Financial News

By Dayan Candappa and Michael Smith DUBAI/LONDON (Reuters) - Gulf-state backed Dubai Ports World declared victory in a 4 billion pound bidding war for P&O after Singaporean rival port operator PSA International withdraw from the field on Friday. Dubai Ports said it was confident P&O (PO.L: Quote, Profile, Research) shareholders would back its 3.9 billion pound bid at a meeting next week, giving it control of P&O ports on six continents and creating the world's third-largest ports group. "We  ...

Financial stocks bucked a falling market on Friday at the end of a week of fevered takeover speculation across the market. // The main beneficiary was Lloyds TSB as persistant talk linked the UK’s fifth largest bank with a takeover from Banco Bilbao Vizcaya Argentaria of Spain. It helped push Lloyds TSB up 5.4 per cent over the week. Takeover rumours also boosted Royal Bank of Scotland, said to  ...

Wall Street put in a resilient performance this week as a number of impressive earnings offset the impact of falling commodity prices which hit energy and mining stocks. // The Dow Jones Industrial Average managed to hold on to gains, adding 1.2 per cent over the week to 10,919.05 with the broader S&P 500 edging up 0.2 per cent to 1,266.99 while the Nasdaq eased back a fraction of a point to  ...

By Adam Pasick and Clara Ferreira-Marques LONDON/MILAN (Reuters) - Advertising giant WPP (WPP.L: Quote, Profile, Research) and former executive Marco Benatti upped the stakes in their bitter row on Friday as both sides said they had bought more shares in a contested Italian venture. WPP, the world's second-largest advertising and marketing company, said in a statement it had raised its holding in Fullsix (FUL.MI: Quote, Profile, Research) to just under the 30 percent threshold that would for ...

Geoff Foster, Daily Mail10 February 2006 A FRISKY and frothy Footsie shot through 5800 again to close 83.6 points up at a four-and-a-half year high of 5808.7 as takeover speculation in the heavyweight banking sector intensified. WANT TO KNOW MORE? POLL: What do you expect the level of the FTSE 100 to be at the end of 2006? OTHER STORIES Market report: Friday 13.00 Smaller companies  ...

By William Emmanuel PARIS, Feb 10 - Steel group Arcelor could consider buying minerals group Eramet, partly controlled by the French state, in an effort to fend off a hostile takeover bid by Mittal Steel, sources close to the deal said on Friday. This is one solution being prepared behind the scenes by French officials but Arcelor's board of directors will not necessarily decide to adopt it, the financial and government sources added. Such a deal would mean the vertical integration of a steel ...

By Dayan Candappa and Michael Smith DUBAI/LONDON (Reuters) - Gulf-state backed Dubai Ports World declared victory in a $6.8 billion (3.9 billion pound) bidding war for ports group P&O (PO.L: Quote, Profile, Research) after Singaporean rival port operator PSA International withdraw from the field on Friday. Dubai Ports said it was confident P&O shareholders would back its 3.9 billion pound bid at a meeting next week, giving it control of P&O ports on six continents and creating the world's thi ...

By Michael Smith and Jan Dahinten LONDON/SINGAPORE (Reuters) - Singapore port operator PSA International withdrew from the $6.8 billion takeover battle for ports group P&O (PO.L: Quote, Profile, Research) on Friday, leaving the field to rival suitor Dubai Ports World's higher offer. "PSA has decided not to increase its offer and will therefore no longer pursue the acquisition of P&O," PSA said in a statement on Friday. Gulf state-backed Dubai Ports said it was confident of winning control of ...

SINGAPORE (Reuters) - Singapore port operator PSA International will make an announcement related to the $6.8 billion (3.9 billion pounds) takeover battle for ports and ferries group P&O (PO.L: Quote, Profile, Research) later on Friday, a person familiar with PSA's plans said. "There will be an announcement in the evening (Singapore local time)," the person told Reuters, speaking on condition of anonymity. Singapore's state-owned PSA made an offer of 470 pence per share for P&O last month, wh ...

By Michael Smith LONDON (Reuters) - Airport operator BAA (BAA.L: Quote, Profile, Research) plans to vigorously defend itself against any potential 8.5 billion pound ($14.8 billion) takeover bid by Spain's Grupo Ferrovial (FER.MC: Quote, Profile, Research) , a source familiar with the matter said. BAA, which owns Heathrow, Stansted and Gatwick airports, will argue its long-term growth strategy offered returns to shareholders that Ferrovial would not be able to match, the source said on Thursda ...