The price Lagardere is paying for Vivendi Universal’s French publishing assets looks like a bargain. 24 Oct 2002
WPP raises double-dip fears 24 Oct 2002 Times are hard for the marketing giant. Despite new business wins, margins and cash generation are shrinking, and debt is on the way up. Chief executive Martin Sorrell has been a highprofile bear on the ad industry. So far as his own stock goes, that was good positioning.
Credit Lyonnais stalking game enters new phase 24 Oct 2002 Credit Agricole is still the front runner to buy the French bank, eventually. But its fallen share price makes it even harder to do what always looked like a difficult deal. Time for new tactics, then.
Who will ride to ABB’s rescue? 24 Oct 2002 But the struggling engineering group may find knights in shining armour: Credit Suisse, Barclays and Citigroup. Shareholders would be mad to put in equity, lenders barmy to extend new credit.
Spain’s old boy network eyes Iberdrola grid sale 24 Oct 2002 The regulator has reportedly recommended that the government nix the deal in favor of local favourite Red Electrica. The arguments behind this are absurd. If the government really wants a modern economy it should let the sale to CVC Capital go through.
AOL over-stated ad revenues by $190m 24 Oct 2002 This won't do anything to endear the internet unit to former Time Warner shareholders. The problem is that there doesn't seem much they can do about it.
Vivendi drags Cegetel fight into court 24 Oct 2002 As Vodafone's bid deadline approaches, Vivendi is hoping the courts will give it an extra 30 days to get its cash together for a counterbid. If Vivendi wins the extra 30 days it hopes for, the other parties are determined to take no notice. It risks starting a litigation marathon. If Vivendi wins the argument, the other parties are determined to take no notice. It risks starting a litigation marathon.