Carrefour in share rise on split rumours

first_imgMonday 31 January 2011 8:11 pm Carrefour in share rise on split rumours KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsappcenter_img SHARES in Carrefour, the world’s second-largest retailer, rose yesterday after speculation that it is considering listing stakes in its real estate and Dia discount businesses.Shares in the French group surged 5.3 per cent to close at €35.78 following suggestions that a provisional agreement with key investors could be reached at a board meeting on 2 March.The split could boost the value of the company, which has been hit hard in the consumer downturn. Carrefour declined to comment.Europe’s biggest supermarket chain might look to sell or spin off assets in an attempt to revive its share price after two profit warnings last year, according to analysts.Colony Capital and Groupe Arnault, which hold 13.5 per cent of Carrefour, are still down on their 2007 investment, which was made at about €50 a share.“Board members, advised by BNP Paribas are working on a simultaneous spin-off of Dia (discount) and Carrefour Property (real estate), which would both be listed in Paris,” a source told French newspaper Le Figaro.RBS analyst Justin Scarborugh said: “There could be some value creation (for shareholders from spinning off the two businesses). But these rumors have been around for some time, and so it’s hard to know how much of this is already in the price … Plus, there would be some earnings dilution.” Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Tags: NULLlast_img read more

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BG Group offsets production drop with higher gas prices

first_img KCS-content BG Group offsets production drop with higher gas prices by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Tags: NULL whatsapp Show Comments ▼ whatsappcenter_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut Tuesday 8 February 2011 8:56 pm GAS explorer BG Group beat analyst forecasts yesterday with a 13 per cent rise in fourth-quarter earnings, with higher gas and oil prices offsetting a dip in production. Earnings for the last three months of 2010 rose 13 per cent to $1.06bn, (£659m) though pre-tax profit fell 2.7 per cent to $1.45bn on last year, including charges from disposals and impairments. Revenues rose one per cent to $4.3bn, supporting an 11 per cent rise for the year to $17.2bn. Production volumes fell slightly short of forecasts, falling two per cent in the quarter to 60.7m barrels of oil equivalent, but a 22 per cent rise in global gas prices more than made up for the drop. The firm has raised its full-year dividend by 10 per cent to 21.6 cents per share and repeated its goal to grow by six to eight per cent a year until 2020 after raising estimates for its US shale gas and Brazilian explorations. Morgan Stanley said: “Investors can focus on what is again an exceptionally positive strategy update… targets and resource numbers have not just been reiterated, but in many cases raised by some margin.”BG shares rose 2.1 per cent to 1,470p. Sharelast_img read more

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WALL STREET WEEK AHEAD

first_imgSunday 20 February 2011 10:14 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo Show Comments ▼ KCS-content Tags: NULLcenter_img Investors will continue to ride the speediest rally in US stocks since the Great Depression despite growing concerns the market is overbought and due for a correction.Wall Street posted its third consecutive week of gains with the S&P 500 now up 6.8 per cent for the year and more than 20 per cent in just six months. “I’ve never seen a market like this,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Vermont, a market watcher for 35 years.“I’m showing, by every technical and quantitative standard I have, this market is at extreme levels. But no matter where we start out in the morning, buyers come in.”The trend of stocks starting off lower in the morning session but ending higher by the afternoon has been ongoing for weeks as investors view the small dips as reasons to buy.But there is a perceptible level of anxiety in the market. Trading volume has been exceptionally low recently and the CBOE Volatility Index, Wall Street’s so-called fear gauge, is up on the week despite the gains in stocks.The index is usually inversely correlated to the S&P 500, and a rise in the VIX typically means a drop in the stock market.The VIX, which ended at 16.43, up 4.7 per cent on the week, is still low but substantially higher than in recent months. It suggests investors see more share gyrations ahead.The driving force behind the rally is the money that poured into riskier assets like stocks in the last quarter of 2010 after the US Federal Reserve pledged to keep interest rates low.About 7.13bn shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq on Friday, below last year’s daily average of 8.47bn. whatsapp WALL STREET WEEK AHEAD whatsapplast_img read more

