government has participated in an IPO alongside private investors. The government bailed out Aozora, then known as Nippon Credit Bank, in 1998 and sold it to a consortium of investors, including Cerberus for Y101bn in 2000.
Others to benefit from the sale of stakes in distressed Japanese banks include Ripplewood, the US private equity group, which bought the former Long-Term Credit Bank. Ripplewood later sold two thirds of LTCB, re-named Shinsei Bank, raising about Y250bn.
Nikko Citigroup, Morgan Stanley and Goldman Sachs are lead arrangers for the Aozora IPO.
By Michiyo Nakamoto in Tokyo
Published: October 13 2006 03:00 | Last updated: October 13 2006 03:00
Aozora Bank, the last of Japan's former distressed banks to relist, is today due to launch an initial public offering in an effort to raise more than $3bn.
The listing of about a third of the bank, the second largest IPO in Japan after NTT DoCoMo in 1998, would value Aozora at $10bn.
ADVERTISEMENT
The bank's leading shareholders - including Cerberus, the US private equity group; Orix, the leasing group; Millea Holdings, the insurance group; and the government - will each sell about a third of their stakes.
Cerberus owns 62 per cent, while Orix and Millea each own 14.99 per cent.
The Japanese government - which owns 457m preference shares, or about 33 per cent when converted into common shares - will also sell a third of its holdings, a person close to the deal said.
The Aozora listing comes as China's Industrial and Commercial Bank seeks to raise $16bn in Hong Kong and $5.8bn in Shanghai in the world's largest IPO.
It also follows some big flotations in Japan, including Nomura Real Estate, which raised Y164.5bn ($1.4bn) this month, and Idemitsu, the oil group, which is expected to raise Y62.3bn.
A banker said: "Japan is still very much flavour of the month." The banker added that the pool of funds available for the Aozora listing would mostly be Japan-focused and therefore different from emerging market funds that would be buying into ICBC.
The Aozora listing would be the first time the Japanese government has participated in an IPO alongside private investors. The government bailed out Aozora, then known as Nippon Credit Bank, in 1998 and sold it to a consortium of investors, including Cerberus for Y101bn in 2000.
Others to benefit from the sale of stakes in distressed Japanese banks include Ripplewood, the US private equity group, which bought the former Long-Term Credit Bank. Ripplewood later sold two thirds of LTCB, re-named Shinsei Bank, raising about Y250bn.
Nikko Citigroup, Morgan Stanley and Goldman Sachs are lead arrangers for the Aozora IPO.
Thursday, October 12, 2006
Canadian task force releases sweeping securities reform report
Canadian task force releases sweeping securities reform report
Oct 06 2006 Christopher O'Connor
The Task Force to Modernize Securities Legislation in Canada has released a long-awaited report that offers a series of recommendations designed to make the regulation of securities in the country more effective.
The Investment Dealers Association of Canada, a self-regulatory organization, established the task force in 2004 to address securities issues. The 262-page report, titled Canada Steps Up, lists 65 recommended courses of action, policies and undertakings. These address guiding regulatory principles, market-access issues, the flow of information to investors, the regulation of hedge funds and the enforcement of existing laws, rules and principles.
"The task force is of the strong view that securities laws, no matter how modern, are of little use and do little to enhance the vitality of the Canadian capital markets unless they are fairly and vigorously enforced," the report stated.
Among the recommendations, the crucial entries include:
ensuring that securities regulation is based on "clearly enunciated regulatory principles" rather than concrete, detailed rules;
using so-called "scaled regulation," in which laws and enforcement take the size and market capitalization of issuers into consideration;
establishing a uniform set of guidelines to use in conducting the cost-benefit analysis of regulations;
creating an independent body, to be staffed by members of all stakeholder groups involved, that would conduct intermittent cost-benefit analyses of "every significant" regulatory intervention made by securities regulators;
turning exclusively to the use of electronic means and XBRL code to make disclosures and to file required documents; the Task Force uses the code name MERIT (Model for Effective Regulatory Information Transfer) for this initiative;
adopting a "well-known seasoned issuer" classification for companies with a market cap of $350m or higher to make entry onto the public market easier and faster;
forming a regulatory framework for the public offering of hedge funds and at least considering a requirement for hedge fund advisers to register with the relevant securities regulator;
birthing a "cooperative national program" to: prioritize enforcement; develop reporting systems designed to measure the effectiveness of enforcement efforts; collect relevant data; and report that data to an independent researcher to prepare and issue public reports;
expanding the capacity of integrated market enforcement teams established by the Royal Canadian Mounted Police to conduct as many securities-related criminal investigations as possible;
introducing a new "senior independent review officer" position in each IMET office and in each securities regulator, whose role would be to oversee, review and focus all ongoing investigations and decide which investigations merit formal hearings by securities tribunals.
