(Reuters) - The International Financial Corp (IFC) said on Tuesday it has invested $15 million in new shares in South African platinum producer Lonmin Plc, as part of a bigger planned investment.
Lonmin will issue 245,020 shares to the IFC at 3103 pence per share, a discount of 5 percent to the closing mid-market price of Lonmin shares on the London Stock Exchange on April 2.
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Monday, April 2, 2007
UPDATE 3-Nikko investor to place sell order above TOB price
(Reuters) - NEW YORK/TOKYO, April 2 - Orbis Investment Management, a major shareholder of Nikko Cordial Corp. , said on Monday it will immediately place an order on the Tokyo bourse to sell its entire 5.8 percent stake in the Japanese broker at a price 12 percent higher than Citigroup's offer.
Orbis believes that Citigroup's offer of 1,700 yen per share for Nikko materially undervalues the company.
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Orbis believes that Citigroup's offer of 1,700 yen per share for Nikko materially undervalues the company.
Read more at Reuters.com Bonds News
Lone Star selling stake in Tokyo Star Bank -sources
(Reuters) - Several buyout firms are in the running to buy all or part of Lone Star's 68 percent stake in Tokyo Star, the sources said.
Lone Star is looking to sell at least half its Tokyo Star holdings, or a third of the bank's outstanding stock, and has already completed one round of bidding in which several potential buyers were eliminated, the sources said.
Read more at Reuters.com Mergers News
Lone Star is looking to sell at least half its Tokyo Star holdings, or a third of the bank's outstanding stock, and has already completed one round of bidding in which several potential buyers were eliminated, the sources said.
Read more at Reuters.com Mergers News
Wall St dollars help NY buck U.S. housing decline
(Reuters) - The overall selling price in Manhattan dipped, however, due to sales of smaller units.
The average price of an apartment with four bedrooms or more rose 24.8 percent year-on-year to $8,957,570, according to the Prudential Douglas Elliman's Manhattan overview report released on Tuesday.
Read more at Reuters.com Business News
The average price of an apartment with four bedrooms or more rose 24.8 percent year-on-year to $8,957,570, according to the Prudential Douglas Elliman's Manhattan overview report released on Tuesday.
Read more at Reuters.com Business News
JGBs ease as stocks rebound, 10-year auction eyed
(Reuters) - Traders expect the coupon to be set at 1.7 percent, given the current level of 10-year yields. Coupons at the four previous 10-year bond sales were set at this level.
The auction is seen as an important test of demand for yield among domestic investors in the new fiscal year and analysts say investors are keen to buy 10-year JGBs with a yield above 1.7 percent.
Read more at Reuters.com Bonds News
The auction is seen as an important test of demand for yield among domestic investors in the new fiscal year and analysts say investors are keen to buy 10-year JGBs with a yield above 1.7 percent.
Read more at Reuters.com Bonds News
Continental Airlines March passenger revenue rose
(Reuters) - Traffic, as measured by revenue passenger miles, rose 3.4 percent in March, while capacity, as measured by available seat miles, increased 1.8 percent.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
CORRECTED - UPDATE 1-L.A. Times staff uncertain about new owner
(Reuters) - LOS ANGELES, April 2 - Staff at the Los Angeles Times, shaken by months of turmoil, voiced anxiety on Monday over Chicago billionaire Sam Zell's planned buyout even as the paper ran a story about the real estate mogul's reputation as a hard-nosed "grave dancer."
The Times' corporate parent, Tribune Co., announced it had accepted Zell's bid for $34 per share to take the newspaper and broadcasting giant private under an employee stock ownership plan entitling him to buy 40 percent of Tribune's common stock.
Read more at Reuters.com Mergers News
The Times' corporate parent, Tribune Co., announced it had accepted Zell's bid for $34 per share to take the newspaper and broadcasting giant private under an employee stock ownership plan entitling him to buy 40 percent of Tribune's common stock.
Read more at Reuters.com Mergers News
Wesfarmers says controls 11.3 percent of Coles
(Reuters) - Wesfarmers, which launched a share raid on Coles late on Monday, said it would pursue discussions with Coles, which is also expected to attract a bid from a rival private-equity consortium led by Kohlberg Kravis Roberts & Co .
