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LONDON (Thomson Financial) - Here are the top stories on Thomson Financial News

Bayer Q1 net more than quadruples on one-time gains from asset sales

FRANKFURT (Thomson Financial) - Bayer AG unexpectedly released first-quarter earnings figures, saying net profit more than quadrupled to 2.8 bln eur from 0.6 bln thanks to one-time gains from asset sales.

Net profit was boosted by a one-time gain of just under 2.2 bln eur from the divestment of the diagnostics business and HC Starck.

Siemens says US SEC launches formal investigation on payment allegations

MUNICH (Thomson Financial) - Siemens AG said the US Securities and Exchange Commission (SEC) converted its informal inquiry into the existence of alleged slush funds at the company into a formal investigation during the first quarter of 2007.

Outoging Siemens chief executive Klaus Kleinfeld and former supervisory board head Heinrich von Pierer came under pressure as a result of these payment allegations. Von Pierer officially left the board yesterday while Kleinfeld said he would not seek an extension of his current contract, which runs through Sept 30.

ABB Q1 beats forecasts on continued strong demand, says order growth to moderate

ZURICH (Thomson Financial) - ABB Ltd reported a forecast beating first quarter net profit of 537 mln usd, up from 204 mln the year before, driven by continued strong demand and further operational improvements.

Analysts surveyed by Thomson Financial had forecast net profit to rise to 355-435 mln usd, or 405 mln on average.

Ericsson Q1 profit in line with expectations, reiterates FY forecast

STOCKHOLM (Thomson Financial) - LM Ericsson AB reported a first-quarter profit after financials of 8.264 bln skr, up 24 pct from a year earlier and in line with market expectations of 8.2 bln skr, according to SME Direkt.

“The growing earnings in Sony Ericsson contributed significantly to the improved result,” said Ericsson.

Electrolux Q1 profits higher as all units improve, but below mkt expectations

STOCKHOLM (Thomson Financial) - Electrolux AB said first quarter profit after financial items excluding items affecting comparability rose 25.9 pct to 670 mln skr on the back of improved results across all business areas.

Underlying operating profits rose 26.2 pct to 757 mln skr.

Japan’s Nomura Holdings year to March net profit 175.83 bln yen vs 304.33 bln

TOKYO (XFN-ASIA) - Nomura Holdings Inc’s results for the year to March 2007:

Opg income - 2.049 trln yen vs 1.793 trln

Evraz Group FY pretax profit, sales rise; crude steel production up 16 pct

LONDON (Thomson Financial) - Russian steel company Evraz Group SA reported a rise in its full-year pretax profit as revenues increased 27.4 pct, helped by “strong” results in almost all spheres of its business.

The company said its pretax profit rose to 2.10 bln usd for the year to Dec 31, 2006 from 1.53 bln in the same period last year. Revenue increased to 8.29 bln usd from 6.51 bln previously.

Apple 2Q profit jumps 88 percent

SAN JOSE, Calif. (AP) - Shares of Apple Inc. soared above $100 for the first time after the company walloped Wall Street expectations with quarterly profits that jumped 88 percent on strong sales of its iPod players and Macintosh computers.

The shares gained more than 7 percent on the news in after-hours trading Wednesday.

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This entry was posted on Thursday, June 7th, 2007 at 2:29 am and is filed under FX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

LONDON (Thomson Financial) - Here are the top stories on Thomson Financial News

Alliance Boots reiterates recommendation of KKR/Pessina offer

LONDON (Thomson Financial) - The board of Alliance Boots PLC has reiterated its recommendation of a formal takeover offer from Kohlberg Kravis Roberts (KKR), the US private equity group, and Stefano Pessina, the international health and beauty group’s executive deputy chairman.

Earlier today the KKR/Pessina consortium raised their offer by 4.5 pct to 1,139 pence a share, or 11.0 bln stg, and revealed they now own some 26.2 pct of Alliance Boots’ equity.

