British Petroleum is bidding on a package of Devon Energy assets that the US energy company put up for sale late last year, sources familiar with the matter told Reuters. The company is looking at Devon’s position offshore Brazil, as well as Gulf of Mexico and Canadian assets, one source said. There could be around six other bidders as well as the British oil major. Read the story here.
And in news reported by other media on Thursday:
Dubai World will present its first concrete proposals to local banks on Thursday on restructuring $22 billion of debt, The National newspaper reported, citing unnamed sources. The state-owned conglomerate has requested meetings with Emirates NBD and Abu Dhabi Commercial Bank to present its proposals.
Sphere: Related Content
Posted on March 11th, 2010 by
Filed under: options news, stock news | No Comments »
Let’s face it; it’s been a slow week on Wall Street. Earnings season is over and few economic announcements make for some dull trading sessions.Unless you’re trading the “failed” financial stocks.Volume in Citigroup, AIG, Fannie Mae
Sphere: Related Content
Posted on March 11th, 2010 by
Filed under: stock news | No Comments »
What a difference a year makes. This times last year, the Federal Reserve, Treasury Department and White House were scrambling to do whatever they could to prevent home prices from falling off a cliff and thereby dragging the banking system down with it.N
Sphere: Related Content
Posted on March 11th, 2010 by
Filed under: stock news | No Comments »
Hindsight being 20-20, we now know a year ago presented one of the great buying opportunities of a lifetime. But with the market in freefall, fears of bank nationalization and the end of Western civilization generally hanging heavy on market sentiment, fe
Sphere: Related Content
Posted on March 11th, 2010 by
Filed under: stock news | No Comments »
Greek officials visited with President Barack Obama and Treasury Secretary Tim Geithner Tuesday afternoon. While not asking for a bailout, the Greek delegation warned that America can’t afford to ignore the situation in Greece and, more broadly, the threa
Sphere: Related Content
Posted on March 11th, 2010 by
Filed under: stock news | No Comments »
From The Business Insider, March 10, 2010:The latest report on the property market in China is truly frightening. Despite measures taken by authorities to reign in the price explosion in Chinese real estate, prices rose at the fastest clip in nearly two y
Sphere: Related Content
Posted on March 11th, 2010 by
Filed under: stock news | No Comments »
British interdealer broker Tullett Prebon confirmed it was in preliminary talks that might lead to an offer. The stock is up over 24 percent, valuing the company at nearly 830 million pounds ($1.2 billion), so investors see some merit in the idea, but an analyst we spoke to questioned whether the potential buyers talked about in a Daily Mail newspaper report are logical buyers.
One of them is Macquarie Group, Australia’s top investment bank. Oriel Securities analyst Keith Baird said Macquarie’s expansion of global investment banking business show it is more interested in arranging deals than being an agent for them. The other potential buyer noted was Bank of China, the country’s largest foreign exchange lender.
Baird thought the only reason BOC would want to get involved with an interdealer broker would be to use its institutional knowledge to set up a similar operation in the People’s Republic. He thought a more likely candidate would be Tullett’s Chief Executive Terry Smith (looking like a buyer above?) with the backing of a private equity investor. Smith currently owns around 4 percent.
Sphere: Related Content
Posted on March 11th, 2010 by
Filed under: options news, stock news | No Comments »
American International Group could learn the fate of the stalled $2.2 billion sale of its Taiwan unit Nan Shan Life Insurance as early as Thursday, when Taiwan’s parliament will review a report on the deal from the top financial regulator. Read the Reuters story here.
A clutch of private equity firms have bid up to 400 million pounds for British greetings card retailer Card Factory, sources familiar with the process told Reuters. Here is the story.
And in news reported by other media on Wednesday:
Barclays is looking to buy a retail bank in the US to extend its presence after buying Lehman Brothers, reports the Wall Street Journal. Barclays is not in talks and no deals are imminent, but has designated an internal team to assess possible targets.
Brazilian iron ore miner Ferrous Resources has revived plans for a $3 billion to $4 billion initial public offering in London, according to the Financial Times. The company could come to market as early as May and the Board will meet on Friday to start deciding whether to proceed with an IPO this summer.
Sphere: Related Content
Posted on March 10th, 2010 by
Filed under: options news, stock news | No Comments »
