Sunday, December 31, 2006
City beats Wall Street to top spot - Sunday Times - Times Online
Thursday, December 28, 2006
Easier to check out - but a US listing is still a trap
MICEX could see an IPO
MICEX, the largest universal exchange in Russia, is thinking of an IPO, reported Vedomosti. In a lengthy interview, MICEX CEO Alexander Potemkin said that MICEX is seriously considering becoming a public company. However, at first the mother company of the MICEX Group, Close Joint Stock Company MICEX, would have to be transformed into an open joint stock company, Potemkin said. He noted that MICEX has attracted interest from foreign exchanges.
Potemkin also said that he was not aware of plans to merge MICEX with Russian rival RTS, Vedomosti reported.
The MICEX Group recorded net profit of RUB 1.1bn (EUR 31.7m) on net revenues of RUB 2.9bn (EUR 83.6m) in 2005.
Source Vedomosti
Potemkin also said that he was not aware of plans to merge MICEX with Russian rival RTS, Vedomosti reported.
The MICEX Group recorded net profit of RUB 1.1bn (EUR 31.7m) on net revenues of RUB 2.9bn (EUR 83.6m) in 2005.
Source Vedomosti
To the point: Russia, China and India are now setting the global capitalist agenda
Tuesday, December 26, 2006
Ireka Corp to list unit on LSE, director says
Ireka Corp, the listed Malaysian property and construction company, is planning to list its unit on the London Stock Exchange, Business Times reported.
The report citing executive director Lai Voon Hon said the listing of Aseana Properties, its property development unit, on the Alternative Investment Market (AIM) is expected to raise MYR 700m (USD 198m). He added that Ireka is expected to get additional funds to support its property projects in Malaysia and Vietnam through the listing exercise scheduled to take place after April 2007.
Source Business Times (Malaysia)
Value USD 198m (Expected proceed from the listing)
The report citing executive director Lai Voon Hon said the listing of Aseana Properties, its property development unit, on the Alternative Investment Market (AIM) is expected to raise MYR 700m (USD 198m). He added that Ireka is expected to get additional funds to support its property projects in Malaysia and Vietnam through the listing exercise scheduled to take place after April 2007.
Source Business Times (Malaysia)
Value USD 198m (Expected proceed from the listing)
Monday, December 25, 2006
Aim IPOs that will leave little room for festive cheer
Saturday, December 23, 2006
Russian firms queuing up to list in London
SEC says yes to internet distribution of proxies
Friday, December 22, 2006
Hong Kong Stock Exchange hopes for co-operation with Kazakh companies
Russia lines up $12bn bank sales
Russian markets
Thursday, December 21, 2006
Chinese firms to debut on German bourse next year
Hardman Resources: Scheme of arrangement becomes effective; shares suspended
Hardman Resources Limited advises that it has today lodged with the Australian Securities and Investments Commission a copy of the Orders of the Federal Court of Australia made on 19 December 2006 approving the Scheme of Arrangement ('Scheme') whereby Tullow Oil plc ('Tullow') acquires Hardman. The Scheme therefore becomes effective as of today.
As a result of Scheme becoming effective, three Tullow nominees, Messrs Tom Hickey, Graham Martin and Bill Torr have been appointed to the Hardman Board whilst Messrs Peter Raven, John Conlin and Peter Mansell have resigned.
Hardman also advises that Hardman shares will be suspended from trading on the Australian Stock Exchange from close of trading on ASX today. Hardman shares will also be suspended from trading on AIM prior to commencement of trading on AIM today.
Shareholders have until 7.00pm (Perth time) on 22 December 2006 to lodge a valid Election Form for Scheme Consideration, in the absence of which they will be deemed to have elected to receive Cash Consideration in respect of their shareholding in Hardman. The Record Date for participation in the Scheme is 2 January 2007 with implementation of the Scheme to be effected on 10 January 2007. Hardman intends to apply to the Australian Stock Exchange and the Alternative Investment Market of the London Stock Exchange on 11 January 2007 for cancellation of official quotation of Hardman securities on those exchanges from that date.
