Melrose puts the squeeze on
29th Aug 2012 08:05
Engineering buy-out firm Melrose said it had failed to persuade all the shareholders in German takeover target Elster Group to hand over their stock and would now force them to sell. However, it said the "squeeze-out" process would delay the takeover by a number of months due to regulatory issues i
Read moreMelrose on brink of Elster takeover
23rd Aug 2012 09:29
Engineering buy-out firm Melrose said it had secured almost all of the shares in its German take over target Elster Group. The company said it had acquired over 99% of Elster shares in its tender offer and was giving remaining shareholders a further four business days to sell up. Under the previo
Read moreFriday broker round-up
17th Aug 2012 09:22
Afren: Goldman Sachs downgrades to neutral. Borders & Southern Petroleum: Goldman Sachs downgrades to neutral. Coastal Energy: Goldman Sachs upgrades to buy. CRH: Credit Suisse downgrades to underperform. ENRC: Nomura cuts target from 500p to 400p, reduce rating kept. Faroe Petroleum: Goldman S
Read moreThursday broker round-up
16th Aug 2012 10:06
Aegis: UBS downgrades to neutral. Babcock: Espirito Santo downgrades to neutral. Balfour Beeatty: HB Markets downgrades to hold; Deutsche Bank downgrades to hold. BG Group: Morgan Stanley downgrades to equal weight. Capital Shopping Centres: Oriel Securities upgrades to hold. Carclo: N+1 Brewin
Read moreWednesday broker round-up
8th Aug 2012 09:57
AstraZeneca: Jefferies raises target from 2,975p to 3,100p, hold rating kept. Avon Rubber: Investec reiterates hold rating and 315p target. BTG: Jefferies maintains hold rating and 410p target. Cobham: Jefferies reiterates buy recommendation and 230p target; Investec keeps sell rating and 200p ta
Read moreGKN Chairman follows strong H1 results with share purchase
1st Aug 2012 15:59
GKN Chairman, Mike Turner, has celebrated a strong set of first half results with the purchase of 100,000 shares in the UK engineering giant. The shares were bought for 210.70p each, costing Turner, who took on the role of Chairman in May of this year, a total of £210,700, just one day after the r
Read moreWednesday tips round-up: Centamin, Michael Page, Melrose Resources
11th Jul 2012 07:28
Gold miner Centamin's operations are running better than anyone expected, but the political backdrop in Egypt has sunk the group's share price. Centamin has confirmed that this report is false, as did the chairman of the Egypt Mineral Resource Authority. The worries the report caused however saw the
Read moreMelrose launches tender offer for Elster
9th Jul 2012 14:12
The starting gun has been fired on the tender offer through which engineering buy-out firm Melrose will take over German engineer Elster Group. Under the previously announced agreed offer, Elster shareholders will receive $82 per ordinary share and Elster American depository shares (ADS) holders w
Read moreFTSE 250 movers: Berkeley rises on profit surge
29th Jun 2012 13:50
House-builder Berkeley Group jumped after seeing both revenues and profits surge in the 2011/2012 fiscal year and saying it would hit its medium-term profit targets quicker than first thought. ?? Meanwhile, two weeks after confirming speculation that it was interested in German engineering group E
Read moreLondon midday: Summit developments catch markets by surprise
29th Jun 2012 12:01
- EU leaders announce measures to combat crisis - Spanish, Italian bond yields tumble - Banks involved in another scandal Markets across Europe celebrated this morning what most experts consider to have be surprising 'breakthrough' agreements from the first day of the European Council summit. The
Read moreLondon open: Stocks jump on summit developments
29th Jun 2012 08:45
- EU leaders make break-through agreements - FSA reveals another banking scandal - Banks rise after yesterday's sell-off The FTSE 100 surged in early trading on Friday on the back of developments at the EU summit after European leaders issued a joint statement after the first day of discussions. L
Read moreLondon pre-open: FTSE to soar after EU agreement
29th Jun 2012 07:37
City sources predict the FTSE 100 will open up 102 points from yesterday's close of 5,493, after the EU made a surprise agreement to allow banks to use the Eurozone's bailout funds to boost the region's struggling banks. Following more than 12 hours of discussions in Brussels, the 'breakthrough' dea
Read moreMelrose to take over Elster, announces rights issue
29th Jun 2012 07:22
Two weeks after confirming speculation that it was interested in German engineering group Elster, buy-out firm Melrose said that it is looking to take over the firm by spending 2.3bn dollars, or 1.5bn pounds. The recommended acquisition will be implemented principally by a US tender offer to holder
Read moreWednesday tips round-up: Stagecoach, Melrose, Carpetright
27th Jun 2012 06:59
In the Telegraph, Questor makes the case for Stagecoach, which owns the East Midlands and South West Trains franchises as well as a very large bus network. Broadly, train companies are suffering in the recession but buses are doing well and the North American Megabus gamble appears to be paying off.
Read moreSector movers: Croda, Elementis lift chemicals sector higher
26th Jun 2012 14:23
The chemicals sector was the best performing category on Tuesday afternoon on the back of decent performances by Croda International and Elementis. Croda, the FTSE 100 manufacturer of speciality and oleochemical products, was trading around 2.5% higher after JP Morgan Cazenove upgraded the stock fr
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