Russian tycoon buys Chelsea football club 2 Jul 2003 Chelsea is a trophy asset. Its location in London ensures it a group of wellheeled and wellconnected fans. Roman Abramovich will gain social cachet and connections from the purchase. Whether it stacks up as a business proposition is secondary.
Scandals break on eve of rescue rights 1 Jul 2003 Banks are accused of sloppy due diligence in the bubble. But look what is happening now that their necks are on the line. Accounting irregularities have emerged in the runup to some highprofile rescues most recently Alstom s.
Telenor trade is cautionary tale 1 Jul 2003 Lehman Brothers was the surprise winner of the mandate to sell E900m of shares in the telecoms group for Norway. But the usual backbiting about how Lehman nabbed the business by underpricing it may not be valid this time round.
S&N kicks off £2.3bn pubs auction 1 Jul 2003 And with a solid set of results behind it, the British brewer has a good chance of surpassing its asking price. New CEO Tony Froggatt must not see the balance sheet flexibility the sale brings as a blank cheque to do deals.
Investment banks in denial 1 Jul 2003 Many investment banking bosses are claiming that their businesses are, at last, the right size given that the outlook is improving. But the industry as a whole still suffers overcapacity in many quarters. Ironically, it may take an upturn to show it.
Cazenove misses a third engine 1 Jul 2003 The UK stockbroker has an enviable equity franchise. But its results show the cost of not having a comparable debt operation too. Yet even if equity markets continue to rally, Cazenove may still delay its float. The reason is simple and human: embarrassment.
Apax and Hicks, Muse seek Yell exit 1 Jul 2003 The directories business is racing to float over half the company at a midrange valuation of about 9 times this year's earnings. Its private equity shareholders are set for a super exit that may help them in their own fundraising efforts.