Northern and Greencore agree merger

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first_imgWednesday 17 November 2010 8:52 pm Northern and Greencore agree merger Show Comments ▼ FOOD retailers Greencore and Northern Foods revealed plans to merge yesterday, in a deal that will produce one of the biggest chilled food players in the UK. The firms, responsible for Goodfella’s pizzas, Fox’s biscuits and the Weight Watchers range, will be rebranded Essenta once the proposed tie-up is complete in March 2011. Management said yesterday the new business, structured as a merger of equals, will float as part of the FTSE 250 index, meaning Greencore will de-list from the Dublin exchange to meet London trading requirements. The company, which will have a combined revenue of £1.7bn, will be tax-domiciled in Ireland with an operational base in Yorkshire. Under the terms of the deal, Northern Foods shareholders will receive 0.4479 of a new Greencore share for each Northern Foods share held.“We are creating a food business of scale, with a balanced portfolio of products and customers that don’t overlap,” said new financial officer Simon Herrick, who joins from Northern. “It gives us fantastic market conditions. The debt funding that is available to us is frankly embarrassing, although the company will be focused on adapting to the merger for the next year.”The deal needs approval from shareholders on both sides. Around 30 per cent of Greencore investors and 12 per cent at Northern, including GAM International and Odey Asset Management, have backed the merger.Shares in both firms soared yesterday leading to speculation of a counter-bid. “Both companies are now in play,” Clive Black from Shore Capital said.ADVISERS GREENCORETHE Irish food group has hired a veritable army of advisers to lend a hand with the merger. Barclays Capital is acting as financial adviser, joint broker and joint sponsor, with Mark Todd and Jon Bathard-Smith heading the team. Yesterday’s announcement was the first public glimpse of Todd since he joined from Citigroup in July 2009. The Queens College, Cambridge graduate has worked with Imperial Tobacco during its acquisition of Altadis, Tata Motors as it bought Jaguar, as well as buying and later selling Somerfield during his ten years at Citi. Joint broker Investec has worked with Greencore for a number of years, with head of investment banking David Currie still heavily involved. Leading on this occasion is Chris Baird, who joined from Dresdner Kleinwort in 2009. IBI Corporate Finance and Goodbody Stockbrokers, both based in Ireland, are acting as joint sponsor and joint broker respectively. Magic circle firm Slaughter & May is advising on the legal side, with partners John Panichola and Jonathan Marks leading a six-strong team. Panichola’s recent work includes advising Ocado on its initial public offering, while Marks aided GlaxoSmithKline’s £900m pensions buy-in with Prudential.ADVISERS NORTHERN FOODSLEEDS-based Northern Foods has taken on UBS to act as financial adviser and broker, with Herbert Smith providing legal backing. UBS has looked after Northern for more than eight years, with head of investment banking Hew Glyn Davies taking the lead. Davies also advises Sainsbury’s, construction firm CRH and Bank of Ireland, which completed a €1.7bn rights issue in June.Craig Calvert acted as broker, adding to a list of clients that includes grocer Ocado and trader IG Group. Hebert Smith partners Gillian Fairfield and Gareth Roberts provided legal advice. Fairfield specialises in corporate finance, with a specialism in mergers and takeovers. She recently advised Rothschild during Centrica’s hostile takevoer, and Arriva when Deutsche Bahn offered a £1.6bn buy-out. Gareth Roberts has worked with BAA during its £15.6bn takeover by Spanish group Ferrovial and when the firm established a £800m property holding fund. The corporate partner has also given advice to Virgin Mobile on its £1.17bn takeover by NTL, AOL Time Warner during its attempts to poach EMI and brewer Foster’s Group as it sold its beer brand to Scottish & Newcastle. KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgcenter_img whatsapp Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailDaily Finance StoriesChrissy Metz, 40, Shows Off Massive Weight Loss In Fierce New PhotoDaily Finance StoriesWolf & ShepherdNFL Star Rob Gronkowski’s Favorite ShoesWolf & ShepherdLoan Insurance WealthHow Amal Clooney Looks Without Makeup Is Tough To HandleLoan Insurance WealthBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal Past Tags: NULLlast_img read more

