Share News: Prudential Seeks Rights Issue for AIA Bid
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A daily look at the leading shares in the UK, US and the rest of the world sponsored by paddypowertrader. For today’s view see Shares Markets.
Share Trading - 2 March 2010
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UK Share Trading News
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- HSBC – Co will receive a share of the USD 1bn in fees from the Prudential rights issue, alongside Credit Suisse and JP Morgan Cazenove. (Times)
- RBS – Co. agreed to sell its Colombia unit to Scotiabank. The agreement to sell RBS Colombia is subject to approval from regulators, the bank said in a filing on the financial regulator’s website. (BBG)
- BAE Systems – Co. was ordered to pay a USD 400m fine after pleading guilty to conspiring to defraud the US, to making false statements about its Foreign Corrupt Practices Act, and to violating the Arms Export Control Act and International Traffic in Arms Regulations, the Justice Department said. (BBG)
- Prudential – Co. and its advisers are in talks with sovereign funds from China and Singapore over the provision of billions of USD to support a planned USD 20bn share sale by the UK co. (FT) Co.’s rights offering may be started at about GBP 1.40 a share. (Daily Telegraph) In other news, co. may be cut by S&P. (BBG)
- BHP Billiton/Rio Tinto – Benchmark iron ore prices may rise 60% this year on strong Asian demand and as co. pushes steelmakers to accept pricing pegged to higher spot-levels, Morgan Stanley analysts said. (Business Week) Also, Goldman Sachs said that mining giants may be missing out on about USD 20bn of sales a year by not selling iron ore mined in Australia at cash prices. (BBG)
- Lonmin – Co. said it signed two separate contracts with the Xstrata-Merafe joint venture and ChromTech for the construction of chrome recovery plants. (BBG)
- Centrica – Co. put its Spanish unit up for sale, on the ground that the business lacks the size to compete. (Expansion)
- Diageo – Co. has launched an offer worth up to GBP 610m for Chinese white spirit company Shui Jing Fang. (Telegraph)
- Admiral – Co. FY profits in line with estimate. Reports FY pretax profit of GBP 215.8m, +7%. FY sales GBP 1.077bn, +18%. Declares second interim dividend of GBP 0.298. (BBG)
- Pearson – Co. said to be considering sale of FT newspaper to Bloomberg. (Daily Mail)
- Fresnillo – Co. FY net USD 322m vs. Prev. 127.9m, FY revenue USD 849.9m vs. Prev. 720.5m. (BBG) Arriva – Singapore based travel group Comfort DelGro has reportedly teamed up with KKR on a potential bid for co. (Daily Telegraph)
For more on spread betting on UK shares see:
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US Share Trading News
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Equities finished higher as investor sentiment was boosted following news that a bailout was in the pipeline for Greece.
Stocks were buoyed by a better employment constituent in the ISM manufacturing data and also after a series of M&A deals came into focus.
In terms of sectors, the financials came under pressure due to disappointing earnings from HSBC (-5.23%) whilst the basic materials and utilities were the outperformers in the S&P 500.
AIG (+4.08%) saw decent gains after selling their Asian Life unit for USD 35.5bn and Mastercard (+3.73%) also finished higher after the better than expected US personal spending figure.
At the close; the S&P 500 closed up 1.02% at 1115.71, the DJIA closed up 0.76% at 10403.79 and the NASDAQ 100 closed up 1.52% at 1846.40.
- Google – Co.’s CFO says Nexus One phone has raised the bar and says is ‘absolutely delighted’ with results of Nexus One. In other news, co. acquires Picnik, reports a Google Blog. (Sources/Google Blog)
- Bristol-Myers – Co.’s kidney transplant drug Belatacept wins US FDA Advisory Panel backing. (BBG)
- General Dynamics – Co.’s NASSCO, has been awarded a USD 824.6m contract from the US Navy for the construction of two T-AKE dry cargo ammunition ships. (BBG)
- PG&E Corp - Co. sees 2010 EPS USD 3.35-3.50 vs. Exp. USD 3.40, sees 2010 annualized dividend per share USD 1.82 and sees 2010 capex USD 3.98-4.56bn. In other news, co. CFO Harvey says expects to spend USD 535m on smart meters this year and says co. is speeding up smart meter installation (BBG)
- GM – Co. recalling 1.3m vehicles over steering problems. (RTRS)
For more on spread betting on US shares see:
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European Share Trading News
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- Deutsche Telekom – Co. would like to make small acquisitions in Germany. (Handelsblatt)
- Volkswagen - Co.’s CEO says 2010 will not be an easy year by any means, says expects world market to grow slightly in 2010. Says sees strong headwinds in Germany and Europe and sees tailwinds in China and US. Also says approaching next few months with cautious optimism. (RTRS)
- Daimler - Co. signs letter of intent for technology cooperation with China’s Byd on electric vehicles. (RTRS)
- France Telecom - Co. says merger of T-Mobile UK and Orange UK cleared by EU Commission. (BBG)
- Vivendi – Co. has made a EUR 500m provision for damages it could incur in a US class-action lawsuit. Former shareholders are claiming the company issued misleading financial information a decade ago. (FT)
- L’Oreal – Nestle has informally offered to acquire co.’s shareholder Liliane Bettencourt’s stock. (Daily Telegraph)
- Lafarge - Co. outlook to negative from stable, says S&P. (BBG)
- Alstom – Co. to buy 25% in Russia’s Transmashholding. (BBG)
- Veolia Environnement – According to people familiar with the matter, co.’s divestiture plan is running ahead of schedule. (BBG)
- Nokia – Co. unveils new C5 smartphone, which is for social networking. Co. says C5 smartfone to retail for EUR 135m. (BBG)
- Allied Irish Banks – Co. 2009 net loss EUR 2.41bn vs. EUR 772m profit. Says impaired loans at 13.5% of total loans. 2009 bad debt provision EUR 5.35bn. End-2009 core tier 1 ratio 7.9%, says will move to increase capital ratios in 2010. Says outlook “extremely challenging”. (BBG)
- CRH – Co.’s FY PTP beats guidance, and EBITDA is in line. (BBG)
- Nestle – Co. completes acquisition of frozen pizza assets from Kraft Foods. (BBG)
- Credit Suisse – Co will receive a share of the USD 1bn in fees from the Prudential rights issue, alongside HSBC and JP Morgan Cazenove.
Data provided by RANsquawk.
The above comments do not constitute investment advice.
Paddypowertrader, RANsquawk and Clean Financial do not accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
All reasonable efforts have been made to present accurate information.
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Article edited by paddypowertrader which is a trading name of London Capital Group Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 182110.
'Share News: Prudential Seeks Rights Issue for AIA Bid' edited by paddypowertrader, updated 02-Mar-10
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