Business Irish

Sunday 21 January 2018

Moody's puts KBC Ireland on review

RATINGS agency Moody's has placed KBC Bank Ireland on review for downgrade. The move comes after the bank's Belgian parent was placed on similar review, along with a number of other European banks.

Readymix gives its backing to takeover


READYMIX has recommended that shareholders accept a bid from Mexican firm Cemex in a deal that values the Irish firm at €27.4m. The independent committee of Readymix confirmed that Cemex, which already owns just over 61pc of the Irish company, will pay 25c for each Readymix share it doesn't already own. The price represents a 733pc premium to the 3c closing price of Readymix shares on January 18. Shares in the Irish cement company, which was founded in 1965, have been hammered in the past few years as it racked up large losses and saw its revenue plummet as the country's building boom shuddered to a halt.

CBRE launches new debt advice service


PROPERTY specialist CBRE has launched a new debt advisory business in Ireland, hiring former Anglo Irish Bank property loans specialist Andrew Tallon as associate director to advise banks and other clients on managing property loan portfolios. CBRE already has a UK-based debt advisory business, offering advice on loan sales and buybacks, acquisition financing, refinancing, development financing and mezzanine debt.

Cody resigns from director role at APN


Pierce Cody has resigned as a director from APN News & Media. Mr Cody claimed there were shortcomings in the area of corporate governance at the billboards and media group. The company, however, dismissed the allegations, noting that Mr Cody had been unhappy at being overlooked for a role in a planned outdoor advertising joint venture with Quadrant Private Equity.

Peugeot in talks on GM 'partnership'


Leading French car maker Peugeot-Citroen is in talks with US giant General Motors on forming a "strategic partnership", according to French Labour Minister Xavier Bertrand. Peugeot shares surged by more than 8pc in early trading in Paris as news of the possible huge tie-up between the two industry giants spread.

Microsoft files case against Motorola


MICROSOFT has filed a complaint against Motorola Mobility with the European Commission, accusing it of seeking to block sales of Windows personal computers, Xbox game consoles and other products.

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