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’Snap news
Breaking pre-market news on Wednesday,
- Commerzbank profits wiped about by €760m Greek impairment hit; but loan provisions elsewhere show improvement– statement and report.
- HSBC sells US credit card and retail services business to Capital One;
Snap news
Breaking pre-market news on Monday,
- Shares in Southern Cross Healthcare Group suspended after restructuring update announced — statement.
- Nestle to buy 60 per cent of Chinese confectioner Hsu Chi International for $1.7bn — statement.
Snap news
Breaking pre-market news on Thursday,
- BNP Paribas reports Q4 results; takes €534m hit on value of stake in Axa — statement.
- Nestle says emerging markets demand helped offset rising raw material prices — statement.
Snap news
Breaking pre-market news on Friday,
- Vedanta Resources details $6bn financing arrangement for Cairn India — statement.
- Nestlé announces changes to sales recognition policy — statement.
- BTG to acquire Biocompatibles for £177m,
The 50-for-1 CEO job swap
Here’s a radical idea — fire all the CEOs of Stoxx 50 companies in Europe and replace them with a single president, who will serve as the highest-ranking corporate officer at each firm, with full responsibility for their stewardship.
Snap news
Breaking pre-market news on Monday,
- Unilever to acquire Alberto Culver for $3.7bn — statement.
- 3i to acquire Mizuho Investment Management for £18.3m — statement.
- Artemis Alpha Trust and Gartmore Growth Opportunities agree to merge assets — statement and statement.
Snap news
Breaking pre-market news on Thursday:
- Petropavlovsk says production schedule for the rest of the year is very challenging – statement.
- Nestle completes sales of remaining shares in Alcon to Novartis for $28.3bn – statement.
Snap news
Breaking pre-market news on Thursday,
- Credit Suisse posts Q1 net profit of SFr2.1bn – statement.
- Deutsche Bahn agrees £1.6bn bid for UK’s Arriva – statement.
- Bank of Ireland in talks on rights issue – statement.
Snap news
Breaking pre-market news on Tuesday,
- Mike Ashley’s Sports Direct is considering bid for Blacks Leisure – statement and statement.
- AIB reports FY operating loss of €2.4bn – statement.
- Lyondell said to reject $14.5bn Reliance bid – Bloomberg.
Snap news
Breaking pre-market news on Friday,
- Anglo American reports 2009 operating profit of $5.0bn – statement.
- Carrefour full-year net income from continuing operations falls 69.6 per cent to €385m – statement.
CDS report: Kraft’s takeover ambitions hit the buffers
Gavan Nolan of Markit wrote this CDS report
Credit outperformed equity today as European credit indices threatened to break through key resistance levels. The Markit iTraxx Europe tightened by around 1.5bp to hover around the 70bp level,
Cadbury gets creamed by Buffett…
… who also delivers an almighty slapdown to Kraft.
In early afternoon trading on Tuesday, shares in the UK confectioner were hit hard – falling over 4% to 770p
The reason? Warren Buffett, who has thrown a rather big spanner in the works.
CDS report: Nestle sale triggers Cadbury speculation
Markit’s Gavan Nolan wrote this CDS report
It was business as usual today as the credit and equity markets resumed their rally from last year. The Markit iTraxx Europe index closed at 71.5bp, over 2bp tighter than the year-end mark and the tightest level since May 2008 (excluding roll effects).
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.
Hershey nears Cadbury decision
Hershey and the trust that controls it are near a final decision to bid on rival candy maker Cadbury, reports the WSJ. Hershey is wary of sacrificing its investment-grade credit rating should it buy Cadbury,
CDS report: The battle for Cadbury itensifies
Gavan Nolan of Markit wrote this CDS report
European credit indices rallied today, matching a strong performance in the equity markets and recovering some ground from last week. The Markit iTraxx Europe index closed at 84bp,
Berkshire reveals new investments
Billionaire Warren Buffett’s Berkshire Hathaway on Monday revealed new investments in Nestle and Exxon Mobil and said it has nearly doubled its investment in Wal-Mart Stores, reports Reuters. It disclosed the investments,
Snap news
Breaking pre-market news on Thursday,
- National Express board plans cash call before end of the year, continues to evaluate Stagecoach offer – statement.
- Credit Suisse reports SFr2.4bn net profit for the third quarter – statement.
CDS report: Kraft’s debt burden leaves an opening for Nestle
Markit’s Gavan Nolan wrote this CDS report.
European credit indices continued to tighten today, helping to reverse the widening seen last week. The Markit iTraxx Europe index was trading around 92bp,
Cadbury ‘could fetch’ $21bn, analysts
Cadbury, the confectioner that rejected Kraft Foods’ $16.7bn bid on Monday, may attract suitors ranging from Nestle to Hershey and sell for as much as $21bn, according to analysts, reports Bloomberg. Shares in UK-based Cadbury surged past the offer price after it spurned Kraft’s bid,
Kradbury: More hot chocolate
Cadbury shares burst through the 800p level this morning, with much chatter in the market over whether Nestle could launch a counterbid.
The main hitch would be that a combined Cadbury-Nestle would hold close to half of the UK chocolate market – something unlikely to get past the Office of Fair Trading and then the Competition Commission.
Cadbury wispas
Shares in Cadbury are trading through the terms of Kraft’s hostile approach on Monday morning, as the market bets on an increased offer or a counter bid.
Kraft is offering 745p in a mixture of cash and stock for Cadbury,
CDS report: Traders fail to be inspired by equity market rally
This CDS report was written by Markit’s Gavan Nolan
Credit markets proved resistant to bullish sentiment in the equity markets today and continued to widen. Credit investors have been taking profits after the recent rally and didn’t see yesterday’s widening as an opportunity to take long risk positions.
CDS report: EU nation default risk touches record high
The cost of insuring debt issued by the Irish government leapt higher this morning as Europe’s beleaguered credit derivatives traders swallowed hard on last night’s news the Irish state had finally decided to bail out Anglo Irish bank.
Novartis in $11bn eyecare deal
Nestlé has announced it will sell its 77% stake in US-listed eye care group Alcon to Novartis in two chunks. The Swiss pharmaceutical group will buy 25% of Alcon later this year for $143 a share, or $11bn.
Snap news
The latest,
- Novartis has agreed to buy Nestle’s 25% stake in US eyecare company Alcon for $11bn, with a $28bn option to take a further 52 per cent after January 2010 – Reuters story, press release via Genen News.
Nestlé reveals surprise share buyback
Nestlé has turned its back on more big acquisitions, surprising investors on Wednesday with plans for a SFr25bn ($20.5bn) three-year share buyback. The news came as the world’s biggest food group shrugged off fears of higher commodity and raw materials prices to reveal what analysts described as “stellar” first-half results.
Nestle acquires Gerber from Novartis
Nestlé on Thursday bought Gerber baby foods from Novartis for $5.5bn. The acquisition will accelerate a push by the world’s biggest foods group into more profitable activities than mainstream food and beverages.
Nestlé poised to buy Gerber from Novartis
Nestlé, the world’s biggest foods group, was on Wednesday night on the verge of buying the Gerber baby food business from Novartis in a deal worth up to $5bn. An announcement is likely before stock markets open on Thursday morning.
Cadbury chief has taste for Hershey deal
Todd Stitzer, chief executive of Cadbury Schweppes, said a merger with Hershey would make commercial, strategic and financial sense for the UK confectionery company, which is preparing to split itself in half.