The report also presented two "ideas for consideration," proposals and solutions that were discussed but that could not be embraced on a consensus basis. One of these chapters explored the possible regulation of "gatekeepers" — auditors, analysts, lawyers and the like — to guard against conflicts of interest and to support objective analysis and research. The other covered the possibility of establish insurance to protect investors from market "misinformation."
The task force, however, did not weigh in on a central debate in Canada as to whether to create a single national securities regulator. Currently, each of the country's 13 provinces and territories has its own regulatory body and together issue harmonized national instruments under a consortium known as the Canadian Securities Administrators. The report says that this issue was not part of the task force's specific mandate; however, it did recognize the challenges ahead in realizing the report's recommendations in a cohesive manner.
"While we have not directly tackled the issue of regulatory fragmentation in our report, we do add our voice to the chorus demanding that immediate steps be taken to ameliorate the inefficient, outdated and duplicative securities regulatory structure that currently exists in Canada," the report proclaimed.
CSA chairman Jean St-Gelais, for his part, welcomed the release of Canada Steps Up.
"We welcome the report of the task force and view it as a constructive document that will add to the debate on securities regulation in Canada," said St-Gelais in a statement. "We will review the report carefully and consider its contents in light of this debate.”
The CSA in recent months has issued proposed guidance on client commission practices and created a new policy requiring mutual funds to set up independent review committees.
The members of the task force are executives of financial service firms, executives of publicly traded companies, law professors and industry researchers and experts. Its chairman is Tom Allen, a past chairman of the Accounting Oversight Board of Canada.
In addition to the report, the task force also released six supporting volumes that contain academic research it commissioned to aid in the report's creation. The research input was supported by comments from the public at hearings in Vancouver, Ottawa, Toronto and Montreal. The task force also solicited the input of regulators and self-regulatory organizations in the US and the UK who have drafted a few modernizing initiatives of their own in recent years.
Oct 06 2006 Christopher O'Connor
The Task Force to Modernize Securities Legislation in Canada has released a long-awaited report that offers a series of recommendations designed to make the regulation of securities in the country more effective.
The Investment Dealers Association of Canada, a self-regulatory organization, established the task force in 2004 to address securities issues. The 262-page report, titled Canada Steps Up, lists 65 recommended courses of action, policies and undertakings. These address guiding regulatory principles, market-access issues, the flow of information to investors, the regulation of hedge funds and the enforcement of existing laws, rules and principles.
"The task force is of the strong view that securities laws, no matter how modern, are of little use and do little to enhance the vitality of the Canadian capital markets unless they are fairly and vigorously enforced," the report stated.
Among the recommendations, the crucial entries include:
ensuring that securities regulation is based on "clearly enunciated regulatory principles" rather than concrete, detailed rules;
using so-called "scaled regulation," in which laws and enforcement take the size and market capitalization of issuers into consideration;
establishing a uniform set of guidelines to use in conducting the cost-benefit analysis of regulations;
creating an independent body, to be staffed by members of all stakeholder groups involved, that would conduct intermittent cost-benefit analyses of "every significant" regulatory intervention made by securities regulators;
turning exclusively to the use of electronic means and XBRL code to make disclosures and to file required documents; the Task Force uses the code name MERIT (Model for Effective Regulatory Information Transfer) for this initiative;
adopting a "well-known seasoned issuer" classification for companies with a market cap of $350m or higher to make entry onto the public market easier and faster;
forming a regulatory framework for the public offering of hedge funds and at least considering a requirement for hedge fund advisers to register with the relevant securities regulator;
birthing a "cooperative national program" to: prioritize enforcement; develop reporting systems designed to measure the effectiveness of enforcement efforts; collect relevant data; and report that data to an independent researcher to prepare and issue public reports;
expanding the capacity of integrated market enforcement teams established by the Royal Canadian Mounted Police to conduct as many securities-related criminal investigations as possible;
introducing a new "senior independent review officer" position in each IMET office and in each securities regulator, whose role would be to oversee, review and focus all ongoing investigations and decide which investigations merit formal hearings by securities tribunals.
