London’s top stocks have opened lower with Prudential’s failed bid for AIG’s Asian business getting the headlines.
Prudential was this morning facing calls for a clear-out of its senior management after it scrapped its contentious plans to buy AIG's Asian arm (AIA). In a statement, chairman Harvey McGrath said the Pru took the decision to withdraw after failing to negotiate a cut in the $35.5bn purchase price for AIA. The Pru's $21bn right issue to finance the deal will now also be scrapped.
Analysts said it could spark a break-up bid for Prudential, especially with the uncertainty over the management situation.
BP is lower again on news that it faces both a civil and criminal probe into the causes of the Gulf of Mexico disaster. The UK company, which has seen over £40bn wiped off its value since mid-April, is facing increasing anger over the spill, the biggest in American history.
US Attorney-General Eric Holder said last night the FBI and other federal agencies will conduct a criminal and civil investigation into the environmental catastrophe that threatens the livelihoods of thousands along the Gulf coast.
Miners are lower this morning, while National Grid and Marks & Spencer going ex-dividend are also hurting the blue chip index.
Scottish soft drinks maker AG Barr said it has made a good start to the year, thanks to strong performances by its Irn Bru and Rubicon brands. Total revenue for the period from 31 January to 29 May on a like for like basis increased by 17.9% compared with last year. Overall operating margins continue to be in line with expectations, the group added.
Water company Northumbrian Water has pumped up full-year profits by 11.5% and says it will not need to raise any new debt before the end of 2011. Profit before tax for the year ended 31 March increased to £170.2m from £152.7m on revenue up 1.5% to £704.7m, mainly due to the uplift in tariffs to support ongoing high capital investment.
Barclays said its TAV unit has made a recommended cash offer to buy Stockholm-listed carbon developer Tricorona for about £98m. The deal, which is expected to complete in the third quarter of 2010, would be accretive toBarclays
earnings within one year from completion.
Oil and gas services provider Hamworthy reported a decline in pre-tax profit but said, despite short term market uncertainties, it looks forward with confidence. Pre-tax profit fell to £20.7m for the year ended 31 March 2010 from £22.3m the same time a year before. Revenue decreased by 15.2% to £214.3m.
Vector Capital and Trafficmaster have agreed the terms of the recommended takeover by Vector of the UK satnav systems supplier for about £73.27m.
Infrastructure maintenance specialist May Gurney posted its eleventh year of record sales and profits as councils and utilities continued to outsource. The group's order book is also at record levels.
Sales at specialist flooring retailer Topps Tiles have started falling again after a brief respite in the half year to end March. Since the start of April sales overall are down by 5% with like-for-like sales 4.3% lower.
Filtration and environmental technologies group Porvair said it had started 2010 well and expects to report interim results well ahead of 2009.
Prudential was this morning facing calls for a clear-out of its senior management after it scrapped its contentious plans to buy AIG's Asian arm (AIA). In a statement, chairman Harvey McGrath said the Pru took the decision to withdraw after failing to negotiate a cut in the $35.5bn purchase price for AIA. The Pru's $21bn right issue to finance the deal will now also be scrapped.Analysts said it could spark a break-up bid for Prudential, especially with the uncertainty over the management situation.
BP is lower again on news that it faces both a civil and criminal probe into the causes of the Gulf of Mexico disaster. The UK company, which has seen over £40bn wiped off its value since mid-April, is facing increasing anger over the spill, the biggest in American history.
US Attorney-General Eric Holder said last night the FBI and other federal agencies will conduct a criminal and civil investigation into the environmental catastrophe that threatens the livelihoods of thousands along the Gulf coast.
Miners are lower this morning, while National Grid and Marks & Spencer going ex-dividend are also hurting the blue chip index.
Scottish soft drinks maker AG Barr said it has made a good start to the year, thanks to strong performances by its Irn Bru and Rubicon brands. Total revenue for the period from 31 January to 29 May on a like for like basis increased by 17.9% compared with last year. Overall operating margins continue to be in line with expectations, the group added.
Water company Northumbrian Water has pumped up full-year profits by 11.5% and says it will not need to raise any new debt before the end of 2011. Profit before tax for the year ended 31 March increased to £170.2m from £152.7m on revenue up 1.5% to £704.7m, mainly due to the uplift in tariffs to support ongoing high capital investment.
Barclays said its TAV unit has made a recommended cash offer to buy Stockholm-listed carbon developer Tricorona for about £98m. The deal, which is expected to complete in the third quarter of 2010, would be accretive to
Oil and gas services provider Hamworthy reported a decline in pre-tax profit but said, despite short term market uncertainties, it looks forward with confidence. Pre-tax profit fell to £20.7m for the year ended 31 March 2010 from £22.3m the same time a year before. Revenue decreased by 15.2% to £214.3m.
Vector Capital and Trafficmaster have agreed the terms of the recommended takeover by Vector of the UK satnav systems supplier for about £73.27m.Infrastructure maintenance specialist May Gurney posted its eleventh year of record sales and profits as councils and utilities continued to outsource. The group's order book is also at record levels.
Sales at specialist flooring retailer Topps Tiles have started falling again after a brief respite in the half year to end March. Since the start of April sales overall are down by 5% with like-for-like sales 4.3% lower.
Filtration and environmental technologies group Porvair said it had started 2010 well and expects to report interim results well ahead of 2009.
No comments:
Post a Comment