Glanbia begins €172m pay-out
GLANBIA Co-op has distributed 7pc of the issued share capital of Glanbia Plc, the food group it part-owns, to its members. The €172m share spin-out means members will receive on average shares worth about €15,000.
The Co-op said the move was "another key stage in concluding what is an historic and transformative process, following which the society retains a 41.3pc shareholding in the plc, valued at €1bn and 60pc ownership of a world-class dairy business, Glanbia Ingredients Ireland Ltd. "This spin-out leaves the society and its members ideally positioned for further growth. It is entirely fitting that members directly and personally receive the value that they helped create," said Co-op chairman Liam Herlihy.
BoE to improve forecast record
The Bank of England has agreed to improve its forecasting record after its shortcomings were highlighted last year by three external reviews.
The central bank said it was "minded to take forward almost all" of the 71 proposals contained in the reviews, which ranged from forecasting to liquidity provision. The bank's oversight body asked for outside scrutiny last year after criticism that it had been too slow to provide liquidity at the start of the financial crisis, and that its forecasts on growth and inflation had persistently proved too optimistic.
€803m in Spanish bonds snapped up
SPAIN has sold €803m in long-term debt at lower interest rates, reflecting improving investor sentiment towards the country's finances.
The treasury said it sold €365m in bonds maturing in 2041 at an average interest rate of 5.43pc, compared with 5.69pc in the last such auction in January. It sold €304m in bonds maturing in 2040 at 5.43pc, compared with 5.89pc in December. It also placed €134m in bonds maturing in 2029 with a yield of 5.22pc, down from 5.79pc in February. Demand was more than double the amount offered, the treasury said.
Irish firm makes waves with buy-up
FRENCH defence group DCNS has confirmed it has taken a 59pc stake in Irish tidal energy group OpenHydro. The company, which already had a small stake in OpenHydro, agreed terms last December.
Now in a filing it confirmed it had formally taken over that stake. DCNS had a 'use it or lose it' buy option that would have expired at the end of 2012.