Hardman Chairman, Mr Robert Carroll commented that, "Hardman Resources shareholders have received from Tullow a compelling price for their shares, capturing several years of risked upside in the Hardman portfolio. Those shareholders receiving Tullow shares as part of their consideration will continue to participate in the future success of the Hardman assets, including those in Mauritania and Uganda, but within a more diversified exploration and production company.
"I and my colleagues on the Board would like to thank all our employees and contractors for their efforts over the years, and we wish them the very best for the future."
Hardman was advised by Emerald Partners and Morgan Stanley as exclusive financial advisers and Blake Dawson Waldron as legal advisers. The Company's brokers in the UK are JP Morgan Cazenove who have also provided financial advice during the year and Oriel Securities. Nabarro Wells & Co. Limited is Nominated Adviser to Hardman on AIM.
Source Stock Exchange Announcement(s)
As a result of Scheme becoming effective, three Tullow nominees, Messrs Tom Hickey, Graham Martin and Bill Torr have been appointed to the Hardman Board whilst Messrs Peter Raven, John Conlin and Peter Mansell have resigned.
Hardman also advises that Hardman shares will be suspended from trading on the Australian Stock Exchange from close of trading on ASX today. Hardman shares will also be suspended from trading on AIM prior to commencement of trading on AIM today.
Shareholders have until 7.00pm (Perth time) on 22 December 2006 to lodge a valid Election Form for Scheme Consideration, in the absence of which they will be deemed to have elected to receive Cash Consideration in respect of their shareholding in Hardman. The Record Date for participation in the Scheme is 2 January 2007 with implementation of the Scheme to be effected on 10 January 2007. Hardman intends to apply to the Australian Stock Exchange and the Alternative Investment Market of the London Stock Exchange on 11 January 2007 for cancellation of official quotation of Hardman securities on those exchanges from that date.
Hardman Chairman, Mr Robert Carroll commented that, "Hardman Resources shareholders have received from Tullow a compelling price for their shares, capturing several years of risked upside in the Hardman portfolio. Those shareholders receiving Tullow shares as part of their consideration will continue to participate in the future success of the Hardman assets, including those in Mauritania and Uganda, but within a more diversified exploration and production company.
"I and my colleagues on the Board would like to thank all our employees and contractors for their efforts over the years, and we wish them the very best for the future."
Hardman was advised by Emerald Partners and Morgan Stanley as exclusive financial advisers and Blake Dawson Waldron as legal advisers. The Company's brokers in the UK are JP Morgan Cazenove who have also provided financial advice during the year and Oriel Securities. Nabarro Wells & Co. Limited is Nominated Adviser to Hardman on AIM.
Source Stock Exchange Announcement(s)
UK - Vodafone plans $13bn move for India group
Bank Austria to Buy Aton for $420M
Ryanair to drop Aer Lingus bid
Wednesday, December 20, 2006
NYSE Group Shareholders Approve Euronext Takeover
Mittal 'mulling Russia steel bid'
Tuesday, December 19, 2006
Euronext investors back NYSE deal
Gallaher: BAT decides against counter bid – report
British American Tobacco [BAT], the UK-listed tobacco company, is believed to have decided against making an offer for Gallaher, The Times reported. The report quoted a person familiar with the matter, who said competing against Japan Tobacco for Gallaher, the UK-listed tobacco firm, would be difficult. Gallaher last week recommended a GBP 7.5bn (EUR 11.1bn) offer from Japan Tobacco, the report noted.
The item went on to note anticipation of a counter bid to Japan Tobacco’s offer, which values the UK group at 1,140p per share. Gallaher shares closed at 1,155p last night (18 December). Merrill Lynch is advising Japan Tobacco. Gallaher’s market capitalisation stands at GBP 7.57bn (EUR 11.27bn).
