Thursday, November 30, 2006
Sarbanes-Oxley 'hurting the US'
Wednesday, November 29, 2006
Ryanair ups stake in Aer Lingus
Genesis Lease Limited Announces Filing of Registration Statement for Initial Public Offering
Tuesday, November 28, 2006
Scottish Power set to recommend £12bn bid in latest Spanish swoop
Monday, November 27, 2006
Exchange News
Exchange News
Exchange News
Sunday, November 26, 2006
Exchange News
Friday, November 24, 2006
Indian listings
Exchange News
SWX Swiss exchange said it intends to remain independent
ZURICH (AFX) - The SWX Swiss exchange said it intends to remain independent but aims to strengthen its competitiveness by expanding its existing international partnership network. Participating in the current wave of consolidation is not in the interest of the Swiss bourse, SWX Chairman Peter Gomez said. Gomez also reiterated that SWX would reject any fresh merger proposal by Deutsche Boerse AG. However, Gomez voiced interest in cooperating with a group of international banks which recently announced plans to launch an independent trading platform. SWX's current cross-border trading platform -- jointly operated with London-based Virt-x -- could form an ideal basis for the initiative recently floated by Citigroup Inc, Credit Suisse Group, Deutsche Bank AG, Goldman Sachs Group Inc, Merrill Lynch & Co Inc, Morgan Stanley and UBS AG. To utilize SWX's existing platform would offer a much cheaper alternative, the SWX chairman remarked. However, he said SWX had not as yet been contacted by the banks. The sector's consolidation activity reached new heights last month, with US technology bourse Nasdaq making a fresh takeover attempt for the London Stock Exchange, and Chicago-based futures bourses CME and CBOT agreeing on a merger. In contrast, Deutsche Boerse's attempts to take over Euronext and the Milan Stock Exchange have fallen through
NYSE/LSE
Air France runs rule over Alitalia
Thursday, November 23, 2006
UES to privatise Russian energy businesses; already holding talks with E.On, Fortum and AES
RAO Unified Energy Systems (UES), the Russian electricity monopoly, will privatise its power plants next year, Handelsblatt reported. The head of UES, Anatoly Chubais, confirmed that the power plants will be fully privatised and talks with listed German energy company E.On, Italian Enel, Finnish Fortum, US AES as well as Kazakh and Chinese companies are already being held. He added that many foreign energy companies are expected to be interested in acquiring stakes larger than 51%. Chubais mentioned that in his opinion 20 energy companies are going to be listed at the stock exchange by end of next year.
Unnamed sources from the industry sector in Moscow claimed that E.On would like to take over stakes in up to four unidentified power plants. The report noted that UES hopes to generate up to USD 10bn from the privatisations. UES is 52% owned by the Russian government.
Source Handelsblatt
Unnamed sources from the industry sector in Moscow claimed that E.On would like to take over stakes in up to four unidentified power plants. The report noted that UES hopes to generate up to USD 10bn from the privatisations. UES is 52% owned by the Russian government.
Source Handelsblatt
LSE: Shareholder says talk of EGM to remove board
A shareholder in London Stock Exchange, who owns less than 1% of the company, said this evening that he was having discussions with other shareholders about possibly calling an EGM to remove the board.
The shareholder, a hedge fund, said he believed that calling for an EGM required the support of shareholders owning 10% of LSE's capital, but he and other shareholders were currently trying to get clarification on this from the UK exchange.
LSE was unavailable for comment this evening.
The shareholder, who said the initiative was being headed up by another stockholder, declined to say whether he could speak for shareholders owning 10% of the company’s stock. But he claimed that the move would be a “no-brainer”, bearing in mind the number of hedge funds on the company’s share list and the bullishness of some of the funds involved.
But he added that if LSE stock remained at its current price or rose further, shareholders wanting to unseat LSE’s board were unlikely to get the support they needed from other stockholders.
He described Nasdaq’s claim that its GBP 12.43 a share bid was final as rubbish, claiming that if shareholders contacted Nasdaq calling for a GBP 14 a share offer, LSE CEO Clara Furse would either be forced by shareholders to negotiate or the board would be unseated.
Three other hedge funds owning less than 1% each in LSE told this news service yesterday that they would be pressuring Furse to talk to Nasdaq, while a significant stockholder was more inclined to criticise Nasdaq’s bid.
The shareholder, a hedge fund, said he believed that calling for an EGM required the support of shareholders owning 10% of LSE's capital, but he and other shareholders were currently trying to get clarification on this from the UK exchange.
LSE was unavailable for comment this evening.
The shareholder, who said the initiative was being headed up by another stockholder, declined to say whether he could speak for shareholders owning 10% of the company’s stock. But he claimed that the move would be a “no-brainer”, bearing in mind the number of hedge funds on the company’s share list and the bullishness of some of the funds involved.
But he added that if LSE stock remained at its current price or rose further, shareholders wanting to unseat LSE’s board were unlikely to get the support they needed from other stockholders.
He described Nasdaq’s claim that its GBP 12.43 a share bid was final as rubbish, claiming that if shareholders contacted Nasdaq calling for a GBP 14 a share offer, LSE CEO Clara Furse would either be forced by shareholders to negotiate or the board would be unseated.
Three other hedge funds owning less than 1% each in LSE told this news service yesterday that they would be pressuring Furse to talk to Nasdaq, while a significant stockholder was more inclined to criticise Nasdaq’s bid.
