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’Snap news
Breaking pre-market news on Monday,
- G4S to buy rival ISS for £5.2bn; to be part financed by £2bn rights issue — statement and statement.
- BP drops Gulf of Mexico claims against Anadarko following $4bn payment — statement.
Snap news
Breaking pre-market news on Tuesday,
- Mitchells & Butlers says Piedmont’s 230p a share offer significantly undervalues company — statement.
- Cairn Energy announces further disappointing results from Greenland drilling campaign — statement.
Lights go off at Philips
For Wednesday’s equity market disaster du jour we take a short hop across the North Sea to the Netherlands and Koninklijke Philips Electronics, which has unleashed an ugly profits warning that’s knocked about EUR2.5bn from its market capitalisation.
Snap news
Breaking pre-market news on Wednesday,
- Philips issues profits warning; blames consumer/lightning divisions — statement.
- AstraZeneca sells Astra Tech business to Dentsply International for $1.8bn — statement.
Snap news
Breaking pre-market news on Monday,
- Synthes confirms takeover talks with Johnson & Johnson — statement.
- Philips to divest TV business – Q1 profit below expectations — statement.
- Arkadiy Abramovich acquires 26 per cent stake in Crosby Asset Management – statement.
Snap news
Breaking pre-market news on Monday,
- Greencore ‘considering its options’ after Northern Foods recommends Boparan bid – statement.
- Serco responds to weekend bid rumours; says not in discussions regarding any major transaction — statement.
Presenting Emo
Or the Emotion Mirroring System for Online Traders.
This stylish bracelet and bowl are the fruits of a joint venture between Dutch electronics group Philips and ABN Amro, and were designed to help online traders make better decisions.Here’s how the system works: The Emobowl ™ acts as an emotion mirror,
CDS report: Philips tighter after reporting better-than-expected earnings
Gavan Nolan of Markit wrote this CDS report
European credit spreads tightened today, extending the rally seen last week. The Markit iTraxx Europe index closed at 87bp, over 3bp tighter than Friday’s close.
European conglomerates struggle to provide returns
European conglomerates’ argument that they are a good investment in troubled times has been hurt by a string of below-average performances during the current recession, according to the FT’s annual snapshot of the world’s largest companies,
NXP to overhaul $6bn secured debt
NXP, the Dutch semiconductor maker founded by Philips, is understood to be planning to restructure its $6bn debt. The company, which has about $5.7bn of high-yield bonds, making it Europe’s biggest issuer of junk bonds,
Companies cut 76,000 jobs in a day
Corporate bellwethers in the US and Europe slashed more than 76,000 jobs from their payrolls on Monday. US corporate groups such as Caterpillar, General Motors, Sprint Nextel, Texas Instruments, and Home Depot led the retreat,
Job cuts – the details
Caterpillar, the world’s largest maker of construction equipment, said it would cut 20,000 jobs as it reported an annual fall of more than 32% in Q4 profits – a month after slashing executive salaries and jobs at large plants.
Bain in deal to buy Japan’s D&M
Bain Capital, the US buy-out fund, is set to make a rare acquisition in Japan with the agreed purchase of the maker of Denon audio equipment in a deal worth up to Y48bn ($447m). Bain said Friday it would launch a tender offer this week for shares in D&M Holdings,
Europe braces for results season
Europe’s Q1 earnings season starts Monday with earnings due from Philips, as some European executives and analysts warn about the continent’s outlook. After General Electric disappointed markets with a profits warning Friday,
CDS report:Continental widens on continuing bid rumours
Five-year credit default swaps on Continental, the German tyre and car parts maker, widened sharply on Tuesday on rumours of a private equity bid approach.Credit default swaps, which are a kind of insurance against non-payment of bonds,