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’Snap news
Breaking pre-market news on Wednesday,
- Santander first-half profit down 21 per cent to €3.5bn – statement.
- ArcelorMittal beats forecasts with 22 per cent rise in first-half Ebitda – statement.
Snap news
Breaking pre-market news on Tuesday,
- UBS says investment banking arm recorded a loss of SFr406m in Q3 — statement.
- ArcelorMittal warns of tough Q4 — statement.
- Brit Insurance recommends £10.45 a share cash offer from Apollo Management and CVC Capital Partners — statement.
Snap news
Breaking pre-market news on Wednesday,
- Telefónica strikes €7.5bn deal to buy Vivo from Portugal Telecom — reports.
- Apollo makes revised £10.75 offer per share for Brit Insurance — statement.
Snap news
Breaking pre-market news on Thursday,
- Nationwide says house price inflation reaches double digits – report.
- Q1 results from Santander beat expectations – statement.
- Siemens lifts guidance after solid Q2 trading – statement and statement.
Mittal set to quit Indian steel projects
Lakshmi Mittal, chairman and main owner of steel group ArcelorMittal is close to pulling out of a $20bn plan to build two large steel plants in India – the centrepiece of his push to expand operations in the country of his birth.
Mittal sees 10% rise in steel demand
Lakshmi Mittal, chairman and main owner of ArcelorMittal, has predicted that world steel demand will pick up by at least 10% next year. In an unusually optimistic forecast, Mittal told the FT that emerging economies were coming out of the downturn “reasonably quickly”
Arcelor eyes $3bn unit spinoff
ArcelorMittal is exploring a joint venture spinoff of its stainless steel business, worth an estimated $3bn, suggesting it is scaling back after expanding over the past decade via acquisitions including the €26.9bn purchase of Arcelor of Luxembourg in 2006. One company with which ArcelorMittal has discussed a possible stainless steel JV is Posco of South Korea.
Shareholder activism – a challenge
At Fortis, the Belgians threw shoes and sang the Marseillaise.
At ArcelorMittal the French stormed the building and threw smoke bombs.
And at AIB yesterday, the Irish were chucking eggs.
ArcelorMittal taps the market
What gives at ArcelorMittal?
Last week, the world’s biggest steelmaker issued a furious denial to “reports” (well, actually rumours mentioned in the FT’s European market report) that it was working on a rights issue and had hired advisers.
Mittal concedes Dillinger defeat
Lakshmi Mittal has conceded defeat in an 18-month effort to win control of a prized German steelmaker although he has come out of the fight with a $1bn pay-off, the FT said. The Indian chairman and main shareholder of ArcelorMittal,
CDS report: worse and worse
The cost of protecting high-risk European corporate debt ballooned past record levels on Tuesday as investor sentiment was battered by cascading global equities and brutal economic data. The National Bureau of Economic research confirmed on Monday the US economy had been in recession since December 2007,
ArcelorMittal to slash 9,000 jobs
ArcelorMittal, the world’s largest steelmaker, unveiled plans on Thursday to slash up to 9,000 more jobs, saving $1bn a year in response to a deepening global economic downturn, reports Reuters. The company said it would launch a voluntary redundancy scheme for largely white collar staff to make the cuts,
CDS report: the post-Citi blues
The cost of protecting European corporate debt against default nudged higher on Tuesday despite yesterday’s global market rally in credit and equities, driven by news of the Citigroup bailout.
That momentum carried through Japanese credit markets overnight Monday,
ArcelorMittal slashes output, spending
ArcelorMittal, the world’s biggest steel producer, on Wednesday said it had instituted big production cuts and was shaving capital spending next year in response to the steep deterioration in the world economy over the past six weeks.
Mittal reviews $35bn plan for growth
ArcelorMittal is reviewing its $35bn expansion programme in the clearest sign yet that the world’s biggest steel producer is preparing for weak growth in demand as a result of the financial crisis. The
ArcelorMittal to sweep up South African associate
ArcelorMittal, the world’s biggest steel group, is preparing to take full control of its South African subsidiary in a $5bn deal, FT Alphaville has learnt.
The Luxembourg-based company, of which the Indian billionaire Lakshmi Mittal is the chairman and controlling shareholder,
Mittal’s Chinese stake plan thwarted
ArcelorMittal has been forced to put its plans for taking a majority stake in a Chinese steelmaker on hold, frustrating the ambitions of the world’s biggest steelmaker in the largest steel market. Lakshmi Mittal,
Is coal the stock market’s canary?
With London equities market wafting in and out of bear market territory on Thursday – a response to the 1.8 per cent drop on the S&P 500 overnight and a 1.46 per cent fall on the Dow – attention turned in the unlikely direction of over-the-counter thermal coal.
Mittal joins Goldman board, eyes Rio battle
Steel magnate Lakshmi Mittal is considering entering the takeover battle for Anglo-Australian iron ore producer Rio Tinto, say people familiar with his thinking, reports the FT. It also emerged at the weekend that Mittal,
ArcelorMittal ditches Macarthur Coal
What is going on with the Pacman of the steel world? On Monday it was all “go” for ArcelorMittal as the world’s biggest steel maker started the week at the centre of bid rumours about its designs on Australian coal producer Macarthur Coal.
ArcelorMittal plays ‘Pacman’ with Macarthur Coal
ArcelorMittal, the world’s largest steelmaker and the “Pacman” of the steel world, kicks off the week at the centre of bid speculation over Australian coal producer Macarthur Coal, after Macarthur’s largest shareholder,
ArcelorMittal goes shopping
ArcelorMittal has indicated its interest in buying Turkey’s biggest steel group after disclosing it had spent $869m building its stake in Erdemir to just under 25%. The move underlines the drive by the world’s biggest steel company to boost its presence in a region it sees as having strong growth possibilities.
StanChart, Mittal, eye India issue
Standard Chartered, the UK-based emerging markets bank, and ArcelorMittal, the world’s largest steel company, are considering listing in India using a domestic depositary receipt programme. The proposed listings are still at an exploratory stage.
ArcelorMittal buys Macarthur Coal stake
ArcelorMittal, the world’s biggest steelmaker, is seeking talks with Australian coal producer Macarthur Coal that may lead to a takeover worth at least A$4.4bn ($4.2bn) after buying a 14.9% stake, reports Bloomberg.
UK bank holiday catch-up
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Deutsche Telekom is considering the takeover of Sprint Nextel of the US which would catapult the German telecoms group from number four to number one by users in the US mobile market.
ArcelorMittal terminates sale of Sparrows Point
ArcelorMittal, the world’s largest steelmaker, has terminated an agreement to sell its Sparrows Point, Baltimore facility to E2 Acquisition due to E2′s inability to secure financing, reports Reuters on Monday.
China Oriental offer spearheads Arcelor ambitions
ArcelorMittal on Thursday unveiled a general offer for China Oriental shares as it stepped up efforts to gain a stronger foothold in China’s fast-growing steel market. But the world’s biggest steelmaker also abandoned a long-delayed effort to acquire a minority stake in Laiwu Steel,
ArcelorMittal to control Chinese steelmaker
ArcelorMittal, the world’s largest steelmaker, has improved its strong position in the industry by becoming the first foreign company to take a controlling stake in a Chinese steel concern. The Luxembourg-based group took a 73% stake in China Oriental Group for about $1.7bn,