The report also presented two "ideas for consideration," proposals and solutions that were discussed but that could not be embraced on a consensus basis. One of these chapters explored the possible regulation of "gatekeepers" — auditors, analysts, lawyers and the like — to guard against conflicts of interest and to support objective analysis and research. The other covered the possibility of establish insurance to protect investors from market "misinformation."
The task force, however, did not weigh in on a central debate in Canada as to whether to create a single national securities regulator. Currently, each of the country's 13 provinces and territories has its own regulatory body and together issue harmonized national instruments under a consortium known as the Canadian Securities Administrators. The report says that this issue was not part of the task force's specific mandate; however, it did recognize the challenges ahead in realizing the report's recommendations in a cohesive manner.
"While we have not directly tackled the issue of regulatory fragmentation in our report, we do add our voice to the chorus demanding that immediate steps be taken to ameliorate the inefficient, outdated and duplicative securities regulatory structure that currently exists in Canada," the report proclaimed.
CSA chairman Jean St-Gelais, for his part, welcomed the release of Canada Steps Up.
"We welcome the report of the task force and view it as a constructive document that will add to the debate on securities regulation in Canada," said St-Gelais in a statement. "We will review the report carefully and consider its contents in light of this debate.”
The CSA in recent months has issued proposed guidance on client commission practices and created a new policy requiring mutual funds to set up independent review committees.
The members of the task force are executives of financial service firms, executives of publicly traded companies, law professors and industry researchers and experts. Its chairman is Tom Allen, a past chairman of the Accounting Oversight Board of Canada.
In addition to the report, the task force also released six supporting volumes that contain academic research it commissioned to aid in the report's creation. The research input was supported by comments from the public at hearings in Vancouver, Ottawa, Toronto and Montreal. The task force also solicited the input of regulators and self-regulatory organizations in the US and the UK who have drafted a few modernizing initiatives of their own in recent years.
Wednesday, October 11, 2006
Hedge funds explode three myths about LSE
Initial public offerings: Investors can pick and choose
Stock exchanges: Farewell to the old family brokers� club
Visa to go public in radical shake-up
FT.com / Lex - London listings
Prudential: HSBC considers takeover bid – market report
mergermarket.com: "Prudential: HSBC considers takeover bid � market report "
Tuesday, October 10, 2006
The demise of the share certificate?
FT.com / Companies / UK - Silicon Valley comes late to Aim
FT.com / Companies / UK - Accelerating flow from US
LCH.Clearnet rises to Swiss challenge on share trading
Monday, October 09, 2006
LSE Installs SMARTS Market Surveillance Technology To Monitor Trading
FT.com / Lex - ICBC's record IPO
Teleset Networks to float on London AIM – report
mergermarket.com: "Teleset Networks to float on London AIM � report
StoryTeleset Networks, a Kazan-based fixed-line telephone operator, will be floated on the London's Alternative Investment Market this week, reported The Financial Times. The company, which is being advised by Corporate Synergy, will have an initial market value of GBP 18m (EUR 26.7m).
SourceFinancial Times
ValueGBP 18m (initial market cap)
Stake ValueN/A"
StoryTeleset Networks, a Kazan-based fixed-line telephone operator, will be floated on the London's Alternative Investment Market this week, reported The Financial Times. The company, which is being advised by Corporate Synergy, will have an initial market value of GBP 18m (EUR 26.7m).
