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’Snap news
Breaking pre-market news on Wednesday,
- Schneider Electric to acquire Spain’s Telvent for $2bn or $40 per share — statement.
- Lenovo buys controlling stake in Germany’s Medion; to launch offer for rest of company — report and statement.
Snap news
Breaking pre-market news on Wednesday (UK Budget Day),
- Unicredit says profits down 22 per cent; blames Kazakh business — statement.
- Portugal’s Espirito Santo Financial Group sees net income fall 22.4 per cent year on year — statement.
Snap news
Breaking pre-market news on Wednesday,
- BHP Billiton sets aside $43bn to go hostile on PotashCorp offer — statement.
- Eurasian Natural Resources posts $1.435bn underlying EBITDA — statement.
- Rockhopper has $119.7m for exploration;
Snap news
Breaking pre-market news on Monday,
- Standard Chartered expects H1 2010 profits flat on H1 2009 — statement.
- Cost of BP oil spill response rises to $2.65bn — statement.
- DP World postpones LSE listing — statement.
Snap news
Breaking pre-market news on Monday,
- Novartis agrees to buy a 52% stake in Nestle SA’s Alcon for $28bn in cash – statement.
- DP World annouces profit distribution for sukuk holders – statement.
CDS report: Sovereign index rallies as risk aversion retreats
Gavan Nolan of Markit wrote this CDS report
Credit and equity markets across the world resumed their rally as risk appetite returned after a brief hiatus. The Markit iTraxx Europe index tightened to 84bp,
Dubai World – the $26bn debt workout begins
An overnight press release, with our highlights:
Dubai World (“Dubai World”) and its subsidiaries (the “Group”) would like to update their lenders on recent developments relating to their debt obligations.
Dubai World begins restructuring
Dubai World said on Monday that other companies in its group such as DP World, Jebel Ali Free Zone and Istithmar would be excluded from its restructuring because they were financially stable. In its first statement since the state-owned company shocked markets last week with news of a debt-stand-still,
Port in a storm: DP World’s London Gateway struggles for funds
The flagship UK development of DP World, the port arm of the troubled Dubai World, looks to be sinking as it struggles to raise financing for the project, based on the Thames at Thurrock in Essex.
The London Gateway project,
UAE post-holiday hit
As expected, the Abu Dhabi and Dubai stock exchanges have been hit with a wave of selling on their first day open since the Dubai debacle broke.
But with brokers having predicted the indices to be suspended limit down,
Haircuts in Dubai
So the United Arab Emirates has sort-of-but-not-quite stepped in to save Dubai — pledging liquidity support for UAE banks.
At the same time, however, speculation over just what sort of debt restructuring lies in wait for Nakheel bond investors continues apace.
Moody’s statement on Dubai downgrades
Selected highlowlights from Thursday’s early statement.
Emphasis ours.
Moody’s downgrades Dubai GRI rating
DIFC, November 26, 2009 — Moody’s Investors Service has downgraded the ratings of all six government-related issuers (GRI’s) in Dubai and left them on review for possible downgrade.
Shakeout in Dubai
The FT’s Dubai correspondent Simeon Kerr has been ahead of the rest in his (generally bearish) reporting on the state of the emirate’s finances, and now it seems the ratings agencies are catching on.
On Monday,
DP World keeps it local
Further evidence on Wednesday that the developed capital markets of the West are no longer needed by those emerging eastwards.
DP World, the Dubai-owned ports operator has raised a fraction under $5bn after a flotation priced at the very top of its indicative range – $1.30 a share.
DP World aims to silence critics with IPO
The listing of DP World, Dubai’s state-owned container port operator, will provide a riposte to critics of the lack of transparency in the emirate’s many government-owned companies, its chief executive has said. Mohammed Sharaf was speaking after the company confirmed plans to raise $4bn through a listing of 20 per cent of the company’s shares on the Dubai International Financial Exchange.
DP World tests waters for London or Dubai listing
DP World, the world’s third largest ports group and P&O’s owner, has hired Deutsche Bank and Shuaa Capital, a Dubai-based investment house, to consider a partial float or refinancing, just over a year after buying the British ferries and ports group,
Squabbles over DP World’s sale of US ports
The long-running effort by Dubai Ports World to sell off its US port holdings has hit an 11th-hour snag over squabbles with the Port Authority of New York and New Jersey, reports the Wall Street Journal.