LSE/Nasdaq deal may be done within two months - research report
Nasdaq's bid to buy the London Stock Exchange [LSE] may be a game that is "over" in two months unless LSE gets another suitor, Citigroup reports.
Citigroup made the remarks in a 20 November research report on Nasdaq that was prepared by Donald Fandetti and Michael Kaye. The report ranked Nasdaq stock as "hold" and "high risk."
The report discussed a bid by Nasdaq for the LSE and the prospects that the latter now faced. The report said Nasdaq's offer valued the LSE at USD 5.1bn [or USD 5.6bn, factoring in debt] and that LSE now had "few options."
The LSE could either seek a "higher price" from Nasdaq or get another bidder.
The report said that Citigroup's "summary thoughts" were that Nasdaq's bid came "earlier" than the May 2007 timeframe when analysts expected a full bid, but that Citigroup hadn't ruled out a short-term bid. Citigroup expects Nasdaq won't face "much trouble" acquiring a more-than-50% stake in the LSE and achieving a controlling position. Following from this, LSE would have to find "another suitor" within two months or otherwise the "game" is "over."
The report said that details on deal financing have been "limited" and that Citigroup was assuming Nasdaq must buy USD 3.6bn more of shares.
The report said that an "offering document" with more financing details may be available the week of 20 November. This would then give Nasdaq between 21 and 60 days in which to acquire LSE shares from stockholders willing to tender stock. The report said that while Nasdaq must only get to a 50% position to control LSE and make board changes, Nasdaq hoped to get 90% of shares. If Nasdaq doesn't get over 50% of shares, it must wait one year before resuming bidding.
The LSE during the 21 to 60-day period could either ask for a higher price or lure another bidder, but Citigroup said potential suitors were few, and thus the LSE seeking more money was "increasingly likely."
The report said it's unlikely that Nasdaq would increase its bid.
The report said that Nasdaq has a USD 5.68bn market cap.
Source Analyst report
Citigroup made the remarks in a 20 November research report on Nasdaq that was prepared by Donald Fandetti and Michael Kaye. The report ranked Nasdaq stock as "hold" and "high risk."
The report discussed a bid by Nasdaq for the LSE and the prospects that the latter now faced. The report said Nasdaq's offer valued the LSE at USD 5.1bn [or USD 5.6bn, factoring in debt] and that LSE now had "few options."
The LSE could either seek a "higher price" from Nasdaq or get another bidder.
The report said that Citigroup's "summary thoughts" were that Nasdaq's bid came "earlier" than the May 2007 timeframe when analysts expected a full bid, but that Citigroup hadn't ruled out a short-term bid. Citigroup expects Nasdaq won't face "much trouble" acquiring a more-than-50% stake in the LSE and achieving a controlling position. Following from this, LSE would have to find "another suitor" within two months or otherwise the "game" is "over."
The report said that details on deal financing have been "limited" and that Citigroup was assuming Nasdaq must buy USD 3.6bn more of shares.
The report said that an "offering document" with more financing details may be available the week of 20 November. This would then give Nasdaq between 21 and 60 days in which to acquire LSE shares from stockholders willing to tender stock. The report said that while Nasdaq must only get to a 50% position to control LSE and make board changes, Nasdaq hoped to get 90% of shares. If Nasdaq doesn't get over 50% of shares, it must wait one year before resuming bidding.
The LSE during the 21 to 60-day period could either ask for a higher price or lure another bidder, but Citigroup said potential suitors were few, and thus the LSE seeking more money was "increasingly likely."
The report said it's unlikely that Nasdaq would increase its bid.
The report said that Nasdaq has a USD 5.68bn market cap.
Source Analyst report
Administrators of Tenancy Deposit Protection Schemes in England and Wales Named
Trading in death risk offers boom for London
Hedge funds hold 24pc stake in LSE
US Market Regulation
M&A
SoX
AIM
Wednesday, November 22, 2006
Ryan Air concedes defeat on Aer Lingus?
Takeover approach targets Qantas
Tuesday, November 21, 2006
ICAP
DiFX
Exchange News
Exchange News
Exchange News
Aim vs main market
Monday, November 20, 2006
Register crucial in LSE fight
BBC NEWS | Business | US to re-examine financial rules
BBC NEWS | Business | LSE rejects £2.7bn Nasdaq offer
Abramovich nets US steel company
LSE: Nasdaq says now holds 28.75%
Following the announcement of final cash offers* (the 'Final Offers') for London Stock Exchange Group plc ('LSE') made earlier today (the 'Announcement'), Nightingale Acquisition Limited ('NAL'), a wholly owned subsidiary of The Nasdaq Stock Market, Inc. ('NASDAQ') announces that it has acquired 7,065,984 ordinary shares in LSE at a price of 1,243 pence per share. The total consideration paid for the stake represents GBP 87.8 million (c.USD 166.4 million). This acquisition takes NASDAQ's total holding in LSE to 61,291,389 ordinary shares or 28.75 per cent. of the issued ordinary share capital of LSE.
* The Final Offers will not be revised except that NAL reserves the right to revise the Final Offers: (i) upon the recommendation of the LSE Board; or (ii) if a firm intention to make a competing offer for LSE is announced, whether or not subject to any preconditions. Capitalised terms in this announcement have the same meaning as in the Announcement.
