Beazley withdraws 350p Hardy offer
14th Dec 2010 07:13
Underwriter Beazley has dropped its bid for rival Hardy after a third offer was turned down flat. Beazley says it submitted a final proposal to the board of Hardy on Monday outlining a possible offer of up to 350p per share with some conditions. "Hardy's advisers confirmed that the Hardy board wou
Read moreLondon close: Footsie recovers as M&A action heats up
15th Nov 2010 16:37
The top share index snapped out of a weak start to finish in positive territory Monday as jitters over the Irish debt situation eased and bid speculation and company updates attracted attention. Shares in Invensys moved higher despite the engineering firm denying press reports that it has received
Read moreLondon afternoon: Bid activity keeps the pot bubbling
15th Nov 2010 14:07
A sprinkling of bid speculation is livening up markets this Monday, as traders wait for the Irish sovereign debt situation to play itself out. Shares in Invensys are higher despite the engineering firm denying press reports that it has received an approach. The company's chief executive Ulf Henrik
Read moreLondon midday: Footsie back in the blue
15th Nov 2010 12:07
Footsie is in positive territory now after an impressive rally that has been mostly powered by miners, though there's takeover talk in the oil sector. Premier Oil is doing its bit for the mid-cap index, racing to a new all-time high on talk that state-controlled KNOC, the Koreans who recently paid
Read moreLondon open: Miners pull index lower
15th Nov 2010 08:43
Blue chips have opened lower despite some trading updates today, with miners the main drag on sentiment. BHP Billiton's decision to end its battle to buy Canada's Potash Corp for around $40bn and sweeten shareholders with a $4.2bn share buyback instead has not helped its share price. Earlier this
Read moreHardy rejects new offer from Beazley
15th Nov 2010 07:32
Underwriter Beazley has again been rejected by rival Hardy despite upping its indicative takeover offer by 10% to 330p. Beazley said the board of Hardy would not recommend an offer of 330p per share and would not even be prepared to meet to discuss it. A previous offer of 300p per share got similar
Read moreTuesday tips round-up: Standard Chartered, SABMiller, Hardy...
19th Oct 2010 06:41
Is Standard Chartered the world's best bank? It has been said in some quarters, and quite seriously. StanChart has grown profits year on year and, while it didn't exactly laugh in the face of the financial crisis, it sailed through it more smoothly than virtually any other Western bank. On 15 times
Read moreLondon close: Footsie rallies after shaky start
18th Oct 2010 16:48
After a sluggish start to the day, shares closed with good gains following a lively start on Wall Street. Better than expected profits on the back of a decline in provisions for bad loans at Citigroup sparked buying interest. Mining giants BHP Billiton and Rio Tinto have confirmed that their propo
Read moreFTSE 250 movers: M&A activity stirs up excitement
18th Oct 2010 15:39
Shares in Bluebay Asset Management are flying after it agreed an all cash takeover by Canadian bank Royal Bank of Canada (RBC) that values the fixed income fund manager at just short of £1bn. BlueBay shareholders will receive 485p in cash for each BlueBay Share, valuing the firm at approximately £
Read moreLondon afternoon: Equities push on
18th Oct 2010 14:54
Leading shares added to the morning's gains over the lunch time session though miners remain under a cloud as metal prices retreat. Mining giants BHP Billiton and Rio Tinto have confirmed that their proposed $116bn Pilbara iron ore joint venture is dead in the water. The companies had agreed in D
Read moreBroker tips: Hardy, TV companies, Vertu Motors
18th Oct 2010 13:27
KBC Peel Hunt expects a strong rebound in the UK television advertising market, and so has initiated coverage of ITV, stv and UTV Media with "buy" ratings for each. The broker's positive stance in the sub-sector is underwritten by the improving trading conditions, although it sees Britain's ITV and
Read moreBroker snap: Beazley offer undervalues Hardy
18th Oct 2010 13:17
Back on 21 September FinnCap identified Hardy Underwriting as a potential takeover candidate in the wake of the buy-out of insurer Brit Insurer by private equity, and its prediction has been vindicated by news that Hardy recently rejected 300p per share offer from the insurance group Beazley. FinnC
Read moreLondon midday: HSBC says get out of copper producers
18th Oct 2010 11:26
The blue-chip index ended the morning barely changed which, given that virtually all of the mining stocks were lower, counts as some sort of moral victory. Mining giants BHP Billiton and Rio Tinto have confirmed that their proposed $116bn Pilbara iron ore joint venture is dead in the water. The c
Read moreLondon open: Weak start despite M&A burst
18th Oct 2010 08:58
London has made a cautious start to the day with miners weak though a burst of M&A has lifted the mood elsewhere. Mining giants BHP Billiton and Rio Tinto have confirmed that their proposed $116bn Pilbara iron ore joint venture is dead in the water. The companies had agreed in December of last ye
Read moreLondon pre-open: Heading south
18th Oct 2010 07:35
It's looking like a downbeat start to the week following Friday's losses on Wall Street and a far from certain performance in Asia. Investors - facing a 20-point drop for the FTSE 100 first thing - also have a crop of UK news to consider. Mining giants BHP Billiton and Rio Tinto have confirmed th
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