SourceFinancial Times
ValueGBP 18m (initial market cap)
Stake ValueN/A"
LSE: Hellman & Friedman and Silver Lake to put up interim financing for Nasdaq’s GBP 2.7bn bid; Furse working on defence – report
mergermarket.com: "LSE: Hellman & Friedman and Silver Lake to put up interim financing for Nasdaq�s GBP 2.7bn bid; Furse working on defence � report "
URALSIB FC listing not before 2009; Vagit Alekperov to divest all non core-assets
mergermarket.com: "URALSIB FC listing not before 2009; Vagit Alekperov to divest all non core-assets
StoryRussia�s URALSIB Financial Corporation will see its IPO not earlier than 2009, as it has been advised by analysts, Vedomosti reported citing URALSIB president Nikolai Tsvetkov.
Vagit Alekperov, the president of listed Russian oil firm Lukoil, said his stake in bank Uralsib has been lowered to 7%. Alekperov also confirmed he planned to exit all non-core assets.
URALSIB Financial Corporation recorded net profit of USD 397.2m in 2005, according to an earlier Kommersant report.
SourceVedomosti, Kommersant
ValueUSD 397m (URALSIB Financial Corporation net profit in 2005) "
StoryRussia�s URALSIB Financial Corporation will see its IPO not earlier than 2009, as it has been advised by analysts, Vedomosti reported citing URALSIB president Nikolai Tsvetkov.
Vagit Alekperov, the president of listed Russian oil firm Lukoil, said his stake in bank Uralsib has been lowered to 7%. Alekperov also confirmed he planned to exit all non-core assets.
URALSIB Financial Corporation recorded net profit of USD 397.2m in 2005, according to an earlier Kommersant report.
SourceVedomosti, Kommersant
ValueUSD 397m (URALSIB Financial Corporation net profit in 2005) "
ICBC to raise up to $US19b in share sale
NYSE warns against bad bourse mergers-paper | Reuters.com
Citigroup eyes bank purchases outside U.S. | Business | Reuters.co.uk
Friday, October 06, 2006
Patrick Colle Replaces Jon Lloyd At BNP Paribas Securities Services
Thursday, October 05, 2006
Proxy Governance finds momentum growing for CSR proposals
German government in U-turn on Transparency Directive
LSE gets tough on cash shells
BBC NEWS | Business | Ryanair in �1bn Aer Lingus offer
General Atlantic, others in Northgate takeover talks�|�Business�|�Reuters.co.uk
Pipe Producer TMK Expects $1Bln IPO Within a Month
Wednesday, October 04, 2006
Computershare Releases Express Options(TM) Application Version 6.5
Citigroup explores merger with BNP Paribas, SocGen, Barclays or BBVA - report
PARIS (AFX) - Citigroup has commissioned a law firm to explore the possibility of a merger with a European bank, and has identified BNP Paribas, Societe Generale, Barclays and Banco Bilbao Vizcaya Argentaria as possible targets, the daily La Tribune reported, citing sources in the banking industry.
FT.com / Home UK / UK - On the march: how corporate India is finding the confidence to go global
Tuesday, October 03, 2006
Telegraph | Money | LSE takes aim at nomads to quell concerns
Sunday, October 01, 2006
Citi moving key positions to London?
Prudential set for 770p-per-share bid – market reports
Prudential, the FTSE 100-listed insurance group, is reportedly set to receive a 770p-per-share offer from French rival AXA, the Financial Times said. The market report cited City chatter and said analysts believe such a tie-up to be logical.
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail’s market report suggested a 725p – GBP 17.57bn (EUR 25.92bn) – cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential’s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted.
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail�s market report suggested a 725p � GBP 17.57bn (EUR 25.92bn) � cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential�s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted."
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail’s market report suggested a 725p – GBP 17.57bn (EUR 25.92bn) – cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential’s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted.
A six-month ban on an offer from AXA will expire on 12 October, the report said, noting that an immediate bid is unlikely as Takeover Panel regulations also rule out deal preparations before that date.
While all the major UK newspapers concurred a 770p AXA bid is considered likely, the Daily Mail�s market report suggested a 725p � GBP 17.57bn (EUR 25.92bn) � cash offer is on the cards from AXA. It added that a 740p cash approach from New York-based giant American International Group has also been mooted in some quarters.
Prudential�s UK-listed competitor Aviva could now bid following the lifting of restrictions after it said six months ago it was not intending to table an offer, several papers noted."