Source Stock Exchange Announcement(s)
Value GBP 87m (deal value)
Stake Value between 10% and 29% inclusive
* The Final Offers will not be revised except that NAL reserves the right to revise the Final Offers: (i) upon the recommendation of the LSE Board; or (ii) if a firm intention to make a competing offer for LSE is announced, whether or not subject to any preconditions. Capitalised terms in this announcement have the same meaning as in the Announcement.
Source Stock Exchange Announcement(s)
Value GBP 87m (deal value)
Stake Value between 10% and 29% inclusive
Nasdaq makes £2.7bn offer for LSE
Investcorp starts to prepare for LSE listing
Sunday, November 19, 2006
US Capital Markets
Friday, November 17, 2006
Exchange news
US issuers rush to AIM
Shareholder Communications & Proxy Reform
Brazil firm makes Corus approach
FT.com / Lex - Korea stock exchange
Kazakhstan and European Stock Exchanges
Tie-up offer to Italy bourse still valid - Euronext | Markets News | Reuters.com
InvestEgate, Kazakhmys PLC - Listing in Kazakhstan
IPOs
Exchange News
Vedanta sub to list on NYSE
BlueBay float priced at top of range; £30m windfall for founders - Industry sectors - Times Online
FT.com / World - Investors eye cheaper regimes abroad
Vedanta slumps on energy move
Thursday, November 16, 2006
Financial services - UK plans new law covering exchanges and clearers
LSE chief to meet banks over rival trading scheme | | Guardian Unlimited Business
FT.com / Lex - Hong Kong listings
FT.com / Lex - Exchange wars
Wednesday, November 15, 2006
US Airways launches $8bn bid for Delta - Industry sectors - Times Online
IFR Capital Plc commences trading on AIM
German bid for Euronext ditched
Banks to launch EU share market
2 Canadian Gold Firms Join Forces
Germans 'to drop' bid for Euronext
Tuesday, November 14, 2006
Norse Air to list on AIM, CEO says
Norse Air, the private South Africa-based airline operator, is due to list on London’s Alternative Investment Market (AIM), according to CEO Dave Avnit.
Avnit speaking during a telephone interview said that the initial intention was to list Norse Air before the end of 2006. However, Norse Air recently sold a controlling stake of the business to UK-based Lonrho for GBP 3.15m, which reduced the necessity of going to the market for the time being, Avnit explained. Avnit mentioned that the finer details are yet to be discussed, but it is the intention to float Norse Air on AIM during mid to late 2007.
Avnit declared that he is not sure when exactly the timing of the float will be, as Lonrho’s position is yet to be finalised. Avnit did mention that, ideally, he personally would anticipate the second quarter of 2007 as a good time to float. However, he acknowledged that the aviation market in Africa “is not great just after May, so maybe third quarter would be better”.
Dave and his wife Nadja (who holds the position of managing director at the firm) collectively own a 57% stake in Norse Air, and have 12 years experience within the airline industry. Avnit said that it is unclear how much of the business will be floated, but it is the intention to retain a substantial holding for him and his wife and stay with the business for the foreseeable future. The CEO declared that Norse Air is fairly early in terms of its longer-term growth strategy, and the intention is to grow it with his wife and with the financial backing from Lonrho.
Avnit claimed that a large portion of the funding obtained through the listing would be used to acquire new aircraft to add to Norse Air’s existing fleet. “We want to increase the number of aircraft we have, and we want to increase our routes too,” the CEO explained.
It is understood that Norse Air has a turnover of USD 30m (GBP 15.8m). Norse Air is a private aviation business whose activities include Charter and freight services, leasing, sales and maintenance
Avnit speaking during a telephone interview said that the initial intention was to list Norse Air before the end of 2006. However, Norse Air recently sold a controlling stake of the business to UK-based Lonrho for GBP 3.15m, which reduced the necessity of going to the market for the time being, Avnit explained. Avnit mentioned that the finer details are yet to be discussed, but it is the intention to float Norse Air on AIM during mid to late 2007.
Avnit declared that he is not sure when exactly the timing of the float will be, as Lonrho’s position is yet to be finalised. Avnit did mention that, ideally, he personally would anticipate the second quarter of 2007 as a good time to float. However, he acknowledged that the aviation market in Africa “is not great just after May, so maybe third quarter would be better”.
Dave and his wife Nadja (who holds the position of managing director at the firm) collectively own a 57% stake in Norse Air, and have 12 years experience within the airline industry. Avnit said that it is unclear how much of the business will be floated, but it is the intention to retain a substantial holding for him and his wife and stay with the business for the foreseeable future. The CEO declared that Norse Air is fairly early in terms of its longer-term growth strategy, and the intention is to grow it with his wife and with the financial backing from Lonrho.
Avnit claimed that a large portion of the funding obtained through the listing would be used to acquire new aircraft to add to Norse Air’s existing fleet. “We want to increase the number of aircraft we have, and we want to increase our routes too,” the CEO explained.
It is understood that Norse Air has a turnover of USD 30m (GBP 15.8m). Norse Air is a private aviation business whose activities include Charter and freight services, leasing, sales and maintenance
Large hits at London's hedge fund listing ban - Markets - Times Online
Uncertainty Driving IPOs, Citigroup Says
Aton & Celtic Resources
Foo-ey! Eureka's the sort of problem to tax Archimedes
Here's an unusual tale. Aton, a Russian investor, is very upset with Aim-listed leprechaun, Celtic Resources. The spat has broken out after Celtic, an Irish gold miner with operations in Kazakhstan, announced plans to bid for base metals company Eureka.
