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’Snap news
Breaking pre-market news on Friday,
- Tullett Prebon warns of slowdown in October and November; reveals £5.5m of legal costs — statement.
- SABMiller to raise offer for Fosters after Australian Tax Office ruling – report.
Basis swaps and beer
One way to visualise the pressure at the short end of the euro basis swaps curve — indicating trouble getting short-term dollar funding for an unknown number of European banks there — is to go 3D.
Such as here.
Snap news
Breaking pre-market news on Thursday,
- New York Fed “very concerned” about European banks facing funding difficulties in the US — report.
- Holcim suffers as Swiss franc rises — statement.
- Foster’s Group rejects SABMiller bid — statement.
Snap news
Breaking pre-market news on Wednesday,
- SABMiller goes hostile with $10bn bid for Foster’s Group — statement.
- Carlsberg cuts full-year guidance; cites tough Russian market — statement.
- A.P.
Foster’s – the amber nectar? [updated]
The price action in SABMiller on Tuesday morning after its $10bn offer for Foster’s was knocked backed:
If anything, it’s surprising SAB shares haven’t fallen further because it’s difficult to see the logic of the bid for Foster’s,
Snap news
Breaking pre-market news on Tuesday,
- SABMiller seeks engagement with board of Foster’s after $10bn bid is rebuffed — statement.
- Aegon to resume dividend payments — statement.
- Top directors and executives at Jupiter Fund Management to sell 31.3m shares — statement.
Snap news
Breaking pre-market news on Thursday,
- Morgan Stanley gives pre-stabilisation notice on Glencore IPO – statement.
- Bank of Ireland says Irish economy has begun to stabilise – statement.
- Deutsche Bank said to have “privately accepted”
Snap news
Breaking pre-market news on Monday,
- HSBC confirms it’s in talks with Old Mutual on Nedbank majority stake — statement and statement.
- Petrofac posts first-half revenues of $2.13bn — statement.
Snap news
Breaking pre-market news on Thursday,
- National Grid to raise £3.3bn via 2-5 rights issue at 335p a share; announces final results – statement and statement.
- SABMiller reports 17 per cent rise in annual earnings,
Snap news
Breaking pre-market news on Monday,
- Heineken buys beer division of Fomento Economico Mexicano SAB for €3.8bn – statement and statement.
- WIBHM acquires Wolseley’s Irish business for €26.5m – statement.
Snap news
Breaking pre-market news on Thursday,
- Axa says has not withdrawn or changed its proposal with partner AMP for Axa Asia Pacific – Reuters.
- Clariant to cut 570 jobs, close plants – statement.
- Demand for gold falls 34 per cent,
Snap news
The latest on Thursday,
- Close Brothers report £1.2bn fall in funds under management since July – statement
- LSE reports 70% rise in H1 revenue – statement
- Corporate results: BT, Euromoney,
[Bud & Becks] Project Barium – InBev’s negotiations with SABMiller
SABMiller has quietly indicated to Belgium’s InBev that it would formally consider a bid pitched at £15.00 a share or more, valuing the business at £22.6bn, FT Alphaville has learned.
The London-listed brewer has told representatives of InBev,
Alcohol-fuelled M&A gossip? Diageo/ Anheuser/ SABMiller…
Nice to see the merger-mongers are not far behind those declaring an end to the credit crisis and a cautious return to normality.
Wednesday saw speculation – and persistent speculation at that, if you accept that the share prices concerned were moving against the trend – of an $80bn merger in the drinks sector.
SABMiller ends S&N bid hope
SABMiller ended weeks of secret talks with Scottish & Newcastle on Wednesday and abandoned any hope of thwarting Carlsberg and Heineken’s £7.8bn agreed bid for Scottish & Newcastle, Britain’s biggest brewer.
SAB Miller to counterbid for Scottish & Newcastle, FT Alphaville understands
This is RAW market info, but it comes from sources with demonstrable form: SAB Miller is plotting an alternative takeover offer for Scottish & Newcastle that will value the British brewer at around 850p a share or £8bn.
SABMiller sets sights on Russia
Graham Mackay, chief executive of SABMiller, is targeting expansion in the Russian beer market as the country’s rapid economic growth creates greater affluence, and drinkers switch from cheap vodkas to beer.
SABMiller on target for Grolsch
SABMiller, owner of Pilsner Urquell and Peroni, aims to snap up one of the world’s oldest beer brands and expand its premium beer business with its €816m ($1.19bn) recommended offer for Dutch brewer Grolsch.
S&N in search of partners for BBH
Scottish & Newcastle is considering teaming up with another brewer to buy Carlsberg’s stake in Baltic Beverages Holding as it tries to remain independent following a takeover offer from Carlsberg and Heineken last week.
US’s Coors & SAB in $10bn merger
SABMiller and Molson Coors on Tuesday agreed to a $10bn merger of their US brewing operations to create a rival to market leader Anheuser-Busch. SAB and Coors, the second and third-largest US brewers respectively,
S&N move gaining momentum
Scottish & Newcastle is once again talk of the town after an FT report on Monday that the brewer has been sized up as a potential acquisition target by SABMiller and Diageo, two of the drinks industry’s biggest heavyweights.
Project Spice — who might have spoiled the party?
In considering Diageo’s proposal to carve up Scottish & Newcastle between them, SABMiller gave considerable thought to who else might step in to partner the UK drinks giant if it declined – and to which companies might be prompted to launch a counter-bid once S&N were in play.
Project Spice — froth to fact on Scottish & Newcastle
In the words of Malcolm Wyman it was just “old rumours bubbling up and resurfacing again.”
Since a trading update 10 days ago, SABMiller’s chief financial officer made his comment on the future of his smaller rival,
Project Spice – the real plan to break up Scottish & Newcastle
Diageo and SAB Miller, two of the world’s most powerful drinks companies, have held detailed discussions with a view to breaking up Scottish & Newcastle, the British brewer that owns a half share in Russia’s largest beer business.
SABMiller denies interest in S&N
Malcolm Wyman, SABMiller’s chief financial officer, put an end to market speculation that the brewer had been considering a bid for rival Scottish & Newcastle by describing the western European beer market as “singularly unattractive”.
Markets live transcript 30 Mar 2007
Markets live chat transcript for the chat ending at 11:48 on 30 Mar 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Manipulation Live, Alphaville’s daily markets chat.