Corporate Money articles from November 1999

Corporate Money archives from November 1999

EIB backs Merlin Biosciences Fund as Schroders launches life sciences fund.
November 3, 1999... The European Investment Bank is committing up to E50m in Merlin Biosciences Fund, headed by Dr Chris Evans, founder of venture capital group Merlin Biosciences. The fund, which was launched with Rothshild's Biosciences Unit, aims to invest in...

Duke Street Capital raises E650m.
November 3, 1999... Duke Street Capital has closed its fourth buyout fund at E650m ([pound]415m), well in excess of its E500m target. The firm plans to invest the money into 12-15 mid-market pan-European companies, in such sectors as leisure, healthcare,...

Bond political risk coverage.
November 3, 1999... Zurich US has launched what it says is the first private political risk coverage designed to protect bonds in emerging markets against such risks as currency inconvertability, expropriation and political violence. Zurich US provides up to $100m...

FTSE seeks solution to best classification system for internet stocks.
November 3, 1999... On the eve of this week's launch of Techmark, the London Stock Exchange's "market within a market", FTSE International has raised the question of the best way to classify internet related companies. In a letter to institutional investors,...

Enel in world's largest initial public offering.(Statistical Data Included)
November 3, 1999... Without doubt, the big news on the Continent this week was the opening of the initial public offering of Italian electricity giant Enel. The hitherto 100% state-owned supplier sold off a 34.5% stake at E4.3 per share. The Italian...

Bids, mergers, demergers and disposals; week ending 31/10/99.
November 3, 1999... Bidder ARM Software development company Advisers not available Target Micrologic Solutions Provider of software and hardware development services Finance Value ([pound]m): 1.10 Employees: 25 ...

Stagecoach sale.
November 3, 1999... The acquisitive UK-based bus company Stagecoach has decided to shed its poor-performing Swedish operation, Swebus, to Concordia Bus Sweden for [pound]100m. The group noted that its recent acquisitions in the high-growth US and Asia markets took...

Exchange in first buy.
November 3, 1999... AIM-listed internet finance group eXchange Holdings has made its first acquistion since flotation earlier this year, with the [pound]9m purchase of Money World, a personal finance web-site operator. And the group noted that there was plenty...

McKechnie divests.
November 3, 1999... Engineering and plastics group McKechnie completed its strategic withdrawal from the consumer products sector this week with the sale of consumer businesses to US-based Newell Rubbermaid for [pound]81.5m in cash. The group was keen to divest...

Rolls and BMW.
November 3, 1999... The relationship between BMW and Rolls-Royce intensified this week, as the former increased its holding in the latter to 10% via a complex transaction. Under the deal, Rolls-Royce is to take complete control of a joint-venture between the two...

Shire acquisition.
November 3, 1999... Listed pharmaceuticals group Shire announced the acquisition this week of the German, French and Italian marketing subsidiaries of Fuisz Technology for almost [pound]25m. The Italian segment of the deal is subject to the completion of the...

UK equity issues, domestic and international bond issues; week ending 31/10/99.
November 3, 1999... Baltimore Technologies Information security products company Sector: Software & Computer Services Market: Official List Type: Open offer Amount ([pound]m): 95.00 (see details) Price (p): 1,500 No of shares:...

JP Morgan index.
November 3, 1999... Eastern European emerging markets moved a significant step closer to convergence with their Western counterparts this week, as JP Morgan announced its plans to include Hungary, Poland and the Czech Republic in its global bond index. The...

Peel changes plans.
November 3, 1999... Following its decision to drop a planned delsiting move, real estate group Peel Holdings has now decided against a [pound]600m bond issue. The company noted that the change in market conditions ensured that the issue was not a viable at this...

Allen & Overy expands.
November 10, 1999... Lawyers Allen & Overy and 32 partners from the Amsterdam office of Loeff Claeys Verbeke and four partners from the Luxembourg office have agreed to merge from 1 January. John Rink, managing partner of Allen & Overy, said having full service...