Nothing extraordinary in that, you might think, except that it's only three years since Eureka was spun out of Celtic at 120p a share. Now Celtic wants to buy it back at 50p a share. Celtic's managing director is one Kevin Foo, who also happens to be chairman of Eureka. The two companies share office space.
advertisement
Aton is worried about the proposed transaction and says it has sent a letter to Celtic's board demanding an egm to vote on the bid. Meanwhile, Aton has its eye on $70m Celtic has in cash, which it wants returned as a dividend.
Celtic says it hasn't received the letter, spends an hour on the phone to Moscow and then comes back saying Aton has dropped its demand for an egm. Aton denies this. It wants all shareholders to hear the business case for rescuing Eureka and reassurance that Foo-ey isn't acting on both sides of the deal. If there is a solution, it'll be awhile before it's found.
Perhaps they should all take a bath… it worked for Archimedes.
Here's an unusual tale. Aton, a Russian investor, is very upset with Aim-listed leprechaun, Celtic Resources. The spat has broken out after Celtic, an Irish gold miner with operations in Kazakhstan, announced plans to bid for base metals company Eureka.
Nothing extraordinary in that, you might think, except that it's only three years since Eureka was spun out of Celtic at 120p a share. Now Celtic wants to buy it back at 50p a share. Celtic's managing director is one Kevin Foo, who also happens to be chairman of Eureka. The two companies share office space.
advertisement
Aton is worried about the proposed transaction and says it has sent a letter to Celtic's board demanding an egm to vote on the bid. Meanwhile, Aton has its eye on $70m Celtic has in cash, which it wants returned as a dividend.
Celtic says it hasn't received the letter, spends an hour on the phone to Moscow and then comes back saying Aton has dropped its demand for an egm. Aton denies this. It wants all shareholders to hear the business case for rescuing Eureka and reassurance that Foo-ey isn't acting on both sides of the deal. If there is a solution, it'll be awhile before it's found.
Perhaps they should all take a bath… it worked for Archimedes.
Monday, November 13, 2006
Chinese tycoon buys Anglo stake
Telegraph | Money | Chinese success on Aim points to bright future, says Furse
Australia to expand Telstra offer
Sunday, November 12, 2006
Exchange News
London tops again IPOs again
LSE and Bombay?
LSE, up on speculation
Unified NASD/NYSE regulator
SEC meeting re reforms Dec 13th
Changes to EU clearing, increasing transparency and competition
LSE and Bombay?
LSE, up on speculation
Unified NASD/NYSE regulator
SEC meeting re reforms Dec 13th
Changes to EU clearing, increasing transparency and competition
NYSE CEO says Euronext deal should close in first quarter 2007
Story NYSE, the New York listed stock exchange, expects its deal to buy Euronext to be completed in the first quarter of 2007, reported the New York Post.
The report, part of a story looking at Sarbanes-Oxley, cited chief executive John Thain as saying US and European regulators are near deciding who would oversee the combined markets and that the USD 10bn deal should be closed in the first quarter of 2007. Meanwhile, a report in the Los Angeles Times cited Thain as saying he is willing to do a deal with Borsa Italiana, the Italian stock exchange operator.
According to the report, Thain also said the NYSE would look to ink some type of deal with the Tokyo Stock Exchange.
Source New York Post, Los Angeles Times
The report, part of a story looking at Sarbanes-Oxley, cited chief executive John Thain as saying US and European regulators are near deciding who would oversee the combined markets and that the USD 10bn deal should be closed in the first quarter of 2007. Meanwhile, a report in the Los Angeles Times cited Thain as saying he is willing to do a deal with Borsa Italiana, the Italian stock exchange operator.
According to the report, Thain also said the NYSE would look to ink some type of deal with the Tokyo Stock Exchange.
Source New York Post, Los Angeles Times
New rights for small shareholders
Friday, November 10, 2006
Getting ready for the Transparency Directive
LONDON -- The Financial Times today launched a company announcement service in conjunction with Business Wire.
The new service helps companies communicate key announcements to the market in compliance with the EU Transparency Directive, which will come into force in January 2007.
Companies can now upload their press releases and publish them directly on FT.com as well as the web sites of the FT's sister publications, Les Echos and Financial Times Deutschland.
'We believe we have a valuable demographic,' says Mark Cunnington, director of data publishing at the FT. 'But we're not aspiring to be a [primary information provider (Pip)]. It's more about being part of companies' pan-European distribution. We can help them with their English-language newspaper and web site [requirements].'
Will this mean companies will be under pressure to produce more releases? Cunnington, comments that 'the industry is uncertain at the moment as to whether the Transparency Directive will actually increase the volume of releases.' He believes that 'in a way it will depend on how it's interpreted across the different markets.'
by Clare Harrison
The new service helps companies communicate key announcements to the market in compliance with the EU Transparency Directive, which will come into force in January 2007.
Companies can now upload their press releases and publish them directly on FT.com as well as the web sites of the FT's sister publications, Les Echos and Financial Times Deutschland.
