News Tag: shareholders
March 2, 2010
Respected US billionaire investor Warren Buffett has said the problems in the US property market will be over within a year.
In his annual letter to shareholders in Berkshire Hathaway, the investment group controlled by Mr Buffett, he said prices will remain 'far below bubble levels' for the medium term.
He added: "People thought it was good news a few years ...
Buffett confident of US housing market recovery
by Kay Murchie
February 24, 2010
According to reports, banking giant HSBC has bowed to shareholder pressure and abandoned plans to raise its chief executive's salary.
The Financial Times said the bank had consulted shareholders on proposals to raise Michael Geoghegan's salary by 36% to £1.4 million ($2.2 million).
The FT also reported that the bank had planned to up the salary of Finance Director, Douglas Flint, from ...
HSBC scraps big rise for its CEO
by Kay Murchie
February 5, 2010
US banking giant, Bank of America (BoA), has been sued by the New York Attorney General, Andrew Cuomo, for defrauding investors and the Government over its takeover of Merrill Lynch.
BoA, and two of its senior executives, Ken Lewis and Joseph Price, have been accused of “enormous fraud” on taxpayers and shareholders over the takeover in 2008.
In September 2008, ...
Bank of America sued over Merrill Lynch takeover
by Kay Murchie
February 2, 2010
Cadbury shareholders have today voted in favour of the £11.5 billion ($18.9 billion) takeover deal from US giant, Kraft Foods.
Today’s vote brings an end to Kraft’s five-month battle to take control of the 186-year-old British confectioner.
Cadbury said it had received valid acceptances of the offer from shareholders representing 71.7% of the company.
Commenting on the deal, Kraft ...
Cadbury shareholders vote in favour of Kraft takeover
by Kay Murchie
January 27, 2010
Workers at British confectioner Cadbury are to stage a protest today in Bournville, Birmingham in a bid to urge shareholders to reject the takeover offer from US food giant, Kraft.
Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, made an offer of £11.7 billion last week which 186-year-old Cadbury agreed to.
Following the announcement, Roger Carr, ...
Cadbury workers stage protest over jobs threat
by Kay Murchie
January 19, 2010
After months of hostile talks, British confectioner Cadbury has finally agreed to an £11.7 billion takeover by US food giant Kraft.
The 186-year-old British company, renowned for Dairy Milk chocolate, is set to advise shareholders to accept the latest bid of 840p a share.
Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, will pay 840p for each Cadbury ...
Cadbury agrees £11.7bn Kraft takeover
by Kay Murchie
January 12, 2010
British confectioner Cadbury, renowned for Dairy Milk chocolate, urged shareholders today not to let Kraft “steal your company with its derisory offer“.
Cadbury chairman, Roger Carr, delivered the statement after it said it had enjoyed an "outstanding" performance in 2009, which exceeded market expectations.
It said underlying revenues were up 5% in 2009, with a 6% rise in the latter ...
Cadbury attacks Kraft after it unveils ‘outstanding’ 2009
by Kay Murchie
December 15, 2009
US food giant Kraft has today reinforced its belief that a tie-up with Cadbury would “represent a uniquely complementary fit”.
Kraft is actively trying to convince Cadbury shareholders that a combination with its British rival could "deliver substantially more value" together and would benefit Cadbury staff as new jobs would be created in the UK.
Kraft warned Cadbury's shareholders that they will be "taking ...
Kraft defends bid for Cadbury
by Kay Murchie
November 24, 2009
Lloyds Banking Group has today embarked on the biggest rights issue on record by asking shareholders to buy 1.34 new Lloyds shares for each one they already own.
The rights issue price of 37p is slightly higher than expected but still heavily discounted at 59.5% on Monday’s closing price of 91.47p.
According to Lloyds, the average retail shareholder would pay £366.7 ...