Sources said Wesfarmers bought a 3.4 percent stake late on Monday at A$16.47 a share, a 2.2 percent premium over Monday's closing price, and had looking to buy up to 15 percent.
Read more at Reuters.com Business News
Sources said Wesfarmers bought a 3.4 percent stake late on Monday at A$16.47 a share, a 2.2 percent premium over Monday's closing price, and had looking to buy up to 15 percent.
Read more at Reuters.com Business News
UPDATE 1-G. Thornton quits as Accredited, Fremont auditor
(Reuters) - The two lenders, Accredited Home Lenders Holding Co. and Fremont General Corp. , said separately that Grant Thornton had resigned as their auditor after advising them that it needed to "significantly expand" the scope of its audit of their 2006 financial statements.
Accredited, Fremont and other lenders to home buyers with weak credit histories have struggled in recent months amid rising defaults and a downturn in residential real estate.
Read more at Reuters.com Bonds News
Accredited, Fremont and other lenders to home buyers with weak credit histories have struggled in recent months amid rising defaults and a downturn in residential real estate.
Read more at Reuters.com Bonds News
DaimlerChrysler AGM set to lack big Chrysler news
(Reuters) - Stock in the world's fifth-biggest carmaker has risen by a quarter since it said in mid-February it was examining all its options for Chrysler, and Chief Executive Dieter Zetsche will face thousands of investors eager to know where things stand.
But Zetsche is not expected to provide any substantial news on the status of the potential divestment and will not name any buyers that have expressed interest in Chrysler, one person familiar with the sitation said.
Read more at Reuters.com Mergers News
But Zetsche is not expected to provide any substantial news on the status of the potential divestment and will not name any buyers that have expressed interest in Chrysler, one person familiar with the sitation said.
Read more at Reuters.com Mergers News
Zell wins bid for Tribune, which will sell Cubs
(Reuters) - The announcement comes six months after Tribune -- publisher of the leading U.S. newspapers including the Los Angeles Times, Chicago Tribune, Newsday and The Baltimore Sun -- started soliciting offers last fall.
Los Angeles billionaire philanthropist Eli Broad and his partner, billionaire grocery store investor Ron Burkle, had also bid for Tribune at $34 a share.
Read more at Reuters.com Bonds News
Los Angeles billionaire philanthropist Eli Broad and his partner, billionaire grocery store investor Ron Burkle, had also bid for Tribune at $34 a share.
Read more at Reuters.com Bonds News
UPDATE 1-Caxton-Iseman to take KCP Income Fund private
(Reuters) - KCP's units surged 24 percent, or C$1.92, to C$9.92 on the Toronto Stock Exchange in early trading.
Based on KCP's March distribution announcement that said the company has about 49.3 million units outstanding, diluted, the equity portion of the bid is C$493 million.
Read more at Reuters.com Mergers News
Based on KCP's March distribution announcement that said the company has about 49.3 million units outstanding, diluted, the equity portion of the bid is C$493 million.
Read more at Reuters.com Mergers News
CME says March volume up 45 percent to record
(Reuters) - Volume on the CME Globex electronic trading platform increased 59 percent from March 2006 to average 5.8 million contracts a day.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
US STOCKS-Wall Street rises as deals boost sentiment
(Reuters) - NEW YORK, April 2 - U.S. stocks started the second quarter slightly higher on Monday as a flurry of deals, including a $29 billion proposed takeover of First Data Corp. , boosted optimism about share valuation.
Stocks may also take direction from U.S. manufacturing data due shortly.
Read more at Reuters.com Bonds News
Stocks may also take direction from U.S. manufacturing data due shortly.
Read more at Reuters.com Bonds News
US STOCKS-Wall Street turns negative after ISM
(Reuters) - The Dow Jones industrial average was down 15.44 points, or 0.12 percent, at 12,338.91. The Standard & Poor's 500 Index was down 3.66 points, or 0.26 percent, at 1,417.20. The Nasdaq Composite Index was down 6.65 points, or 0.27 percent, at 2,414.99.
