Date: Friday 02 Jul 2010
London has recouped some of yesterday's losses helped by the Korean interest in Dana Petroleum and an upbeat trading statement from Wickes owner Travis Perkins.Dana Petroleum last night confirmed the talks with a potential bidder, widely reported to be South Korean national oil company KNOC. The shares are up 20% today valuing Dana at about £1.3bn. The talk is of a bid being worth around £1.5bn though Dana said the discussions are very early stage. Tullow, Cairn and Heritage are all higher in sympathy.
Miners have been a disappointment so far despite the Australian government’s decision to replace the controversial Resources ‘Super Tax’ with a more moderate alternative. In a joint statement, BHP Billiton, Rio Tinto and Xstrata welcomed a new Mineral Resource Rent Tax (MRRT) that would only apply to iron ore and coal resources from 1 July 2012.
The battle for ownership of Chloride looks set to come to an end after the electrical plugs and peripherals maker recommended a 375p per share bid by US giant Emerson. With Emerson's offer, shareholders also get to keep the 3.3p final dividend.
Builders' merchant Travis Perkins has seen a strong rebound in trading since March. The Wickes owner now expects its first half will beat its expectations while dividends will resume again with a 5p interim. Group revenue for the six months ended 30 June was up by 4.7%, with like-for-like sales up 3.4%. Like-for-like turnover in the last two months was 10.3% ahead in Merchanting and in the last 9 weeks 1.6% ahead in Retail. Wolseley is higher as is BSS, which Travis has made a tentative offer to buy.
InterContinental Hotels (IHG) has sold the 422 room InterContinental Buckhead Atlanta to Maryland based Pebblebrook Hotel Trust for $105m in cash. IHG will continue to manage the hotel under a long term management contract.South Atlantic-focused oil explorer Rockhopper's samples from its recent discovery on the Sea Lion prospect, off the Falkland Islands, have been confirmed as medium grade crude. Rockhopper took the sample from the Sea Lion 14/10-2 oil discovery well in the North Falkland Basin and tested them under reservoir conditions.
Mediterranean Oil and Gas is not so happy. It has acknowledged that Italian plans to stop oil companies drilling near its coastline may affect the company’s key Ombrina Mare project. “Once the decree comes into force, it may apply to permit applications currently pending and may apply to the Company's Ombrina Mare project,” admits the London-listed firm.
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