EADS management re-jig stalled by French non 2 Jun 2005 The French government, one of the defence group's major shareholders, wants to reassert itself after a crushing Europe referendum defeat. But a failed attempt by Forgeard, EADS s future joint head, to wrest more control over management underscores the French camp's weakness.
Bond bulls get overexcited again 2 Jun 2005 US yields have returned to conundrum levels. Buying now implies a belief in decades of low inflation. It could happen, but only if the Fed is willing to risk debt deflation and depression for price stability. And that s unlikely.
Unexpected stock price guarantees 1 Jun 2005 What happens when a company sells investors a pup? A full and unexpected refund, in the case of Finland s Elisa. It sold a 38% stake in Comptel one day before the group issued a profit warning. Elisa s refund is admirable, but it had little choice.
Evercore follows Lazard, Greenhill with IPO 1 Jun 2005 Of course it is. The multiples of book value investors are giving advisoryonly firms are far too compelling for their owners to pass up. This is made possible by the growing conglomerate status and outsized trading profits of the traditional investment banks.
T&F Informa to buy conference organiser IIR Holdings for £768m 1 Jun 2005 Yet so far investors have given the deal a tentative thumbsup. Either fashions are changing, or investors rather like serial acquirer T&F. The UK group's deal is unfashionably ambitious. It involves a push into the US, and is partfunded by a discounted rights issue.
Donaldson drops out as SEC boss 1 Jun 2005 The veteran Wall Streeter angered big business with red tape on one hand without successfully championing investors rights on the other. But at least he made an attempt to aid shareholders. His predecessor fouled things up, and his successor may simply be too scared to try.
Chirac chooses wrong PM 1 Jun 2005 How does France s president respond to a vote of no confidence in distant political elites? He makes an unelected enarque prime minister. Dominique de Villepin s ministry will have little legitimacy. It is unlikely to get France moving.
Inmarsat launch hands backers heady returns 1 Jun 2005 Apax and Permira will make almost triple their investment in less than two years from the mobile satellite group s IPO. The private equity firms are being rewarded for their faith in a sector which had previously been shunned by public markets.
Airbus faces heavy turbulence 1 Jun 2005 The trade war between the US and the EU over aircraft subsidies has come to a head at a bad time for the European aircraft maker. Its currency hedges are running out and US rival Boeing is challenging its lead. Airbus may have more to lose if the WTO outlaws subsidies.