By Divya Sharma and Vidya L Nathan
(Reuters) – ‘You are better equipped to drive growth in bad times if you offer appealing products and have new ones in the pipeline’ is Edgewood Growth Fund’s mantra and the technology and healthcare sectors provide such havens.
Portfolio manager Alan Breed’s top picks are Apple, Qualcomm Inc and American Tower Corp — all majors in the technology space, although the fund invests in large-cap growth companies regardless of sector or industry.
By Divya Sharma
(Reuters) – As U.S. economic growth slows, Manning & Napier is increasing its focus on areas in technology and healthcare that have growth drivers independent of the economy, said Jeffrey Coons, the firm’s president and co-director of research.
He is part of a team that manages the Fairport, New York-based Manning & Napier Equity Series Fund which had $2.2 billion in assets under management as of end-June.
BANGALORE, Aug 17 (Reuters) – The New York Stock Exchange
(NYSE) said the securities of Chinese software company Longtop
Financial Technologies Ltd , which had been halted since
May 17, will be delisted and suspended prior to the opening of
trade on Wednesday.
Late on Tuesday, the exchange said in a statement it will
delist the American depository shares and file a Form 25
delisting application with the U.S. Securities and Exchange
BANGALORE, June 20 (Reuters) – Harbin Electric
agreed to be taken private by its chief executive in a deal
valuing the Chinese electric motor maker at $750 million,
sending the company’s shares sharply higher, but still well
short of the offer price.
Investors, wary after a spate of Chinese stock scams, are
waiting for concrete assurances from CEO Tianfu Yang on how he
will arrange the $445.5 million he needs to buy the 59.4 percent
of Harbin’s shares he doesn’t already control.
NEW YORK/BANGALORE, June 17 (Reuters) – Harbin Electric, a
Chinese maker of electic motors whose U.S.-listed shares have
suffered a steep sell-off, on Friday said a report by a
short-seller questioning a proposed management-led buyout was
Harbin, in its statement, said its chief executive had
never admitted to guilt in a case that alleged fraud over a
loan. It reiterated that agreements for a loan to fund the
buyout are in place.
BANGALORE/NEW YORK, June 15 (Reuters) – Silgan Holdings Inc
is likely to match a rival bid for Graham Packaging Co
Inc , but would walk away from any protracted bidding
battle for the plastic packaging company.
Silgan is up against New Zealand billionaire Graeme Hart,
who has a track record of big acquisitions in packaging and is
said to have not come second in a bidding war in 20 years.
NEW YORK/BANGALORE (Reuters) – Rank Group, owned by New Zealand’s richest man Graeme Hart, is the mystery bidder behind a $1.64 billion bid for Graham Packaging Co Inc (GRM.N: Quote, Profile, Research, Stock Buzz), said a source familiar with the situation, trumping an earlier bid from Silgan Holdings Inc (SLGN.O: Quote, Profile, Research, Stock Buzz).
Privately-held Rank, led by Hart, a former tow-truck driver now estimated by Forbes to have a net worth of $5.5 billion, has a track record of big acquisitions.
By Divya Sharma
(Reuters) – Graham Packaging (GRM.N: Quote, Profile, Research, Stock Buzz) said it received an unsolicited buy-out offer from a third party, valuing the packaging products maker at $1.64 billion, higher than an earlier offer by larger rival Silgan Holdings Inc (SLGN.O: Quote, Profile, Research, Stock Buzz).
The offer of $25 per share from the unidentified bidder is 13 percent higher than Silgan’s bid of about $22.10 a share.
BANGALORE (Reuters) – Chinese electric motor maker Harbin Electric Inc (HRBN.O: Quote, Profile, Research, Stock Buzz) said its chief executive and Abax Global Capital had reaffirmed their offer to take the company private for $750 million, after a research firm raised doubts about the deal going through.
Shares of the company rose 10 percent to a high of $17 on Friday on Nasdaq, but were still much below the offer price of $24 a share, indicating investor skepticism.
BANGALORE, June 2 (Reuters) – Joy Global Inc’s
second-quarter results topped market estimates as rising demand
for metals spurred sales of its giant shovels and draglines, and
the mining equipment maker raised its 2011 outlook for the
Strong growth in emerging markets and the recovery in
industrialized economies are driving demand for commodities.
Several mining projects, delayed by the economic slowdown, are
also expected to be back on track in 2011.