Broker tips: Lloyds, Friends Provident, Venture
13th Jul 2009 13:05
Reports in the Sunday Times that Lloyds Banking Group may report interim losses of £6.3bn are "entirely plausible", according to stockbroker Nomura. "The group itself has indicated it expects to be in loss for the year as a whole. It has also warned that corporate credit loss charges will be up to
Read moreBroker snap: Stingy Centrica bid may still succeed
13th Jul 2009 12:41
Having been given a "put up or shut up" deadline Centrica has decided to "put up" and launched a bid for Aberdeen-based oil and gas firm Venture Production at a level which may be enough to win the day. The energy giant is offering 845p per Venture share, a price which values the target company at
Read moreVenture investors agree Centrica offer 'too low'
13th Jul 2009 12:05
Shareholders owning almost 13% of Venture Production have backed the oil and gas firm's decision to reject an 845p-a-share hostile cash bid from Centrica. One of Venture's founders and owner of a 7.4% stake, Larry Kinch, thinks the shares are worth at least £10 each, while institutional shareholder
Read moreLondon midday: M&A activity perks up shares
13th Jul 2009 11:56
The blue-chip index edged higher in the morning sessions despite the weakness of miners and banks, with increased merger and acquisition activity encouraging buyers back to the market. Friends Provident is the best performer after Clive Cowdery's new vehicle, Resolution , said it has received "con
Read moreLondon open: Dull start to the week
13th Jul 2009 08:43
London's blue chips have made a slow start to the week despite a small burst of takeover activity. A deal could be on the cards between insurance group Resolution and Friends Provident after Clive Cowdery's new vehicle said it has received "constructive feedback" from the board of Friends over its
Read moreLondon pre-open: Losses on the cards
13th Jul 2009 07:37
Investors remain nervous following further losses on Wall Street Friday and as the US earnings season starts to hot up. Futures prices indicate an early deficit of about 14 points for the FTSE 100. Oil and gas firm Venture Production today rejected last Friday's 845p-a-share hostile cash bid from
Read moreVenture rejects £1.3bn Centrica bid
13th Jul 2009 07:00
Aberdeen-based oil and gas firm Venture Production has rejected last Friday's 845p-a-share hostile cash bid from energy giant Centrica. "The board has unanimously concluded the offer is not in the best interests of shareholders and should be rejected by shareholders," read a statement Monday. Boss
Read moreMonday newspaper round-up: Friends Provident, Venture Production,
13th Jul 2009 06:19
Clive Cowdery, the insurance tycoon, plans to bypass the Friends Provident board and take his £1.7 billion bid directly to shareholders as he forges ahead with plans to create a super-sized insurer. The move comes before an expected formal confirmation today from the life and pensions group that it
Read moreSunday newspaper round-up: Resolution, Friends Provident, Lloyds
12th Jul 2009 10:55
The insurance tycoon Clive Cowdery has tabled a proposal to merge Friends Provident, the £1.4bn pension and life company, with his quoted investment vehicle Resolution. If the deal is successful, it could trigger the start of the long-awaited consolidation in the sector. Cowdery is understood to ha
Read moreFriday newspaper round-up: Anglo American appoints Parker as chairman
10th Jul 2009 06:23
Sir John Parker will be named the new chairman of Anglo American today in a move that will further bolster the miner's defence against a merger approach from Xstrata. Sir John is expected to step down from the chairmanship of Mondi, the paper company that was spun out of Anglo two years ago, but w
Read moreSector movers: Vodafone climbs amid talk of bid for T-Mobile
29th Jun 2009 09:55
Vodafone is lifting the mobile telecommunications sector higher amid talk it is mulling a bid for T-Mobile UK, the British wireless unit of Deutsche Telekom, according to press reports. The Financial Times is quoting people familiar with the situation as saying that the company is considering makin
Read moreFuel suppliers accused of overcharging
25th Jun 2009 10:39
Energy suppliers are overcharging customers by an average of £74 per household each year as they refuse to pass on falling wholesale costs. The total figure will be an incredible £1.66bn in 2009, according to independent consumer watchdog, Consumer Focus. It reckons we'll all pay about £13.80 too
Read moreSunday newspaper round-up: Xstrata/Anglo American, Brixton, Goldman Sachs
21st Jun 2009 09:27
Mining giant Xstrata has approached arch-rival Anglo American about a £41bn merger that would create one of the world's biggest natural-resources companies. Mick Davis, chief executive of Xstrata, is understood to have written to the board of Anglo last week to propose discussions about a deal aft
Read moreLondon close: Late rally not enough
2nd Jun 2009 16:46
A rally in the afternoon session was not enough to lift the Footsie out of negative territory, though second-liners were moderately firmer on balance. Bank Barclays was the day’s worst performing blue-chip after news of the sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC,
Read moreLondon afternoon: Shares stuck in the red
2nd Jun 2009 14:40
Shares remain in the red after failing to find inspiration on Wall Street, which opened sluggishly. Bank Barclays is nursing a double-digit percentage decline after news of the impending sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC, said that the sale did not represen
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