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News Tag: acquisition

May 28, 2010

Prudential in fresh AIA talks

by Kay Murchie
Prudential, which is Britain’s second largest insurer, is in fresh talks with AIA, the Asian arm of US company American International Group (AIG). Earlier this week, it was reported that as many as 20% of Pru’s UK investors will vote against the proposed takeover and, as a result, the insurance giant said it is in talks to renegotiate the deal. In March, Pru announced ...

May 17, 2010

Prudential presses ahead with record £14.5bn cash call

by Kay Murchie
Prudential, which is Britain’s second largest insurer, has today outlined details of its £14.5 billion ($21 billion) rights issue, which will be used to help fund its acquisition of AIA, the Asian arm of US company American International Group (AIG). Earlier this month, fears were raised over the acquisition after the Financial Services Authority (FSA) intervened causing a delay to ...

May 5, 2010

Prudential rights issue delayed

by Kay Murchie
Prudential, which is Britain’s second largest insurer, has announced today its $21 billion (£13.8 billion) cash call will be delayed due to intervention by the Financial Services Authority (FSA). The insurance giant was due to embark on the rights issue in order to fund its acquisition of AIA, the Asian arm of US company American International Group (AIG). Pru said the deal provided it ...

March 8, 2010

Virgin Money to become first bank to charge upfront fees

by Kay Murchie
Virgin Money, which is set to launch as a retail bank later this year, has announced it will charge a monthly fee for current account customers. However, the company said the fees will be low and will replace high overdraft charges. Sir Richard Branson’s Virgin Money recently acquired regional bank Church House Trust. Virgin Money, which was unsuccessful in acquiring ...

March 1, 2010

Sterling dives to 10-month low amid election fears

by Kay Murchie
The pound plummeted to a 10-month low today over fears of a possible hung parliament in the forthcoming election. Sterling lost 1.6% and dipped below $1.50 for the first time since May 2009 - it has already lost 7% against the dollar this year. The pound also lost ground against the euro and many other major currencies. A Sunday ...

Prudential in $35.5bn deal with AIA

by Kay Murchie
Prudential, which is Britain’s second largest insurer, has today confirmed it is to buy AIA, the Asian arm of US company American International Group (AIG), in a deal worth $35.5 billion (£23.3 billion). In a stock market statement today, Pru said the deal provided it with the opportunity to create South East Asia's leading insurer. In order to finance the deal, the ...

February 1, 2010

Exxon posts 23% fall in Q4 profits

by Kay Murchie
Exxon posts 23% fall in Q4 profits
Exxon Mobil, which is the world’s largest oil company, has today announced a 23% fall in fourth quarter profits. The company reported profits of $6.05 billion (£3.8 billion) for the three months to December 31, compared with $7.82 billion in the same period a year earlier. Revenues grew 7% to $89.84 billion exceeding analysts expectations and up from the $84.7 billion ...

January 8, 2010

Virgin Money buys regional bank Church House Trust

by Kay Murchie
Sir Richard Branson’s Virgin Money has announced it is to buy regional bank Church House Trust for £12.3 million and will invest £37.3 million into the business. Virgin Money, which was unsuccessful in acquiring crisis-torn Northern Rock two years ago, already offers savings, credit card and investment products to around 2.5 million customers. The purchase comes at a time ...

October 26, 2009

Barclays buys Standard Life Bank for £226m

by Kay Murchie
Banking giant Barclays has agreed to buy Standard Life Bank for £226 million. Standard Life Bank, which is the savings division of Edinburgh-based life insurance company Standard Life, has just 287,000 savings accounts, an £8.8 billion loan book and 78,000 mortgage accounts. The banking arm is no longer part of the insurer's long-term plans for the business. The deal is expected to be ...

September 21, 2009

Dell acquires Perot in $3.9bn deal

by Kay Murchie
Dell, which is the world’s second-largest maker of personal computers, is to acquire Perot Systems in a $3.9 billion (£2.4 billion) deal. Perot Systems, which is based in Texas, was founded by Texas billionaire and former US presidential candidate, Ross Perot. The company specialises in IT support for hospitals, Government departments and banks. Dell said it plans to acquire all ordinary shares of ...

