Strong profits set to boost BHP’s bid case

first_img Share Strong profits set to boost BHP’s bid case Jack Gabb at Liberum Capital said: “In the long term the acquisition seems a reasonably good fit for BHP, and if they end up getting it at the current price, it will be viewed very positively by the market. But the danger is that the company will end up having to pay too much for this asset.”Speculation over a counter-bid has focused on China, particularly state-owned entities which are greedily eyeing the world’s largest potash producer as a key strategic asset in light of the booming global population.However, rival miners Vale and Rio Tinto have dismissed speculation over their interest in the firm. Rumours of a bid forthcoming from Vale were “totally unfounded”, the Brazilian company said. Rio chief executive Tom Albanese, when asked about his interest in the fertiliser industry, said: “I’m not a farmer, I’m a miner.” Tuesday 24 August 2010 7:22 pm whatsapp MINER BHP Billiton is today expected to reveal robust full-year earnings, strengthening its case as it embarks upon a charm offensive across the globe to try and convince investors of the merits of its $39bn (£25.2bn) hostile bid for Canada’s PotashCorp.Analysts expect BHP to deliver underlying earnings before interest and tax (Ebit) of $20.1bn, 10.4 per cent above last year’s $18.2bn figure.The strong results will buoy BHP’s chances of winning over sceptical shareholders, who have expressed concerns at the likelihood of BHP having to stump up more than its $130-per-share offer if rival bids emerge. whatsapp KCS-content Show Comments ▼ Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmHero WarsBig Boss of internet games!Hero Warsmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld Lifestyle Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof last_img read more

IMF warns banks still pose threat as currency war looms

first_img Show Comments ▼ SOVEREIGN debt risk in Europe and continued real estate woes in the United States have dealt a setback to global financial stability in the past six months, the International Monetary Fund said yesterday.The IMF said risks to the financial sector could be reduced if legacy problem assets were cleaned up, if governments improved their fiscal positions and if more clarity were provided on global financial regulation.“The global financial system is still in a period of significant uncertainty and remains the Achilles’ heel of the economic recovery,” the IMF said in its twice-yearly Global Financial Stability Report.“The recent turmoil in sovereign debt markets in Europe highlighted increased vulnerabilities of bank and sovereign balance sheets arising from the crisis,” the fund said.The IMF said it trimmed its estimate of total global bank write-downs related to the financial crisis between 2007 and 2010 to $2.2 trillion (£1.38 trillion) from its April estimate of $2.3 trillion. Separately, the head of the International Monetary Fund warned yesterday that countries risked undermining the global economic recovery if they sought to use their currencies to boost domestic growth.“There is clearly the idea beginning to circulate that currencies can be used as a policy weapon,” Dominique Strauss-Kahn told the Financial Times. “Translated into action, such an idea would represent a very serious risk to the global recovery.” Tuesday 5 October 2010 8:09 pm More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Sharecenter_img whatsapp IMF warns banks still pose threat as currency war looms Tags: NULL KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todaylast_img read more

Mitsubishi to buy RBS assets for £3.8bn

first_imgMonday 15 November 2010 3:03 am whatsapp John Dunne More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Share Show Comments ▼center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solutionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For Life Tags: NULL Mitsubishi to buy RBS assets for £3.8bn Mitsubishi UFJ Financial Group said it would acquire project finance loans and assets from the Royal Bank of Scotland for £3.8bn.Sources told Reuters earlier this month MUFG was in talks to buy the project finance book. last_img read more

Balfour Beatty signs up for £106m schools work

first_img KCS-content Balfour Beatty signs up for £106m schools work Share Thursday 16 December 2010 7:44 pm INFRASTRUCTURE group Balfour Beatty finalised two school construction projects yesterday in a deal due to net them £106m. Balfour will work for Ealing and Oldham councils to deliver two brand new secondary schools under public private partnership (PPP) contracts and refurbish two other schools.The company will invest equity of up to £6.3m in the two 25-year concessions as part of the PPP deal, and work on the schools will begin in early 2011. Balfour Beatty chief executive Ian Tyler said: “We look forward to delivering these first-class learning environments for the pupils and their teachers while demonstrating our commitment to the local communities through an employment and skills pledge that will leave a lasting skills legacy.”Balfour has construction contracts with education authorities worth nearly £800m through PPP. whatsappcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

Boris calls on Osborne to scrap 50p top tax rate

first_img whatsapp BORIS JOHNSON has called for the 50p top tax rate to be scrapped to allow the City to compete on a global stage.The London mayor’s comments risk stirring up tensions between himself and chancellor George Osborne, who has refused to remove the higher band.Speaking to Management Today magazine, Johnson said: “It’s not right that an entrepreneurial city such as London should have a top tax rate higher than most of its competitors.“People respond to hostile signals. Our message should be that we’re open for talent from all over the world.”A spokesperson for the mayor said last night: “The mayor’s words are not meant to be inflammatory, he is calling for something the government has said it ultimately wants to do.“The top rate comes on top of other things that make it more difficult in London, such as the bonus tax and the banking levy. All these add up to a fairly hostile mood for the City.” Show Comments ▼ Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comcenter_img KCS-content Boris calls on Osborne to scrap 50p top tax rate Wednesday 5 January 2011 7:51 pm More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comColin Kaepernick to publish book on abolishing the policethegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Tags: NULLlast_img read more

