Sunday newspaper round-up: Rexam, Anglo American, National Express
Rexam, the world's largest drinks can maker, will this week launch a Ł350m rights issue in a move aimed at preserving its investment grade credit rating.The fundraising will make Rexam the first to warn explicitly about the need to secure fresh capital in order to maintain its investment grade status, and is likely to be followed by other major corporate names as they battle to avoid downgrades by the principal ratings agencies, the Sunday Telegraph reports.
Sir John Parker, the new chairman of Anglo American, is to order the mining group to accelerate plans for asset disposals - including the sale of the British construction firm Tarmac, according to City sources.The move is designed to bolster defences ahead of a possible bid by rival Xstrata, whose merger proposal last month was rebuffed by Anglo's board, writes the Observer.
Meanwhile, Cynthia Carroll, chief executive of Anglo American, will this week reveal a cost-cutting programme that has seen more than 10,000 jobs taken out of the mining group in the past six months. Carroll is expected to show a large part of the cuts have taken place at its 80%-owned subsidiary, Anglo Platinum. Capacity has been cut dramatically, two shafts have closed in South Africa and production costs lowered, the Sunday Times reports.
Stagecoach is this weekend poised to enter the race for National Express, the undersiege bus and rail group, having appointed Deutsche Bank to draw up plans for an all-share takeover offer. Brian Souter, Stagecoach’s chief executive and founder, is considering whether to trump an imminent bid from Spain’s Cosmen family – National Express’s biggest shareholder – and CVC, the private-equity group, the Sunday Times reports.
Today's Headlines
Anglo American (AAL) | Price: 1,918.50p | Change: -1.14%
Anglo boss Cynthia Caroll wields axe over 10,000 jobs
Sunday Times | 26-Jul-2009
Go-Ahead Group (GOG) | Price: 1,186.00p | Change: -1.65%
Stagecoach plots Ł1.5bn merger upset
Sunday Times | 26-Jul-2009
JJB Sports (JJB) | Price: 28.75p | Change: 8.49%
Sir David Jones to step down at JJB after loan fiasco
Times | 26-Jul-2009
National Express Group (NEX) | Price: 346.75p | Change: 6.71%
Cash bidders for National Express told to add detail
Times | 26-Jul-2009
Stagecoach plots Ł1.5bn merger upset
Sunday Times | 26-Jul-2009
Royal Bank of Scotland Group (RBS) | Price: 41.98p | Change: 1.88%
RBS unveils charm offensive
Sunday Times | 26-Jul-2009
Sports Direct International (SPD) | Price: 94.75p | Change: 1.62%
Sir David Jones to step down at JJB after loan fiasco
Times | 26-Jul-2009
Stagecoach Group (SGC) | Price: 137.25p | Change: 1.85%
Stagecoach plots Ł1.5bn merger upset
Sunday Times | 26-Jul-2009
Xstrata (XTA) | Price: 773.20p | Change: -0.45%
Sunday Times | 26-Jul-2009
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