KKR/Pessina raises offer for Alliance Boots to 1,139 pence/share

LONDON (Thomson Financial) - Kohlberg Kravis Roberts (KKR), the US private equity group, and Stefano Pessina, Alliance Boots PLC’s executive deputy chairman and 15 pct shareholder, have raised their formal offer for the international health and beauty retailer by 4.5 pct to 1,139 pence a share, or 11.0 bln stg.

The move follows KKR/Pessina’s move to purchase 49.7 mln Alliance Boots shares in the market at the same price — above the price of their previous offer of 1,090 pence a share, or 10.6 bln stg, that was recommended by the group’s board on Friday.

BP Q1 earnings cut by weak oil output, prices

LONDON (Thomson Financial) - Oil giant BP PLC reported a 24 pct decline in first-quarter earnings as production continued to fall and oil and gas prices started to falter.

The group’s three months to March replacement cost net profit — before non-operating items — fell to 3.998 bln usd from 5.28 bln last time, broadly in line with the forecast range of 3.828-4.277 bln usd but below the consensus figure of 4.06 bln.

TeliaSonera Q1 underlying EBITDA falls on weaker fixed voice; below expectations

STOCKHOLM (Thomson Financial) - TeliaSonera AB said first-quarter EBITDA excluding non-recurring items fell to 7.583 bln skr compared with 7.816 bln last year, hit by lower fixed voice sales and increased costs in a bid for future growth.

Market expectations were for an underlying EBITDA of 7.763 bln skr, according to SME Direkt.

Alcatel-Lucent posts Q1 adjusted opg loss of 260 mln eur as sales fall 12 pct

PARIS (Thomson Financial) - Alcatel-Lucent said a 12 pct drop in first quarter sales to about 3.9 bln eur contributed to an adjusted operating loss of about 260 mln, against a pro-forma operating profit of 246 mln a year earlier.

“Our first quarter results were impacted by lower volumes in traditional wireless and core networks at a time when considerable investments were made in the next generation of these technologies,” chief executive Patricia Russo said.

Consortium bidding for Australia’s Qantas makes fresh appeal to shareholders

SYDNEY (XFN-ASIA) - The private equity consortium bidding to take over national airline Qantas Airways Ltd launched a fresh appeal to shareholders today.

Airline Partners Australia (APA) — in advertisements posted in the country’s major newspapers — urged shareholders “accept now the best Qantas share price ever.”

Australia’s Bendigo Bank rejects Bank of Queensland’s 2.7 bln aud offer

SYDNEY (XFN-ASIA) - Bendigo Bank Ltd said its board has decided to reject Bank of Queensland’s (BoQ) 2.7 bln aud share takeover offer as it undervalues the regional bank.

The bank, based in the south-east Australian state of Victoria, also upgraded its earnings guidance for the year to June 2007, saying that it now expects to report a 117 mln aud net profit for the year, amounting to cash earnings per share (EPS) growth of 12 pct from a year earlier.

Danone Q1 sales up 3.9 pct to 3.67 bln eur; FY targets confirmed

PARIS (Thomson Financial) - Danone said first quarter sales totalled 3.673 bln eur, up 3.9 pct from 3.534 bln eur a year earlier, and up 10.1 pct on a like-for-like basis.

The group said its fresh dairy business continued to be the main growth driver, with sales rising 12.0 pct year-on-year on a like-for-like basis.

Vedanta wins bid for Sesa Goa, to pay 1.5 bln usd for 51 pct stake - report

MUMBAI (Thomson Financial) - Vedanta Resources has won the bid for Mitsui & Co’s 51 pct stake in Indian iron ore exporter Sesa Goa and is expected to pay 1.4-1.5 bln usd for the holding, the Times of India reported.

The report cited sources as saying the company has raised debt of 1.1 bln usd while the balance would be financed through internal sources.

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This entry was posted on Monday, June 4th, 2007 at 11:49 pm and is filed under FX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

LONDON (Thomson Financial) - Here are the top stories on Thomson Financial News

Barclays unveils agreed all-share bid for ABN Amro worth 36.25 eur/share

AMSTERDAM (Thomson Financial) - Barclays has made an all-share bid for ABN Amro Holding NV that values the Dutch bank at 36.25 eur per share, the banks said in a joint statement.