Hester set to be rewarded with shares

first_img Hester set to be rewarded with shares RBS chief executive Stephen Hester is unlikely to receive a cash bonus for last year.The bank, which is majority-owned by the taxpayer, is instead thought to be offering the chief executive shares in the bank and could defer the reward for several years, in accordance with new European bonus rules.Hester is eligible for a maximum bonus of twice his £1.22m salary, though any possible reward could face opposition from UK Financial Investments, the manager of the taxpayer’s stake in the bank.The RBS chief executive has waived his bonus for the previous two years, in a bid to quell populist anger over executive remuneration.The remuneration committee of the bank, which was bailed out with £45bn of public money at the height of the crisis, says it has yet to decide on bonuses.Other senior executives at the bank will also likely receive any variable remuneration in deferred shares, it is understood. whatsapp Sunday 9 January 2011 11:08 pm whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgcenter_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Show Comments ▼ KCS-content Tags: NULLlast_img read more

Mecom turns down merger suggestion

first_img KCS-content Mecom turns down merger suggestion Wednesday 12 January 2011 8:51 pm Show Comments ▼ Share whatsappcenter_img Read This Next’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe WrapHow HGTV’s ‘Renovation Island’ Changed Bryan and Sarah Baeumler’sThe Wrap’Bridgerton’ Stars Phoebe Dynevor and Nicola Coughlan on Daphne andThe WrapBest Wine Gifts & Wine Accessories at Every PriceGayot’Hitman’s Bodyguard’s Wife’ Earns $17 Million 5-Day Opening as Box OfficeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The WrapEverything We Know, or Think We Know, About the Time-Keepers on ‘Loki’The Wrap’The Crown’: What Went Into Finding Princess Diana and Margaret ThatcherThe Wrap whatsapp MECOM, the European regional newspaper group, has turned down a takeover approach from Trinity Mirror, publisher of the Mirror titles.The approach, which came in a telephone call from Trinity chairman Sir Ian Gibson a few weeks ago, according to Sky News, was rejected by his opposite number at Mecom. No announcements were made to the London Stock Exchange, with both companies believing there was nothing of substance to report.A merger between the two companies might have brought together by Mecom chief executive David Montgomery who used to head Trinity Mirror.However, Montgomery has been fighting a rearguard action at Mecom, with a group of shareholders who own around 40 per cent of the group’s shares wanting him to quit. Mecom has been conducting a search for a new chief executive to replace Montgomery after shareholders pressed for his departure. The search process has recently faltered, leading some to suggest that Montgomery wants to stay.One candidate, who has had conversations with the group’s recruitment consultants, told CityA.M: “This has been the weirdest process. I would describe it as shambolic. I just did not get a good vibe about it.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Tags: NULLlast_img read more

Greencore rejoins fight for Northern

first_img Greencore rejoins fight for Northern SHARES in Northern Foods rose 17.5 per cent yesterday following potential partner Greencore’s pledge to improve its merger offer. Greencore yesterday responded to Ranjit Boparan’s takeover bid for Northern by acknowledging “the importance attached…to the certainty of cash value” in the counter offer and promising to consider its own options. It is understood that Greencore is looking at adding a cash sweetener to its all-share merger plan. Chicken magnate Ranjit Boparan, who also owns the Harry Ramsden fish shop chain, on Friday made a 73p per share cash bid, valuing the Leeds-based maker of Goodfella’s pizza and Fox’s biscuits at about £342m. The board at Northern dropped their support for the merger with Greencore, first announced in November, and recommended the bid from Boparan’s BH Holdings.Northern’s shares closed at 74p yesterday, slightly above Boparan’s offer price. The planned merger with Greencore valued Northern shares at just over 48p, though Greencore yesterday stressed the annual cost synergies of £40m from sharing operations and basing the enlarged company in Ireland. Warren Ackerman at Evolution Securities said the Boparan bid offers shareholders the certainty of a cash exit, although the merger with Greencore offers more logical synergies. “If Greencore were to add 25p-plus cash to the existing merger terms, we thing the offer should be seriously considered by shareholders,” said Ackerman in a note to shareholders. Tags: NULL Share More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldcenter_img whatsapp whatsapp Show Comments ▼ Monday 24 January 2011 7:44 pm KCS-content last_img read more

