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Cadbury have rejected a £10.2 billion takeover bid from Kraft. Cadbury have said that the offer greatly undervalues the company. Shares in Cadbury soared at the news of the proposed takeover whereas shares in Kraft lost 7%. In an open letter to the CEO of Kraft, Cadbury have said that Kraft have a low growth model and the offer is unappealing to shareholders. Kraft have made no further comment. |
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BP have said that they have discovered a giant oil field in the Gulf of Mexico. Currently production in that area is more than 400,000 barrels a day. The total depth of the hole drilled is 35,055ft making it one of the deepest holes drilled to date and the reserve is expected to produce 250 million barrels of oil. When the news was announced shares in BP surged. There are now new hopes that the price of oil will stabilise following the wide variation in price over the past year. |
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The Serious Fraud Office has confirmed that it will not be investigating the collapse of MG Rover. The company collapsed in 2005 with the loss of 6500 jobs and debts of £1 billion. The four executives have always denied any wrong doing but have been heavily criticised when it was revealed that they had taken £40 million in salaries and bonuses. The assets of MG Rover were sold to Nanjing automobile in 2005. |
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Barclays have announced an 8% rise in profits for the first half of 2009. Profits rose to £2.98 billion thanks to its investment division. Barclays acquired part of the Lehman Brothers business in 2008. Barclays presence in America has increased and now accounts for 40% of its income. However bad debts rose from to £2.54 billion to £4.56 billion and bad debts at Barclaycard increased by 92% to £915 million. |
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BT has seen a dramatic fall in profits for the second quarter of 2009. Profits fell by 45% to £272 million compared to profits of £497 million for the same period last year. Despite this shares in BT jumped 12% in early morning trading.
Earlier this year BT announced that 2300 staff would be made redundant and has also offered other staff cash payments in exchange for career breaks to avoid further redundancies. |
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