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’The price of oiler realpolitik
Here’s an AIM-listed enigma to ponder on Monday.
Life is looking rather good if you’re a London-listed oil mid-cap at the moment. Kind of less so if you’re out to buy one. Why?
As Oriel Securities’ Richard Rose noted on Monday,
August in ‘busy’ shocker for global M&A
It’s beginning to look as if Credit Suisse were right about the upcoming rise of global M&A they recently predicted, though perhaps even they couldn’t have guessed how quickly it would come.
This is August,
Of Vedanta and Vikings, Part II
The deal’s done and Cairn Energy’s choice is made, then. Greenland, rather than India. Via a deal with Vedanta the size of which was largely unexpected when an offer was first rumoured last week.
Any room for second thoughts then?
Not really,
Snap news
Breaking pre-market news on Monday,
- Vedanta to acquire 51 to 60 per cent of Cairn India — statement.
- Cairn Energy plans ‘principal focus’ on Greenland after disposal — statement.
- Aviva confirms it rejected recent RSA bid;
Of Vedanta and Vikings
And to think Friday used to be the day when we only heard daft rumours about takeover bids in London, rather than actual fact-based stuff.
Exhibit A — an Indian press report that Vedanta is taking a 51 per cent stake in Cairn India for between $8bn and $8.5bn,
Renminbi reverberations
No doubt about the winner on the London stock market from China’s decision to let the renminbi to appreciate ever so modestly – miners, miners, miners and for good measure miners.
At pixel time the FTSE 100 leaderboard was dominated by resources stocks:
Vedanta hit by Indian fraud investigation
Vedanta Resources is one of the biggest fallers in the FTSE 100 on Tuesday morning, with shares in the Indian mining company falling 127p, or 5.6 per cent, to £22.06.
Here’s why:
Oct. 27 (Bloomberg) — Sesa Goa Ltd.,
Snap news
Breaking pre-market news on Friday,
- Vedanta Resources announces revised $2.565bn cash offer for operating assets of Asarco – statement.
- Tesco and Fortis conclude discussions to form a new motor and household insurance partnership – statement.
Snap news
The latest on Thursday,
- Man Group sees profits fall 24%; $6bn of redemptions – statement
- Old Mutual sees funds under management fall 9% to £254.4bn ytd – statement
- Henderson Group sees
Miners plunge on Rio’s China warning
Mining shares plunged after commodity prices fell and Rio Tinto said it was reviewing its capital expenditure plans in the light of a slowdown in Chinese metals demand. The five biggest fallers in the FTSE100 on Wednesday were all mining companies,
Vedanta considers $2bn IPO for Indian energy unit
Vedanta Resources is considering an IPO of its Indian energy unit to raise up to $2bn. The move comes as the UK-based group is facing controversy over its human rights and environmental record in India,
FTSE nears seven-year high
The FTSE 100 rose 91.5 points, or 1.4 per cent, on Thursday to close at 6,724.5, just eight points shy of the seven-year high reached on June 15 and 206 points away from its record closing high of 6,930.2 recorded at the height of the dotcom bubble.
Sterlite and Hindalco consider joining race for Alcan
Indian aluminium companies Sterlite and Hindalco will probably join the race for Canadian peer Alcan, reports the Hindustan Times bullishly on Wednesday.
However, the deal is too huge for either to take on single-handedly,
Markets live transcript 4 Jan 2007
Markets live chat transcript for the chat ending at 11:36 on 4 Jan 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Market Live, Alphaville’s daily market chat.
Markets live transcript 3 Jan 2007
Markets live chat transcript for the chat ending at 11:34 on 3 Jan 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Markets Live – Alphaville’s daily markets discussion.