Under the terms of the agreement, which both banks’ boards support, ABN shareholders will receive 3.225 Barclays ordinary shares for each ABN AMRO share.

AstraZeneca to buy MedImmune for 58 usd/shr, valuing co at 15.2 bln usd

LONDON (Thomson Financial) - AstraZeneca PLC said it has agreed to acquire biotechnology company MedImmune Inc for 58 usd a share or 15.2 bln usd in an all-cash deal, adding that the acquisition is expected to be cash earnings enhancing in 2009.

The company said the synergies from the acquisition of MedImmune and related AstraZeneca activities are expected to be towards 500 mln usd a year by 2009.

BA approaches private equity firms about consortium offer for Iberia

LONDON (Thomson Financial) - British Airways PLC said it has approached a number of private equity companies about making a potential consortium offer for Iberia Lineas Aereas de Espana SA.

BA, which owns 10 pct of Iberia, also said it had ruled out an independent bid for the Spanish flag carrier, which has received an approach from US capital risk vehicle Texas Pacific Group (TPG) and faced intense bid talk since an open skies agreement was signed between the US and the EU last month.

Novartis Q1 beats forecasts on across-the-board growth; confirms guidance

ZURICH (Thomson Financial) - Novartis AG reported forecast-beating first quarter net profit of 2.171 bln usd, up from 1.956 bln usd, citing strong growth across all divisions, while reaffirming expectations for another year of record operating and net profit in 2007.

Analysts polled by Thomson Financial News had forecast net profit of 1.622-1.974 bln usd, with the median of expectations at 1.825 bln usd.

Scor delays Converium offer period following Swiss ruling

ZURICH (Thomson Financial) - French reinsurer Scor SA said its takeover offer for Swiss rival Converium Holdings AG will run from May 8 to June 6 following a ruling by the Swiss Takeover Board extending by 10 days the cooling off period before the bid’s launch.

The offer was scheduled to be open from today until May 22. Scor is offering 0.5 of a Scor share and 4 sfr cash for each Converium share. Scor already holds 33 pct of Converium.

Nestle Q1 sales, organic growth top forecasts, outlook confirmed

ZURICH (Thomson Financial) - Nestle SA reported a first quarter sales rise of 6.4 pct to 24.3 bln sfr, the increase driven by organic growth of 7.4 pct with a positive contribution form all regions and businesses, partially due to higher demand ahead of expected price increases.

Looking ahead, the Swiss food giant said it continues to target organic growth of 5-6 pct as well as improved constant currency EBIT margins for the full year.

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This entry was posted on Friday, May 18th, 2007 at 1:48 pm and is filed under FX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

LONDON (Thomson Financial) - Here are the top stories on Thomson Financial News

Alliance Boots recommends 10.6 bln stg offer from KKR/Pessina

LONDON (Thomson Financial) - The board of Alliance Boots PLC, the international health and beauty retailer, has recommended an improved 10.9 stg a share takeover offer from Stefano Pessina, executive deputy chairman and 15 pct shareholder, and Kohlberg Kravis Roberts (KKR), the US private equity group, the parties said in a statement.

The improved offer, which is inclusive of any final dividend to be declared for the year to March 2007, values the group at 10.6 bln stg. A previous indicative offer of 10.4 stg a share valued the group at 10.1 bln stg.

Pfizer 1Q profit falls 18 percent

NEW YORK (AP) - Pfizer Inc., the world’s largest drug maker, said Friday profit fell 18 percent in the first quarter, hurt by one-time charges and disappointing sales of diabetes drug Exubera, but adjusted results still managed to beat Wall Street expectations by a wide margin.

Net income grew to $3.39 billion, or 48 cents per share, from $4.11 billion, or 56 cents per share, a year ago. Excluding one-time items, the company reported adjusted profit of $4.8 billion, or 68 cents per share, up from $4.35 billion, or 59 cents per share, last year.