Henderson launches its first hedge fund.
November 10, 1999... Henderson Investors, which claims to be the largest manager of technology funds outside the US, has launched its first hedge fund, highlighting the booming alternative investment sector. Mark Lund, managing director of global distribution,...

Stroud taken private.
November 10, 1999... The move to take Jones Stroud private this week is something of a first. The [pound]27.1m bid for the textiles, aluminium and plastics company is believed to be the first of its kind in the United Kingdom. Management, led by Dr. Andrew Ives,...

Wolseley very active.
November 10, 1999... Engineering group Wolseley announced that it is to sell its boiler and burner manufacturing businesses to management backed by German equity provider Industri Kapital for [pound]86.8m. The businesses sold form part of the group strategy of...

BUPA pulls bond.
November 10, 1999... Bupa has become the second high profile firm to postpone a bond issue because of "negative market conditions." partly due to the Y2K bug. Advised by Merrill Lynch, Bupa had planned a [pound]250m securitisation of revenues from its nursing homes...

Bonds.
November 17, 1999... US Treasuries fell following the Federal Reserve decision to increase interest rates on Tuesday. Continuing growth in the US is worrying the bond market, and its recent instability looks set to continue. On the domestic corporate issuance...

Equities.
November 17, 1999... The US Federal Reserve decision to push interest rates higher on Tuesday failed to halt growth on the FTSE. With the FTSE increasing almost one per cent despite an 8% fall in VodafoneAirTouch shares on the day. The price climb also resisted the...

Schroder life science recruit.
November 17, 1999... John Cheesmond, executive vice-president of corporate strategy and business development at Ciba Speciality Chemicals, is to join Schroder Ventures International Life Sciences team as a partner. He said there were many investment opportunities...

Leek/Murray round 3.
November 17, 1999... With the special general meeting of Leek Building Society fixed for 3 December, Murray Financial says its offer of [pound]30.5m, less conversion costs of [pound]750,000, will result in windfalls of between [pound]495 and [pound]990. This is...

Inexperienced and untrained trustees cost UK pension funds [pound]3.7bn says report.
November 17, 1999... By far the most significant barrier to improving the financial returns of pension funds lies in the poor performance of funds' trustees, says a report on `excellence in UK fund management' by investment consultants Frank Russell. Absence of...

Asian markets boosted by bond upgrade.
November 17, 1999... Buoyed by an up-turn in investor sentiment, the Asian bond market appears to be leading the way in what could turn out to be a regional recovery far quicker than had first been anticipated. Credit rating agency Standard & Poors has upgraded...

Epic battle looks set to follow Vodafone/Mannesmann phoney war.
November 17, 1999... The phoney war between Vodafone AirTouch and Mannesmann will not continue much longer. Either Chris Gent will convince Mannesmann's shareholders and Klaus Esser that a friendly offer is the logical way of grasping hold of the booming...

Gucci and LVMH continue to slug it out.
November 17, 1999... The latest round in the bout for supremacy in the luxury goods sector took place this week, with heavyweights Gucci and LVMH announcing major deals. Throughout the year companies have been riding high on unprecedented levels of demand, with...

Black set to expand.
November 17, 1999... Sports and outdoor footwear, clothing and accessory company Blacks has expanded its activities in the outdoor clothing retail sector this week with the [pound]50.8m acquisition of The Outdoor Group. Blacks operates major high-street retailers...

Celltech merger.
November 17, 1999... Ex-biotechnology specialist company Celltech Chiroscience has made what appears to be the final step in its transformation into becoming a pharmaceuticals group. This week Celltech acquired drugs group Medeva in an all-share deal which values...

Energis' euro deal.
November 17, 1999... UK based telecommunications group Energis emphasised its desire to expand onto the Continent this week, with the [pound]352m acquisition of Dutch company Enertel. Earlier in the week, the company also announced its intention to take a stake in...

Atlantic partnership.
November 17, 1999... Telecommunications group Atlantic Telecom Group announced details of its strategic partnership with Marconi this week, to coincide with its interim results for the six months ended September 30th. The group is to issue 22.5m shares via a fully...

