Ameriprise is set to bid for Scottish Widows. American financial service provider Ameriprise Financial is preparing a GBP800 million or US$1. 22 billion bid for Scottish Widows, the asset management arm of Lloyd's Banking Group.
Europe
Schaeffler AG Would Sell Bonds to Raise Funds
Schaeffler AG to sell off bonds to pay off debts. Schaeffler AG is undertaking plans to raise nearly Eur1 billion or US$1. 31 billion in a bond sale to pay off outstanding debts and refinance loans.
Betfair Rejects CVC Offer
Betfair calls CVC offer as too low and with too many conditions, thus rejecting it. Betfair, the online gambling company, has rejected a US$1. 4 billion takeover bid from CVC Capital Partners, the private equity firm.
Finnair Sells Off Norwegian Air Shuttle Shares
Finnair, in a bid to raise cash, sells off Norwegian Air Shuttle shares. Finnair, the official air carrier of Finland, has sold off its 4. 7% shareholdings in Norwegian Air Shuttle in the amount of Eur53 million.
JP Morgan Chase Advises Cut Backs in Russian Investments
JP Morgan advises investment cutbacks in light of Gazprom dividend and other factors. JP Morgan Chase & Co has advised its clients to reduce its shareholdings in Russian stocks as OAO Gazprom has proposed a dividend cut.
Latest News
Greece to receive aid for payment of its bills. According to reports of two Greek newspapers on Saturday, about Eur3. 2 billion was set aside to rescue Greece from its financial obligations, which came earlier than expected.
In polls conducted by two newspapers, Austrians do not mind relaxation of bank secrecy laws for foreign accounts in their banking system.
Russia extends help but conditions that help on "taking their interests into consideration."
EADS shareholders to expect higher dividends because of new policies according to corporate CFO. In a report from Reuters, the European Aeronautic Defence and Space Company N.
Nestle, L'Oreal and the Bettencourts chequered history in business. The present situation of L'Oreal and Nestle relationship "isn't on the agenda for the time being," commented Jean-Paul Agon, CEO of L'Oreal in an interview with Investir, a French weekly magazine, which was published today.
Schauble gives his candid thoughts on investor participation, the Cyprus bailout and the European economy as a whole.
Fitch lowers UK rating to AA+ from AAA, following the S&P ratings change. In an expected announcement, Fitch Ratings has cut Britain's top credit grade ratings.
SABIC makes job cuts and closes plants in Europe. Saudi Basic Industries Corp, currently the world's largest petrochemicals group is now reviewing its global expansion outlook.
BP is now undertaking a specific review of Mad Dog 2 as to the economies of scale and profits. British Petroleum is currently taking a new look at its oil project in the Gulf of Mexico.
