Share News: Rio Tinto Aims for Higher Credit Rating

UK Shares News

US Shares News

European Shares News

Share Trading - 31 March 2010

UK Share Trading News

• BSkyB – UK market regulator OfCom said co. needs to offer its sports channels to competitors at set wholesale prices. (BBG)
  
  
• BP – Co. gained backing from two shareholder groups to block a proposal by campaign group FairPensions for the co. to commission a report on the risks involved in its proposed investment in Canada’s oil sands. (FT)
  
  
• HSBC – Co. has raised USD 580m for a new infrastructure fund investing in public–private partnerships. (FT)
  
  
• Rio Tinto – Co. may win a higher credit rating within three to six months on higher iron ore prices, lowering the cost of buying protection on the co.’s bonds, according to National Australian Bank. (BBG)
  
  
• Xstrata – S&P says co.’s long-term rating affirmed, short-term rating up to A-2 from A-3. (RTRS)
  
  
• British Airways – Co. will operate the vast majority of the carrier’s flights from its London Heathrow base today after a second walkout by cabin crew ended at midnight. (BBG)
  
  
• Inmarsat – Co. was a big decliner yesterday amid worries that its largest shareholder, Harbinger Capital, will not be able to afford a takeover. (FT)
  
  
• Compass – Co. says had a good first half, and sees some clear signs of stabilisation on volumes. (BBG)
  
  
• Companies going Ex-Dividend: Smiths Group (GBP 0.1050)
  
  

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US Share Trading News

• Occidental Petroleum – Co.‘s executive vice president Winterman says co. has not been approached by oil majors regarding a potential takeover.
  
  
• Illinois Tool Works – Co. announces a revision to Q1 2010 earnings forecast due to recently enacted health care legislation, sees Q1 2010 share USD 0.48-0.56 from cont ops vs. Exp. USD 0.57 and sees FY 2010 share USD 2.39-2.89 vs. Exp. USD 2.78. (RTRS)
  
  
• Applied Materials – Co. and boosts forecast, now sees 2010 adjusted EPS USD 0.68-0.78 vs. Exp. USD 0.68. Co. sees 2010 boosting dividend and reinstating share repurchases,. (RTRS/BBG)
  
  

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European Share Trading News

• Siemens – Sector experts say co. will not attempt to sell its hearing aid division this year, and will have to invest in it. Co. could try to sell it again in two years. (VentureCapital Magazin)
  
  
• BASF – Co’s Indian unit is eyeing M&A as well as organic growth according to the unit chairman. (Financial Express)
  
  
• Daimler – Co. and Renault near decision on small-car alliance, says co.s consider stake swap of around 5%, unlikely to exceed 6%. Handelsblatt also writes that a deal can be struck as early as April. In other news, Co. plans further cost cutting measures to maintain the EUR 5bn in savings achieved last year, according to the CFO. (Sources/Handelsblatt)
  
  
• Fresenius – Co. proposes to convert all its preferred stocks into ordinary shares on a 1:1 ratio basis and to change its legal status to KGaA. (BBG)
  
  
• Sanofi-Aventis – Co. and AgaMatrix signed a global alliance for the development, supply and commercialisation of blood glucose tests for diabetics. (BBG)
  
  
• Axa – S&P lowers co. one notch to ‘AA-‘, outlook stable, cuts co. counterparty credit to A from A+. (BBG)
  
  
• EDF – Co’s auction of its UK based electricity assets is believed to have entered its second round. Analysts at Credit Suisse have noted that if any deal is struck it could spark further bids within the water sector. (Daily Telegraph)
  
  
• EADS – French President Sarkozy told reporters co. will bid once again for the USAF air refuelling tanker contract if the selection process is transparent and fair. (BBG)
  
  
• Renault – Daimler and co. near decision on small-car alliance, says cos. consider stake swap of around 5%, unlikely to exceed 6%. (Sources)
  
  
• Peugeot Citroen – Co. plans to review its strategic partnerships this year, including its small-car accord with Toyota Motor Corp, according to executive vice president. (Financial Time Deutschland)
  
  
• Air France-KLM – Co. is continuing to work on a deal involving an industry peer that it has been studying for several months, according to sources close to the situation. In other news, co. faces lawsuit from Ryanair over state aid, which follows an earlier complaint by co. over subsidies received by Ryanair. (Sources/La Tribune)
  
  
• Ireland’s banks may need at least EUR 31.8bn in new capital after a real-estate slump left them crippled by mounting bad loans. The NAMA said it will apply an average discount of 47% on the first block of loans it is buying from lenders, this compares with the government’s initial 30% estimate. (BBG)
  
  
• European Insurers – European Insurers may need to build up more equity capital because of a new regulatory framework, according to a German insurance industry magazine. (Versicherungswirtschaft)
  
  
• Banco Comercial Portugues/Banco Espirito Santo – Fitch has revised the outlooks on the two major Portuguese banks to negative from stable, while affirming all ratings. (BBG)
  
  
• Roche – Co. says the US FDA has granted a waiver to its coaguchek xs plus system for PT/INR testing at the point of care, which means the monitoring technology may now be used in a wider range of clinical settings. (BBG)
  
  
• Zurich Financial Services – Co.’s general meeting approves CHF 16 dividend and elects Joseph Ackermann as new board member. (BBG)
  
  
• Julius Baer – Co. board member says is evaluating acquisition opportunities, with cautious approach, however says prefers organic growth. (RTRS)
  
  
• Swatch – Co. has denied it intends to acquire Bulgari. (Handelzeitung)