First Data shares rose 21 percent to $32.65.
Read more at Reuters.com Bonds News
First Data shares rose 21 percent to $32.65.
Read more at Reuters.com Bonds News
Spain court turns down Acciona appeal on Endesa
(Reuters) - Germany's E.ON on Friday also lost a first legal attempt to ban a rival bid for Endesa.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Glaxo says FDA OKs new dosing schedule for hepatitis vaccine
(Reuters) - The Europe's biggest drugmaker said the accelerated dosing schedule consists of three doses given within three weeks followed by a booster dose at 12 months.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Dollar down as investors look to U.S. data
(Reuters) - Analysts said the manufacturing data could yield further insight on the possible timing of a U.S. rate cut this year, though Friday's jobs figures will probably be more influential.
If ISM "comes in on the soft side of expectations, that will cause a dollar sell-off," said David Watt, senior currency strategist at RBC Capital Markets in Toronto.
Read more at Reuters.com Hot Stocks News
If ISM "comes in on the soft side of expectations, that will cause a dollar sell-off," said David Watt, senior currency strategist at RBC Capital Markets in Toronto.
Read more at Reuters.com Hot Stocks News
Temple-Inland to have new CEO after spin-off
(Reuters) - Kenneth Jastrow will step down as chairman and chief executive officer upon completion of the spin-offs of Guaranty Financial Services and Forestar Real Estate Group, expected by year-end 2007.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
S.Africa Telkom and BCX anti-trust hearings postponed
(Reuters) - Antitrust hearings into the proposed acquisition of IT outsourcing firm Business Connexion (BCX) by South African fixed line telephone operator Telkom were postponed on Monday, delaying the deal further.
The Competition Tribunal said it had postponed the hearings after the its chairman, David Lewis, was taken to hospital with a back injury.
Read more at Reuters Africa
The Competition Tribunal said it had postponed the hearings after the its chairman, David Lewis, was taken to hospital with a back injury.
Read more at Reuters Africa
Vyyo posts fourth-quarter loss of $0.36/shr
(Reuters) - Analysts were expecting the company to post a loss of 41 cents a share, excluding any exceptional items but including stock-based compensation, on revenue of $2.7 million, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Marvell says receives additional notice from Nasdaq
(Reuters) - The delay was due to the special committee's ongoing investigation into the company's historical stock option practices and related accounting matters, Marvell said in a statement.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Mega Brands' quarterly profit slumps on charges
(Reuters) - Mega Brands earned a net $2.8 million, or 8 cents a share diluted, down from $20.9 million, or 61 cents a share in the corresponding period a year earlier.
Profits were hurt by one-time items totaling $17 million after tax, or 50 cents diluted per share.
Read more at Reuters.com Market News
Profits were hurt by one-time items totaling $17 million after tax, or 50 cents diluted per share.
Read more at Reuters.com Market News
Wall St set to edge up on deals
(Reuters) - But stocks may take direction from U.S. manufacturing data due shortly after the opening.
First Data shares jumped more than 22 percent before the bell after the credit-card and payment processor said it had agreed to be bought by private equity firm Kohlberg Kravis Roberts & Co.
Read more at Reuters.com Hot Stocks News
First Data shares jumped more than 22 percent before the bell after the credit-card and payment processor said it had agreed to be bought by private equity firm Kohlberg Kravis Roberts & Co.
Read more at Reuters.com Hot Stocks News
TREASURIES-Prices rise as manufacturing report seen weak
(Reuters) - "We are starting a busy, busy week, with a lot of fresh data, including the today's ISM. We are at the lower end of the range and the market is short. I don't think that today's number is going to prove that threatening," said David Ader, head of government bond strategy at RBS Greenwich Capital, in Greenwich, Connecticut.
Benchmark 10-year Treasury notes traded up 3/32 in price for a yield of 4.64 percent, compared with 4.65 percent late on Friday.
Read more at Reuters.com Bonds News
Benchmark 10-year Treasury notes traded up 3/32 in price for a yield of 4.64 percent, compared with 4.65 percent late on Friday.