Lady liberty has found her sense of humour – PJ O’Rourke checks in

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first_imgMonday 29 November 2010 7:48 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndo KCS-content whatsapp Show Comments ▼ Tags: NULL POLITICIANS,” growls PJ O’Rourke, “don’t understand finance at all – even the last little bit. Yet they’re increasingly in charge of it.” America’s greatest living satirist is back in town and training his anger on the political enterprise. His new book is titled Don’t Vote! It Just Encourages The Bastards. The idea of politicians setting themselves up to manage the financial industry brings out particular scorn. He sees the regulators locking the stable door behind the problems of 2008 with little recognition that it is a different horse that bolts in every crisis. But in the end what makes him laugh the hardest is the idea of the men in grey suits trying to battle with the City’s finest. “On one side you have the smartest people in the world, ferociously motivated. On the other you have a group of average-to-reasonably smart politicians and regulators. Who’s going to win?” He throws up his hands.He gives the example too of Bernie Madoff, who, he argues, the SEC missed plenty of opportunities to catch because of the limits of those running it. “Christopher Cox is the smartest guy in Congress. But he’s a lawyer.” Madoff was caught by a mathematician, O’Rourke says, who needed just four minutes to see that the numbers were suspect and just four hours to run the algorithms to show they definitely didn’t add up.LEFT WITH THE TOUGH STUFFIt’s not that O’Rourke thinks that politics cannot achieve anything, though his staunchly libertarian politics are on the side of politics doing far less. Instead, he argues that politics may have reached its limits. “It’s not stupid to think that politics is an effective tool. But its time is coming to an end because the easy problems for free and democratic societies have been solved: slavery, equality before the law; near-universal franchise; the defeat of massive dictatorships. We’re left with the tough stuff.”It’s an interesting argument, going further than those who see in our current problems only a lack of actuarial care behind politicians’ promises that has left them temporarily overdrawn. O’Rourke suggests that there may a natural limit to what we can ever ask politics to solve on our behalf. Europeans, he adds, are far too fond of politics as the principal tool of problem-solving. “I read the EU Constitution – it has clauses about the specifics of edible meat offal. It’s round the bend.”On America’s politics, O’Rourke is more equivocal. He is “pretty pleased” with the results of the midterms, with their startling repudiation of Democrat policies, but he wonders how long it will all last. “Have people really come around to the conclusion that government can be too large, or are they just arguing over how government largesse is distributed? It’s too early to say.”That said, O’Rourke is impressed with the Tea Party, though as a personal friend of John McCain it is probably unsurprising that he shrinks from the idea of one of the Tea Party’s leading lights – Sarah Palin – running against President Obama in 2012: he suggests it would be an act of “random self-destructiveness” by Republicans.AS SERIOUS AS IT GETSIts deeply-felt opinions make this book, as O’Rourke admits, oddly his most serious yet – even more so than his digested version of Adam Smith’s Wealth of Nations, which at least interpreted the sage of Kirkcaldy by such examples as the size of Angelina Jolie’s earning power. This book is “as serious as I get” – though that just means even the most serious sentiments are slashed through with O’Rourke’s trademark wit. “We can’t treat the American government like mom, expecting her to get us off to kindergarten in the morning, fix our meals, wash the dishes, fold the laundry, keep our house clean and our grandparents happy, do the shopping and the gardening, and still somehow make herself interesting to dad. That’s why mom snapped and started drinking and got in that car wreck.”Indeed, for O’Rourke, the humour and his political views go hand in hand. It’s notable that both he and Dave Barry, two of America’s greatest masters of prose humour, are avowed libertarians. O’Rourke says the two have discussed it. For him, “the libertarianism comes from humour”. Having a strong sense of humour helps keep things in proportion – a certain flair for deflating human arrogance makes it harder to read the communist manifesto with a straight face. “Have you ever read Mein Kampf? It’s like a bad cocktail party where the wine is domestic and warm and you’ve been backed into a corner by a bore with absolutely no sense of humour at all.”It is thirty-six years since O’Rourke’s first book was published, but he is as good company as ever. The Republican Party Reptile has become America’s equivalent of the great French liberal Frederic Bastiat, a voice of economic conscience, explaining the hard lessons of the free market in words that everyone can understand and enjoy. As the epigraph from Horace in O’Rourke’s Parliament of Whores says, “What stops a man who can laugh from speaking the truth?”Don’t Vote! It just encourages the Bastards by P. J. O’Rourke is published by Grove Press (UK) £16.99 hardbackCV | PJ O’ROURKEAge: 63Born: Toledo, OhioLives: New Hampshire,Family: Married with three childrenEducation: BA Miami University, Ohio, MA John Hopkins University, MarylandBooks: CEO of the Sofa; Eat the Rich; On The Wealth of Nations; Parliament of WhoresWisdom: “Giving money and power to government is like giving whiskey and car keys to teenage boys”, “Earnestness is stupidity sent to college” Share Lady liberty has found her sense of humour – PJ O’Rourke checks in whatsapplast_img read more

