Teva bags another acquisition: Drugs giant buys Mexican firm for £1.5bn October 1, 2015 Drugs giant Teva Pharmaceuticals has made its second major acquisition in two months. The Israeli company today struck a $2.3bn (£1.5bn) deal to take over Mexican firm Representaciones e Investigaciones Medicas SA de CV (Rimsa), as it pushes forward with its plan to expand into emerging markets. Rimsa, which brought in a revenue [...]
Katherine Garrett-Cox leaves Alliance Trust board amid historical shake up at troubled investment trust October 1, 2015 Alliance Trust has overhauled its structure and sharpened its mandate, while chief executive Katherine Garrett-Cox will step down from the board, as the 127-year-old fund continues its efforts to appease shareholders. The investment trust, which has recently conceded a lengthy battle with activist investor Elliot Advisors, will introduce a "fully independent" board of directors, meaning [...]
Rob Terry-backed broker Daniel Stewart’ shares suspended from Aim October 1, 2015 Shares in troubled stockbroker Daniel Stewart are to be suspended from London’s junior Aim market, as the broker attempts to secure new funding. The broker, backed by controversial Quindell founder Rob Terry, has had its shares suspended several times recently. The Aim-listed broker’s own broker quit in April after a five-month suspension from the market [...]
Lone Star closes in on Wembley Arena owner Quintain takeover after winning huge shareholder backing October 1, 2015 Lone Star closed in on its takeover of Wembley arena owner Quintain last night after announcing that it has won the backing of over 90 per cent of shareholders. The US private equity giant was forced to raise its offer last week after activist hedge fund Elliott gatecrashed the deal at the eleventh hour and [...]
Blossom Hill and Piat d’Or could move Down Under in Diageo deal October 1, 2015 The Alcoholic drinks giant Diageo, which owns Johnnie Walker and Ciroc vodka, is looking to offload its wine division. The move by FTSE-100 listed firm, first reported by Sky News, would likely see wine brands Blossom Hill and Piat d’Or sold off to Australian wine maker Treasury Wine Estates. The deal could be announced as [...]
Saga profits jump after motor unit drives ahead October 1, 2015 Insurer Saga posted a 140 per cent jump in pre-tax profit for the six months to 31 July, up to £101.3m from £42.2m, and announced its first interim dividend of 2.2p. The company, which specialises in products for the over-50s, highlighted its motor business, which saw a 9.7 per cent increase in policies. Trading Ebitda [...]
Glencore share price rises after chairman Tony Hayward buys more shares September 30, 2015 This is either a vote of confidence in the company's prospects, or a baby step towards a surreptitious management buyout – either way, one Glencore exec has decided to increase his stake in the commodities miner and trader today. Glencore chairman Tony Hayward has hoovered up an additional 100,000 shares at 91p per share, according to [...]
Fnac makes £533m takeover offer for Darty as it seeks to create French electronics giants September 30, 2015 French electronics and music retailer Fnac has made a takeover bid for Darty in a deal that would value its UK-listed rival at £533m. Shares in Darty have soared as much as 17 per cent this morning after Fnac confirmed it has made an offer of 101p per share, 25 per cent above yesterday’s closing price [...]
Whitbread’s Costa coffee chain to pay baristas above National Living Wage September 30, 2015 First it was Starbucks. Now coffee chain Costa has also followed suit by announcing a pay hike for its staff ahead of the government’s national living wage. From tomorrow Costa baristas in London (of all ages) will earn a minimum of £8.20 an hour, rising to over £9, the Whitbread-owned chain said. Meanwhile staff working [...]
As Volkswagen’s woes trundle on, Porsche names new chief executive September 30, 2015 Porsche – whose chief executive Matthias Mueller sped off to Volkswagen last week to cope with its ongoing emissions scandal – has wasted no time in installing a new leader behind the wheel: the company named Oliver Blume, a member of its executive board for production and logistics, as new chief executive. Blume has previously [...]