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Microsoft to pay $1bn for Nokia tie-up

first_img Share Microsoft to pay $1bn for Nokia tie-up KCS-content Tags: NULL MICROSOFT will pay Nokia a staggering $1bn (£620m) upfront to develop handsets designed to run its Windows Phone 7 (WP7) operating system, it is understood.Nokia will reportedly pay Microsoft a royalty fee for each WP7 licence it uses, although the exact figure has not been announced.Nokia chief executive Stephen Elop, a former Microsoft employee, had previously said Nokia will receive “billions” in benefits from the tie-up, largely expected to be through discounted licences.The two firms hope the deal will allow them to compete with Google’s fast-growing Android platform and Apple’s iOS.Nokia was the biggest global handset manufacturer last year and its Symbian operating system was the most commonly used platform. But it saw its market share slip 7.5 per cent and Google’s Android overtook it in the fourth-quarter of last year, with the Scandinavian giant struggling to find a foothold in the increasingly dominant high-end market.Nokia shares have dropped 26 per cent since the tie-up was announced last month. It is thought Microsoft was desperate to avoid Nokia penning a deal with Google, with whom it was also in talks.Meanwhile, Nokia said it will start talks with Finnish employees over the company’s new strategy, which unions fear could cost more than 5,000 jobs in the Nordic country. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldcenter_img Tuesday 8 March 2011 7:26 pm More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Show Comments ▼ whatsapp whatsapplast_img read more

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Applications up for City jobs

first_imgMonday 14 March 2011 8:39 pm CITY firms are struggling to hang on to staff despite plans to increase salaries and bonuses by more than inflation, according to two surveys by recruitment firms.Financial recruiter Robert Half says that a survey of 280 chief financial officers (CFOs), shows 61 per cent of listed firms are planning to put up salaries in coming months, more than two thirds of them by five to six per cent and a fifth by seven to 10 per cent.The research also shows that increases in bonuses will just about match inflation, with a third of CFOs planning to put them up by three to four per cent, and half planning to raise them by five to six per cent.Numbers from rival City recruiter Astbury Marsden show why: it says the number of applications it received in February has soared to 7,400, a 47 per cent jump year-on-year as disgruntled employees consider options and prepare to ditch their current employer.The data shows that non-top tier investment bankers, in particular, are upset about their pay levels. Astbury Marsden chief operating officer Mark Cameron: says “Dissatisfaction about pay is inevitable among such a hyper-competitive cohort as investment bankers – they see bonuses as the way to keep score and they hate to lose.”He added that some investment banks are reporting staff turnover for the first quarter of 20 per cent – way above the usual churn that follows bonus season.The rise in applications has not quite been matched by an equivalent jump in vacancies, but there were nonetheless 30 per cent more jobs added to the recruiter’s register this February than last. whatsapp Share Show Comments ▼ Applications up for City jobs center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald KCS-content More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: NULLlast_img read more

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First drop in real incomes for 20 years

first_img Show Comments ▼ KCS-content whatsapp Tags: NULL DISPOSABLE income, allowing for inflation, fell for the first time since 1981 last year.Real household income dropped by 0.8 per cent over 2010, after a 0.5 per cent fall in the final three months of the year, the Office for National Statistics (ONS) revealed yesterday.The figures reveal the squeeze on living standards that Bank of England governor Mervyn King has described as the most severe since the 1920s.Meanwhile, the ONS revised its GDP estimate for the fourth-quarter of 2010 to a 0.5 per cent contraction, up from the previous estimate of -0.6 per cent.Ignoring the effects of December’s severe winter freeze, the economy stood still in the last three months of 2010, it said – an improvement on the previous calculations, which showed a slight contraction.Nonetheless, the figures were seized upon by opposition chancellor Ed Balls. “The government is trying to cut further and faster than any other major economy in the world. Things are heading in the wrong direction,” Balls said.Growth could be hit by impending government cuts, said Markit’s Chris Williamson, yet the economist added: “Note that the fourth-quarter decline in GDP occurred despite a boost from a 0.4 per cent increase in government expenditure.”Business investment was revised up, from a previously estimated 2.5 per cent fall to a quarter-on-quarter stagnation, and 12.2 per cent annual increase, the ONS revealed. whatsapp Sharecenter_img Tuesday 29 March 2011 8:40 pm More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com First drop in real incomes for 20 years by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com last_img read more