CSC fends off Simon’s £3bn takeover bid

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first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastBetterBe20 Stunning Female AthletesBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmFinancialAdvisorHeroesSean Hannity New Girlfriend Might Look Familiar To YouFinancialAdvisorHeroesArticles StoneLittle Boy Brings $2 Painting To Antiques Road Show, Not Realizing Its WorthArticles StoneAdventure CrunchHere Are the Most Famous Pro Wrestlers From the Past TodayAdventure Crunch Share US property giant Simon tried to push Capital Shopping Centres (CSC) into scrapping its £1.6bn purchase of the Trafford Centre yesterday with a £2.9bn indicative offer for the entire company.CSC rejected the 425p-per-share proposal after an emergency board meeting yesterday, claiming the move was “yet another attempt by Simon to frustrate the Trafford Centre acquisition”.However, CSC delayed its shareholder meeting planned for 20 December, which would have given investors a chance to approve the Trafford deal with current owner Peel Holdings. Peel backed its stance. Simon welcomed the delay, and urged CSC “to listen to calls from your shareholders – many of whom we have spoken to – opposing the Trafford Centre.”Its indicative offer represents a seven per cent premium to CSC’s share price on Tuesday, and comes with conditions including the end of the Trafford purchase and access to CSC’s books to undertake due diligence. Credit Suisse analyst Steve Bramley-Jackson told City A.M. that Simon’s offer was unrealistic. “I don’t think there’s enough financial headroom for Simon to increase its offer to a level acceptable for CSC shareholders. “A lot of the big CSC investors are involved to maintain exposure to UK property, which they are unlikely to exchange for cash at this stage.”Capital Shopping Centres shares gained 4.9 per cent to close at 415.6p.TIME LINE | THE FIGHT FOR CAPITAL SHOPPING CENTRES24 NovemberCSC confirms it in advanced talks with Peel Holdings to buy the Trafford Centre in Manchester for £1.6bn. The deal looks set to be the biggest-ever single property transaction in the UK. 25 NovemberWorld’s biggest mall-owner and CSC shareholder Simon Property publishes a letter it wrote ahead of CSC’s announcement, urging it to delay its purchase of the Trafford Centre until it can make a takeover offer. CSC shares gain 12.5 per cent. 8 DecemberSimon demands to see CSC’s books so it can perform due diligence ahead of a formal takeover offer, threatening to sell its 6.25 per cent stake; CSC refuses. 8 DecemberSimon sends a letter to the CSC board offering to fund a 400p per share placing, providing Peel Holdings accepts cash rather than a stake in CSC in the Trafford deal. CSC rejects the offer, and Peel writes a letter in support of its position. 15 December: 7amSimon makes an indicative offer of 425p a share for CSC.15 December: 2.30pmFollowing an emergency board meeting, CSC rejects the offer as “yet another attempt by Simon to frustrate the Trafford Centre acquisition”, but says it will delay its EGM.Late January 2011New EGM to vote on Trafford deal. whatsapp KCS-content More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comcenter_img CSC fends off Simon’s £3bn takeover bid Tags: NULL Show Comments ▼ Wednesday 15 December 2010 8:45 pm whatsapplast_img read more