September 11, 2009

Banco de Credito acquires microfinance firm

by David Masters
Peru's biggest banking group this week announced it has acquired a 77.1% stake in microfinance firm Financiera Edyficar. Banco de Credito said it has agreed to acquire the shareholding for $80 million. Chief executive Walter Bayly said the move is part of Banco de Credito's plan to acquire 100% of Edyficar, which is currently controlled by non-governmental organisation CARE. "It's very likely, though there ...

August 3, 2009

Ethical savings boost with Co-op-Britannia merger

by David Masters
Ethical savings boost with Co-op-Britannia merger
Savers who care about whether their savings are used to fund arms companies or renewable energy received welcome news today with the merger of Britannia Building Society and The Co-operative Bank. The merger aims to create a "trusted and ethical alternative to shareholder-owned bank." All three million Britannia members have joined or been given to opportunity to join the Co-operative Group, where they ...

April 20, 2009

GSK buys Stiefel to create enlarged dermatology business

by Kay Murchie
GlaxoSmithKline (GSK), Britain's largest drugs company, has agreed to buy Stiefel Laboratories in a deal worth $3.6 billion (£2.5 billion). GSK is paying $2.9 billion in cash and will take on $400 million of Stiefel’s net debt. Stiefel, the US skincare specialist based in Florida, produces skin treatments for acne and psoriasis. The group is partly-owned by Blackstone Group, ...

February 26, 2009

RBS confirms biggest loss in UK corporate history

by Kay Murchie
Royal Bank of Scotland (RBS), which is 68% owned by the taxpayer, has today reported a full 2008 year loss of £24.1 billion - the largest annual loss in UK corporate history. The loss was attributed to the "unprecedented turbulence" in financial markets according to the bank’s chairman, Philip Hampton. Mr Hampton warned that 2009 would be another challenging year ...

January 27, 2009

Japan’s Nomura reports heavy losses

by Kay Murchie
Japan’s largest stockbroking firm, Nomura, has reported its worst ever quarterly loss blaming the integration of Lehman Brother’s Asian and European operations, which it bought last September. Its quarterly loss (which related to the October to December 2008 period) amounted to 342.9 billion yen (£2.7 billion), compared with 400.37 billion yen for the same period in 2007. Nomura's chief financial officer, Masafumi Nakada, described ...

December 2, 2008

Neovia Financial in pre-paid payment services acquisition

by Kay Murchie
Online payments provider, Neovia Financial, has acquired IDT Corporation’s European Prepaid Payment Services Division for a total cash consideration of $15.05 million (£10 million), which includes $10 million of banking regulatory capital. The agreement will create one of Europe's largest independent pre-paid debit card businesses. The deal is for the entire issued share capital of IDT Financial Services Holdings Limited and certain ...

September 29, 2008

Santander to acquire B&B‘s branches and £20bn savings business

by Kay Murchie
The BBC reported over the weekend that troubled buy-to-let lender Bradford & Bingley (B&B;) was set to be nationalised. It has emerged this morning that Spanish bank, Santander, which recently agreed to buy Alliance & Leicester, is to acquire B&B;’s £20 billion savings base and its network of 197 branches. According to sources, talks ran late into last night ...

September 23, 2008

Jobs saved as Nomura acquires Lehman European operations

by Kay Murchie
Japan’s largest brokerage house, Nomura Holdings, is to buy some of Lehman Brothers’ European operations. Nomura is to acquire Lehman’s investment banking and equities unit in Europe and said it will pay a ‘nominal’ amount for the operations. The deal, which subject to regulatory approval, comes just 24 hours after Nomura announced it was to buy the Asian operations ...

September 22, 2008

Nomura to acquire Asian operations of Lehman Brothers

by Kay Murchie
Japan’s largest brokerage house, Nomura Holdings, is to buy the Asian operations of Lehman Brothers. Standard Chartered and Barclays had also been interested in Lehman’s Asian assets, according to sources close to the matter. Banking giant Lehman Brothers went bankrupt last week and British bank Barclays has already acquired its US investment banking and capital markets businesses. Nomura is to pay ...

Mitsubishi acquires stake in Morgan Stanley

by Kay Murchie
Shares in Morgan Stanley increased today after the news that Japan’s largest bank, Mitsubishi UFJ Financial Group, is to pay $9 billion (£4.8 billion) for a stake of up to 20% in the bank. The news follows the announcement earlier today that Morgan Stanley, along with Goldman Sachs, have changed status and have received regulatory approval to convert themselves into traditional bank ...