Read more at Reuters.com Bonds News
UPDATE 1-Xerox to buy Global Imaging Systems for $1.5 bln
(Reuters) - Xerox, the world's largest provider of office printers, copiers and related services, said it expects the acquisition to boost its 2007 earnings.
Global Imaging sells printers and copiers to small and mid-size businesses, and it will start selling Xerox document-management products following the acquisition.
Read more at Reuters.com Mergers News
Global Imaging sells printers and copiers to small and mid-size businesses, and it will start selling Xerox document-management products following the acquisition.
Read more at Reuters.com Mergers News
S.Africa tax windfall to cut debt - Treasury
(Reuters) - South Africa will use extra tax revenues for the 2006/07 fiscal year, and a larger budget surplus, to cut debt and reduce government bond issuance, the Treasury said.
Finance Minister Trevor Manuel announced on Saturday strong economic growth and more efficient revenue collection had boosted the tax take to 494 billion rand, exceeding the 489.7 billion rand forecast in the Budget in February, which itself was 29 billion over original estimates.
Read more at Reuters Africa
Finance Minister Trevor Manuel announced on Saturday strong economic growth and more efficient revenue collection had boosted the tax take to 494 billion rand, exceeding the 489.7 billion rand forecast in the Budget in February, which itself was 29 billion over original estimates.
Read more at Reuters Africa
Banks, financials top U.S. CDS trade in March -GFI
(Reuters) - Meanwhile, Bear Stearns , the biggest underwriter of mortgage-backed securities in the United States, led the heavily traded U.S. banking sector.
In financial services Countrywide Home Loans -- part of the largest U.S. mortgage lender, Countrywide Financial Corp , -- was the country's second most active CDS after automaker General Motors .
Read more at Reuters.com Bonds News
In financial services Countrywide Home Loans -- part of the largest U.S. mortgage lender, Countrywide Financial Corp , -- was the country's second most active CDS after automaker General Motors .
Read more at Reuters.com Bonds News
HearUSA says to restate prior results
(Reuters) - The company will restate its fiscal 2004 and 2005 financial statements to correct these errors.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Bearingpoint says lenders agree to extend deadline
(Reuters) - Bearing Point, which is also seeking to make changes to its credit facility to give it greater borrowing capacity, said it appointed an auditor to review its North American accounts receivable base, under a request from one of its financial institutions.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Africa moves to recapture top uranium ranking
(Reuters) - Mining companies are flocking to uranium projects in Africa, giving the continent a chance to recapture its top production ranking as simple geology and easier regulations allow a quicker ramp-up than other regions.
The continent was the world's top producer of uranium in 1980, with South Africa, Namibia and Niger together accounting for a third of output in the West.
Read more at Reuters Africa
The continent was the world's top producer of uranium in 1980, with South Africa, Namibia and Niger together accounting for a third of output in the West.
Read more at Reuters Africa
ComScore files for $86.25 million IPO
(Reuters) - ComScore is seeking a Nasdaq listing under the symbol "SCOR."
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
UPDATE 1-Foreign bid for T.Italia stokes defence speculation
(Reuters) - MILAN, April 2 - Interest from U.S. phone giant AT&T and Mexico's America Movil in control of Telecom Italia heightened speculation on Monday the Italian government will push local banks to block the foreign bid with a rival offer.
AT&T and American Movil , owned by billionaire Carlos Slim, have offered about 4.5 billion euros , according to Reuters calculations, to buy a third of Olimpia, a holding company and Telecom Italia's top shareholder with around 18 percent of the firm.
Read more at Reuters.com Mergers News
AT&T and American Movil , owned by billionaire Carlos Slim, have offered about 4.5 billion euros , according to Reuters calculations, to buy a third of Olimpia, a holding company and Telecom Italia's top shareholder with around 18 percent of the firm.
Read more at Reuters.com Mergers News
U.S. stocks seen flat to higher, ISM eyed
(Reuters) - First Data, a credit-card and payment processor, said earlier it had agreed to be acquired by private equity firm Kohlberg Kravis Roberts & Co. [KKR.UL] for about $29 billion cash, but planned to actively seek other bids.
