Friday 9 December 2016

In brief: Takeover of Norkom is unconditional

Published 19/02/2011 | 05:00

Software: The €217m takeover of Irish software group Norkom by BAE Systems has been declared unconditional.

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BAE Systems said yesterday that valid acceptances for the offer had been received in respect of over 84pc of the issued ordinary share capital of Norkom. BAE Systems can now compulsorily acquire all the remaining shares.

AIB Zachodni sale gets regulatory nod

BANKS

AIB's €3.1bn sale of its stake in Bank Zachodni got the final regulatory nod yesterday, but the deal won't be completed until April 1. The delay is because Santander, which bought AIB's 70pc stake in Zachodni, is awaiting the outcome of a bid for the remaining 30pc of the Polish banks share. Once Zachodni has been sold, the State's stake in AIB will rise from 49.9pc to just over 92pc.

Two management changes at Aviva

INSURANCE

AVIVA's Dublin hub has made another two senior management changes, with Jim Dowdall moving from head of Aviva Ireland to a position in Aviva Health Europe and Dermot Browne leaving a senior role in Aviva Europe for the top job in Aviva Ireland.

Anglo and Lafarge in UK plan merge

CONSTRUCTION

ANGLO American and CRH peer Lafarge have announced plans to merge their cement and aggregates businesses in the UK to create what they said will be a leading construction materials joint venture with annual sales of €2.1bn. The combined businesses posted earnings before interest, tax, depreciation and amortisation of €249m in 2010.

Moneylenders comply with law

PROBE

MONEYLENDERS, who are allowed to charge interest as high as 188pc, have been found to be complying with guidelines for the sector after a probe by the Central Bank. The Central Bank conducted inspections in 11 of the 46 licensed moneylenders operating in Ireland, focusing on the interest rates being charged and whether firms had their licences on display.

Irish Independent

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