'We believe we have a valuable demographic,' says Mark Cunnington, director of data publishing at the FT. 'But we're not aspiring to be a [primary information provider (Pip)]. It's more about being part of companies' pan-European distribution. We can help them with their English-language newspaper and web site [requirements].'
Will this mean companies will be under pressure to produce more releases? Cunnington, comments that 'the industry is uncertain at the moment as to whether the Transparency Directive will actually increase the volume of releases.' He believes that 'in a way it will depend on how it's interpreted across the different markets.'
by Clare Harrison
SEC chief posts to CEO blog
Cox reveals he is open to discussing material disclosure via the web
November 7, 2006 - CORRECTED NOVEMBER 8
NEW YORK -- In a provocative move, SEC Chairman Christopher Cox used a corporate blog to acknowledge a request to recognize company web sites as appropriate venues for the disclosure of material business information.
In a November 3 comment posted on the blog of Sun Microsystems CEO Jonathan Schwartz, Cox said he was open to discussing whether web postings would constitute full and fair disclosure under securities regulations, but still had major reservations.
'The SEC encourages the use of web sites as a source of information to the market and investors, and we welcome your offer to further discuss with us your views in this area,' Cox wrote to Schwartz, who has made this issue one of his causes from his perch at the Santa Clara network computing company.
While supporting the concept, Cox said he had concerns over whether companies would be able to employ the web in a way that assures the company's disclosure provides 'non-exclusionary access' and meets the 'widespread dissemination' requirement of Regulation FD.
Cox, a recognized technophile, noted that since Regulation FD was adopted in 2000, there have been significant advances in technology with increased usage of the internet by businesses, consumers, investors and government agencies. He also said the SEC is looking for ways to 'tap the power of technology to enhance investor access to information.'
In musings on his blog throughout the fall, Schwartz, who is the most prominent US corporate blogger, has said Sun's web site is as good a place to distribute important company news as an established newswire - or better. He formally asked the SEC to consider online communications as satisfying Regulation FD in a September 25 letter.
Currently, the SEC considers a variety of mechanisms as satisfying rules including a press release, but also public conference calls, webcasts with adequate notification and filings on form 8K. Many still view the press release via an established newswire as the single best way to ensure that new material information is available to the investing public.
The concept of a company using its own web site to release important financial information is a controversial one. For one, hackers could post fake information to blogs. Others note that companies themselves could manipulate material after posting it. It also simply up-ends the established order. 'Can a company bypass the mainstream channels and be its own news service?' asks Debbie Weil, corporate and CEO blogging consultant. 'It seems scary and different.'
Venues like newswires or conference calls by recognizable company figures offer built-in content validation. It also may be simpler for investors to have just a few, focused channels for key business information rather than the free-for-all of the web.
'We view blogs as one piece of the communications puzzle,' says Cathy Baron Tamraz, president and CEO of Business Wire. 'But we don't think online postings are a legitimate substitute for a secure, credible disclosure platform.'
She notes her wire service offers a multi-channel distribution platform plus access to key audiences. 'It's not just technology, but the experience and know-how in dealing with market-moving information,' Tamraz says.
Above all, if web postings were deemed full disclosure, the public would have to go searching for news, and those individuals who stumbled across it first would have an advantage over everyone else.
Chairman Cox's enthusiasm for blogs may be dampened after his Friday afternoon posting on Sun's site stayed mostly a secret for at least two days; the big news didn't spread until it was picked up by the media on Sunday.
Schwartz's blog: blogs.sun.com/jonathan
by Anna Snider
November 7, 2006 - CORRECTED NOVEMBER 8
NEW YORK -- In a provocative move, SEC Chairman Christopher Cox used a corporate blog to acknowledge a request to recognize company web sites as appropriate venues for the disclosure of material business information.
In a November 3 comment posted on the blog of Sun Microsystems CEO Jonathan Schwartz, Cox said he was open to discussing whether web postings would constitute full and fair disclosure under securities regulations, but still had major reservations.
'The SEC encourages the use of web sites as a source of information to the market and investors, and we welcome your offer to further discuss with us your views in this area,' Cox wrote to Schwartz, who has made this issue one of his causes from his perch at the Santa Clara network computing company.
While supporting the concept, Cox said he had concerns over whether companies would be able to employ the web in a way that assures the company's disclosure provides 'non-exclusionary access' and meets the 'widespread dissemination' requirement of Regulation FD.
Cox, a recognized technophile, noted that since Regulation FD was adopted in 2000, there have been significant advances in technology with increased usage of the internet by businesses, consumers, investors and government agencies. He also said the SEC is looking for ways to 'tap the power of technology to enhance investor access to information.'
In musings on his blog throughout the fall, Schwartz, who is the most prominent US corporate blogger, has said Sun's web site is as good a place to distribute important company news as an established newswire - or better. He formally asked the SEC to consider online communications as satisfying Regulation FD in a September 25 letter.
Currently, the SEC considers a variety of mechanisms as satisfying rules including a press release, but also public conference calls, webcasts with adequate notification and filings on form 8K. Many still view the press release via an established newswire as the single best way to ensure that new material information is available to the investing public.
The concept of a company using its own web site to release important financial information is a controversial one. For one, hackers could post fake information to blogs. Others note that companies themselves could manipulate material after posting it. It also simply up-ends the established order. 'Can a company bypass the mainstream channels and be its own news service?' asks Debbie Weil, corporate and CEO blogging consultant. 'It seems scary and different.'