This comes after sources said on Friday that private equity firms Bain Capital and Blackstone Group [BG.UL] were among the bidders for Ceridian Corp , raising the chances that the entire business services company would be sold.
Read more at Reuters.com Bonds News
This comes after sources said on Friday that private equity firms Bain Capital and Blackstone Group [BG.UL] were among the bidders for Ceridian Corp , raising the chances that the entire business services company would be sold.
Read more at Reuters.com Bonds News
Apple/EMI in deal, but Beatles not included: source
(Reuters) - The report said music giant EMI plans to sell "significant amounts" of its catalog without anti-piracy software, citing people familiar with the matter, and that the music label is considering not only Apple's iTunes stores but other outlets.
However, a separate source familiar with the situation told Reuters a Beatles deal was not the focus of Monday's event. "There is no Beatles' announcement," the source said.
Read more at Reuters.com Business News
However, a separate source familiar with the situation told Reuters a Beatles deal was not the focus of Monday's event. "There is no Beatles' announcement," the source said.
Read more at Reuters.com Business News
S.Korea to phase out U.S. beef import tariffs
(Reuters) - "Import tariffs on U.S. beef will be eliminated over the next 15 years, step by step," Minister for Trade Kim Hyun-Chong told a news conference.
"South Korea will also begin review of beef imports after OIE decision in May on U.S. beef."
Read more at Reuters.com Business News
"South Korea will also begin review of beef imports after OIE decision in May on U.S. beef."
Read more at Reuters.com Business News
Mortgage woes seen holding US growth "below trend"
(Reuters) - The sluggish growth will help clear the way for the Federal Reserve to ease monetary policy at the end of the second quarter despite a historically low 4.5 percent unemployment rate, the economic forecasting unit said in its report.
Citing Fed Chairman Ben Bernanke's recent comments about the link between inflation and employment levels appearing "looser" than in past decades, the unit projected three cuts to the Fed Funds rate by the end of the year, taking it to 4.5 percent from 5.25 percent currently.
Read more at Reuters.com Business News
Citing Fed Chairman Ben Bernanke's recent comments about the link between inflation and employment levels appearing "looser" than in past decades, the unit projected three cuts to the Fed Funds rate by the end of the year, taking it to 4.5 percent from 5.25 percent currently.
Read more at Reuters.com Business News
Dollar steady before U.S. data, euro unmoved by PMI
(Reuters) - The yen shrugged off Japan's quarterly tankan survey showing business confidence deteriorating for the first time in a year, as it did nothing to change expectations that the Bank of Japan would leave rates steady after lifting them in February.
The euro was little moved after a survey showed growth in the euro zone manufacturing sector slowed slightly in March. The survey did little to change expectations the European Central Bank would raise rates as early as June.
Read more at Reuters.com Hot Stocks News
The euro was little moved after a survey showed growth in the euro zone manufacturing sector slowed slightly in March. The survey did little to change expectations the European Central Bank would raise rates as early as June.
Read more at Reuters.com Hot Stocks News
GLOBAL MARKETS-Japanese stocks fall on tankan, oil slips
(Reuters) - LONDON, April 2 - Japanese stocks fell sharply on Monday, dragged lower by steel makers after a weak business sentiment survey, while oil prices slipped on profit-taking after a two-week rally.
Currency traders shrugged off Japan's quarterly tankan survey, which showed business confidence down for the first time in a year, as it did nothing to change expectations that the Bank of Japan is on hold after lifting rates in February.
Read more at Reuters.com Bonds News
Currency traders shrugged off Japan's quarterly tankan survey, which showed business confidence down for the first time in a year, as it did nothing to change expectations that the Bank of Japan is on hold after lifting rates in February.
Read more at Reuters.com Bonds News
U.S.-based Airtran raises offer for Midwest Air
(Reuters) - The total equity value of the exchange offer is $389 million.
The offer represents a premium of 83 percent over the 30-day average closing price of Midwest common stock prior to AirTran's initial proposal. AirTran's first offer to acquire all of Midwest's common stock was priced at $11.25 per share on Oct. 20, 2006.