It is believed that BAT remains open to other deals, the item said, noting market speculation of further consolidation in the tobacco sector. Analysts cited by the report tipped Altadis, BAT’s listed Spanish rival, as one potential target for BAT. Imperial Tobacco, the UK-listed tobacco group, was also mentioned in the report as a potential bid target for BAT.
Source The Times (London)
The item went on to note anticipation of a counter bid to Japan Tobacco’s offer, which values the UK group at 1,140p per share. Gallaher shares closed at 1,155p last night (18 December). Merrill Lynch is advising Japan Tobacco. Gallaher’s market capitalisation stands at GBP 7.57bn (EUR 11.27bn).
It is believed that BAT remains open to other deals, the item said, noting market speculation of further consolidation in the tobacco sector. Analysts cited by the report tipped Altadis, BAT’s listed Spanish rival, as one potential target for BAT. Imperial Tobacco, the UK-listed tobacco group, was also mentioned in the report as a potential bid target for BAT.
Source The Times (London)
Settlement is Europe’s Cinderella
LSE dubs Nasdaq bid 'inadequate'
Fresh record for depositary receipts
Dutch seek control of NYSE body
The London Stock Exchange today welcomed Polyus Gold, Russia’s largest gold producer, to the Main Market
Monday, December 18, 2006
Polyus considers overseas merger as part of quest for top-three status – reports
Polyus, the Russian goldminer that joins the London Stock Exchange today, is open to a merger with an overseas company, CEO Evgueni Ivanov said.
Speaking to the Financial Times, Ivanov said the group is currently considering whether it should take part in sector consolidation and expand the group until it is one of the three biggest in its market.
Previous reports have suggested South African Gold Fields and Canadian Kinross could take part in M&A action with Polyus, the article noted. It went on to say that Ivanov stated a merger partner would need to support the controlling position of Mikhail Prokhorov and Vladimir Potanin, the oligarchs who own Interros, the holding company that in turn owns 55% of Polyus, the report said.
A Vedomosti report referred to Polyus Gold’s IPO prospectus. It said that Potanin and Prokhorov each hold 25.5% in Polyus. The paper cited a Polyus representative who said that the proceeds from the listing will be spent on M&A deals. Last September, Polyus said that it wants to increase its market capitalization twofold by 2015 to USD 16.5bn, Vedomosti wrote.
According to the prospectus, Polyus directors and senior managers and have received remuneration packages of USD 8.8m for the past year, Vedomosti also wrote. Polyus noted in the prospectus that it is considering dividend payments, the paper added.
Source Financial Times, Vedomosti
Speaking to the Financial Times, Ivanov said the group is currently considering whether it should take part in sector consolidation and expand the group until it is one of the three biggest in its market.
Previous reports have suggested South African Gold Fields and Canadian Kinross could take part in M&A action with Polyus, the article noted. It went on to say that Ivanov stated a merger partner would need to support the controlling position of Mikhail Prokhorov and Vladimir Potanin, the oligarchs who own Interros, the holding company that in turn owns 55% of Polyus, the report said.
A Vedomosti report referred to Polyus Gold’s IPO prospectus. It said that Potanin and Prokhorov each hold 25.5% in Polyus. The paper cited a Polyus representative who said that the proceeds from the listing will be spent on M&A deals. Last September, Polyus said that it wants to increase its market capitalization twofold by 2015 to USD 16.5bn, Vedomosti wrote.
According to the prospectus, Polyus directors and senior managers and have received remuneration packages of USD 8.8m for the past year, Vedomosti also wrote. Polyus noted in the prospectus that it is considering dividend payments, the paper added.
