PPR loses Gucci’s De Sole and Ford 4 Nov 2003 Gucci may suffer without the CEO and creative soul of the luxury group. PPR committed to buying out Gucci s minorities at a hefty price now looks even more firmly on the hook.
Credit Suisse trading income dives 95% 4 Nov 2003 Fixed income markets may have deteriorated during the third quarter, but that only partly explains Credit Suisse's performance. In fact, CSFB has become shy of gambling with the group's capital. The question is whether its newfound risk aversion is here to stay.
Autogrill shareholders shouldn’t get their hopes up 3 Nov 2003 Shares in the motorway rest stop group have recently been bolstered by takeover speculation. But buyers who could afford to pay the Benetton family a decent premium for its 57% stake look thin on the ground.
Sky shareholders should insist on deputy chair pick 3 Nov 2003 Murdoch is trying to deflect criticism of his son s selection as CEO by agreeing to appoint a deputy chairman. This will probably be a meaningless sop unless shareholders get a big say in choosing the deputy.
Putnam crisis offers salutary lesson 3 Nov 2003 The US fund manager has seen an exodus of client funds since being charged over its alleged failure to supervise two fund managers. Had Putnam considered the reputational costs of its alleged conduct, it might have avoided the current crisis.
Ryanair yields still on the decline 3 Nov 2003 After slashing fares to ribbons, the results could have been much worse. But the Irish carrier still managed to increase profits. Ryanair has so far proven a free seat is not necessarily a lossmaking seat.
Thomson forms TV jv with the Chinese 3 Nov 2003 This is a case of "if you can't beat them, join them". The French electronics group's deal ends nearly twodecades of losing effort at selling cheap televisions. It is about time.
Discounts vanish in mega block trades 3 Nov 2003 The main justification for such aggressive pricing is that the stock should bounce since an overhang is removed. That hasn't been the case with Enel and KPN. Why did the banks offer such a good deal? Could they have been buying leaguetable credit?
Massive generic drugs patent fight brews 3 Nov 2003 Israeli generic drugs company Teva's $3.4bn merger with Sicor positions it to take advantage of proposed changes in biotech patent law. Euro drugs makers Roche and Serono better look out.
Canary Wharf out-bluffed 3 Nov 2003 The skyscraper complex's board doesn't seem to have done a good job in extracting an offer of only 255p a share from Morgan Stanley. It let the process drag on interminably and allowed its bluff to be called twice, if you count its chairman.