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NYSE rejects merger bid from Nasdaq

first_imgSunday 10 April 2011 11:42 pm whatsapp Show Comments ▼ THE DIRECTORS of NYSE Euronext have snubbed a rival merger bid from Nasdaq OMX Group, giving rise to the possibility of a hostile takeover attempt. The firm said it still firmly backs an offer from Deutsche Boerse, saying the joint Nasdaq / InterContinental Exchange offer carried significant execution risk and was less likely to close.The board of directors also raised concerns about the level of debt involved in the merger proposal.The bid proposed a radical restructuring of the exchange, which would see Intercontinental Exchange snap up NYSE’s European assets.NYSE Euronext chairman Jan-Michiel Hessels said: “Breaking up NYSE Euronext, burdening the pieces with high levels of debt, and destroying its invaluable human capital, would be a strategic mistake in terms of where the global markets are going, and is clearly not in the best interests of our shareholders. “The highly conditional break-up proposal from Nasdaq / ICE would also require shareholders to shoulder unacceptable execution risk. “We are confident that the combination with Deutsche Boerse will create compelling value for our shareholders.”The outright rejection of the bid – understood to be 16 per cent higher than the Deutsche Boerse offer – is likely to anger some NYSE Euronext shareholders, who will question whether it has been thoroughly considered.Frankfurt-based Deutsche Boerse has agreed to acquire the NYSE owner in a stock bid worth $9.5bn (£6.8bn). The combined entity would be the world’s largest exchange. It is the latest development in a wave of consolidation sweeping through the world’s exchange markets. KCS-content Share whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org NYSE rejects merger bid from Nasdaq Tags: NULLlast_img read more

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Ardent acquires stake in Switzerland’s Casino Davos

first_img Subscribe to the iGaming newsletter Ardent acquires stake in Switzerland’s Casino Davos Casino & games 30th May 2018 | By contenteditor Belgium’s Ardent Group has purchased a 44% stake in Stadtcasino Baden AG’s Swiss land-based gaming venue Casino Davos. Terms of the deal were not disclosed, but it was confirmed in a statement that Stadtcasino Baden will remain as the majority stakeholder in the facility with a 46% share. The Davos Tourism Organisation will also retain its 10% take of Casino Davos. Ardent Group, previously known as Circus Group, said the deal places the firm in a strategic position ahead of expected regulation changes in Switzerland. On June 10, Swiss gaming law is due to be voted on, with potential changes to include terrestrial casinos being able to launch an online gambling service. All online operations will be subject to the successful application for a licence extension. In a statement, the two companies said: “For this reason, Stadtcasino Baden Group has made the strategic decision to operate Casino Davos in the future together with a partner with many years of online casino experience. “The choice fell on the Casino de Spa SA, which is part of the Belgian Ardent Group, and already successfully runs its own licensed online casino.” Detlef Brose, chief executive of Stadtcasino Baden, added: “If the gambling law is passed on June 10, we will immediately and together with our new partner, develop a competitive online offer for Casino Davos to promote us as early as possible for an online license extension.” Belgium’s Ardent Group has purchased a 44% stake in Stadtcasino Baden AG’s Swiss land-based gaming venue Casino Davos Topics: Casino & games Finance Strategy Regions: Europe Central and Eastern Europe Switzerland Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

