WPP has got the wind in its sails 30 Apr 2004 First quarter revenue figures show that North America and Asia powering ahead, while Europe shows signs of improving Key client sectors like technology and financial services are boosting spending, which may offset expected softer consumption in 2005 First quarter revenue figures show North America and Asia powering ahead, while Europe shows signs of improving. The stock is trading in line with the FTSE 100. It deserves a premium.
Santander made approach to Abbey – FT 30 Apr 2004 The Spanish bank s tentative expression of interest highlights the UK mortgage bank s vulnerability. But don t expect a stampede of suitors.
Google kicks off $2.7bn auction IPO 30 Apr 2004 The first lines of the prospectus say it all: Google is not a conventional company. True to form, neither are its plans for an auction. But before Google can revolutionise Wall Street, it has some high hurdles to jump to prove this is a more effective way to price equity.
Benettons pull Autogrill sale 30 Apr 2004 Breaking off talks over the confidentiality agreement is an odd thing to do. The messy process doesn t make the family look good. Autogrill's stock has been soaring on hopes of a deal. If nothing happens, it has further to fall.
Spanish IPO revival off to a good start 30 Apr 2004 Technical glitches delayed the debut of Fadesa, Spain s first IPO in nearly two years. That didn't stop shares from rising, even if they don't look too cheap. Telecinco, due to list this summer, looks to have an easy ride. Fadesa, Spain's first IPO in nearly two years had a successful debut despite technical glitches and a risky business model. The likes of Telecinco, due to list this summer, look to have an easy ride.
The market is wrong on AstraZeneca and Glaxo 29 Apr 2004 Astra is widely reputed to have a great collection of exciting new drugs. Glaxo s is supposedly terrible. The reverse seems increasingly true. Shorting Astra and going long Glaxo looks like a smart trade.
HVB delivers ghastly first-quarter figures 29 Apr 2004 To miss forecasts massively would be bad enough at any time; two months after a rights issue it's disastrous. It isn't only analysts' forecasts HVB is missing. Its own internal targets now look in jeopardy.
Lycos shows apocalyptic value destruction 29 Apr 2004 Now a mooted sale of its US online arm is only expected to fetch $200m. This lesson is worth remembering in the era of Googlemania. When Telefonica bought Lycos for $12.5bn, it hailed the purchase as a big leap. It should have added into the dark .
Shell in $2bn buyback 29 Apr 2004 The buyback and the aboveexpectations first quarter results are the first pieces of good news from the troubled oil giant this year. But shareholders need to keep up the pressure. The AngloDutch group still doesn't appreciate how much it needs to change.
Telecom Italia shares may have further to run 29 Apr 2004 The Italian group s fixedline business is valued on a relatively small premium to BT, based on a sumoftheparts analysis. A bigger premium is warranted, even if the Italian unit s performance isn t quite as sparking as it first seems.
Sanofi-Aventis makes everybody sick 29 Apr 2004 Not just Sanofi and Aventis investors whose shares have slid since the agreed deal was announced. Novartis too must be feeling sick. The more Aventis tumbles, the more it must feel it let a deal slip through its fingers.
Adecco talking with banks to delay results again. 28 Apr 2004 The Swiss staffing company gives the impression of a company that has no clue as to what is going on in its accounting investigation. Or worse, the company is repeatedly refusing to disclose what it does know.
UK economic strength built on weak foundations 28 Apr 2004 But in an environment where global interest rates are probably rising, both these factors could become weaknesses. Soaring debt and a booming financial sector have fuelled growth.
Unilever bashed on poor sales 28 Apr 2004 After missing growth targets by a mile last year, the consumer goods giant promised to change. But sales growth at its key brands was even slower in the first quarter of this year. No wonder investors are getting fed up.
TMT recovery stocks hit big setbacks 28 Apr 2004 As Global Crossing and Nortel showed this week, even after the exterminators were called in, bugs keep crawling from the corners. For Global Crossing, this is inexcusable given its time under Chapter 11. Nortel s problems, though, may be more worrying.
