A much-hyped listing swiftly followed by the share price plummeting – sound familiar? As the fall-out from the Facebook IPO continues to rumble on, today marks the one-year anniversary of another debut that has not exactly lived up to expectations. After a massive float worth £37bn, official trading of shares in Glencore International began exactly 12 months ago. However, you could forgive those investors who got in at the start for not blowing out the candles on the cake with too much enthusiasm. Having made its debut priced at 530p a pop, the commodity trading giant's share price has been in freefall ever since, losing more than a third. Last night there was a fresh and rather unwelcome milestone, with Glencore's fall of 17.95p to ... Continue reading →
There has been no shortage of takeover chatter around Hammerson lately. The possibility of the developer – whose portfolio includes the Brent Cross and Bullring shopping centres in north London and Birmingham – being snapped up has caused much excitement, and the bid spotlight was switched back on yesterday. This time, vague rumours were suggesting the blue-chip group may be a possible target for an unnamed Middle East sovereign wealth fund, with market gossips claiming a potential bid might be worth up to 650p a pop. The chatter was accompanied by a late rally for Hammerson which was 3.2p better off at 420.5p by the bell. Dealers were dismissive of the speculation, however, although a number of analysts have been talking up its attractiveness. In ... Continue reading →
They may be at each other's throats, but could Hammerson and Westfield end up together? The two developers are battling it out to see who gets to redevelop the Whitgift shopping centre in Croydon. However, some believe the Aussie giant Westfield may want to put their differences aside and make an approach for its Footsie-listed rival. According to John Kim, an analyst at the Hong Kong-based broker CLSA, there is a "compelling case" for the group to consider snapping up Hammerson, whose portfolio includes the Bullring (below) and Brent Cross shopping centres in Birmingham and north London.Saying they would make a "compelling marriage", the scribbler claimed a deal would help Westfield, which last year opened its second London site in Stratford, build on its success ... Continue reading →