Morgan Stanley appoints new chief operating officer

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first_imgTuesday 4 January 2011 8:02 pm KCS-content Show Comments ▼ Morgan Stanley appoints new chief operating officer whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Sharecenter_img MORGAN STANLEY has appointed its head of technology as chief operating officer.The bank yesterday named Jim Rosenthal would succeed Tom Nides, who departed late last year to join the US State Department under Hilary Clinton as deputy secretary for management and resources.Rosenthal will handle the integration of the New York investment bank’s brokerage joint venture with Citigroup’ Smith Barney, of which it holds a 51 per cent stake.He will also oversee human resources, corporate communications, marketing, community affairs and corporate services.Rosenthal joined from commercial real estate business Tishman Speyer in 2008, where he had worked as chief financial officer since 2006.The Harvard Law School graduate has worked for Lehman Brothers and McKinsey & Co, the consulting firm where he and Morgan Stanley chief executive and president James Gorman got their Wall Street starts. whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comColin Kaepernick to publish book on abolishing the policethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.comKansas coach fired for using N-word toward Black playerthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Tags: NULLlast_img read more

Alcoa posts fourth quarter profit

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first_img John Dunne Alcoa posts fourth quarter profit Read This Next’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe WrapHow HGTV’s ‘Renovation Island’ Changed Bryan and Sarah Baeumler’sThe Wrap’Bridgerton’ Stars Phoebe Dynevor and Nicola Coughlan on Daphne andThe WrapBest Wine Gifts & Wine Accessories at Every PriceGayot’Hitman’s Bodyguard’s Wife’ Earns $17 Million 5-Day Opening as Box OfficeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The WrapEverything We Know, or Think We Know, About the Time-Keepers on ‘Loki’The Wrap’The Crown’: What Went Into Finding Princess Diana and Margaret ThatcherThe Wrap whatsapp “Pretty much every one of our end markets is improving,” chief executive Klaus Kleinfeld told analysts on a conference call when asked about his projection for a 12 per cent global increase in aluminium demand.“We do not expect the substantial growth to come from the US and Europe. We believe that those emerging economies will accelerate and there the driver pretty much is infrastructure building, and all the other end markets that we are seeing, from automotive to packaging to building and construction.”Kleinfeld said Alcoa expects demand growth in the aerospace sector to increase seven per cent in 2011 and 5-11 percent in the auto industry.The beverage can sector was likely to be flat to two per cent higher this year, but Alcoa sees commercial construction industry demand for aluminium increasing two per cent to three per cent. In fact, he said the building sector, which was particularly badly hit by the recession, appeared to be improving.“When you look at the monthly contracts awarded and the construction starts … it looks really like a bottoming out. It is not dropping further.“So it could well be, if you take an optimistic perspective, that we might be seeing the bottoming out of this market here in the US.”Analyst Curt Woodworth of Macquarie Research said Alcoa’s outlook was “phenomenally strong and probably conservative.” Alcoa, the largest US aluminium producer, reported a fourth-quarter profit and projected a 12 per cent rise in demand for the metal in 2011, driven by aerospace and auto manufacturing.Alcoa said income from continuing operations was $258m (£166m) compared with a loss of $266m in the same quarter of 2009. Show Comments ▼ whatsapp Share Tags: NULL Tuesday 11 January 2011 4:30 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comlast_img read more

