Friday 24 November 2017

Paddy Power takes over Sportsbet

PADDY Power has completed the acquisition of the remaining 39.2pc shareholding in Australian bookies Sportsbet for Aus$132.6m (€97m).

As part of the deal, the bookmaker issued 455,535 ordinary shares of €0.10 each to Sportsbet shareholders. Earlier, Power's shareholders overwhelmingly voted in favour of purchasing the stake.

Lynam appointed Siemens chief

SIEMENS Ireland has appointed Paul Lynam as chief executive and Brian Flannery as chief financial officer for Ireland. Mr Lynam, formerly the CFO, replaces Dr Werner Kruckow, who has returned to Siemens Germany following the completion of his five-year tenure in Ireland. Mr Lynam will be responsible for the overall company strategy and market development for Siemens in Ireland.

JTI make pre-tax profit of €52m in '09

Japan Tobacco International (JTI) Ireland, the cigarette maker formerly known as Gallagher Tobacco, made a pretax profit of €52m in 2009. The 2009 total is down from €76m the previous year. Turnover was €709m in 2009, the accounts showed. JTI had a 49.2pc share of the market with main brand Benson & Hedges alone accounting for 18pc of all sales. The company said overall cigarette sales in the Irish market in the Republic fell by 11.6pc in 2009, JTI's sales dropped 11.2pc. The company blamed a combination of increased excise duty on cigarettes and tobacco smuggling for the fall.

Finn leaves Ryanair to set up own firm

RYANAIR has announced the resignation of its director of commercial revenue, Sinead Finn. Ms Finn will now be establishing her own consultancy practice. Ms Finn worked with Ryanair since 1998 in positions including sales manager for Italy, head of sales and marketing and as director of commercial revenue in charge of commercial relationships with Ryanair's ancillary partners. "We are sorry to see Sinead leave," said Ryanair's Michael Cawley. "She has made a huge contribution to Ryanair's success. Sinead joined when we were carrying less than three million passengers and leaves as we head toward 78 million passengers in 2011."

Irish Independent

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