Source Financial Times, Vedomosti
Sunday, December 17, 2006
DTCC and China Government Securities Depository ink cooperation agreement
PlusMarkets raises £25m to rival LSE
Australia, Canada, Middle East firms eyeing Hong Kong listing
HKEx releases 2007-09 strategic plan
Euroclear Bank cuts custody fees by 120 million euros
Hong Kong overtakes LSE in value of flotations
Chinese IPOs 'risk junior market's good name'
Aim braced for boom in Indian floats
Saturday, December 16, 2006
Individual investors stand to benefit as NYSE closes in on Euronext deal
Friday, December 15, 2006
SEC Votes to Adopt E-Proxy Rule Amendments and Propose Mandatory Model (Press Release No. 2006-209; December 13, 2006)
Chinese companies gear up for foreign listings | IPO News | Reuters.co.uk
Wednesday, December 13, 2006
Gold firm boss seeks Russia talks
China Coal float raises $1.69bn
Qantas set to accept A$11.1bn offer
RBS mulling large US acquisition in new year – report
Royal Bank of Scotland might be mulling a large US acquisition in the new year, according to sources cited by a report in The Scotsman.
The item cited sources at the UK-listed bank for the claim.
The item went on to mention a plan referred to as ‘Project S’, which, according to sources familiar with the situation will involve senior staff within the first quarter of next year.
A Royal Bank of Scotland (RBS) spokesperson this week repeated that the bank is not considering any large acquisitions. Chief executive Fred Goodwin also said last week that the group has no need for large buys at present.
According to the report, RBS is expected to continue making smaller acquisitions, such as its recent GBP 95m (EUR 140m) acquisition of 10 GreatBanc branches in Chicago, US. US acquisitions would be attractive to RBS, given the low value of the US dollar compared to sterling. The item commented that RBS might regard a substantial acquisition as a defence against potential hostile bids. RBS’ share price is widely considered to undervalue the company, the item added. RBS has a current market capitalisation of GBP 62.99bn (EUR 93.47m).
Source The Scotsman
The item cited sources at the UK-listed bank for the claim.
The item went on to mention a plan referred to as ‘Project S’, which, according to sources familiar with the situation will involve senior staff within the first quarter of next year.
A Royal Bank of Scotland (RBS) spokesperson this week repeated that the bank is not considering any large acquisitions. Chief executive Fred Goodwin also said last week that the group has no need for large buys at present.
According to the report, RBS is expected to continue making smaller acquisitions, such as its recent GBP 95m (EUR 140m) acquisition of 10 GreatBanc branches in Chicago, US. US acquisitions would be attractive to RBS, given the low value of the US dollar compared to sterling. The item commented that RBS might regard a substantial acquisition as a defence against potential hostile bids. RBS’ share price is widely considered to undervalue the company, the item added. RBS has a current market capitalisation of GBP 62.99bn (EUR 93.47m).
Source The Scotsman
Kazakhstan readies more overseas IPOs; HK in focus | IPO News | Reuters.co.uk
Tuesday, December 12, 2006
Computershare and Citigroup Announce Global Payments Solution
Support grows for fund register
Nasdaq unveils hostile LSE offer
Telegraph | Business | A Bank of America assault on Barclays is no turkey shoot
Monday, December 11, 2006
Rosbank annuls IPO, new share issue planned
Russian bank Rosbank has cancelled 100m additional share issue that was supposed to be offered via an IPO, Kommersant wrote. The paper referred to a Rosbank statement and quoted Andrei Klishas, the director general and chairman of the board of Russian holding Interros.
Klishas said that plans to increase Rosbank capital remain a priority and the new share issue, via close placement, will be conducted. Cited in Kommersant, Rosbank investment director Anton Pak said that the new share issue could be worth up to USD 250m (EUR 189.2m).
Rosbank net assets stood at RUB 222.1bn (EUR 6.39bn) as of 1 October 2006, Kommersant reported, referring to magazine Kommersant – Dengi.
Interros owns 69.9% in Rosbank, while French banking group Societe Generale owns 20% minus one share, Kommersant wrote. Societe Generale has an option to acquire further 30% in Rosbank by the end of 2008.
Source Kommersant, Kommersant Dengi
Klishas said that plans to increase Rosbank capital remain a priority and the new share issue, via close placement, will be conducted. Cited in Kommersant, Rosbank investment director Anton Pak said that the new share issue could be worth up to USD 250m (EUR 189.2m).
