Oil & Gas

Centrica seeks £1.5bn for AA breakdown unit

21 June 2004

The utility used to believe it could sell its gas customers loosely related products and services and diversified accordingly. Now this strategy is in full retreat.

Shell inches in the right direction

17 June 2004

Revealing details of its corporate governance review, albeit after investor pressure, is a step forward for the oil and gas giant. But investors shouldn t get their hopes up. The chances of a muchneeded overhaul of its dual structure don t look good.

Putin, Khodorkovsky gang up to save Yukos

17 June 2004

Russia's president says he doesn't want the oil giant to go bust; and the oligarch agrees to underwrite some or its entire tax bill. If this is for real, it reduces the fallout from the Khodorkovsky affair. But it underlines Russia's reputation for unpredictability.

Bidding for National Grid gas networks heats up

8 April 2004

Three private equity groups are teaming up to offer £4bn for four networks. It is in National Grid s interest to have one buyer for the lot, but the regulator may stick a spanner in the works.

E.ON keeps on shopping

18 August 2003

The German utility is tearing up investment plans announced in December, and is preparing billions more in acquisitions. This looks like good news for investment bankers, but not for shareholders.

Failed Gas Natural bid leaves unfinished business

6 May 2003

Further attempts at consolidation in the Spanish utility sector look inevitable. To help the process, takeover rules need further improvement especially Spain s passivity rules.

Spanish regulator opposes Gas Natural bid

30 April 2003

The Energy Commission s recommendation is not binding. So Gas Natural s E25bn bid for Iberdrola is not quite dead, yet. But the report gives extra ammo to anyone opposing the deal which includes a large chunk of Gas Natural shareholders.

German utilities admit to overpaying in M&A splurge

14 November 2002

That s not so unusual for, say, tech companies. But at least their deals were done in stock. RWE and E.ON paid cash. Two more pieces of detritus revealed by the end of the boom. First RWE, now E.ON, have taken huge written downs on recent acquisitions.

German utilities admit to overpaying in M&A splurge

14 November 2002

Italian connection

3 October 2002

Brescian folly

9 July 2002

Pipe dreams

25 June 2002

Wham bam thank you Snam

16 November 2001

Nuclear shelter

27 September 2001

Asian preview

13 September 2001

For sale – maybe

3 September 2001