Caterpillar Q1 EPS rises 0.03 usd to record 1.23 usd, sales hit 10.016 bln usd

LONDON (Thomson Financial) - Caterpillar Inc reported record first-quarter EPS of 1.23 usd, up 0.03 usd from the first quarter of 2006, shrugging off weakness in the North American on-highway truck and construction sectors.

It said first-quarter revenue rose 624 mln usd or 7 pct to a record 10.016 bln usd from 9.392 bln usd in the first quarter of last year.

H&R Block agrees to sell subprime unit

KANSAS CITY, Mo. (AP) - H&R Block Inc. said Friday it agreed to sell Option One Mortgage Corp. to an affiliate of private equity firm Cerberus Capital Management LP, ending a monthslong search for a buyer of the beleaguered subprime lender.

Cerberus, which created a company called OOMC Acquisition Corp. to execute the purchase, agreed to pay $300 million less than the value of Option One’s tangible net assets, which was $1.27 billion at the end of January. The value will be calculated on the date of closing, which is expected to be Oct. 31.

Unicredito declines to comment on reported merger talks with SocGen

MILAN (Thomson Financial) - Unicredito Italiano SpA declined to comment on media reports that the Italian bank is in merger talks with its French peer Societe Generale.

A company spokeswoman however added that the bank does not plan any board meeting before May 9, when directors are due to examine its first-quarter results.

SAP Q1 opg rises 6 pct on strong sales in Americas and Asia Pacific region

WALLDORF, Germany (Thomson Financial) - SAP AG said first quarter operating profit rose 6 pct to 433 mln eur from 409 mln thanks to strong sales in the Americas and Asia Pacific regions

The figure was below the 442 mln eur consensus of analysts forecasts.

Xerox Q1 EPS 0.24 usd vs 0.20, up 20 pct; revenue up 4 pct to 3.8 bln usd

LONDON (Thomson Financial) - Xerox Corp reported first-quarter earnings per share of 0.24 usd, an increase of 20 pct on EPS of 0.20 usd in the first quarter of 2006 and above both analyst expectations and the company’s own guidance.

Analysts polled by Thomson Financial had predicted EPS of 0.20 usd for the most recent quarter, while the company had forecast EPS in a range of 0.18-0.20 usd.

Mcdonald’s Q1 EPS 0.62 usd vs 0.49; sales up 11 pct to 5.464 bln usd

LONDON (Thomson Financial) - McDonald’s Corp reported diluted earnings per share of 0.62 usd for the first quarter of 2007, in line with its earlier guidance.

It said first-quarter EPS rose 38 pct from 0.49 usd in the first quarter of last year.

WPP Q1 like-for-like revenues up over 4 pct

LONDON (Thomson Financial) - WPP Group PLC, the UK advertising and marketing services firm, said like-for-like revenues grew over 4 pct in the first quarter, with strong growth in Asia Pacific, Latin America, Africa and the Middle East, continuing to compensate for weaker growth in the UK and US.

The world’s second-largest advertising and marketing group, home to Young & Rubicam and J Walter Thompson agencies, also said in a trading update that reported revenues were down 0.7 pct to 1.36 bln stg, due mainly to the weak dollar against the pound sterling.

Wipro Q4 net up 39 pct, beats forecast; says strong rupee a concern

BANGALORE (Thomson Financial) - India’s third-biggest software company Wipro Ltd beat estimates with a 39 pct rise in its fourth-quarter net profit boosted by higher fees and acquisitions, but said the rise in the Indian rupee is a concern.

Every 1 pct rise in the rupee is expected to hit margins by 35-40 basis points in fiscal 2008, though its impact in the quarter was offset by improved price realisation and better margins from acquisitions and the business process outsourcing division, chief financial officer Suresh Senapaty told reporters.

Converium CEO says co in talks to find white knight

FRANKFURT (Thomson Financial) - Converium Holding AG is in talks to find a white knight bidder, averting a looming hostile takeover offer from French rival Scor SA, Handelsblatt reported, citing Converium’s chief executive officer Inga Beale.

