Where is the big BSkyB payout? 3 Aug 2005 The payTV group is now making some serious money. It has the firepower to buy back far more than the 5% of its shares it plans to. Sky isn't saying why it wants financial flexibility. Investors may conclude it needs to invest lots more to hit its subscriber targets.
Saint Gobain makes £3.7bn hostile bid for BPB 3 Aug 2005 The French conglomerate was given short shrift by the UK plasterboard maker, so it is taking its 720p a share bid direct to shareholders. This looks like an opening bid. Investors are likely to hold out for more.
Adidas buys Reebok for E3.1bn 3 Aug 2005 The German sports shoe maker will almost match market leader Nike in size after buying Reebok. But it will pay handsomely for the privilege. It is not clear whether the cost synergies will justify the 34% premium paid. And the revenue benefits are questionable.
Saint Gobain still has plans for BPB 2 Aug 2005 The French conglomerate would like a recommendation from the UK building products group. But not at any price. If the two sides can't agree, Saint Gobain could go direct to shareholders.
Wind forced to pay up to get debt away 2 Aug 2005 The buyers of Europe's largest leveraged buyout must pay an extra 1% to syndicate an E700m slice of junior debt. That may not sound much in a E12bn deal. But Wind has still to sell scads of junk debt. If the cost of that rockets too, it could hurt.
Robertson to quit Goldman Sachs 2 Aug 2005 The investment bank's European president is the latest highprofile client guy to quit as bulge bracket firms focus on proprietary business. Robertson s new advisory boutique will try to avoid any suggestion of a conflict of interest something Goldman hasn't always managed.
Is the second internet boom doomed? 2 Aug 2005 Highflyers such as Google, Ebay and Yahoo are now real businesses with booming profits. But investors are pencilling in annual earnings growth of more than 20% over the next four years. Good luck.
Ryanair posts record profit 2 Aug 2005 If airlines are going through a difficult patch, someone forgot to tell Ryanair. Its net profit was up 21% in the quarter. Soaring oil prices appear to be driving more passengers towards the Irish nofrills carrier, so operating margins are holding up for now.
CNOOC walks away from $18.5bn Unocal bid 2 Aug 2005 In the end, the political hurdles in the US proved too much for the Chinese oil company to handle. This is bad news for Unocal shareholders. US politicians beating the protectionist drum should hang their heads in shame.
Nokia’s boss to step down 1 Aug 2005 Jorma Ollila turned a lossmaking conglomerate into a lucrative mobile phone giant. But Nokia's golden age is coming to an end. And its top managers may lack the stomach for another fight now that they are so fabulously wealthy.
Pernod chief lashes France over Danone 1 Aug 2005 Patrick Ricard's arguments are sound enough, but they would carry more weight if his own company were exposed to the risk of takeover. If he really believed in free markets, he would scrap the arrangements that let his family control Pernod with less than 10% of the shares.
Dim Wim looks wiser in retrospect 1 Aug 2005 Wim Duisenberg was ridiculed when he headed the European Central Bank. But he left it apolitical and committed to low inflation. The euro is now strong and bond yields are low. But Duisenberg, who died on Sunday, didn't get what he most wanted low eurozone deficits.
ABN Amro results flattered by one-offs 1 Aug 2005 The Dutch bank has beaten expectations with its Q2 earnings. But this was largely down to accounting changes and property sales. With a weaker second half forecast, investors may fear ABN is being distracted by its Antonveneta bid from making operational improvements.
AstraZeneca should sell out 1 Aug 2005 It may sound defeatist for the pharma group s new boss to flog the company. It isn t. Pharma acquisitions may have a chequered history, but the economic case for the sale of Astra is overwhelming.
Biofuels may be a waste of energy 1 Aug 2005 Soaring oil prices have made biofuel sexy again. Company valuations are sky high and even the US plans to double ethanol production by 2012. But the industry still depends on government subsidies. Worse still, producing ethanol appears to use up more energy than it produces.