Betfair rejects CVC’s £912m takeover offer citing ‘undervalue’

Written on:April 22, 2013
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Betfair rejects CVC offer

Betfair cites the company being ‘undervalued’ in bid by CVC

Betfair has given a thumbs down for CVC’s takeover offer of £912m citing the bid offer as undervaluing the company and its prospects. The online gambling firm confirmed to have received a preliminary bidding offer last week 880 pence per share in cash or investments in a new entity from CVC Capital Partners.

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Ofgem directives to lower energy fare may make 3.4m customers overpay by £55m

Written on:April 22, 2013
Burning on a gas stove in the kitchen

New Coalition guidelines, homed in on diminishing energy prices, could actually result in millions of households shelling out more cash, as per the assessment of consumer watchdog Which?. The Ofgem recommendations, meant to reduce energy bills, could be too perplexing, with those customers presently shelling out low prices likely to move to higher energy costs. This is expected to be the impact of the new Ofgem energy guidelines, in accordance…

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ABB acquires Power-One for £656m to expand into solar inverters market

Written on:April 22, 2013
ABB acquires Power-One

ABB is all set to acquire Power-One for $1bn (£656m) to expand its presence in solar inverters market. ABB announced that it will pay $6.35 (£4.17) per share in cash, financed out of the Swiss firm’s own funds. The deal includes Power-One’s net cash of $266m (£173m). The Switzerland-based company which is the world’s biggest supplier of industrial motors and power grids is looking to tap a market forecast to…

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5 companies offering best home loans in 2013

Written on:April 22, 2013
Couple buying home

The dream of acquiring your home is often restricted by financial limitations for most people. However, the 2013 Budget gives a ray of hope to those who are aspiring to buy their own home by introducing the  ‘20% loan’ clause. The key feature of the clause is that the 20% loan will be repaid by the borrower upon sale of the property till the home has a market value less…

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Blackstone drops out of £16.3bn bid for Dell, privatisation in sight?

Written on:April 19, 2013
Michael Dell

Blackstone Group bows out of its $25bn (£16.3bn) offer for Dell, thereby, paving the way for Michael Dell and his private equity partner Silver Lake to go ahead with a $24.4bn (£15.9bn) to acquire the world’s third biggest PC maker. Blackstone’s withdrawal from the deal follows reservations expressed by Blackstone’s private equity fund investors on the merits of the deal, and concerns that the stock market had already valued Dell…

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GlaxoSmithKline faces market abuse claim of delaying generic pill entry

Written on:April 19, 2013
GlaxoSmithKline office

GlaxoSmithKline (GSK) is facing market abuse allegations by the consumer watchdog, Office of Fair Trading (OFT). GSK has responded to the accusations by saying that it acted within the boundaries of law. The GSK market abuse allegations, levelled by OFT, consist of claims that the pharmaceutical behemoth shelled out cash to its competitors to postpone their release of their own editions of GSK’s Seroxat treatment. The OFT allegations of market…

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How Margaret Thatcher revolutionised British economy

Written on:April 19, 2013
Margaret Thatcher-British economy

Better known as the Iron Lady, Margaret Thatcher was the Prime Minister of Britain from 1979-1990 and is often credited for managing a period of great transformation in Britain. Excessive union power and double digit inflation were a part and parcel of the national life during 1970’s with Britain truly being designated as the ‘sick man of Europe’. Few economists or commentators would disagree with the fact that the Iron…

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Aviva to cut 2000 jobs across the globe to retain competitiveness

Written on:April 18, 2013
Aviva cuts executive bonuses

Insurer Aviva has announced 2000 global jobs on Thursday as part of its ongoing endeavour to cut costs. The Aviva job cuts announcement involved sacking of nearly 2000 employees across its branches in Asia, the European continent and Britain in the next six months. Aviva has said that the decision to cut jobs is being publicised in advance to satisfy Aviva’s promise to its employees and unions to inform them…

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Barclays investment bank chief Rich Ricci resigns with a salary of £700,000

Written on:April 18, 2013
Barclays' management shakeup sees ouster of two heads (Image Courtesy: Flickr)

Barclays investment bank chief Rich Ricci has resigned and will walk away with a year’s salary as a part of a major management shake up at the bank. Rich Ricci was the right hand of Bob Diamond, the ill-famed ex-CEO of Barclays. Rich Ricci will be stepping down on June 30 with Rich Ricci  leaving the bank with a salary of £700,000. Such payments are not usually made when an…

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Marks & Spencer lingerie boss Janie Schaffer quits, clothing sales to falter

Written on:April 17, 2013
Launch of Rosie Huntingdon-Whiteley's lingerie collection for Marks & Spencer

Marks & Spencer’s ‘knicker queen’ Janie Schaffer has quit barely three months after taking over as the head of lingerie and beauty, as the retailer suffers yet another setback in its attempt to restore the ailing business. Janie Schaffer joined M&S in January from luxury lingerie retailer Victoria’s Secret. It is widely believed that Janie Schaffer was frustrated with the lack of opportunity that she was supposedly given to overhaul…

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