NHP finances growth.
November 17, 1999... The UK's largest nursing home owner NHP launched two asset-backed bonds this week, which were valued at [pound]170m. The issues came from the company's financing arm, Care Homes, and are designed to finance further acquisitions in the nursing...

M&A.(Brief Article)
November 24, 1999... To give some perspective to the size of the VodafoneAirTouch bid for Mannesmann, it is worth bearing in mind that the [pound]79.1bn offer for the German company is a mere [pound]9bn less than the M&A activity recorded for the entire first...

Hedge funds to keep stars.(Brief Article)
November 24, 1999... There is a growing demand for fund managers with brand-building marketing skills, as well as investment know-how, says a report on recruiting trends in investment management by consultants Russell Reynolds Associates. There is also a growing...

NAPF on corporate governance.(Brief Article)
November 24, 1999... The National Association of Pension Funds, whose members control [pound]500m of assets, is to provide a "corporate responsibility profile" of companies in the FTSE 350 index. John Rogers, director of the NAPF voting issues service, has written...

Investment trust sector `at a crossroads', says Deutsche Bank.(Brief Article)
November 24, 1999... Despite the current "its" [pound]18m marketing campaign, investment trusts are not out of the wood yet. Deutsche Bank's annual review of the sector says that it is "at a crossroads". "If boards can embrace repurchases and marketing, then...

Internet vote for shareholders promise.(Brief Article)
November 24, 1999... An order to update company law is promised by e-commerce minister Patricia Hewitt when the Electronic Communications Bill reaches the statute book, probably next April. The order will allow shareholders to vote over the Internet. "This historic...

Whitbread regains initiative with [pound]578m Swallow Hotels deal.(Brief Article)
November 24, 1999... There's nothing worse than flat beer and this is what Whitbread's share price has resembled since its costly and time consuming bid for Allied Domecq's pubs in July when it lost out to audacious Punch Taverns. Since then its share price...

Vodafone and Mannesmann battle for investor support.(Brief Article)
November 24, 1999... Mannesmann completed its [pound]22bn acquisition of Orange this week, but for how long will it be able to savour the fruits of victory? The firm is stepping up its strategy of aggressive defence after rejecting Vodafone Airtouch's...

Consolidation visits venture capital sector.(Brief Article)
November 24, 1999... VodafoneAirTouch's attempt to secure the largest takeover of all time may have dominated the headlines in most of the financial world this week, but consolidation in other Continental sectors shows no signs of abating. The monster bid for...

Core joins CeNeS.(Brief Article)
November 24, 1999... Consolidation remained the key-word in the pharmaceuticals sector this week, with Core Group announcing the terms of its merger with CeNeS. The deal is to be effected by a recommended offer from the former for the latter, which will give Core...

Wardle goes private.(Brief Article)
November 24, 1999... Parachute manufacturer Wardle Storeys has agreed a 441p per share cash offer from Edlaw, a purpose vehicle backed by private equity house Alchemy Partners, which values the company at [pound]114m. The board noted that the downturn in activity,...

Tunstall in IBO.(Brief Article)
November 24, 1999... Tunstall, the company which provides alarm systems for the elderly and infirm, has received backing from Mercury Private Equity to complete a management buy-out this week. The venture capitalists invested [pound]45.5m in the company, with the...

Invensys reshapes.(Brief Article)
November 24, 1999... Invensys, the engineering group created following the merger between BTR and Siebe, has finally begun its planned strategy of divesting its automotive division. The company has long lamented the performance of these non-core businesses, but...

Changes at Cortecs.(Brief Article)
November 24, 1999... Troubled healthcare company Cortecs is set to revamp its flagging balance sheet via an open offer, capital re-organisation and a change of name. The diagnostics and healthcare group has continued its slump with its losses climbing over the...

Major NTL junk-bond.(Brief Article)
November 24, 1999... Interest in the high-yield bond market substantially increased this week, with investors clammering to get a piece of pan-European cable company NTL's three-tranche E775m issue. Proceeds from the note, which is the largest Euro-denominated junk...