Read more at Reuters.com Mergers News
The offer represents a premium of 83 percent over the 30-day average closing price of Midwest common stock prior to AirTran's initial proposal. AirTran's first offer to acquire all of Midwest's common stock was priced at $11.25 per share on Oct. 20, 2006.
Read more at Reuters.com Mergers News
Hershey to buy 51 pct in India's Godrej Beverages
(Reuters) - A senior executive of the Indian firm said Hershey and Godrej Beverages would hold a joint media briefing in Mumbai on Tuesday, but declined to give more details.
In February, the executive had said Godrej Beverages was in talks with many firms, including Hershey.
Read more at Reuters.com Mergers News
In February, the executive had said Godrej Beverages was in talks with many firms, including Hershey.
Read more at Reuters.com Mergers News
FTSE up on Vodafone, retailers; commodities weigh
(Reuters) - Britain's top share index edged higher on Monday buoyed by Vodafone and retailers, after markets in Japan fell sharply.
At 0755 GMT, the FTSE 100 was up 22.2 points, or 0.35 percent, at 6,330.2 in the first trading day for the second quarter of the year, having gained 1.4 percent in January-March.
Read more at Reuters Africa
At 0755 GMT, the FTSE 100 was up 22.2 points, or 0.35 percent, at 6,330.2 in the first trading day for the second quarter of the year, having gained 1.4 percent in January-March.
Read more at Reuters Africa
UPDATE 1-Novartis stock sags after Zelnorm drug is pulled
(Reuters) - Novartis said on Friday the U.S. Food and Drug Administration watchdog had asked it to suspend marketing and sales of the drug because clinical trial data indicated a possible link to heart attacks and strokes.
As a consequence, the group cut its outlook for net sales growth for 2007 to above five percent, and for the pharmaceuticals division to a low- to mid-single-digit percentage.
Read more at Reuters.com Government Filings News
As a consequence, the group cut its outlook for net sales growth for 2007 to above five percent, and for the pharmaceuticals division to a low- to mid-single-digit percentage.
Read more at Reuters.com Government Filings News
Romania FinMin set to lose post in govt reshuffle
(Reuters) - Liberal Prime Minister Calin Tariceanu said on Sunday he broke his alliance with co-ruling Democrats, throwing them from his cabinet, a move that analysts said bode ill for stalled reforms in the Balkan country which joined the EU in January.
Tariceanu ousted all eight ministers from the Democrat party, his main coalition partner. He said he would present names of new ministers on Monday, pending their approval by parliament later in the week.
Read more at Reuters.com Bonds News
Tariceanu ousted all eight ministers from the Democrat party, his main coalition partner. He said he would present names of new ministers on Monday, pending their approval by parliament later in the week.
Read more at Reuters.com Bonds News
UPDATE 1-Billing Services profit jumps, plans unit sale
(Reuters) - The group said 2006 earnings before interest, tax, depreciation and amortisation rose 19 percent to $49.4 million, compared to previous expectations of between $44.5 million to $47.5 million, as turnover rose 14 percent to $179.4 million.
"I am delighted with the progress we have made and to be able to report both financial and operational results above expectations," Chief Executive Randall Brouckman said.
Read more at Reuters.com Mergers News
"I am delighted with the progress we have made and to be able to report both financial and operational results above expectations," Chief Executive Randall Brouckman said.
Read more at Reuters.com Mergers News
Italy banks may rival U.S. Olimpia bid-reports
(Reuters) - Such a deal, worth about 4.8 billion euros , would be the first major transatlantic foray into Italy since General Motors bought 20 percent of car maker Fiat in 2000. GM has since sold its stake.
La Repubblica newspaper said Telecom Italia Chief Executive Officer Guido Rossi could work on alternative plans which might include Italian banks buying up to 20 percent of Telecom on the market more cheaply.
Read more at Reuters.com Mergers News
La Repubblica newspaper said Telecom Italia Chief Executive Officer Guido Rossi could work on alternative plans which might include Italian banks buying up to 20 percent of Telecom on the market more cheaply.
Read more at Reuters.com Mergers News
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