Venture 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
Read moreLondon midday: Profit takers move in
2nd Jun 2009 11:55
Profit taking was the theme of the morning as investors reduced equity exposure after yesterday's sharp rise while Barclays tumbled on the revelation that Abu Dhabi's International Petroleum Investment Company (IPIC) is to bank profits on its Barclays stake. Barclays is nursing a double-digit perce
Read moreLondon open: Barclays divestment sinks Footsie
2nd Jun 2009 08:33
London has opened lower in the wake of the decision by Abu Dhabi's International Petroleum Investment Company to bank profits on its Barclays stake. Barclays is down by 13%. Khadem Al Qubaisi, managing director of IPIC, adding that the sale did not represent a lack of faith in Barclays, its managem
Read moreLondon pre-open: Sale of Barclays stake dampens mood
2nd Jun 2009 07:41
Despite the strong showing by Wall Street overnight London is set to open lower in the wake of the decision by the International Petroleum Investment Company (IPIC) to bank profits on its Barclays stake. City sources expect the FTSE 100 will open around 16 points lower than the previous close of 4,5
Read moreCentrica buys stake in Trinidad gas block
2nd Jun 2009 07:11
Gas supplier Centrica took another step in its plan to reduce its dependence on the wholesale markets by agreeing to buy a stake in a gas development block in Trinidad. Centrica has signed an agreement with Canadian Superior Energy under which Centrica could buy up to a 45% stake in gas development
Read moreLondon close: Footsie buoyed by global rally
1st Jun 2009 16:35
London's top stocks finished with stellar gains as optimism about the global economy boosted markets worldwide. Hopes of a recovering economy pushed forward commodities. Oil is near $68 per barrel, while copper climbed to $5,000 per tonne, its highest since October. Gold rose to $985 an ounce. C
Read moreVenture pleased with Cara test results
20th Mar 2009 07:34
Aberdeen based oil and gas firm Venture Production hailed "another excellent drilling result" as it published test drilling results from its Carna gas property. Well log data indicates a gas column in excess of 1490 feet TVD (true vertical depth) and net pay of 127 feet TVD. The well tested gas at
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