Thursday tips round-up: Admiral, Melrose, Pennon...
25th Aug 2011 06:41
Admiral's shares suffered yesterday, says the Investment Column at the Independent. The company reported high headline numbers: first-half profits of £16.6m were 27 per cent ahead of the same period last year, while turnover rose by 53 per cent to £1.1bn. But some analysts expected better for the sh
Read moreMelrose looking to up offer for Charter
24th Aug 2011 08:40
Engineering firm Melrose increased profits by 57% in the first half of 2011 and said it was working on another offer for rival Charter International. Pre-tax profits after exceptionals at Melrose came in at £63.1m compared to £40.3m the previous year. The firm increased its interim dividend by 15%
Read moreLondon midday: Stocks stay buoyant as bid talks boost Charter
23rd Aug 2011 12:09
The FTSE 100 remains buoyant, with some action on the mergers & acquisitions front giving traders another distraction from ongoing global economic concerns. Engineering group Charter International has confirmed speculation that it has received a second offer following a previous one from rival Melr
Read moreGatecrasher sparks Charter bidding war
23rd Aug 2011 11:55
Engineering group Charter International has confirmed speculation that it has received a second offer following a previous one from rival Melrose. The Daily Telegraph this morning quoted City sources as saying that Charter received a 870p a share offer last week, adding that there is speculation th
Read moreOpen books to Melrose, says Charter's second largest investor
1st Aug 2011 11:29
Charter International is facing pressure from its second largest shareholder, Schroders, to open its books to engineering conglomerate Melrose to conduct due diligence, despite Charter's attempts to stay away from the clutches of Melrose's takeover offer. Schroders' head of equities Richard Buxton,
Read moreLondon close: US debt uncertainty persists, Footsie finishes under
25th Jul 2011 16:42
The Footsie trimmed earlier gains as markets in the US recovered after a weak start. Despite falling as low as 5,893 on Monday, London's blue chip index finished firmly above the 5,900 mark, as giants BP, ARM, BG and GlaxoSmithKline rose ahead of their interim results due tomorrow. While stocks on
Read moreSector movers: Melrose, Charter boost engineering sector
25th Jul 2011 16:18
Sector peers Melrose and Charter International were rising on Monday, helping the industrial engineering sector higher. Engineering conglomerate Melrose said today that it is thinking over whether or not to up its bid for Charter after the target dismissed its first two offers. "Melrose is willi
Read moreMelrose considering raising Charter bid
25th Jul 2011 11:51
Engineering conglomerate Melrose said it is thinking over whether or not to up its bid for Charter International after the target dismissed its first two offers. "Melrose is willing to consider increasing its proposal to reflect any information which demonstrates that it has materially undervalued
Read moreFTSE 250 movers: Charter snubs Melrose's sweetened bid
15th Jul 2011 15:52
Upbeat earnings data helped boost investor sentiment, at a time when the financial markets were jittery over the outcome of the European banking stress test but the FTSE 250 fluctuated amid volatile trading and was largely in the red. Retailers and leisure companies dragged the index lower. Premier
Read moreNew CEO takes reins of Charter International
15th Jul 2011 15:32
Engineering firm Charter International has appointed Gareth Rhys Williams as its new chief executive officer with immediate effect, filling the position left open by its previous head Michael Foster, who resigned after the company's disappointing performance. On June 28, Foster stepped down from hi
Read moreCharter turns its nose up at Melrose's sweetened bid
15th Jul 2011 14:45
British engineer Charter International has rejected investment firm Melrose's revised 840p-a-share bid, saying that the proposal undervalues the company and its prospects. Charter maintains that the sweetened offer does not reflect, among other things, the belief that the market was undervaluing th
Read moreFTSE 250 movers: Kraft's exec takes helm at Premier Foods
14th Jul 2011 15:12
Premier Foods unveiled industry veteran Mike Clarke as its new head honcho, which pleased the investors as shares shot up 10%. Premier Foods, which has lost about 15% of its value since the company's announcement of a profit fall, was the top flyer on the index. Clarke, currently President of Kraft
Read moreCharter to weld Brazilian group to ESAB
5th Jul 2011 07:42
Charter International, the engineer currently resisting the advances of its larger rival Melrose, has been on the acquisition trail itself, acquiring a shareholding in a Brazilian gas apparatus manufacturer. Charter's welding, cutting and automation business ESAB is taking a 60% stake in Condor Equ
Read moreCharter gives Melrose the brush-off
30th Jun 2011 13:39
Charter International has rejected a 780p-a-share indicative offer from rival engineering group Melrose. Melrose revealed on Wednesday that it had been in discussions with the company in regards to a potential offer which valued Charter at around £1.3bn, sending the target's shares over a quarter
Read moreLondon close: Big gains after Greek vote
29th Jun 2011 17:02
Stocks finished with hefty gains after the Greek parliament voted to pass austerity measures. The vote had been widely expected, but nevertheless prompted a large sigh of relief from investors. In stocks news, most excitement was in the FTSE 250, with Charter International now the top riser the en
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