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’Snap news
Breaking pre-market news on Monday,
- Centrica buys gas assets from Statoil in $1.6bn deal; seen as expensive by analysts — statement.
- Phoenix Group considering bid approach from CVC Capital Partners — statement.
Snap news
Breaking pre-market news on Thursday,
- Centrica warns of profits; blames warm weather — statement.
- Glencore shares expected to rally after trader flags solid performance of marketing division — statement.
Snap news
Breaking pre-market news on Thursday,
- Credit Suisse Q2 net income falls 52 per cent, plans to cut jobs – statement, report.
- XStrata Coal to acquire First Coal for CDN$147m – statement.
- Royal Dutch Shell adjusted Q2 earnings up 77 per cent to $8bn – statement.
Osborne’s windfall tax on North Sea oil profits
From a stock market perspective one big loser from Wednesday’s budget are North Sea oil producers.
They have been hit with a £2bn windfall tax, that will be used to pay for the removal of progressive fuel tax increases.
M&A matchmaking
There’s been an outbreak of fantasy M&A this Wednesday morning.
Credit Suisse reckons Anheuser-Busch InBev should respond to the continuing ills of the US domestic beer market by making a blockbuster bid for SABMiller:
UK fuel poverty and the security of supply
Here’s one for the tabloids to get stuck into – UK household utility bills could double every five years until 2020.
That’s the view of Unicredit which has been looking into affordability in a review of the utility sector.
Gardner gets to grips with Connaught
If there’s such a thing as the British business establishment then Sir Roy Gardner, chairman of Compass and former boss of Centrica, is a member.
So, there was understandable surprise in May when Sir Roy took on the chairmanship of Connaught,
How utilities are just like banks
As we’ve reported before, UK natural gas prices are destined to stay low for the foreseeable future as a slew of liquefied natural gas cargoes, unwanted elsewhere, is redirected to British shores.
Most cargoes will have originally been intended for the US market,
Snap news
Breaking pre-market news on Wednesday,
- Centrica to invest ₤725m to build offshore wind farms – statement.
- Nic Nicandrou joins Prudential as Chief Financial Officer from Aviva – statement.
- Astrazeneca says it has withdrawn regulatory submissions for certain uses of its Zactima treatment – statement.
Centrica takes controlling stake in Venture
Centrica, the UK’s largest utility, on Monday took a controlling stake in Venture Production, all but securing its £1.3bn proposed takeover of the North Sea oil and gas producer. Centrica increased its shareholding in Venture by 25.2m shares,
M&A turns to Depression-style barter
It is the oldest form of commerce: trading what you have for what you want without exchanging money. Businesses turned to bartering during the 1930s Great Depression. Now, some companies are again swapping assets instead of shopping for them.
EDF sells 20% of British Energy to Centrica
EDF on Monday announced the sale of a 20% stake in British Energy to Centrica of the UK, in a deal that would value the French group’s recently acquired nuclear operator at close to 6% less than the £12.4bn it paid last year.
EDF cleared to buy British Energy
Centrica, owner of British Gas, hopes to agree a deal by the end of next month to take a 25% stake in British Energy for about £3.1bn, after EDF of France gained approval from Brussels to buy the owner of most of the UK’s nuclear power stations.
Snap news
The latest on Monday,
- Citi gets $20bn bailout – Financial Times
- Centrica shareholders approve 3 for 8 rights issue – statement
- Corporate results: Character Group, Homeserve
- Futures see DAX up 4.1%;
Centrica announces £2.2bn rights issue
Rumours had been flying around late last night and early this morning of a rights issue from a Goldman client…
And this morning? The below from Centrica (emphasis ours):
Centrica announces 3 for
Centrica looks to woo British Energy
Centrica, owner of British Gas, has considered adding a cash element of about £4bn to its potential bid for British Energy in order to surmount objections from the UK government, which owns 35% of the nuclear group.
UK ‘would block’ British Energy deal
The UK government would block any attempt by Centrica to merge with British Energy, the nuclear group, after the owner of British Gas said it was considering the idea. Centrica said Monday it would pursue a merger with British Energy if a £12bn ($23.5bn) proposed takeover by EDF of France does not go ahead.
Centrica, others, eye British Energy
Centrica, owner of British Gas, plans to revive the idea of an all-share merger with British Energy if EDF’s proposal to buy the UK nuclear group falls through, reports the FT. EDF’s plan to buy British Energy was thwarted at the 11th hour last week when Invesco and M&G,
Centrica takes control of Belgium’s SPE
Centrica has fulfilled a long-standing vow to take control of Belgian power company SPE, frustrating Gaz de France’s plans to sell its stake to EDF. The British-based utility exercised a pre-emption right over GDF’s 25.5% in SPE for €515m in cash,
Snap news
The latest on Wednesday,
- Vodafone introduces £1bn share buyback programme with immediate effect: board says shareprice “signifcantly undervalues vodafone” – statement
- Centrica takes 51% stake
Three nations talk on British Energy bid
Germany’s RWE and EDF have entered discussions with Centrica about a possible bid for British Energy, the UK’s leading nuclear generator. The talks are at an early stage, but show that the struggle for control of British Energy is gathering pace.
UK’s Centrica to buy Strategic Energy
Centrica is to pay $300m cash to buy US electricity supplier Strategic Energy, as part of the group’s North American expansion strategy. British Gas’s owner said it would merge Strategic Energy and Direct Energy,
Centrica buys North Sea gas group
Centrica, the owner of British Gas, will on Monday announce that it will pay £242m to buy North Sea gas producer Newfield UK Holdings, part of its strategy to increase its upstream gas assets. The deal is the first big move by Sam Laidlaw since he became Centrica chief executive in July 2006 and is part of a plan to reduce Centrica’s reliance upon the wholesale gas market.
Gazprom ‘finalising’ UK acquisition
The Russian gas monopoly Gazprom said at the weekend it was about to close a deal that would increase its presence in Britain but did not name the company, reports The Guardian. Alexander Medvedev, Gazprom’s deputy chief executive,
Geffen sees consolidation in financials, tobacco and utilities
Robin Geffen, managing director and chief investment officer at Neptune Investment Management, thinks 2007 could see consolidation in the financial, tobacco and utilities sectors, reports Reuters.
Geffen bought shares in Dutch financial services group ABN Amro,
Markets live transcript 22 Dec 2006
Markets live chat transcript for the chat ending at 11:56 on 22 Dec 2006. Participants in this chat were: Helen Thomas (HT) Neil Hume (NH)
HT: Good morning – welcome ot the last Markets Live of 2006!!
HT:
Markets live transcript 19 Dec 2006
Markets live chat transcript for the chat ending at 11:44 on 19 Dec 2006. Participants in this chat were: Helen Thomas (HT) Neil Hume (NH)
HT: Good morning and welcome to Markets Live – Alphaville’s daily look at the markets
HT: