Financial News

LONDON (Reuters) - Britain's biggest car dealer, Pendragon, on Thursday launched a 259 million pound hostile bid for Lookers. Pendragon (PDG.L: Quote, Profile, Research) said the offer, which it described as full and final, values each Lookers share around 725 pence, compared with Wednesday's closing price of 630 pence. The company is offering 1.15 new Pendragon shares for each Lookers share. The company said it would have preferred to make the offer on a recommended basis, but had been unabl ...

Over the past 20 years, Australia’s sportsmen and women have swapped their laid-back approach for something more combative – with outstanding results. The same can be said of the country’s consumers and shareholders, who are increasingly using the class action vehicle to litigate against corporations. // The growth of class actions in Australia has been so strong over the past two years that lawyers suggest it is now the most likely jurisdiction outside the US where a corporation will face clas ...

By Alan Elsner WASHINGTON (Reuters) - Republican congressional opposition to the takeover of operations at six U.S. ports by a state-owned Arab company has grown into the most serious revolt President George W. Bush has faced from his own party in the five years of his presidency, analysts said on Wednesday. Defying Bush, Republicans in the House of Representatives intended on Wednesday to attac ...

European regulators are taking action against Poland for trying to stop Europe's largest bank merger. Italy's Unicredito planned to combine two Polish banks as part of a 20bn-euro (£11.5bn) takeover of Germany's HVB. But the European Commission is arguing that Poland broke EU competition and free market rules by refusing to clear the Polish aspect of the 2005 deal. Poland has two months to reply to the charges and if it fails to satisfy the EU, it could lead to a court case. The Polish  ...

NEW YORK (Dow Jones) -- New York Stock Exchange Chief Executive John Thain bought 100 shares at $67 each Wednesday in the first trade for the NYSE Group, as the world's largest stock market began its life as a public company after 213 years as a member-owned institution. NYSE Group shares (NYX) quickly rose 11% to $71.32 on heavy volume of 6.3 million shares after the exchange completed its merge ...

Trading in a new company starts on the New York Stock Exchange (NYSE) on Wednesday, when shares in the exchange itself float for the very first time. The new NYSE Group will trade under the ticker symbol NYX. The move follows the completion of its $10bn (£5.8bn) takeover of trading rival Archipelago. Owner of the world's biggest stock market, the NYSE will be valued at $10.5bn (£6bn). The NYSE had previously been a private partnership owned by its 1,366 members. These members, or " ...

Jonathan Prynn and Nick Goodway, Evening Standard8 March 2006 MILLIONS of viewers have deserted ITV1 for satellite and digital channels. The station has seen a slump in ratings as people switch from terrestrial television to the many other options available, including cable and the internet. AD FREEZE: ITV says advertisers are holding back spending for the second quarter, which includes Easter and then the World Cup in June WANT TO KNOW MORE? POLL: Which is your favourite TV ...

European equity markets reversed earlier gains on Wednesday as the bearish trend of the previous session continued, with banks and oil stocks lower, overshadowing some strong results. // By mid morning, the FTSE Eurofrst 300 was down 0.5 per cent at 1,337.32, Frankfurt’s Xetra Dax fell 0.2 per cent to 5,728.87 and the CAC 40 in Paris shed 0.3 per cent to 4,976.02. London’s FTSE 100 was the weake ...

ITV announced today that Unilever has signed a four-year deal to buy £200 million of airtime across its channels running to the end of 2009. The news came as ITV said total advertising revenue was likely to be 10% down in the first quarter due to strong comparisons with a year earlier and the fact that Easter and the World Cup fall in the second quarter. ITV, which was formed by the merger of Ca ...

Tessa Thorniley, Daily Mail8 March 2006 THE problem with commodity stocks is that they are inextricably linked to the whim of the gyrating metals and mining markets. OTHER STORIES Market report: Wednesday preview Smaller companies report: Tuesday close Still time to share in the market rise New on the market Sunday newspaper share tips THE EDITOR'S CHOICE NEW TOOL: Broadband  ...