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’Snap news
Breaking pre-market news on Wednesday,
- Rolls-Royce and Daimler launch joint bid for Tognum; offer pitched at €24 a share — statement.
- Lloyds Banking Group announces management shake-up — statement.
For Skymark, superjumbo orders show super-timing
Rolls-Royce and European aircraft maker EADS are still reeling from the fallout of recent jet engine failures in their Airbus’ A380 super-jumbos (and for Rolls-Royce an additional incident on a Boeing 747),
A380 engine failure hits EADS, Rolls-Royce
Shares in European planemaker EADS fell as much as 2.5 per cent on Thursday after an Airbus A380 operated by Qantas, was forced to make an emergency landing in Singapore. It seems one of the plane’s four Rolls-Royce-manufactured engines exploded — causing the flight to be abandoned just 15 minutes after takeoff.
Snap news
Breaking pre-market news on Friday,
- SEB confirms talks to sell German retail business – statement.
- Fortis blocked from early note redemption by European Commission.
- EADS says Q1 EBIT €83m,
Snap news
Breaking pre-market news on Monday,
- Rolls Royce wins £1.5bn contract to supply 20 Air China aircraft with Trent 700 engines – statement.
- Domino’s Pizza UK and Ireland to return £19m to shareholders via a 317p per share tender offer – statement.
CDS update: Indices underperform in leaden trade
This CDS report was written by Markit’s Gavan Nolan
High-yield credit underperformed investment grade in the European CDS market today in a leaden trading session. Both indices underperformed flat stock markets.
Aerospace mothballs
Ahead of Boeing’s results on April 22, we thought this chart might be instructive. Click to enlarge.
That’s the number of aircraft in temporary storage. The increase in late 2008/early 2009 is startling — and much worse than in the previous down cycle,
Grube to step down as EADS chairman
Rüdiger Grube signalled that he would step down as chairman of EADS, the Franco-German defence group, when he takes over as chief executive of Deutsche Bahn, the German state railway, later this year,
Diverging strategies, airline edition
While most of the world’s airlines weather recession by hunkering down, trimming capacity to cut costs and deal with slackening demand, there are those that have a somewhat different strategy. Spot the odd ones out in this Bernstein chart.
Race set for $35bn US tanker deal
The US Department of Defense will this week re-launch the competition for a $35bn contract to provide aircraft refuelling tankers to the US Air Force as it publishes the final requirements for bids. A request for proposals could come Monday,
Snap news
The latest on Thursday,
- The Tchenguiz family trust is reviewing its options at Econergy, after share price falls, including an offer for the company, an offer for certain assets, or a sale of their 18.3% stake – RNS statement.
EADS plans $15bn of acquisitions
Airbus owner EADS has outlined plans for a five-fold US sales increase over the next four years, based on a string of acquisitions. The FT understands that EADS is planning $15bn of M&A activity between now and 2020,
EADS aims for deal in US defence market
EADS, Europe’s leading aerospace and defence group, is planning acquisitions in the US defence market to reduce its vulnerability to the weakening dollar and achieve a better balance between its commercial aircraft and defence interests.
Alarm over ‘massive’ EADS share sales
France’s stock market regulator, AMF, has raised the alarm over possible insider trading on a “massive scale” inside EADS, the Franco-German aerospace group. AMF has focused on share dealings by 21 past and present senior executives at EADS and its Airbus aircraft subsidiary,
What’s going on with Goldman’s Global Alpha fund
It may have been a horrible, final week in July for the hedge funds. But Goldman Sachs is in particularly zealous damage control over reports of trouble at its Global Alpha hedge fund.
On Tuesday Goldman denied market talk that it was liquidating the fund,
France and Germany consider EADS veto
Germany has proposed creating “golden shares” in EADS to give the French and German governments a veto over strategic decisions by Europe’s biggest aerospace and defence company, German officials said Monday.
Dubai ruler puts faith in EADS
EADS on Thursday won a much-needed vote of confidence after Dubai’s ruling family took a 3.12 per cent stake in the Franco-German aerospace group Airbus through Dubai International Capital, the investment arm of the family’s Dubai Holdings.
Political stress-testing – Dubai takes stake in EADS
Portfolio diversification by the Dubai authorities proceeded apace on Thursday with news that Dubai International Capital has built a 3.12 per cent stake in European Aeronautic Defence and Space Company.
EADS abandons plan for London IPO
EADS, the leading European aerospace and defence group, has abandoned a plan to list its shares in London, Margaret Hodge, UK industry minister, said on Tuesday. The London listing was one of a package of measures,
Qatar in talks with EADS to buy 10% stake
The Gulf state of Qatar on Monday affirmed its interest in taking a stake of up to 10 per cent in EADS, the European defence and aerospace group which has been pummelled by problems at its Airbus unit,
Very private equity
Qatar, it seems, is perched atop an infinite supply of happy gas, says Lex. On Monday reports linking Qatar’s government investment funds to a possible buy-out of J Sainsbury as well as a strategic stake in EADS,
Banks agree to buy EADS stake
A consortium of banks has agreed to buy a 7.5 per cent stake in EADS from DaimlerChrysler for an interim period, which will give the German government more time to find a long-term solution to the ownership structure at the aerospace group.
A synthetic solution for EADS stake
Credit Suisse, Morgan Stanley and Goldman Sachs have together been named as the likely buyers of about a fifth of the stake in aerospace and defence group EADS being sold by DaimlerChrysler, according to Financial Times Deutschland.
Banks agree to buy 7.5 per cent EADS stake
A consortium of more than 10 banks has agreed to buy a 7.5 per cent stake in EADS, the aerospace group, from DaimlerChrysler. The banks aim to close the deal early next month. The lenders, including both private and public institutions,