Rosbank net assets stood at RUB 222.1bn (EUR 6.39bn) as of 1 October 2006, Kommersant reported, referring to magazine Kommersant – Dengi.
Interros owns 69.9% in Rosbank, while French banking group Societe Generale owns 20% minus one share, Kommersant wrote. Societe Generale has an option to acquire further 30% in Rosbank by the end of 2008.
Source Kommersant, Kommersant Dengi
Saturday, December 09, 2006
ShalkiyaZinc to get $102 mln from London IPO | IPO News | Reuters.co.uk
Russia's Troika says looking at alliances, IPO | IPO News | Reuters.co.uk
Legal team outlines proxy statement 'to do' list
IR magazine- a Cross Border publication: "Legal team outlines proxy statement 'to do' list "
EU shareholder rights directive will 'surely' be revised
IR magazine- a Cross Border publication: "EU shareholder rights directive will 'surely' be revised"
Aim marketers hit New York
Friday, December 08, 2006
Bank of America 'eyeing Barclays'
Barclays - Bank of America rumours again this morning
Barclays topped the FTSE 100 risers in early deals however, after Merrill Lynch reiterated its 'buy' recommendation and told clients that it believes Bank of America is lining up a potential bid for the UK bank.
"BAC has previously indicated that the next phase of its expansion is to become a leading global commercial and investment bank. In order to achieve that goal, we believe BAC is very interested in acquiring Barclays." The broker said in a research note published this morning.
"BAC has previously indicated that the next phase of its expansion is to become a leading global commercial and investment bank. In order to achieve that goal, we believe BAC is very interested in acquiring Barclays." The broker said in a research note published this morning.
MICEX, RTS Trading Volume Off the Charts
Thursday, December 07, 2006
Lloyds shares up on reheated BBVA bid gossip – market reports
StoryLloyds TSB shares gained on recurring gossip of a possible bid from BBVA, the listed Spanish bank, according to an unsourced Daily Mail market report. The talk was that BBVA might make a move on its UK-listed rival ahead of changes to Spanish tax legislation next year.
The Daily Telegraph’s market report also picked up on the bid speculation, without specifically naming BBVA. The unsourced report noted possible bid interest from a Spanish rival. Lloyds TSB shares closed 4p higher at 543.5p, giving the group a market capitalisation of GBP 31.04bn (EUR 45.93bn).
SourceDaily Mail, Daily Telegraph"
The Daily Telegraph’s market report also picked up on the bid speculation, without specifically naming BBVA. The unsourced report noted possible bid interest from a Spanish rival. Lloyds TSB shares closed 4p higher at 543.5p, giving the group a market capitalisation of GBP 31.04bn (EUR 45.93bn).
SourceDaily Mail, Daily Telegraph"
Tuesday, December 05, 2006
Russian IPOs grow larger
Montreal Exchange listing fuels TSX takeover talk
Regulators give OK to Euronext/NYSE merger
By Gilbert Kreijger and Marie Maitre
AMSTERDAM/PARIS (Reuters) - European regulators said on Tuesday unexpectedly they have no objections to the proposed $13.8 billion (7 billion pounds) merger between Euronext and NYSE , removing a hurdle for the first trans-atlantic stock exchange.
AMSTERDAM/PARIS (Reuters) - European regulators said on Tuesday unexpectedly they have no objections to the proposed $13.8 billion (7 billion pounds) merger between Euronext and NYSE , removing a hurdle for the first trans-atlantic stock exchange.
US banking giants join in $16.5bn deal
Monday, December 04, 2006
BoNY Statement
The Bank of New York Company, Inc. and Mellon Financial Corporation Agree to Merge
Saturday, December 02, 2006
Euronext invites TSE to join its club
Regulators prepare for turf war
NYSE pledges China linkup
Cross border M&A - PLCs
IPO activity
ADRs
Exchange News
Euroclear to settle DIFX trades