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Churchill Downs’ Lady Luck Casino takeover scrapped

first_img Regions: US US horse racing and gaming giant Churchill Downs Inc. has scrapped a proposed takeover of a Mississippi casino after regulators raised questions about the deal.In February, Churchill Downs announced that it had struck a deal with Eldorado Resorts to acquire the Presque Isle Downs & Casino in Erie, Pennsylvania and the Lady Luck Casino Vicksburg in Mississippi in an all-cash transaction valued at a total of $229.5m (£173/€196m).However, having received a second request in May to address concerns from the Federal Trade Commission (FTC) in relation to the Lady Luck Casino takeover, Churchill Downs and Eldorado Resorts have carved that venue out of the deal.“Following receipt of, and consideration of the time and expense needed to reply to, the second request, pursuant to the termination agreement, Churchill Downs and Eldorado Resorts mutually agreed to terminate their respective rights and obligations with respect to the Lady Luck Vicksburg transaction,” said Churchill Downs, which operates a number of casinos and racetracks, as well as the Twinspires online betting platform.Churchill Downs, which has agreed to pay Eldorado Resorts a $5m termination fee, is still hopeful of completing a $178.9m deal for Presque Isle Downs & Casino in the fourth quarter of 2018.As part of the termination agreement, Churchill Downs will also assume the obligations of an Eldorado affiliate in order to operate Lady Luck Casino Nemacolin in Farmington, Pennsylvania, for a fee of $100,000.The amended agreement between the two parties still has to be approved by the FTC, although the two parties expressed their belief that they would “be able to work expeditiously” to finalise the deal.In May, Churchill Downs penned a partnership with SBTech to support its entry into US real-money iGaming and sports wagering markets, starting with New Jersey and Pennsylvania. Casino & games Email Address Deal still in place for takeover of Pennsylvania casino and racetrack Topics: Casino & games Financecenter_img Subscribe to the iGaming newsletter Churchill Downs’ Lady Luck Casino takeover scrapped AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 10th July 2018 | By contenteditorlast_img read more

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IGT upsizes note offering to $750m

first_img International Game Technology (IGT) was able to upscale a planned $500m (£380m/€429m) offer of senior secure notes by $250m yesterday (Monday) after demand exceeded supply at an attractive price for the company.IGT announced yesterday (Monday) that an application had been submitted for the notes, which are due in 2027, to be listed on the Euronext Dublin market.Credit ratings agency Moody’s Investors Service, which reflected on the initial $500m offering, said that the transaction would “improve the company’s financial flexibility”, with the proceeds used to redeem IGT’s $600m worth of 5.625% senior secured notes that were due in 2020.“The transaction extends IGT’s maturity profile… providing funds to facilitate the refinancing of a significant part of its remaining 2020 maturities, while maintaining a good liquidity profile,” Moody’s said in a note for investors.However, as it transpired, the offering was upsized to $750m worth of senior secured notes at 6.25%.“Investor demand for the new issue was extremely strong at a very attractive price for us,” an IGT spokesperson told iGamingBusiness.com today.“Owing to the volume of demand and the price, we were able to take out some of our residual debt.”Settlement of the notes, which is subject to customary market and closing conditions, is expected on September 26.IGT expanded its internet gaming offering in the US last week by launching what it claims is the country’s first cross-platform online Wide Area Progressive (WAP) product.IGT MegaJackpots will be available to players in the regulated state of New Jersey on four sites: CaesarsCasino.com, HardRockCasino.com, MoheganSunCasino.com and ResortsCasino.com.IGT’s sports betting business in the US has expanded rapidly over the past few months following the Supreme Court ruling on PASPA in May.In recent weeks, IGT has confirmed its entrance into the tribal sports betting market by announcing a deal with the Mississippi Band of Choctaw Indians and secured sports betting partnerships with both FanDuel and MGM in New Jersey, whilst forging a joint agreement with William Hill and the Rhode Island Lottery. In addition, the company has obtained a sports betting licence in West Virginia. Topics: Casino & games Finance Slots 18th September 2018 | By contenteditor Email Address IGT upsizes note offering to $750m Demand exceeds supply for original $500m offering of senior secure notes AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Casino & games Tags: Slot Machines Subscribe to the iGaming newsletter Regions: UK & Irelandlast_img read more

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