Compass struggles to restore trust 30 Nov 2004 Sales growth may be respectable and the shares may be cheap compared to rival Sodexho, but it will take time to win back lost confidence. The contract caterer has followed up its September warning with full year pretax profits at the bottom end of market expectations.
How Osmond missed out on £1bn 28 Nov 2004 The entrepreneur narrowly missed buying Six Continents for £5.4bn. The hotel and pubs group has since demerged, giving investors £8bn. If all had gone to plan, Osmond would would be well on his way to a paper profit of £1bn. He shouldn t have been so greedy.
Fight for Man Utd not over 15 Oct 2004 Talks between the UK football club's largest shareholders and Malcolm Glazer may have broken off. The sticking point seems to have been whether the US tycoon had the cash. If Glazer can show he's good for the money, talks may resume.
Man Utd fans vow to fight Glazer bid 5 Oct 2004 The UK football club s supporters seem to be dead set against a takeover by American football tycoon Malcolm Glazer. Glazer can t afford to totally ignore them. But he doesn t need them to take over the Red Devils.
Man Utd receives bid approach 4 Oct 2004 It s not clear who is after the Red Devils, but all bets are on American football tycoon Malcolm Glazer. Longstanding bid speculation has already made the UK soccer club a mouthful. Glazer will have to get creative to finance an offer.
Orbitz falls into Cendant’s grasp 29 Sep 2004 America s airlines may be desperate, but you wouldn t know it from the $1.25bn they got from Cendant for their online travel company. Cendant justifies paying 17 times forward ebitda by forecasting huge synergies. Refreshingly, shareholders aren't buying it.
Richard North goes from IHG top slot 15 Sep 2004 This might seem harsh: the shares have risen by 66% since the 6Con dermerger. But against the sector, the performance has been mediocre. North has led the group through its restructuring. But now that the strategy is set, IHG needs someone with a different skillset.
Tui calls off Hapag-Lloyd IPO 7 Sep 2004 The tourism company has decided to hang on to its shipping business rather than sell it at a chunky discount. That may be the right decision, but it makes a takeover harder. No wonder Tui waited until after it was safely in the DAX to break the news.
Tui not yet off the hook 27 Aug 2004 The tourism and logistics group looks likely to scrape back into the Dax 30 index thanks to takeover speculation. But the threat of WestLB selling its 31% stake should encourage Tui management to do more, not less, to maximise value.
WestLB puts Tui on the block 23 Aug 2004 But that doesn't mean the German bank is going to find a rush of takers for its 31% stake in the tourism group. Potential suitors may be interested in parts of Tui. But it will be hard for any group to justify paying a fat premium for the whole.
Tui becomes day-traders’ plaything 11 Aug 2004 That s partly because there s lots of confusion about its value and its strategy. Tui has brought forward its results to shore up the stock. It should also find ways to maximise value.
Lastminute shares catch up with reality 5 Aug 2004 Its main rival recently issued a profit warning. But the UK online travel site is still talking about making good progress. That will be hard. Marketing costs are rising and competition is intensifying.
Harrah’s in $9.4bn bid for Caesars 15 Jul 2004 This latest gambling deal will do more than light up the Vegas strip. Bells will be ringing with regulators in Washington and elsewhere. But that may be intended Harrah s might as well stir the pot while antitrust officials are stewing over the MGMMandalay deal.
Euro Disney restructuring just a bandaid 1 Jul 2004 The plan gives Euro Disney muchneeded breathing space, but it doesn t go far enough. Even after a E250m rights issue, its balance sheet will be far too stretched. It s hard to see why minority investors would sign up.
MGM hammers nail in league table coffin 16 Jun 2004 The casino group brazenly named its five financing banks as advisers in its $7.3bn Mandalay takeover, even though they did almost nothing. Companies are using deal credit to hack back their cost of capital. It renders the league tables meaningless and makes the banks look naive.
Las Vegas lights up with $7.7bn deal 7 Jun 2004 Kerkorian s MGM Grand has launched the biggestever hostile for another casino group, Mandalay. Is MGM about to burn a whole lot of money? At the offer price, he might squeak by with massive cost cuts. But the price is rising. MGM will need some extra tricks to avoid a burnout.
Benettons pull Autogrill sale 30 Apr 2004 Breaking off talks over the confidentiality agreement is an odd thing to do. The messy process doesn t make the family look good. Autogrill's stock has been soaring on hopes of a deal. If nothing happens, it has further to fall.
Donald Trump makes bad role model 1 Apr 2004 A hit US reality TV show has made the New York real estate developer one of the country's most admired businessmen. Yet judging by the health of his listed hotels and casino group, it would be tragic if Trump became a role model for US business.
Wembley bidding war kicks off 30 Mar 2004 US consortium BLB has trumped a recommended offer from MGM for the UK gaming firm with an 800p per share offer. But MGM has hit back rapidly by saying it may come back with an increased offer.
GPG in cheeky bid for De Vere stake 25 Mar 2004 The investor group says the UK hotels group is undervalued but it has launched a partial offer at market price. Investors should block its move. Letting GPG buy a controlling stake on the cheap isn't the best way to unlock value for all shareholders.