FT Update
Wed 21 Oct 2009
Cosmen on board for merger
National Express’ largest shareholder, Jorge Cosmen – the company’s deputy chairman, is backing a merger proposal from Stagecoach, its bus and train rival.
Pru looks to China
Prudential, the UK insurer, is considering a separate listing in Hong Kong or Shanghai in a move that could raise capital. And underline its regional ambitions.
The company, which saw strong demand for a $750m (£450m) hybrid capital raising in Asia, this year, is conducting a preliminary assessment of the likely benefits of listing on either bourse, according to people familiar with the matter.
Cadbury braced for key update
Takeover target Cadbury is expected to show robust top0line sales growth in a trading update today as Kraft scrutinises the confectionery group’s finances for signs of sustainable profit margin growth before considering a formal takeover offer.
Greggs plots bold expansion
Greggs, the bakery chain, will open 600 stores over the next few years, doubling its historic rate of expansion in order to reach a wider customer base.
The Newcastle-based company will launch 50 to 60 new shops in 23010, and at least 70 a year from 2011, focusing on areas such as north Wales and south-west England, where the company has little or no presence.
Greggs will also expand from the high street into less traditional locations such as bus stations, airports and retail parks.
Planning hits Autonomy
The cost of preparing for the economic upturn, including a product launch, hurt gross margins at Autonomy in the third quarter, pushing shares in the software company down 8 per cent.
Inchcape raises forecast after scrappage deals
Inchcape said it expected to be debt-free by the end of the year as the UK car scrappage scheme helped moderate effects of the declining global market.
PartyGaming sell-off
One of the PartyGaming’s founders sold the majority of his 28 per cent stake in the online gambling company to institutional investors for £188m yesterday, and said he intended to sell the reminder of his share-holding.
High street discounts hit web sales
Discounting on the high street is easing into the growth in online spending, according to a new study.
internet sales rose just 1.9 per cent between August and September as customer hunted for bargains in stores that were not available online, found the survey by IMRG, which represents online retailers, and Capgemini, the IT services company.
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