Royal & Sun elicits curiosity as it seeks cash
Article Abstract:
Royal & Sun Alliance Insurance Group PLC, a UK-based insurance firm, is raising GBP1.5 billion, or $2.46 billion, in cash that prompted questions from analysts. Royal & Sun already has about GBP2.6 billion in surplus capital, but Chase Manhattan Bank said it is preparing a GBP1.5 billion five-year revolving-credit facility for Royal & Sun's general corporate purposes. Royal & Sun admitted that it is considering acquisitions in emerging markets in Latin America and Asia, but would not say anything on the GBP1.5 billion loan. Analysts are skeptical over Royal & Sun's need for working capital, since it could easily obtain some cash from its equity portfolio. Analysts think that Royal & Sun may be gearing up toward buying GIO Australia Holding Ltd., as one reason for the loan.
Comment:
Is raising GBP1.5 bil, or $2.46 bil, in cash for general coporate purpose that prompted questions from analysts
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Salomon expands U.K. mergers group
Article Abstract:
Salomon Smith Barney, an investment group based in the US, has engaged five more people to its UK corporate advisory team to strengthen its presence in European mergers and acquisitions. The bank appointed Matthew Ponsonby as director of UK and Ireland corporate advisory and debt origination, Anthony Parsons and David Smith as vice presidents of mergers and acquisitions, ING Barings' Steven Fobel as director of European mergers and acquisitions, and Pippa Mason from Warburg Dillon Read as a vice president of capital markets. The appointments are first of a series of moves that Salomon Smith plans to incorporate in its European team in the next few weeks not only to boost its team, but also to expand its European market reach.
Comment:
Has added five people to its UK corporate advisory team to strengthen its presence in European mergers and acquisitions
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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LTCM rescue shines light on hedge funds
Article Abstract:
Long-Term Capital Management LP (LTCM), a US-based fund, has received $3.5 billion in funding from a consortium of 15 banks and other financial institutions. The investment was obtained after the Financial Services Authority decreed 55 banking institutions to provide urgent data on their exposure to LTCM and other hedge funds. LTCM reported that among the 15 banks that invested in the firm are UBS AG and Barclays PLC, who both stated that their contributions to LTCM would not affect their earnings.
Comment:
Receives $3.5 billion in funding from a consortium of 15 banks and other financial institutions
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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