CSR in $67.5m Broadcomm settlement

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first_img CSR in $67.5m Broadcomm settlement KCS-content CHIPMAKER CSR said yesterday it had settled its legal battle over technology patents with US rival Broadcom, boosting the Bluetooth and Wi-Fi specialist’s shares.CSR said it would pay $67.5m (£43.2m) to Broadcom over the next five years, the majority of which would be offset by a reduction in legal costs of at least $50m, to settle the dispute, which predates its acquisition of GPS chip firm SiRF in 2009.Shares in CSR rose 15.56 per cent on the news to close at 413p, as analysts welcomed the settlement.“We believe this is a very solid result for CSR from a strategic perspective as it removes the overhang of litigation and fears from some market participants of a big negative charge,” UBS said in a note.Analysts at Espirito Santo Investment Bank said that due to CSR’s reporting structure it should result in about 10 per cent upgrades to consensus operating profit and earnings per share estimates for 2011.“Apart from the financial impact, the settlement of patent dispute with Broadcom should remove a distraction for CSR’s management and customers,” they said.The dispute related to accusations of patent infringement on components for TomTom GPS systems, which originated between SiRF and Global Locate, which is now owned by Broadcom. Most recently CSR claimed that Broadcom was using technology that it had invented in its range of chips for mobile phones and media players.As part of the settlement agreement, both parties have agreed not to pursue any further infringement actions against each other over the next five years.CSR will pay an initial sum of $5m plus $12.5m for the next five years, but save legal costs of $10m a year. Tuesday 11 January 2011 7:41 pm whatsapp Share Show Comments ▼ whatsapp More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Tags: NULLlast_img read more

Climbdown for Oberthur as it drops De La Rue bid

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first_img Climbdown for Oberthur as it drops De La Rue bid Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.commoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsGameday NewsNFL Hall Of Famers Who Probably Don’t Deserve To Be In CantonGameday NewsMovie JewelExperts Draining Niagara Falls Never Expected This Dark DiscoveryMovie Jewel whatsapp KCS-content Share Show Comments ▼ OBERTHUR last night walked away from its sweetened £926m indicative offer for De La Rue hours after the board of the UK banknote printer again rejected its bid yesterday.Having increased its offer from 905p to 935p, the firm said: “Oberthur is disappointed that the board of De La Rue has so swiftly rejected this fully financed increased proposal, which [was] very full and fair.”Nicholas Brookes, chairman of De La Rue, had said that the offer “continues to significantly undervalue the company”.Oberthur rushed to come up with an offer after the Takeover Panel set a deadline of 7 February for its bid. Questions had been raised over the firm’s ability to fund the deal when it became clear that De La Rue was likely to hold out for £10 per share.Oberthur had pursued De La Rue for two months.Bain Capital was brought in to fund a deal at 935p, but Bain made it clear that it was not interested in funding a hostile bid if the De La Rue board turned down the revised offer.Oberthur attempted to force the company’s board to the table by announcing in January that De La Rue had lost its biggest customer, the Reserve Bank of India.Shares in the UK banknote printer slumped 15 per cent to 695p. TIME LINE | OBERTHUR’S FAILED BID TO BUY DE LA RUE20 July: De La Rue announces in its trading update that printing problems have caused a contract with its biggest client, the Reserve Bank of India, to be suspended. The firm’s chief executive James Hussey resigns over the suspended contract a month later.6 December: In response to press speculation, De La Rue announces that Oberthur Technologies has made an indicative offer of 905p per share and says that it has rejected the amount as “preliminary” and “opportunistic”.13 December: Tim Cobbold appointed De La Rue’s new chief executive.4 January: On Cobbold’s first day as chief executive, Oberthur aggressively announces that De La Rue has conclusively lost the Reserve Bank of India as a client. De La Rue says that negotiations are still ongoing.10 January: The Takeover Panel gives Oberthur a “put up or shut up” deadline of 7 February for a formal bid.24 January: De La Rue announces that it has rejected a revised offer of 935p per share. Oberthur drops its bid. Monday 24 January 2011 8:37 pm whatsapplast_img read more

