Utilities & Clean technology Correspondent, London
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Aug 3, 2011

Thomas Cook CEO leaves after three profit warnings

LONDON, Aug 3 (Reuters) – British travel firm Thomas Cook
said Chief Executive Manny Fontenla-Novoa is to step
down with immediate effect, following a spate of profit warnings
and a steep drop in the company’s share price since the start of
the year.

Fontenla-Novoa was criticised by analysts and investors
after the group issued a profit warning in July, its third in 12
months, as tough conditions in Britain and unrest in the Middle
East and North Africa (MENA) hit trading.

Aug 2, 2011

DealTalk: Charter deal seen closer as shareholders speak out

LONDON (Reuters) – Manufacturing buyout firm Melrose MYN.L need only raise its takeover offer slightly to gain access to the books of reluctant target Charter International (CHTR.L: Quote, Profile, Research, Stock Buzz), bankers, shareholders and analysts said on Tuesday.

Some of Charter’s shareholders — such as Aviva Investors, the asset management arm of insurer Aviva (AV.L: Quote, Profile, Research, Stock Buzz) — have already spoken out publicly that the British engineer should allow Melrose to look at its books.

Aug 2, 2011

HK tycoon Li to buy Northumbrian Water for $3.9 bln

HONG KONG/LONDON, Aug 2 (Reuters) – Hong Kong tycoon Li
Ka-shing has agreed to buy British utility Northumbrian Water
Group for 2.4 billion pounds ($3.9 billion) in the
biggest takeover this year of a British-listed company.

Li has been expanding his business empire buying utility
assets in developed countries, especially Britain where
regulations allow for foreign ownership and price controls
ensure a steady and predictable income stream from dividends.

Aug 2, 2011

Drax H1 core earnings rise, sees full-year drop

LONDON, Aug 2 (Reuters) – Drax , the operator of
Britain’s largest coal-fired power station, beat analysts’
first-half core earnings forecasts on Tuesday with a 3 percent
rise, but warned that full-year profit would fall as coal prices
continue to climb.

Drax, whose coal-fired power station in North Yorkshire
supplies about 7 percent of Britain’s electricity, reported
first-half EBITDA (earnings before interest, tax, depreciation
and amortisation) of 190 million pounds ($308.9 million),
compared with a Thomson Reuters I/B/E/S poll forecast of 184.6
million pounds.

Aug 2, 2011

Li Ka-shing to buy Northumbrian Water for $3.9 billion

HONG KONG/LONDON (Reuters) – Hong Kong tycoon Li Ka-shing agreed to buy British utility Northumbrian Water Group (NWG.L: Quote, Profile, Research, Stock Buzz) for 2.41 billion pounds ($3.92 billion) in the biggest takeover this year of a British-listed company.

Li has been expanding his business empire by buying into regulated infrastructure and utilities assets in developed countries, especially Britain — which is open to foreign ownership of its infrastructure assets.

Aug 2, 2011

Charter cancels New York hedge fund meetings

LONDON (Reuters) – Charter International has cancelled some meetings with New York hedge funds, people familiar with the matter said, focusing on long-term shareholders as it takes its case for independence to the United States this week.

The engineering company is under mounting pressure from large European shareholders to open its books to Melrose MYN.L, after it rejected an indicative offer of 840 pence a share, or 1.4 billion pounds.

Aug 1, 2011

Charter cancels New York hedge fund meetings-sources

LONDON, Aug 1 (Reuters) – Britain’s Charter International
has cancelled some meetings with New York hedge funds,
people familiar with the matter said, focusing on long-term
shareholders as it takes its case for independence to the United
States this week.

The engineering company is under mounting pressure from
large European shareholders to open its books to Melrose
, after it rejected an indicative offer of 840 pence a
share, or 1.4 billion pounds.

Jul 28, 2011

Centrica first-half profit falls

LONDON, July 28 (Reuters) – British utility Centrica Plc
reported a lower first-half profit as higher natural gas
prices and a dip in power demand due to the warmer spring and
summer weather took a toll on its residential energy business.

Centrica, which owns UK’s biggest household energy supplier
British Gas, said a difficult operating environment compared to
the same period last year resulted in a 54 percent drop in
residential energy profits to 270 million pounds ($441. 2
million).

Jul 25, 2011

Melrose says may raise offer for Charter

LONDON, July 25 (Reuters) – Manufacturing buy-out firm
Melrose said it would consider making a higher proposed
offer for Charter International if it was given access
to the British engineering company’s books.

Melrose also said it would not be appropriate to proceed
with an offer without being allowed to undertake due diligence.

Jul 25, 2011

Suzlon to sell 26 pct in unit Hansen

LONDON/MUMBAI (Reuters) – Germany’s ZF Friedrichshafen AG is to buy Belgium-based Hansen Transmissions, which makes gearboxes for wind turbines, for $725.5 million to consolidate its position in the market for wind energy.

The offer, pitched at 66 pence in cash for each Hansen share, values the company at 444.8 million pounds and is at a 96 percent premium to the company’s Friday close in London.

    • About Adveith

      "I moved to Reuters' London bureau in February to cover green technology and UK utilities after a stint in Bangalore. In four years with Reuters, I have covered some of the biggest utilities and clean technology companies in the United States and Britain, from bureaus in London, Bangalore and, briefly, New York. I have also been a key part of two of the company’s biggest headline news operations – in Bangalore and London - since 2008, sending fast news alerts on the biggest companies on both sides of the Atlantic. I enjoy writing about sports, and occasionally contribute to Reuters' sports blog, ..."
      Hometown:
      New Delhi
      Joined Reuters:
      May 2008
      Languages:
      English, Hindi, Malayalam
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