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’Snap news
Breaking pre-market news on Wednesday,
- Thomas Cook says first quarter bookings off to slow start; to close 200 shops; net debt £891m — statement.
- But German rival Tui says it expects to post a net profit in current fiscal year — statement.
Snap news
Breaking pre-market news on Tuesday,
- Allied Irish Banks won’t make bonus payments — statement.
- BT completes sale of 5.5 per cent stake in Tech Mahindra — statement.
- Betfair on track to meet forecasts — statement.
The Tui deal less travelled
Tui Travel is one the biggest risers in the FTSE 100 on Wednesday morning.
The reason is reheated rumourtrage that parent company Tui is considering bidding for the 45 per cent of the travel company it does not already own.
Snap news
Breaking pre-market news on Tuesday,
- Deutsche Bank says needs moderate capital market refinancing in 2010, overall loan loss provisions expected to decline in 2010 – Reuters
- “We have heard nothing that surprises us”:
Tui lines up funds for Hapag-Lloyd
Tui, the German tourism group, is to provide more than two-thirds of the short-term financing needed by Hapag-Lloyd after many of the container shipping line’s other shareholders refused to take part in a rescue deal.
Hapag-Lloyd seeks €300m cash lifeline
The owners of Hapag-Lloyd, Germany’s biggest container-shipping line, were locked in talks on Monday night over a €300m ($427m) lifeline for the company amid the industry’s worst slump. The two largest shareholders – Tui,
Snap news
The latest on Thursday,
- Swiss National bank finances $54bn asset sale from UBS; measures to strengthen Swiss banking system – statement.
- Ashmore report assets under management down 14.7% at $32bn – statement.
Hapag-Lloyd sold for €4.4bn
German tourism group Tui has sold its Hapag-Lloyd shipping subsidiary in a €4.45bn ($6bn) deal that will keep the company in German hands and see Tui retain an interest through a minority stake in the buyer.
Snap news
The latest on Monday,
- Kazakhgold confirms approach from Polyus Gold for $14.73 a share – statement
- Man Group reports $5bn fall in funds under management – trading statement
- ICAP says H1 revenue up 20% on H1 07 – trading statement
- Thomas Cook has withdrawn from merger discussions of Condor,
Snap news
The latest on Thursday,
- Q2 profits all but evaporate at Credit Agricole. Bloomberg
- Swiss Life misses forecasts at the half-year, warns on year-end. Reuters
- Thomas Cook in talks with Lufthansa and TUI about merging their respective no-frill operations – Condor,
NOL talks raise prospect of Hapag-Lloyd bid
Singapore’s Neptune Orient Lines, the world’s eighth-biggest container shipping firm, is in talks with banks to take up a $5bn-7bn syndicated loan, reports Reuters. The talks come as German tourism group TUI chief executive Michael Frenzel tours Asia to market his company’s container shipping business Hapag-Lloyd,
Temasek and Tui in merger talks
Temasek, the sovereign wealth fund, and Germany’s Tui are in talks to merge their shipping operations in a deal that could see the Singaporean group take a stake of more than 20% in the Hanover-based travel group.
Tui snubs activist
The non-executive directors of travel-to-shipping group Tui threw down the gauntlet to a dissatisfied activist shareholder by extending the contract of Michael Frenzel, their controversial chief executive,
Weekend catch-up: 3Com, Wyser-Pratte, Merrill
In case you missed it:
China faces scrutiny over 3Com deal
The US is expected to scrutinise on national security grounds Friday’s joint acquisition of 3Com, the US networking group, by Huawei Technologies,
Tui break up on the cards?
A seemingly unremarkable statement dropped out of German travel and transport conglomerate Tui late on Tuesday:
Geveran Trading Co. Ltd., Limassol, Cyprus, has informed us on 21 August 2007 pursuant to paragraph 21,
CDS Report – European credit derivatives widen
European credit derivative prices widened on Thursday morning after equities suffered following comments from former US Federal Reserve chaiman Alan Greenspan.
Mr Greenspan sparked fears of a repeat of the volatility seen in late February when he warned of a possible sharp fall in China’s stock markets.
EU focus likely on tour groups’ deals
Merger plans by Europe’s leading tour operators are certain to come under tough scrutiny by the European Commission in the wake of Monday’s tie-up between Tui and First Choice, competition lawyers said.
CDS report: Tui spreads tighten
The cost of buying protection against default of TUI, Europe’s biggest holiday tour operator, fell sharply on Monday morning after it announced plans to merge with First Choice Holidays.
Traders saw the move as positive for the German company,
Tui set for travel group merger
The board of Tui, which owns Thomson Holidays of the UK, is expected to agree to merge its tour operating business with First Choice, a move that would see Europe’s four leading tour operators consolidate into two in just over a month.
CDS Report: Tui in the frame
Germany’s Tui, the travel group, saw volatile trading in the European credit derivatives market on Wednesday morning on speculation that Denmark’s AP Moeller Maersk might be interested in buying Tui’s shipping division,