Bryce is a sporadic Alphaville contributor and has been the FT’s UK equities reporter since 2008. Before that he wrote about UK equities at Morningstar. Before that he wrote about UK equities at The Times. Before that he wrote about UK equities at Bloomberg. Before that he wrote about UK equities at AFX News. Before that he did not write about UK equities.
It appears that Li Hejun, chairman and majority shareholder of Hanergy Thin Film Power, spent his morning at the opening ceremony for the Hanergy “clean energy expo centre” in Beijing. For verification, Hanergy’s press office sent this photo of Mr Li (centre) with some unidentified people from the Chinese Academy of Sciences.
Rumours are reaching FT Alphaville that nTelos, a US regional wireless company, is a takeover target for Shenandoah Telecommunications.
Shenandoah (better known as Shentel) has been putting together a knockout $200m offer for the Virginia-based mobile broadband provider, a nearly 50 per cent premium to Tuesday’s closing value, according to people claiming direct knowledge of the negotiations. A price of around $9.25 a share has been all but agreed, they said, against Tuesday’s close of $6.20. Read more
There are times when the hoax is so elaborate, you have to look beyond the attempted deception and admire the handiwork.
Cold feet or negotiation tactic? No one knows. And the people prepared to guess were 25 per cent wrong about Shire’s price this time yesterday, so their views should be taken with a degree of caution.
Nevertheless, here are the basics on the potential collapse of Abbvie’s $54bn takeover of the UK drugmaker.
For disappointment, dashed hopes, false dawns, broken promises, under-delivery and consistently dolorous failure, there’s little to match Aim. London’s junior market has proved time and again to be a money pit. Read more
Doing the rounds on Twitter this afternoon ….
The important word there is “sportsbook”.
Betfair’s exchange has become a much-watched sentiment indicator for the Scottish vote. This is where gamblers bet against each other directly and the house extracts a rake for providing the market. At pixel time, £8.8m has been matched on the punter-to-punter exchange. Read more
Fans of schadenfreude may enjoy the following press release from Barclays, dated February 26, 2013, to publicise that …
Barclays LX now #2 US dark pool
LX is what Eric Schneiderman, the US state attorney-general, describes as a “dark pool full of predators – there at Barclays’ invitation”. His lawsuit alleges that Barclays was putting high-frequency traders in front of institutional investors, while sending bumf to the institutions that claimed the HFTs were being weeded out. Read more
We believe an AGN bid for SHPG is imminent and more attractive than VRX’s proposal.
So says John T. Boris, a managing director at SunTrust Robinson Humphrey. His is not a new idea. Shire has long been seen the obvious poison pill for Allergan, the Botox maker, which could use more bulk to fight off a $53bn hostile approach from Valeant. Read more
That’s JP Morgan Cazenove repeating its 290p target on Just Eat, a fast food delivery website it co-floated in April for 260p apiece.
Wait … what’s that about a correction? Read more
The nationalistic bluster around AstraPfizica remains blustery. Here, for example, is London Mayor Boris Johnson:
It would be very important to establish that Pfizer is genuinely committed to R&D in this country. I believe in principle that we should have an open system of markets in this country, but when I look at something like AstraZeneca and I look at an organization of that scale, of its relative importance to the UK economy, the sheer percentage of its money that goes into R&D, I think it is of great importance to Britain.
With that in mind, it’s worth taking a closer look at the experimental drug pipeline AstraZeneca has highlighted in its defence statement. These are the drugs that management expects to deliver an incremental $19bn of sales from 2017 to 2023, equivalent to 10 per cent revenue growth per annum: Read more
What’s been lighting a fire under Forest Laboratories?
Bloomberg News prides itself on market-moving scoops. Today its reporters excelled themselves, getting Citigroup’s Q3 earnings out a full 29 minutes before they were due.
Blackberry’s logo (below) resembles nothing as much as a hail of seven silver bullets. It appears the gun has been pointing the wrong way.
Today marked the rarest of events: a Vodafone statement that directly references its joint venture partner.
The last time we had a mention of Verizon Communications outside the boilerplate on a Vodafone stock market announcement was back in 2007, when Arun Sarin was bounced (by this blog) into denying the existence of Project Vulture. It seems that Verizon, like Lord Voldemort, shall not be named. Read more
Friday afternoon RAW klaxon. Buyer beware. Usual wealth warnings apply.