A round-up of today's other stories in brief
Alliance Boots rejects £9.7bn bid approach
Sir Nigel Rudd showed his muscle yesterday as he rejected a £9.7 billion (€14.2 billion) bid approach for Alliance Boots from Kohlberg Kravis Roberts, the private equity powerhouse, and Stefano Pessina, his executive deputy chairman, saying that the £10-a-share offer was too low to get the chemist chain to open its books.
In a statement, the company said: "The board does not believe it reflects the fundamental value of the company or the attractive prospects, opportunities and synergies available to Alliance Boots following the very recent completion of its merger."
Mr Pessina, the biggest shareholder with a 15 per cent stake, and his long-term partner and board member Ornella Barra were not present at the meeting. - (Financial Times service)
Fund manager's profits jump 76%
Absolute Capital Management, the fund management company run by Donegal-born Seán Ewing, has reported a 76 per cent increase in pretax profits to €27.6 million in 2006. Turnover rose 72 per cent to €52.5 million, boosted by a 91 per cent jump in assets under management.
Absolute Capital Management floated on London's Alternative Investment Market (AIM) last year and was named 2006 European hedge fund of the year.
It recently acquired debt-fund manager Argo Capital Management.
"2007 has begun well and we view the recent increase in volatility as an opportunity for our funds, all of which are non-market correlated," Mr Ewing said.
Lender's losses rise to €323,000
Finance Ireland posted a widened pretax loss to €323,000 in the year to June 30th, 2006, compared with €200,000 a year ago.
The company, which on December 19th changed its name from Ardent Group, posted net interest income for the year of €9,000, down from €39,000 a year ago.
However Finance Ireland, the holding company of specialist lender Shared Home Investment Plan, said that it is well-positioned for future growth in the Irish market with its Nua Homelands business on course to start trading before the end of March.
Approval sought for Bupa takeover
The Quinn Group has sought Competition Authority approval for its multimillion-euro takeover of health insurer Bupa Ireland, the British group that is leaving the Irish market over its obligation to make risk equalisation payments to the VHI.
Quinn does not already provide health insurance, so the transaction is unlikely to be blocked on competition grounds.
Akzo to net €11bn for its pharma unit
Akzo Nobel, the world's biggest paint maker, yesterday unexpectedly announced it would sell its pharmaceutical business, Organon Biosciences, to Schering-Plough, the US drugs group, for €11 billion in cash, scrapping plans to float the unit this month.
Shares in Akzo Nobel closed 15.7 per cent higher at €53.68 as the sudden tactical switch re-opened speculation about whether the Dutch group would move for ICI, the UK paint company, whose stock gained 5.4 per cent in London to 489p.
The sale of Organon Biosciences marks a fresh step in consolidation of the mid-size pharmaceutical sector and is likely to help drive up prices for forthcoming deals, including the planned sale of the generics business of Merck of Germany.
