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’JPMorgan completes Cazenove takeover
JPMorgan Cazenove on Thursday stressed that it saw scope to make more of the synergies between itself and the UK broker, as it confirmed details of a £1bn takeover deal. JPMorgan is paying 535p a share for Cazenove – 25p in the form of a dividend next month and the rest when the transaction closes early next year.The transaction consummates the joint venture,
Cazenove, the broker that got brokered
Us Brits think of Cazenove as being the epitome of shrewd.
After all, Cazenove partners are/were the masters of corporate broking, the ultimate financial weather-vane for London’s financial community. One-in-three Footsie bosses would/do count the firm’s urbane chairman,
Xstrata approaches Anglo American
Sunday’s press release.
Zug, 21 June 2009
Xstrata plc (“Xstrata”) notes the announcement made by Anglo American plc (“Anglo American”) today. Xstrata confirms that it recently sent a written proposal to the Board of Anglo American seeking their consideration of a merger of equals of the two companies.
Cazenove looks to capital raisings
JPMorgan Cazenove, the UK investment bank, is relying on capital raising by large companies to power its profits in 2009 as revenues from advising on mergers and trading equities come under pressure. The bank said Wednesday it made a strong start to the year with key roles in the £12.5bn rights issue from HSBC and on the offering by Xstrata,
JPMorgan Cazenove shakes up top ranks
JPMorgan Cazenove, the UK stockbroker and investment bank, has reshuffled its top ranks just weeks ahead of the arrival of its new chief executive. The rejig liberates several of the group’s most experienced bankers from management duties and gives greater prominence to younger talent.
Eight arrested in UK insider dealing probe
Eight London-based workers at UBS and JPMorgan Cazenove were arrested for alleged insider dealing Tuesday as police raids sent a chill through the City’s trading rooms. The arrests mark the third high-profile action by the UK’s FSA watchdog in the past week over insider trading,
JPMorgan makes more European job cuts
JPMorgan is expected to complete a reduction of up to 10% of its investment banking workforce in Europe in the third quarter, in the latest sign that the economic slowdown is hitting even relatively resilient banks.
JPMorgan Cazenove seeks chief
JPMorgan Cazenove, the UK-focused investment banking venture, is preparing to start formal interviews for a new chief executive, almost three months after Robert Pickering resigned from the post. The business,
Mick does the Samba? Xstrata’s suitor is said to be CVRD
Not much else to say, really, other than stating that usually knowledgeable sources indicate that Lehman Brothers are advising the Brazilians, while JPMorgan Cazenove are working for Mick Davis.
Oh,
Entrepreneurs plan £2.5bn UK hotel Reit
Two of Britain’s leading entrepreneurs are preparing to announce plans to float a hotel property group worth an estimated £2.5bn on the LSE, reports The Times. Richard Balfour-Lynn, head of Marylebone Warwick Balfour,
Dow Chemical, the firings and the Middle East connection
Fresh from the Fancy That department: Dow Chemical said on Thursday that it had fired two senior executives who had held unauthorised talks with an unnamed potential bidder for the company.
Both Romeo Kreinberg,
Boots to hold out for higher price
Alliance Boots is awaiting a second offer for the company after rejecting the £10-a-share bid from Stefano Pessina, its executive deputy chairman, and KKR as too low. The rejection of the £9.7bn bid for the retail and drugs distribution group came after a four-hour board meeting on Monday – and an earlier meeting of the non-executives convened by Sir Nigel Rudd,
City fears Cazenove move to the Wharf
The City of London may soon have to raise its bowler hat and bid farewell to one of its best known names, Cazenove, reports the Telegraph. As part of its joint venture with JPMorgan the venerable City institution is linked to talks to decide where to locate the US investment bank’s new 1m sq ft London headquarters.
Tesco axes Merrill in favour of Lehman
Tesco has dropped Merrill Lynch as one of its three brokers, having followed Andrew Fowler, the food retail analyst, to the US investment bank six years ago. Tesco, which replaced Merrill with Lehman Brothers,
Booming M&A helps to lift JPMorgan Cazenove
Profits at JPMorgan Cazenove jumped 45 per cent last year as the investment banking joint venture reaped the benefits of booming activity in M&A as well as the equity and debt markets. In the second year of its existence the business,
Rothschild caned; BT clueless
The UK’s Takeover Panel has taken the extremely rare step of giving a bank advising on a takeover a public dressing down. The unhappy recipient of the panel’s wrath is NM Rothschild – which has been advising BT on its negotiations to make an offer for PlusNet,
Carlyle puts Qinetiq stake up for sale
Carlyle will sell its remaining 10.3 per cent stake in Qinetiq, the research company spun out of the Ministry of Defence last year, the private equity group said after the market closed on Thursday. It has appointed Merrill Lynch,
Brevan Howard announces €1bn LSE float
Brevan Howard will list a new close-ended investment vehicle, BH Macro, on the London Stock Exchange, the hedge fund manager said in a statement on Monday.
The FT reported earlier this month that Brevan Howard,
Wiles new move at Morgan Stanley
Nick Wiles, one of Morgan Stanley’s top UK investment bankers, has become a senior adviser to the bank less than two years after joining as a managing director from JPMorgan Cazenove. A rising star at Cazenove Mr Wiles defected in May 2005,
Smiths splits aerospace and defence with GE; £2.1bn back to shareholders
Smiths Group is to break itself in two, selling off its aerospace division to General Electric for $4.8bn (£2.47bn), of which £2.1bn is being returned to shareholders. Smiths chief executive Keith Butler-Wheelhouse said the sale reflected the fact that capital requirements were rising in the aerospace industry,
Brevan Howard and Polygon consider public markets
Two more hedge funds are looking to tap the public markets, according to the Wall St Journal. Brevan Howard and Polygon could apparently be the latest funds to join the hunt for so-called ‘permanent capital’.
Macquarie looking at A$5bn bid for 02 Airwave
Macquarie Communications Infrastructure Group is weighing a bid of up to A$5bn for Telefonica’s O2 Airwave business, the Australian Financial Review reports by way of Reuters. JPMorgan Cazenove is fielding offers for the emergency broadcast services provider.