House prices drop in January

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first_img whatsapp John Dunne Thursday 27 January 2011 3:30 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapp Share More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPuffer fish snaps a selfie with lucky divernypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comcenter_img House prices drop in January Show Comments ▼ House prices in England and Wales fell for a seventh month in a row in January, dropping 2.2 per cent from a year earlier, property data firm Hometrack said.The monthly survey of more than 5,000 estate agents and surveyors showed prices slipped 0.5 per cent on the month, slightly more than December’s 0.4 per cent decline. That took the average house price down to 153,600 pounds.Hometrack said the sluggish start to 2011 was likely to continue, given the uncertainty over the economic recovery and worries about the effect of government cuts.“Prices are set, in the short term, to remain under downward pressure,” Richard Donnell, director of research at Hometrack, said in a statement. “Household budgets being squeezed by increased taxation will be stretched further if concerns over rising inflation translate into higher interest rates.”Over the last six months, Hometrack’s survey has recorded a 26 percent fall in demand, with a drop of 9.5 percent in January alone, suggesting the housing market faces more fundamental problems than the usual post-Christmas slowdown.There was a 9.5 per cent fall in the number of new buyers registering with agents in January, compared to a 4.8 percent fall in December and a drop of 2.7 per cent in January 2010, the survey said.“Concerns over the economic outlook and the biting reality of spending cuts are doing little to improve a fragile market defined by weak consumer sentiment and a lack of demand for housing,” said Donnell.A jump in inflation last month raises the prospect that interest rates may rise earlier than expected this year, but news this week that the economy unexpectedly contracted in the final quarter of 2010 has made the rate outlook difficult to predict. Government spending cuts due to start this year will also weigh on sentiment in the housing market.Partly offsetting the lower housing demand this month was a drop in the number of homes coming onto the market. Supply slipped by 5.4 per cent, its biggest monthly fall for four years.Separate data on Wednesday from the British Bankers’ Association showed mortgage approvals fell to their lowest level in nearly two years in December. Tags: NULLlast_img read more

German and French GDP growth lower than expected

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first_img John Dunne whatsapp Tags: NULL German and French GDP growth lower than expected Tuesday 15 February 2011 4:09 am The French and German economies expanded by less than expected in the fourth quarter, data showed on Tuesday, suggesting the euro zone may not have accelerated out of a third-quarter slowdown.Economists have forecast that the euro zone economy as a whole grew by 0.4 per cent in the final three months of 2010, after 0.3 per cent in the third quarter and 1.0 per cent in the second. The French and German economies make up almost 50 per cent of the single currency bloc.German gross domestic product increased by 0.4 per cent, against expectations of a 0.5 per cent rise and a deceleration from the 0.7 per cent growth registered in the third quarter.In France, the expansion was 0.3 per cent, half the expected increase, and the same level as in the July-September period. Economists had been expecting growth in the euro zone’s second largest economy to return to the 0.6 per cent in the second quarter.French Economy Minister Christine Lagarde said she hoped for stronger growth in the first quarter and maintained the government’s forecast for expansion this year of two per cent.Snow and icy weather may have played a role. Construction in particular was hit hard and can be expected to rebound.“This won’t last, it’s not the end of the recovery. The winter weather slowed things down and we should see a higher rate of growth in the first quarter,” Commerzbank economist Christoph Weil said, referring to the German economy.Growth in the third quarter tempered after a very strong April-June period – when the German economy powered ahead by 2.2 per cent quarter-on-quarter.French analysts were less upbeat about their economy despite Lagarde’s upbeat prognosis.“This fairly mediocre figure confirms France is on a path of sluggish growth,” said Alexander Law, chief economist at Xerfi“At the end of the day, if we take out technical and one-off elements, France is on an annualised growth rhythm of 1.2 per cent.” Show Comments ▼ whatsapp Share More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com last_img read more

Mandelson tells Labour to consider Lib Dem union

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first_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Share whatsapp Sunday 27 February 2011 11:33 pm Show Comments ▼ KCS-content Mandelson tells Labour to consider Lib Dem union LORD Mandelson has warned Labour leader Ed Miliband not to rule out the possibility of working with the Liberal Democrats in future.The former business secretary said it was “important” to keep the door open for working with Nick Clegg’s party in future.The Lib Dems had snubbed Labour’s approaches following last May’s general election, instead favouring a coalition with the Conservatives. He told the BBC’s Andrew Marr show: “It is very important to keep open the possibility of working together with the Liberal Democrats… I think it would be a great error for Ed and the Labour party, if they did anything to close down that possibility.Meanwhile, Mandelson said Miliband was wrong to sound the death knell for New Labour. whatsapp Tags: NULLlast_img read more