HEDGE fund firm Lansdowne Partners, an active trader recently in Manchester United shares, has surfaced with a 3.3% holding in Punch Taverns following its 1.2 million purchase of Pubmaster. ThePubmaster deal made Punch Britain’s biggest pubs operator with 7600 outlets. The integration of the two businesses should result in cost savings of 10 million a year.
Citywire.co.uk
BOND WATCH
LEHMAN Brothers Holdings has launched a 25 billion yen (135 million) Samurai bond with a coupon of 0.94%, the lead manager, the Tokyo branch of Lehman Brothers Securities, said. The yen- denominated bond will mature on 19 December 2008, according to the bank.
When I’m asked to do a report by the Prime Minister or someone, I never listen too slavishly.
SPEAKING OUT
– Sir John Egan, the Government’s Thames Gateway adviser and president of the CBI
IN PROSPECT CHIEFS of at least 20 of the top unit trust firms are due to meet Financial Services Authority chairman Callum McCarthy tomorrow to explain whether the abuses that have hit US mutual funds happen here. The watchdog has collected preliminary data on whether market timing abuse – through which professional traders can buy at artificial prices – occurs in London.
Go-Ahead on right track for earnings acceleration A SUBSIDY- fuelled boom on London buses and better performance deals on its Thameslink and South Central rail franchises will see Go-Ahead produce better than expected results for the half-year to the end of this month. It is “ahead of budget”, despite problems with its airport handling business Aviance.
US revival promises new drive for First Technology FIRST Technology, the electronics group best known for making crashtest dummies, today forecast stronger second-half sales of its in-car sensor systems after signs of a US recovery.
Profits in the half-year to October fell 1 million to 11.4 million on sales of 58.3 million, down nearly 10%.
Phytopharm trims down potential drug partners
THE number of international firms wanting to partner Phytopharm in the development of obesity drug P57 has been cut to four. Developed from a large, cucumber-type plant in South Africa that suppresses appetite, P57 is seen as a potential ingredient for slimming meals.
