Seven-Year High for the Pound Holds Risks for British Businesses
The Euro weakened to $1.1115 against the Dollar last weekend, while the Pound reached a seven-year high of €1.34.
Falling Oil Prices and Russian Sanctions Hit Business Confidence in Europe
Executive confidence in Europe has dropped for the third consecutive quarter as expectations for company and industry growth continue to slide.
Matthews Asia Hires New Head of Business Development in UK
Neil will be responsible for directing the business development and client service activities for Matthews Asia in the U.K. and Europe.
Adidas to Start $1.9 Billion Shareholder Return Program
Adidas AG, the world’s second-largest sporting-goods maker, will return as much as 1.5 billion euros ($1.9 billion) to shareholders over three years as it seeks to stave off investor unrest.
Whirlpool Enters into Agreements to Acquire Majority Interest in Indesit
Whirlpool Corporation (NYSE: WHR) and Fineldo S.p.A. announce that they have entered into a binding agreement for the sale of Fineldo’s stake in Indesit Company S.p.A. (BIT: IND).
C&C to Consider Share Buyback this Year
Stephen Glancey, chief executive of Bulmers maker C&C, told analysts it would consider launching a share buyback this year as its share price rose by more than 6 per cent.
Siemens to make Alstom Bid
Germany’s Siemens is currently working on a formal asset-swap offer for power business Alstom that could come to light later this week.
Alstom has “one offer on the table” says General Electric CEO
Further to our previous coverage, the CEO of General Electric says that Alstom has only “one offer on the table”, despite French president Francois Hollande’s calls for an improved bid. The French industrial engineering firm is facing a tough takeover battle with reports that Siemens could put in a bid for the unit. President Hollande urged GE to revise its $13.5 billion offer to Alstom’s energy arm and said the current bid “is not good enough”. However, Alstom’s CEO confirmed the group had only received one bid from GE, adding that it was indeed open to a rival offer. “We have today one offer on the table, this is the offer, the binding offer provided by General Electric,” Patrick Kron told CNBC in a television interview. “The board is studying it…Again, if there are new elements in these proposals, should it be an alternative offer, or precisions or improvements of existing ones, the board will consider it.” These comments come after the company scrapped its dividend and reported a 10 percent drop in orders for its full year end (March 31st)/ Net income also dropped 28 percent to 556 million euro’s for the full year, whilst operating profit fell by 3 percent to 1.4 billion euro’s. The French government has continued to push Siemens to put forward a rival offer for Alstom, but the German engineering giant’s CEO Joe Kaeser said that a decision to make a deal with “not be forced on us”. He said he had discussed the opportunities with the German Chancellor Angela…
French Government Pushes Double Merger between Alstom and Siemens
The French government has pushed a “double merger” between the energy and transport business of Alstom and its European arch-rival, the German engineering company Siemens.
HCL Technologies Expects $1 billion Revenue Stream
HCL Technologies expects its financial services pipeline in Europe to be in excess of $1 billion, this fiscal year, a senior official has said.
