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- Lonmin axes 5,500 jobs and mothballs one mine as low prices take
- Speculation about a rights issue is still rife, despite the company's denials LONMIN, the worlds third-largest platinum producer, is axing 5,500 jobs and mothballing the smaller of its two mines in South Africa. The London-listed group will cut 4,000 staff from its 30,000- strong...
- Research articles 2009-02-25
- Platinum demand downturn dents Lonmin
- Share price: Hold Our view: 833p (-41p) The end of the markets' love affair with commodities has been hard to bear for Lonmin, the platinum producer that yesterday unveiled a raft of measures to weather the storm engulfing the mining sector. Worth more than 43 last...
- Research articles 2008-11-19
- Lonmin hit by fears over General Motors
- Market Report THE MINER Lonmin fell 9 per cent, or 107p, to 1,080p last night, after problems at General Motors sparked concern about the European car industry and the demand for platinum, Lonmin's core offering and a key component in car production. Analysts said that...
- Research articles 2008-11-12
- Land Securities hoisted up by Merrill note
- Market Report LAND SECURITIES gained more than 4 per cent or 46p to 1,161p last night after a fresh round of buying took the London market past the 4,600-point mark. Supportive words from Merrill Lynch, which added the company to its list of "most preferred"...
- Research articles 2008-11-05
- BAT comes without a wealth warning
- Investment Column Our view: Buy Share price: 1,690p (-129p) The adverts used to tell you that smoking was good for your chest. Even though that bit of marketing turned out to be somewhat suspect, if someone tells you that tobacco stocks are good...
- Research articles 2008-10-31
- Xstrata drops Pounds 5.6bn Lonmin bid but raises stake to block
- Miner blames state of the credit markets for withdrawal XSTRATA, the Anglo-Swiss mining giant, has walked away from its 5.6bn hostile pursuit of Lonmin, blaming the parlous state of the credit markets. Yet analysts believe it will come back to the table after building a blocking stake...
- Research articles 2008-10-02
- Struggling Debenhams 'may cut dividend'
- Market Report MERRILL LYNCH resumed coverage on Debenhams yesterday, forecasting a fall in earnings and highlighting the prospect of a cut in the department store's dividend. "Other retailers' margin-protection strategies are likely to lead to increasing competition, which, coupled with a weak consumer [environment] and...
- Research articles 2008-10-02
- Xstrata walks away from bid for Lonmin
- Briefing MINING Xstrata has abandoned its 5.6bn takeover of rival Lonmin, thelatest deal to collapse from the deteriorating state of the financial markets. The Anglo-Swiss group was forced to drop its interest because a significant proportion of debt taken on to finance the deal would have to...
- Research articles 2008-10-02
- Persimmon leads rally on hope of rate cut
- Market Report PERSIMMON led the housing sector higher after Citigroup said that, given the turmoil in the financial markets, there was a "decent chance" of an emergency reduction in interest rates. The broker said that European central banks, including the Bank of England and the...
- Research articles 2008-10-01
- Xstrata drops bid for Lonmin, citing credit uncertainty
- ZURICH AFP — Swiss mining giant Xstrata on Wednesday said it was dropping a bid for British platinum producer Lonmin in view of tightening credit and the ongoing financial turmoil. But later on the same day, it said it had spent 440 million pounds (786 million dollars) acquiring 14.2...
- Research articles 2008-10-01
- CEO exits Lonmin as deadline looms
- Business News In Brief MINING The chief executive of Lonmin, the world's third-biggest platinum producer, has stepped down just days ahead of a decision by suitor Xstrata about whether it will launch a formal takeover bid for Lonmin. Ian Farmer, Lonmin's chief strategic officer, is to take...
- Research articles 2008-09-30
- Lonmin's chairman says Xstrata's Pounds 5.6bn takeover bid
- Lonmin sought to bolster its defence against Xstrata's $10bn (5.6bn) takeover approach yesterday by suggesting that the company valued its own stock at about 7 a share more than the hostile proposal. The world's third-biggest platinum producer urged investors not to accept Xstrata's 33-a-share proposal, which was made...
- Research articles 2008-09-03
- RSA Insurance shines on bid speculation
- MARKET REPORT TRADERS WERE bemoaning the lack of action in the market, with only RSA Insurance diverting attention away from the badminton in Beijing. The speculation of a bid for RSA Insurance Group at about the 190p-per-share mark, which had many in the City reaching for the...
- Research articles 2008-08-15
- Business Digest
- Tumble in car sales hits US main street *US retail sales fell in July, as the benefits of the one-time tax rebate from the federal government began to fade. Another big fall in car sales contributed to a 0.1 per cent decline in overall retail sales, although excluding...
- Research articles 2008-08-14
- Another day of discounts for retailers' shares
- MARKET REPORT RETAILERS winced as the Bank of England signalled there will be no early interest rate cuts yesterday, thereby dashing any hopes of spending picking up in the high street. There was similar retail gloom in the US after sales in shops fell to...
- Research articles 2008-08-14
- MINERS' MERGER MANIA
- Such are the rewards offered by the global commodities boom that miners will pay almost any price to acquire their rivals. Cliff Feltham reports on yet more consolidation in the sector Few expect the platinum producer Lonmin to escape the clutches of Xstrata, which last week stormed...
- Research articles 2008-08-12
- $10bn Lonmin takeover has investor support, claims Xstrata insider
- Platinum miner accuses rival of 'guerrilla tactics' - but predator says eight out of nine major shareholders support a merger bid Mining giant Xstrata has the support of eight of the nine biggest Lonmin shareholders for its $10bn (5bn) tilt at the platinum producer, says an insider....
- Research articles 2008-08-10
- Dana surges as M&A spotlight falls on oil firms
- MARKET REPORT Dana Petroleum, up 5.72 per cent or 73p at 1,350p, was strong yesterday as the market turned its mind to the potential for mergers and acquisitions in the oil and gas exploration and production space. Following recent bid activity in other, undervalued sectors,...
- Research articles 2008-08-08
- Shares in Lonmin soar 48% after it rejects Pounds 5bn Xstrata offer
- PLATINUM PRODUCER Lonmin firmly rejected a hostile 5bn bid from the mining heavyweight Xstrata yesterday but it faces an uphill battle to retain its independence. Analysts believe that Xstrata is on the cusp of success and a small increase in its offer will secure victory. Lonmin has looked...
- Research articles 2008-08-07
- Buffett and Halleys linked to M&S stakebuilding
- MARKET REPORT SPECULATORS focused on Marks & Spencer, the high street retailer which touched an intra-day high of 294.5p, up more than 5 per cent, or 14.5p. Early rumours suggested that France's Halley family - long associated with the hypermarket giant Carrefour - had acquired...
- Research articles 2008-08-07
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