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’Snap news
Breaking pre-market news on Tuesday,
- Total to pay $1.63bn over seven years in US shale gas venture with Chesapeake and EnerVest — statement.
- Codelco says it exercises disputed option to buy 49 per cent of Anglo American’s Chile subsidiary,
Snap news
Breaking pre-market news on Friday,
- Anglo American acquires Oppenheimer family’s 40 per cent interest in De Beers for $5.1bn — statement.
- RBS books additional charges against Greek debt holdings;
Snap news
Breaking pre-market news on Monday,
- Rio Tinto and Anglo American to sell Palabora Mining shares –statement and statement.
- Alexon says in discussions on possible offer, warns on profit –statement.
Snap news
Breaking pre-market news on Friday,
- Anglo American says Tarmac to merge with Lafarge’s UK business; announces results — statement and statement.
- Retonkil Initial says resumption of dividend remains under review pending recovery at City Link and Textiles divisions — statement.
Snap news
Breaking pre-market news on Friday,
- Nokia announces new leadership, new financial targets and new strategic partnership with Microsoft — statement and statement.
- John Lewis pension fund sells remaining stake in Ocado — statement.
Snap news
Breaking pre-market news on Thursday,
- BAE Systems warns of a £150m hit related to Trinidad and Tobago offshore patrol vessel programme — statement.
- Credit Suisse Q3 net profit down 74 per cent — statement.
Snap news
Breaking pre-market news on Friday,
- British Airways pre-tax loss increases to £164m from £148m — statement.
- Anglo American reinstates dividend of $0.25 per share — statement.
- Vedanta Resources posts record $794m Ebitda — statement.
CDS report: Grinding tighter
Markit’s Gavan Nolan wrote this CDS report
News vacuum helping spreads to tighten
Euro rallying, supporting risky assets
Peripheral sovereigns lagging broader market – Greece 680bp, Italy 215bp (+1),
CDS report: Shorts back off
Risk appetite returning, little in the way of news
Commodity credits rebounding
Sovereigns tightening, Italy underperforming – Greece 675bp, Portugal 320bp (-10), Spain 235bp (-7), Ireland 245bp (-9),
The not so horrid Henry Tax
Mining stocks led Wednesday’s dead cat bounce in London:
And one reason was a report that claimed the Rudd government in Australia was set to perform something of a u-turn on its proposed mining supertax.
CDS report: In retreat
European credit markets in retreat after solid opening
Positive sentiment from EUR750 billion bailout a distant memory
Sovereigns under pressure – Greece 700bp (+23), Portugal 335bp (+57), Spain 205bp (+22),
The horrid Henry Tax
Messy, complicated, confusing and ultimately damaging for investment in mining down under.
That’s reaction in the City of London to the Australian government’s plan for a 40 per cent tax on profits generated by resource companies (the so-called Henry Tax),
Snap news
Breaking pre-market news on Thursday,
- Credit Suisse posts Q1 net profit of SFr2.1bn – statement.
- Deutsche Bahn agrees £1.6bn bid for UK’s Arriva – statement.
- Bank of Ireland in talks on rights issue – statement.
Snap news
Breaking pre-market news on Friday,
- Anglo American reports 2009 operating profit of $5.0bn – statement.
- Carrefour full-year net income from continuing operations falls 69.6 per cent to €385m – statement.
Snap news
Breaking pre-market news on Thursday,
- BT says expects to deliver adjusted EBITDA of around £5.7bn for the full year – statement, pension statement.
- Rio Tinto announces underlying earnings of $6.3 billion – statement.
Snap news
Breaking pre-market news on Monday,
- Xstrata full-year profit falls 41 per cent to $2.7bn – statement.
- Anglo American supports Anglo Platinum’s $1.6bn rights offer – statement.
- Espirito Santo proposes acquisition of controlling stake in Execution Noble – statement.
[Mining Indaba 2010] Day III
By Matthew Kennard.
Wednesday was all about investment security and Africa. The conference was addressed by South African mining minister, Susan Shabangu, who made noises a lot of people in room liked.
Snap news
Breaking pre-market news on Friday,
- European Union leaders urge IMF to consider a global financial transaction tax in draft summit statement – Reuters.
- Gordon Brown blocked Alistair Darling’s plan to increase VAT – Guardian.
De Beers to receive $1bn injection
The three shareholders of De Beers, the world’s biggest diamond producer, have agreed in principle to inject up to $1bn in the company through a share placing, the FT has learnt. Global mining group Anglo American,
RBS chief under fire over Anglo role
Shareholders in Royal Bank of Scotland are protesting that Sir Philip Hampton has taken a non-executive board position at Anglo American in addition to his full-time role as chairman of RBS. Investors are concerned his new role at the mining group will distract him from steering RBS,
Snap news
Breaking pre-market news on Thursday,
- National Express board plans cash call before end of the year, continues to evaluate Stagecoach offer – statement.
- Credit Suisse reports SFr2.4bn net profit for the third quarter – statement.
Xstrata still keen on Anglo
Xstrata signalled on Thursday its continuing interest in a deal with Anglo American, even as it dropped its ambitious proposal for a “merger of equals” with the rival miner. Swiss-based Xstrata on Thursday backed away from making a formal offer for Anglo after the UK Takeover Panel ordered it to “put up or shut up” before Oct 20.
CDS report: M&A activity has contrasting impact on spreads
Markit’s Gavan Nolan wrote this CDS report
After a promising start, European credit indices gave back early gains following disappointing earnings. This morning the Markit iTraxx Europe index broke though the 80bp barrier for the first time in nearly a month and the Markit iTraxx Crossover index tightened below 500bp for the first time since June 2008.
Baosteel seeks stake in Anglo mine
Chinese steel and iron ore group Baosteel has proposed to pay $1.6bn for a 30% stake in Anglo American’s huge Minas Rio iron ore mine in Brazil, reports the Observer. Any deal with Baosteel could help Anglo fend off suitor Xstrata,
Snap news
Breaking pre-market news on Friday,
- UK house prices back to September 2008 level — Nationwide.
- Anglo American notes Takeover Panel deadline for Xstrata deal — statement.
- EU bank losses could be €400bn in deeper slump — Bloomberg.
Xstrata given deadline on Anglo bid
Xstrata has been given three weeks to “put up or shut up” on its proposal to merge with rival miner Anglo American by the panel that oversees M&A in the UK. Anglo American approached the Takeover Panel on Tuesday to force Xstrata to make a formal offer or walk away for six months.
CDS report: Falling Chinese equities weigh on credit sentiment
Gavan Nolan of Markit wrote this CDS report
European credit indices widened for the sixth consecutive session today following another sharp drop in Chinese equities. The Markit iTraxx Europe was at 102.75bp,
Lex: Anglo American
Anglo’s CEO talked about many issue during the results presentation, but was deafeningly silent on the one most people wanted to hear about: Xstrata
“I’ve got nothing to say,” was, in effect, the sum of Cynthia Carroll’s defence when Anglo American’s chief executive was quizzed about Xstrata’s nil-premium merger proposal.
Lex: DeBeers
DeBeers is struggling as shoppers tone down the bling, but perhaps more significantly, it could cause trouble for Anglo American in the near future.
De Beers is a small carat in Anglo’s bejewelled crown.