Genzyme boss set for $300m share payout

first_imgSunday 6 February 2011 9:45 pm More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com whatsapp KCS-content Tags: NULL GENZYME chairman and chief executive Henri Termeer stands to pocket around $300m (£186m) if Sanofi Aventis’ $19.4bn cash bid gets the green light, as looked increasingly likely last night. If priced at $74-per-share, the takeover deal would mean that the Genzyme board’s combined stake in the company would be worth more than $1.4bn, with the biggest potential payouts going to Termeer, who holds 4.1m shares, and independent director Ralph Whitworth, with 10.6m. Termeer, who joined Genzyme in 1983 and became chairman in 1988, indicated last year that a successful takeover could provide the perfect opportunity for him to step down at the age of 65, though speculation remains over whether he could take an active role in the new management or remain on the board as a director. His tenure was recently criticised by Genzyme founder Sheridan Snyder, who indicated that a change at the top was necessary to drive the company forwards. Termeer, who was paid $11.5m in 2010, is also likely to get a significant pay-off if Sanofi Aventis decides he should step down. If he retained a stake in the absorbed company, Termeer could still benefit from the tradable contingent value right – a delayed payout linked to the performance of Genzyme’s experimental multiple sclerosis drug, Lemtrada.TIMELINE | SANOFI-AVENTIS APPROACH FOR GENZYME● Feb-May 2010Sanofi reviews its strategic options, including an acquisition of Genzyme.● 23 May 2010Genzyme chief executive Henri Termeer said he was open to discussing a transaction, but asked to wait until after the company’s shareholder meeting in June as he tried to fend off a proxy battle with key shareholder Carl Icahn.● 9 June 2010Genzyme announces settlement with Icahn and appoints two directors designated by the financier.● 2 July 2010Media reports say Sanofi mulls large US biotech acquisition.● 28 July 2010Sanofi’s board revisits a proposed transaction with Genzyme through a letter outlining the terms of an acquisition.● 29 August 2010Sanofi publicises its letter to Termeer offering $69 per share for Genzyme. Genzyme publicly rejects the bid.● 4 October 2010Sanofi-Aventis made a hostile $18.5bn bid for Genzyme after failing to enter into friendly negotiations.● 13 January 2011The European Commission grants merger approval to the proposed takeover. Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBe Genzyme boss set for $300m share payout Show Comments ▼ whatsapplast_img read more

Hands joins Chaucer bid fray

first_img GUY Hands’ Terra Firma buyout house confirmed it was in the bid race for Lloyd’s insurer Chaucer yesterday following feverish speculation over the potential bidders. Sources familiar with the situation told City A.M. that at least one further bidder is also in talks with the insurance company.A US trade buyer is reportedly in takeover talks, while US private equity firms are also in discussions over making a bid, the sources said.In a statement, Terra Firma said it “notes the recent speculation concerning a possible offer for Chaucer and confirms that it is currently considering making an offer for the entire issued and to be issued share capital of Chaucer.”Chaucer, which has a market capitalisation of about £300m, has bounced back from a tough recession that saw it lose £72m of assets in the financial crisis and resort to a £75m rescue rights issue in 2009.It is now considered a well-managed firm and has been a sales target for two years, with names such as Brit Insurance, Amlin and Novae all linked to merger talks.Private equity firm Pamplona Capital owns 9.9 per cent, but also has an interest over a further six per cent stake previously owned by US hedge fund Och Ziff. However, the Financial Services Authority has not allowed Pamplona, which is financed by Russia’s Alfa Bank, to raise its stake in Chaucer above ten per cent.Private equity firms have a growing interest in insurers.TIMELINE | GUY HANDS’ PREVIOUS INVESTMENTSWilliam Hill: bought in 1997 for £700mBought by Nomura when Hands ran its private equity arm. Hands tried to float it in 1999 but abandoned the plan after a lack of interest. Sold to CVC Partners and Cinven for £825m for negligible return.Thresher: bought in 2000 for £225mBought by Hands in his Nomura days, the off-licence chain was sold to a private equity consortium in June 2007. Hands made an undisclosed sum said to be a small profit on the buy price.Le Meridien: bought in 2001 for £1.9bnThe hotel chain was bought in a highly-leveraged deal just before the slump in travel post-9/11. In 2003, creditor banks took control of it and restructured and re-capitalised it. Finance providers were paid back by 2005 and it was sold to a trade buyer.Odeon & UCI: bought in 2004 for £582m Hands merged two cinema firms to create Europe’s largest chain. The company is now valued at about £1bn. Private equity firms reported to have bid for it last year but Hands said no sale process was under way.EMI: bought in 2007 for £4.2bn Bought at the height of the buyout boom with £2.6bn of debt from Citigroup. Citi took control of it this year after its debt reached an unsustainable £3.4bn and will sell it. Terra Firma investors lost £1.75bn. whatsapp Tuesday 8 February 2011 8:54 pm Tags: NULL Hands joins Chaucer bid fray KCS-content More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamBetterBe20 Stunning Female AthletesBetterBe Show Comments ▼ Sharelast_img read more