Venues like newswires or conference calls by recognizable company figures offer built-in content validation. It also may be simpler for investors to have just a few, focused channels for key business information rather than the free-for-all of the web.
'We view blogs as one piece of the communications puzzle,' says Cathy Baron Tamraz, president and CEO of Business Wire. 'But we don't think online postings are a legitimate substitute for a secure, credible disclosure platform.'
She notes her wire service offers a multi-channel distribution platform plus access to key audiences. 'It's not just technology, but the experience and know-how in dealing with market-moving information,' Tamraz says.
Above all, if web postings were deemed full disclosure, the public would have to go searching for news, and those individuals who stumbled across it first would have an advantage over everyone else.
Chairman Cox's enthusiasm for blogs may be dampened after his Friday afternoon posting on Sun's site stayed mostly a secret for at least two days; the big news didn't spread until it was picked up by the media on Sunday.
Schwartz's blog: blogs.sun.com/jonathan
by Anna Snider
Interros buys 30% in YuVGK and sells 50% in the company to Polyus Gold; Polyus sole owner
Russian holding Interros has acquired 30% in Russian gold mining enterprise Yuzhno-Verkhoyansk Mining Company (YuVGK), reported Vedomosti. The deal was confirmed by Yevgeny Ivanov, the general director of Interros’s gold subsidiary Polyus Gold, via his press office. The value of the deal and the vendor were not revealed. Vedomosti also reported that Interros sold 50% in YuVGK to Polyus Gold, as a result of which Polyus Gold became the sole owner of YuVGK. Vedomosti reported that, this year, Polyus Gold’s owners Mikhail Prokhorov and Vadimir Potanin bought 20% in YuVGK, via Interros, from Irish Celtic. Yesterday, it was announced that Interros acquired an additional 30% in YuVGK and afterwards sold its entire 50% to Polyus Gold. According to information from Polyus Gold, the value of the deal was USD 300m. Vedomosti wrote that Polyus Gold acquired the first 50% in YuVGK in 2005.
Source Vedomosti
Source Vedomosti
Interros interested in taking a stake in SG, but no talks on the matter; Rosbank could see IPO once SG takes control
Interros interested in taking a stake in SG, but no talks on the matter; Rosbank could see IPO once SG takes control
Story Russian holding Interros has officially announced that it wants to become a shareholder in listed French bank Societe Generale (SG), according to SG director general Daniel Bouton. In the lengthy interview to Vedomosti, he said that SG supports the idea, but there is no specific agreement between the parties. Being a public company, SG is opened to any investor, Bouton said. Should Interros decide to take SG shares, it could either negotiate the deal with SG, or purchase shares from the market. According to Bouton, the current value of 1% in SG is about USD 800.
Bouton also confirmed that SG will increase its stake in Russian bank Rosbank to the controlling one. SG, which owns 10% in Rosbank, last September acquired another 10% from Interros, Vedomosti reported. SG has also an option to take further 30% in the bank. The exercising of the option will allow SG to take control over Rosbank, which in total will cost USD 2.3bn, Vedomosti wrote. Once SG controls Rosbank and the bank's development comes to SG’s expectations, Rosbank could be offered via an IPO, Bouton also said.
Source Vedomosti
Story Russian holding Interros has officially announced that it wants to become a shareholder in listed French bank Societe Generale (SG), according to SG director general Daniel Bouton. In the lengthy interview to Vedomosti, he said that SG supports the idea, but there is no specific agreement between the parties. Being a public company, SG is opened to any investor, Bouton said. Should Interros decide to take SG shares, it could either negotiate the deal with SG, or purchase shares from the market. According to Bouton, the current value of 1% in SG is about USD 800.
Bouton also confirmed that SG will increase its stake in Russian bank Rosbank to the controlling one. SG, which owns 10% in Rosbank, last September acquired another 10% from Interros, Vedomosti reported. SG has also an option to take further 30% in the bank. The exercising of the option will allow SG to take control over Rosbank, which in total will cost USD 2.3bn, Vedomosti wrote. Once SG controls Rosbank and the bank's development comes to SG’s expectations, Rosbank could be offered via an IPO, Bouton also said.
Source Vedomosti
Nemiroff to IPO in London next year
Nemiroff, the Ukrainian vodka company, will conduct an initial public offer on London's Alternative Investment Market early next year, said a source familiar with the situation. The source, however, was unable to elaborate on the details of the transaction.
Separately, an industry source noted that Nemiroff tried to sell themselves two years ago to a trade buyer but failed.
According to its website, the Nemiroff company was declared the fastest growing international international brand, with the growth rate of 40%.
A spokesperson for the company said that they were unaware of such plans. In July, the spokesperson said that the company was looking to buy a production facility near Moscow.
Nemiroff reported posted sales of around USD 100m in 2005. It produces 26 different kinds of vodka and exports the product to 55 countries. Nemiroff vodka is the most drinkable foreign vodka in Russia, said TNS Gallup Media research.
Source mergermarket
Separately, an industry source noted that Nemiroff tried to sell themselves two years ago to a trade buyer but failed.
According to its website, the Nemiroff company was declared the fastest growing international international brand, with the growth rate of 40%.
A spokesperson for the company said that they were unaware of such plans. In July, the spokesperson said that the company was looking to buy a production facility near Moscow.
