Lloyd’s of London insurer Catlin’s profits jump ahead of takeover by rival XL February 10, 2015 The figures Lloyd's of London insurer Catlin reported gross written premiums of $5.97bn (£3.92bn) for the year ending December 2014, which was up 13 per cent from $5.30bn (£3.48bn) a year earlier. It said the figure was slightly inflated by foreign currency exchange rates and an increase in the value of multiyear contracts written during 2014 in [...]
TUI on course for profit growth after merger February 10, 2015 The figures Tui Group has reported a 23.5 per cent jump in earnings before interest, tax, depreciation and amortisation in its first quarter, and a 5.4 per cent jump in revenues – in line with expectations. Hotels and resorts performed particularly well during the period, it added. The newly formed entity, forged through a merger [...]
Rexam set to back £4.3bn takeover bid by rival can-maker Ball February 8, 2015 Rexam’s board is keen to finalise a £4.3bn buyout offer from rival can-maker Ball, Morning Wire understands. Bosses are thought to see the merger as the next obvious step in building the business, giving the two giants even more scale. UK-based Rexam’s share price has doubled since chief executive Graham Chipchase took the reins in [...]
Rangers board plays down Mike Ashley’s influence as it announces date to vote on Dave King takeover February 6, 2015 Rangers have called a general meeting for 4 March to vote on shareholder Dave King’s requisition to remove the board. The current Rangers board of four directors including chairman David Somers and chief executive Derek Llambias would be removed if shareholders agree to the resolution put forward by King’s requisition. Former director [...]
Proxima confirms it is in takeover talks with JKX Oil & Gas as share price rockets 57 per cent February 5, 2015 Proxima Capital Group has confirmed it is in “very early” talks with exploration group JKX Oil & Gas, after shares in the Ukraine and Russia-focused firm soared today. JKX's share price jumped more than 57 per cent shortly after midday today, and has since dropped back down slightly, although was trading up around 34 [...]
Office supplies firms to bind in mega merger February 4, 2015 LEADING US office supply firm Staples is set to acquire Office Depot in a $6.3bn (£3.4bn) deal in the hope of creating a mega corporation with the muscle to take on Wal-Mart and Amazon and giving it pro forma annual sales of approximately $39bn. The deal will see the leading US supplier of office basics [...]
Rocky market could prompt oil mega-mergers as price fall forces drastic decisions February 3, 2015 After six months of falling oil prices, analysts have pointed to a possible mega-merger between the majors. Chances of a shock deal have been heightened by firms slashing their spending in the face of oil prices that are expected to remain low for at least the next six months and possibly the next three years. [...]
The Qatari boss who launched its takeover bid January 28, 2015 WHILE Sheikh Abdullah bin Mohammed bin Saud al-Thani will likely be remembered as the chief executive of the Qatar Investment Authority (QIA) who successfully led the group to its takeover of Songbird, his predecessor Ahmed al-Sayed is credited with launching the QIA into battle with Songbird’s board and owners. Al-Sayed handed over the role of [...]
Aer Lingus takeover: IAG will “engage with Irish government” to secure its support January 27, 2015 International Consolidated Airlines (IAG) is ready to add Aer Lingus to its roster, with the Irish airline's board set to recommend its third takeover to shareholders. According to IAG, the Aer Lingus board is ready to accept the €1.35bn (£1.01bn) cash offer equal to €2.55 per share, subject to certain pre-conditions. Shares in IAG and Aer [...]
British Airways owner IAG makes third Aer Lingus takeover offer January 24, 2015 International Consolidated Airlines (IAG) has increased its takeover offer for Aer Lingus. The owner of British Airways and Spain’s Iberia has submitted a revised proposal to the Aer Lingus board that values the Irish carrier at €1.34bn (£971m) according to Sky News. IAG has already had two cash takeover bids of €2.30 and [...]