Other finance stories in brief

B of I raises €400m for subsidiary

Bank of Ireland has raised €400 million from investors as security to cover the future profits of its life assurance subsidiary, New Ireland Assurance. This is the first time the bank has raised money to back up the future cash flow of its life assurance subsidiary.

Investment banks Lehman Brothers and Goldman Sachs were joint arrangers on the deal, which means the insurer will have protection on its cash flow and will have a stronger equity ratio as a result.

Authorised status for traders

Traders will be able to apply to the Revenue Commissioners for authorised economic operator (AEO) status from today, in advance of the AEO programme beginning next January.

The programme aims to enhance security by granting recognition to reliable traders and encouraging best practice.

Call for stamp duty reduction

The Institute of Professional Auctioneers and Valuers has asked Minister for Finance Brian Cowen to reduce the top rate of stamp duty from 9 per cent to 6 per cent in the forthcoming budget.

The institute also wants the number of stamp duty bands to be reduced and for all rates of duty to be reduced. Chief executive Fintan McNamara said the changes would encourage labour market mobility and could prove self-financing.

Rhinebridge has $1.18bn in assets

Rhinebridge, the Dublin-listed structured investment vehicle (SIV) set up by IKB Deutsche Industriebank AG that was placed in receivership recently, has assets with a book value of $1.18 billion (€818 million).

The SIV has liabilities of $1.256 billion, including senior debt and capital notes, Rhinebridge said yesterday. - (Bloomberg)

Kingspan buys NI oil tank maker

Kingspan has bought Atlas Tanks, an oil storage tank manufacturer based in the North. The deal, for which a price was not disclosed, brings to three the number of bolt-on acquisitions the firm has completed in the sector in recent months.

BEA board still considering sale

The board of software maker BEA Systems said it was still looking at ways to maximise shareholder value, including the possible sale of the firm, after a bid from Oracle expired on Sunday.

But the board reiterated its opposition to selling the company at $17 (€11.78) a share, which is what Oracle had proposed to pay in the offer it withdrew last night.

Fyffes suggested as Atlanta buyer

Analysts speculated yesterday that fruit group Fyffes may be interested in acquiring German fruit and vegetable distributer Atlanta should it be put up for sale by its current owner, Chiquita.

Chiquita said on Monday that it was exploring strategic alternatives, including the possible sale of Atlanta, as a means of improving performance. Atlanta has annual revenues of about €1.2 billion and has more than 1,000 staff.

Investors 'more cautious' with IPOs

Investors may be becoming more cautious when it comes to initial public offerings (IPOs), according to Denis O'Connor, head of transaction services at PricewaterhouseCoopers (PwC) Ireland.

According to a PwC survey released yesterday, the volume of European IPOs rose 19 per cent to 179 in the third quarter, but the total value of the deals fell 22 per cent to €12.77 billion.

Mr O'Connor said the notably lower volume and value in September may indicate a rise in caution.