Nemiroff reported posted sales of around USD 100m in 2005. It produces 26 different kinds of vodka and exports the product to 55 countries. Nemiroff vodka is the most drinkable foreign vodka in Russia, said TNS Gallup Media research.
Source mergermarket
Thursday, November 09, 2006
BHP alerts investors to Australian share buyer | | Guardian Unlimited Business
LSE shares gain on talk of 1,400p/shr bid -dealers�|�Reuters.com
Rossopomodoro looks to list on London’s AIM by 2009
Rossopomodoro, the Italian pizza chain, is looking to IPO on London’s AIM by 2009, Milano Finanza reported. The report cited Roberto Imperatrice, Rossopomodoro’s chief executive. The report noted that Imperatrice holds a 14.7% stake in Rossopomodoro, Giuseppe Montella 29.6% and Franco Manna 29.6%. The remaining 26.05% is held by the Quadriva fund. The report noted that Rossopomodoro is the trading name of Vesevo, the parent company. The report cited Imperatrice as saying that Quadriva’s entry into Rossopomodoro gave the opportunity to the pizza chain to list. Imperatrice said that the initial idea had been to list on the Italian stock exchange but that Rossopomodoro would now list on AIM. The report noted that Rossopomodoro is hoping for a capitalisation of EUR 80-90m.
Source Milano Finanza daily edition
Source Milano Finanza daily edition
Shanghai Mediasky eyes 2007 London IPO- sources�|�IPO News�|�Reuters.co.uk
Companies Act becomes law at last - with 1,300 sections and two years to comply | Special Reports | Guardian Unlimited Politics
NYSE to slash fifth of workforce
Spanish firm eyes Scottish Power
Sberbank Considering Shares Issue
Wednesday, November 08, 2006
Scottish Power confirms bid approach
Scottish Power PLC has confirmed that it has received an approach which may or may not lead to an offer for the utility.There can be no certainty that an offer will be made and any offer that is made will be considered by the board at the appropriate time, Scottish Power added.On Sep 11, The Daily Telegraph reported that Scottish & Southern Energy had held talks over the summer with Scottish Power over a possible 20 bln stg merger.
BBC NEWS | Business | In-demand LSE sees profits surge
Polyus Gold: Vladimir Potanin and Mikhail Prokhorov could raise USD 436m - 730m from buyback transaction
Vladimir Potanin and Mikhail Prokhorov could earn between USD 436m and USD 730m on the sale of their Polyus Gold shares via a buyback transaction, reported Vedomosti. The paper cited experts and wrote that Potanin and Prokhorov hold in total 56.6% in the Russian gold producer. Polyus Gold’s shareholders decided to sell in total 77.3% in the company.
Vedomosti wrote that at the beginning of October, Polyus Gold announced plans to buy its own shares for USD 1bn. Polyus Gold subsidiary Jenington International closed reception of the offers on 3 November, Vedomosti noted.
Sources in Russian holding company Interros said earlier that Interros wants to sell part of its shares in Polyus Gold, the paper continued. Yesterday, Interros did not say what stake it offered to sell.
Source Vedomosti
Vedomosti wrote that at the beginning of October, Polyus Gold announced plans to buy its own shares for USD 1bn. Polyus Gold subsidiary Jenington International closed reception of the offers on 3 November, Vedomosti noted.
Sources in Russian holding company Interros said earlier that Interros wants to sell part of its shares in Polyus Gold, the paper continued. Yesterday, Interros did not say what stake it offered to sell.
Source Vedomosti
Borsa Italiana may resume IPO plans after Deutsche Boerse merger plans fall through
Borsa Italiana could resume plans for an IPO, after announcing disagreements with Deutsche Boerse over a proposed merger, Finanza & Mercati reported. The report cited authoritative sources who said that an IPO was now the only real course left for Borsa Italiana, the Italian stock exchange. However, the report noted that an alternative route would be to seek a merger with Euronext, the pan-European stock exchange presently in merger negotiations with the NYSE. The unsourced report said that only a highly attractive offer from Deutsche Boerse for Borsa Italiana is likely to breathe new life in the merger negotiations. An unsourced report in Milano Finanza said that the most likely scenario was Borsa Italiana merging with Euronext/NYSE. Euronext has a market cap of EUR 9bn.
Source Finanza & Mercati, Milano Finanza daily edition
Source Finanza & Mercati, Milano Finanza daily edition
Bank of Shanghai may launch IPO in H2 2007
BEIJING (XFN-ASIA) - Bank of Shanghai, which is 9.9 pct owned by HSBC, may launch its initial public offering in the second half of next year, the official Shanghai Securities News reported, citing an unidentified source. The source told the paper that the bank has not yet started its preparatory work for the IPO, and has not decided whether to list its shares in Hong Kong or other stock exchanges. The South China Morning Post reported last week that Shanghai Bank plans to raise 500 mln usd from a listing in Hong Kong next year. At the end of 2005, the lender had total assets of 240 bln yuan, with capital adequacy ratio of 11.11 pct and nonperforming loan ratio of 3.92 pct, according to the report.