“We are in talks with other partners,” including private equity investors, Beale told the newspaper.

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This entry was posted on Sunday, May 13th, 2007 at 7:20 am and is filed under FX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

LONDON (Thomson Financial) - Here are the top stories on Thomson Financial News

RBoS consortium puts indicative offer for ABN at 39 eur per share

LONDON (Thomson Financial) - Royal Bank of Scotland Group PLC and its consortium partners Banco Santander Central Hispano SA and Fortis NV said they have made an indicative offer for ABN Amro Holding NV at 39 eur per share, some 13 pct higher than the value of the Barclays PLC offer as of the market close yesterday.

The offer would comprise 70 pct cash and 30 pct in RBoS shares and the consortium said it believes that the execution risk would be lower than in a transaction with Barclays.

German Ifo rise signals solid growth, argues for ECB rate hikes

FRANKFURT (Thomson Financial) - The unexpectedly strong April rise in the Ifo research institute’s business climate index suggests the German economy is continuing to grow strongly, economists said.

The data will support the case for further interest rate hikes by the European Central Bank, they said.

Honda Motor’s FY net profit falls on lack of one-off gain

TOKYO (XFN-ASIA) - Honda Motor Co reported that its net profit dropped 0.8 pct to 592.3 bln yen in the fiscal year ended March 31 in the absence of a special capital gain that it had made the year before, and it projected that its earnings would decline further in this fiscal year.

The auto maker said its operating income had fallen 2.0 pct to 851.9 bln yen in the last fiscal year, despite growth of 12 pct in its revenue to a record 11.09 trln yen, which was due to strong sales overseas.

BBVA Q1 net including Iberdrola stake sale gains grows 92 pct

MADRID (Thomson Financial) - Banco Bilbao Vizcaya Argentaria SA said net profit grew 92 pct to 1.950 bln eur in the first quarter to March from 1.020 bln a year earlier, boosted by 696 mln eur net capital gains from the sale of a 5.01 pct stake in Iberdrola SA.

Net profit without exceptional items rose to 1.254 bln eur from 1.020 bln, at the top end of analysts forecasts for 1.182-1.282 bln.

Merck KGaA Q1 OPG rises 11.4 pct to 321.3 mln eur

FRANKFURT (Thomson Financial) - Merck KGaA said that first quarter operating profit rose 11.4 pct to 321.3 mln eur from 288.4 mln, following its acquisition of biotechnology giant Serono SA.

“This major acquisition will have a strong influence on this year’s results — both revenue and profit figures — and it is clear to see that Merck remains on a solid footing and now has much more potential,” said CEO Michael Roemer.

Aker Kvaerner Q1 ahead of forecasts on strong orders, buoyant markets

OSLO (Thomson Financial) - Aker Kvaerner ASA posted first quarter figures ahead of expectations across the board, boosted by a strong order intake and a continued strength in all markets.

For the first quarter, operating profits came in at 772 mln nkr, up from 570 mln last time and ahead of the 726 mln consensus forecast of analysts polled by TDN Finans.

Siemens Q2 net rises 36 pct to 1.259 bln eur, beats expectations

MUNICH (Thomson Financial) - Siemens AG said second-quarter net profit rose 36 pct to 1.259 bln eur, beating analysts’ expectations of 1.193 bln eur.

Revenues rose 10 pct in the three months through March, to 20.626 bln eur from 18.824 bln eur, according to a statement the company published last night. Orders increased 9 pct to 23.469 bln eur from 21.529 bln eur, while group profit from operations rose 49 pct to 1.964 bln eur from 1.314 bln eur.

Japan March trade surplus rises 73.9 pct yr-on-yr on strong car exports

TOKYO (XFN-ASIA) - Japan’s merchandise trade surplus jumped 73.9 pct from a year earlier to 1.633

trln yen in March, helped by brisk exports of cars and semiconductors and other electronic devices, the Ministry of Finance said.

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This entry was posted on Sunday, April 29th, 2007 at 10:19 pm and is filed under FX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.