Santander boss faces trial over monster payments 28 Apr 2004 Like Josef Ackerman in Germany, the chairman of Spain's biggest bank is in the dock for making unusual large payments to top executives. The case looks damaging for Botin. If too much mud sticks to him, Santander may need to look for a new patriarch.
Schrempp gets some help from his friends 28 Apr 2004 The German press suggests he might be fired. Don't believe it, given the interlocking web of interests at Daimler. For all the talk about AngloSaxon governance, Deutschland AG is still alive and well.
Comcast drops Disney bid 28 Apr 2004 Better Brian Roberts should suffer the embarassment of backing off than punish shareholders by making a valuedestroying bid. This helps repair the trust Comcast has foregone. But Roberts should go one better and drop his supercharged voting rights, too.
EU enlargement looks exciting, but adds little 27 Apr 2004 That potential might not be realised poor institutions and low birth rates stand in the way. The historical significance of adding 10 countries and 20% more people to the EU is important, but the potential economic gain is modest.
UnitedHealth to buy Oxford Health for $4.9bn 27 Apr 2004 Consolidation among US health management companies is starting to turn the screws on drugs and other healthcare inflation. This trend still has far to go, and the model may eventually spread to Europe.
BP plans $5bn chemicals IPO 27 Apr 2004 The move makes sense the basic chemicals unit has been dogged by poor returns. But that also means floating it might be hard. Italy's Eni has struggled to find any buyers for its chemicals arm.
P&G backtracks on Wella stand-off 27 Apr 2004 It's offering preference shareholders 12% more to bring them into a domination agreement it says it never needed in the first place. Yet the price it's offering won't put an end to its legal wrangles, though it's guaranteed to anger supportive shareholders in the process.
Stub equity makes a comeback 27 Apr 2004 After lying dormant for 15 years several proposed public to private transactions may resurrect its use. However, stub equity's limitations mean that extra returns to sellers are modest, while private equity is rendered less dynamic.
How much is WH Smith worth? 27 Apr 2004 Permira s 375p a share approach at a 45% premium to the day before it was made looks rich given the core retail business s dire state. But getting the business back to where it was last year makes a deal stack up. So there may be scope for a higher bid.
Wall Street in grips of Googlemania 27 Apr 2004 The froth over the search engine s imminent IPO is worryingly reminiscent of other fads…like tulips, the South Seas and railroads. This is partly a function of Google s fabulous product, though equally it suggests another unwise suspension of disbelief is taking place.
French dirigisme overpowers the market 26 Apr 2004 The French government has got its way by securing Aventis s sale to Sanofi rather than Switzerland s Novartis. But a Novartis deal would have delivered greater value. This is a bad day for the market.
Ofcom mulls British Telecom break-up 26 Apr 2004 The new regulator is right to look at all the options in its inaugural review of the UK telecoms market. But splitting BT into its retail and wholesale arms would be more hassle that it is worth.
Comcast should scrap Disney bid 26 Apr 2004 The cable group s opportunistic lowball bid isn't going to succeed. It s time to fold and find another target. Comcast timed its approach cleverly, but failed to convince its own shareholders that the target was worth paying up for.
Total eyes Sibneft stake – report 26 Apr 2004 The French oil company doesn t necessarily need a deal it has better growth prospects than its rivals. But Total is right to strike opportunistically, while Shell is in the dumps, and the Washington/Moscow conflict keeps the US majors offside. But Total is right to strike opportunistically, while Shell is down and the US majors are out of favour due to political tensions over Iraq.
Axel Springer takes lead in Telegraph auction 23 Apr 2004 The fact that Springer has been branded a Nazi company by a UK press baron is a backhanded compliment. It shows the German group has a good shot at winning. It appears willing to pay up and faces few regulatory hurdles.