Overall number of M&As in Q1 down
Mergers: THERE were €1.61bn of merger and acquisition and related transactions in Ireland during the first quarter of 2011, but the overall number of deals fell by almost a third quarter-on-quarter, new data has revealed.
According to figures released yesterday by research group Experian, there were 49 M&A and so-called ECM (flotations, rights issues and placements) transactions in Ireland in the first three months of 2010.
Readymix suffers €19m pre-tax loss
CONCRETE manufacturer Readymix saw its pre-tax loss surge to just over €19m last year as the company dealt with a continuing downturn in the Irish construction market. The figure compared to a €13.7m loss in 2009. Releasing preliminary results for 2010 yesterday, Readymix posted a 36pc decline in revenue for the year to €52.4m.
Deloitte appoints Jennings as partner
DELOITTE, the business advisory firm, has appointed Brendan Jennings as managing partner designate. He will take up his new post on June 1. Mr Jennings will succeed Pat Cullen. Mr Cullen resumes a role as a senior partner in the firm.
Audi to roll out two new luxury motors
AUDI will roll out two limited edition models in coming months as part of an effort to increase the brand's exclusivity and better compete with BMW at the high end of the luxury market. The Volkswagen unit will introduce a Q7 sport-utility vehicle next month in Russia with a two-tone exterior costing €200,000.
JP Morgan's Mutual losses worsen
JP MORGAN Chase's rushed acquisition of Washington Mutual in 2008 has turned out to be "a bit worse than expected but clearly still worth it", chief executive Jamie Dimon told investors. The mortgage and credit-card portfolios, which were initially written down by $30bn (€21bn), have continued to deteriorate, Mr Dimon said yesterday. "We thought losses could wind up being $10bn worse (pre-tax) and we have experienced about half that," wrote Mr Dimon.