Severstal sets global share offer at 12.50 usd/shr, at higher end of price range
LONDON (AFX) - Russia's largest steelmaker OAO Severstal priced its global share and depository receipt offer at 12.50 usd per share, towards the higher end of the indicative price band, implying a market capitalisation of about 12.70 bln usd. The indicative price range was 11-13.5 usd per share. Severstal expects to raise gross proceeds of as much as about 1.043 bln usd and will use the majority of the proceeds to improve its production facilities and operating efficiency, and potentially to fund joint ventures or acquisitions. Citigroup, Deutsche Bank and UBS Investment Bank are joint global coordinators and joint bookrunners for the issue. newsdesk
Tuesday, November 07, 2006
Barclays in €250m ETF deal - Financial Times - MSNBC.com
Monday, November 06, 2006
National Australia Bank essentially rules out sale of UK operations
National Australia Bank essentially rules out sale of UK operations
Story National Australia Bank, the Australian-listed bank, has essentially ruled out a sale of its UK operations, the AFR reported.
The said NAB’s chief executive, John Stewart, made a comment that he doubted any company would pay the price he believed the UK operations were worth. There has been speculation in the past that NAB might look at selling this business.
A report in The Australian said NAB last week announced a profit of AUD 4.39bn (USD 3.38bn), an increase of 10% on the previous year.
Source Australian Financial Review, The Australian
"
Story National Australia Bank, the Australian-listed bank, has essentially ruled out a sale of its UK operations, the AFR reported.
The said NAB’s chief executive, John Stewart, made a comment that he doubted any company would pay the price he believed the UK operations were worth. There has been speculation in the past that NAB might look at selling this business.
A report in The Australian said NAB last week announced a profit of AUD 4.39bn (USD 3.38bn), an increase of 10% on the previous year.
Source Australian Financial Review, The Australian
"
UK hails victory over EU listing rule
Take care with overseas IPO flurry, say experts�|�News�|�Reuters.co.uk
Sunday, November 05, 2006
Telegraph | Money | Off Aim
BBC NEWS | Business | Ladbrokes in 888 takeover talks
Saturday, November 04, 2006
Exchnage News
Exchange News
UK small cap market dries up for new mining listings, capital - analysis
UK small cap market dries up for new mining listings, capital - analysis
mergermarket
Story The small cap market for UK-listed mining groups has ground to an almost complete halt, say industry observers.
While the market participants said that the impact was more on new listings, they noted that there was also a knock-on impact on the level of M&A activity in the sector.
A UK-based source said that the market for new listings on London’s Alternative Investment Market [AIM] had now effectively dried up completely in the mining sector, and that it was also extremely difficult for small and mid-sized firms to raise capital for exploration work. Several sources confirmed that a number of new listings had been pulled over the last six months due to lack of investor interest, and noted that a smaller company had to have a “unique story” to tell in order to successfully list in the UK in the present climate. The source cited African miner Goldplat [market capitalisation GBP 7.8m/EUR 11.7m)] as such a company, as the group already had existing production and so a guaranteed revenue stream before it listed this summer.
An executive at a UK mining company noted that the unwillingness of the market to provide small and mid-tier groups with the capital to develop their reserves could lead to a wave of consolidation, with mining majors such as Anglo American, Rio Tinto, Falconbridge and BHP Billiton consolidating smaller companies at a relatively discounted price.
The sources pointed to the record high commodity prices as in fact deterring new small cap listings, simply because the pre-listing valuations of such groups were considered too high. The industry players also cited a series of disappointing oil and mining listings on AIM as making investors wary of putting money into purely exploration initial public offers.
However, another industry executive did note that the AIM market had been cyclical throughout its existence, always going in bullish spurts of three to six months, to be followed by a downturn of a similar length.
Source mergermarket
mergermarket
Story The small cap market for UK-listed mining groups has ground to an almost complete halt, say industry observers.
While the market participants said that the impact was more on new listings, they noted that there was also a knock-on impact on the level of M&A activity in the sector.
A UK-based source said that the market for new listings on London’s Alternative Investment Market [AIM] had now effectively dried up completely in the mining sector, and that it was also extremely difficult for small and mid-sized firms to raise capital for exploration work. Several sources confirmed that a number of new listings had been pulled over the last six months due to lack of investor interest, and noted that a smaller company had to have a “unique story” to tell in order to successfully list in the UK in the present climate. The source cited African miner Goldplat [market capitalisation GBP 7.8m/EUR 11.7m)] as such a company, as the group already had existing production and so a guaranteed revenue stream before it listed this summer.
An executive at a UK mining company noted that the unwillingness of the market to provide small and mid-tier groups with the capital to develop their reserves could lead to a wave of consolidation, with mining majors such as Anglo American, Rio Tinto, Falconbridge and BHP Billiton consolidating smaller companies at a relatively discounted price.
The sources pointed to the record high commodity prices as in fact deterring new small cap listings, simply because the pre-listing valuations of such groups were considered too high. The industry players also cited a series of disappointing oil and mining listings on AIM as making investors wary of putting money into purely exploration initial public offers.
However, another industry executive did note that the AIM market had been cyclical throughout its existence, always going in bullish spurts of three to six months, to be followed by a downturn of a similar length.
Source mergermarket
Friday, November 03, 2006
Unilever special divi surprises investors
FT.com / Lex - Rewarding investor loyalty
Wednesday, November 01, 2006
BBC NEWS | Business | ISAs to be permanent says Balls
NYSE moves to eliminate broker vote for directors in 2008
Sistema seeks Deutsche Telekom holding