Lloyds outlines details of record rights issue
by Kay Murchie
November 9, 2009
Two months ago, US food giant Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, approached Cadbury with an informal £10.2 billion takeover offer, which the UK confectioner later rejected.
Roger Carr, chairman of Cadbury, described its US rival’s £10.2 billion takeover offer as an “unappealing” and “unattractive prospect”.
However, under takeover rules, the US food ...
Kraft deadline looms as Cadbury awaits next move
by Kay Murchie
October 19, 2009
Stagecoach has approached rival National Express with a £1.7 billion offer after a Spanish-led consortium withdrew its £765 million offer last week for the rail and bus group.
Stagecoach, the operator of South West Trains and East Midlands Trains, has made a new all-share offer for its rival, following the withdrawal of the Spanish-led consortium, which comprised private equity firm CVC ...
Stagecoach makes fresh offer for National Express
by Kay Murchie
September 29, 2009
Camera retailer Jessops has today secured a deal that will save the company.
The struggling retailer has been hit by a shift to digital photography and the economic downturn which has meant it has been fighting to survive.
The company, which trades from more than 200 stores in the UK, is undertaking a solvent restructure that will see its largest creditor HSBC, acquire ...
Camera retailer Jessops agrees rescue plan
by Kay Murchie
August 10, 2009
Shares in Lloyds Banking Group have fallen today on the speculation that the banking giant is looking to raise between £10 - £15 billion by selling new shares.
According to reports, the Treasury is said to be in support of the possible plans to raise cash from the stock market, which will therefore reduce the bank’s exposure to the Government's ...
Lloyds reported to be considering £15bn cash call
by Kay Murchie
June 23, 2009
Information group Thomson Reuters has announced plans to remove its listing from the London Stock Exchange (LSE) and the US Nasdaq index.
The company said the delisting is part of plans to “simplify the company’s structure” and is urging its shareholders to vote in favour of the move in early August.
The move marks the end of ...
Thomson Reuters to save $10m as it ceases trading on LSE
by Kay Murchie
June 5, 2009
Shareholders in Lloyds Banking Group are set to grill the bank at today’s annual general meeting.
Directors of the bank have faced criticism from shareholders following the hasty takeover of HBOS last autumn, which left the group 43% state-owned.
The bank is expected to plunge into a loss this year, following the takeover of HBOS, which made losses of nearly £11 ...
Lloyds set to come under fire at AGM
by Kay Murchie
April 5, 2009
Over 90% of Royal Bank of Scotland (RBS) shareholders have voted against the remuneration policy proposed by the bank’s board at its AGM last Friday in Edinburgh.
The vote comes as a huge blow to the already struggling bank, which has been the subject of bad press recently.
As a result of the vote, the bank's chairman, Sir Philip Hampton, has pledged ...
Majority of RBS shareholders vote against pay
by Kay Murchie
April 3, 2009
Royal Bank of Scotland (RBS) has announced it will make further redundancies worldwide.
The fresh job losses are in addition to the 2,700 job losses already announced.
The bank’s chairman, Sir Philip Hampton said: “We can only be honest and say that this will not be the end of the story and more job cuts ...
RBS announces further job cuts and calls for an “end to public flogging”
by Kay Murchie
March 17, 2009
Two local authority pension schemes are suing current and former board members of RBS.
The bank was bailed out by the taxpayer in October of last year when the Government was forced to take a 68% stake in the business to avert its collapse.
A more recent package of support involving a further cash injection and use of the Treasury's Assets Protection Scheme could mean ...
RBS shareholders to sue
by Gill Montia
February 13, 2009
Former shareholders of Northern Rock have failed in their legal challenge to the Government's plan to compensate them.
Rock’s biggest former investor SRM Global brought the case against the Government, with RAB Capital and 150,000 private investors. The case entered the High Court in January and shareholders were contesting the way in which the bank’s finances were assessed and ...
Northern Rock shareholders lose court battle for compensation
by Kay Murchie
