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...But it was a different story in the foundry division, Foseco, which accounted for one-third of group revenue. Divisional sales ticked up by just 2 per cent, with trading profit broadly flat....
...Much of that loss stems from Cookson’s debt-and-equity-fuelled acquisition of its rival foundry supplier Foseco in 2007, which forced the company into an emergency rights issue when the financial crisis...
...“The rapidly growing tablet market is certainly helping their electronics division and the ceramics business is finally realising the potential of Foseco”, the foundry supplier which Cookson bought in 2007...
...Its £497m debt-and-equity fuelled acquisition of rival foundry supplier Foseco in 2007 left it with a highly geared balance sheet vulnerable to the unanticipated industrial crisis....
...“I am happy that the covenant issues are behind us, and we have held onto the cheap backing facilities agreed when we acquired our Foseco business,” he said....
...Mr Pike was chief executive of Foseco until Cookson acquired it....
...Net debt, largely resulting from the Foseco deal, was £732m, drawn from facilities of £900m....
...He defended the terms of the Foseco deal and refinancing, arguing that at the time Cookson was viewed by many as being “underleveraged”....
...Cookson’s debt problems stem from its £497m purchase of its smaller US rival Foseco in October 2007. That deal was financed through a £150m placing of shares at 825p and £950m debt facility....
...“Foseco did even better than we were expecting at the start of the year,” said Mr Salmon....
...Concerns over the extent of its consumer exposure look overplayed, given Ceramics will represent 75 per cent of group profits following the acquisition of Foseco....
...Foseco shares, which listed at 100p two years ago, rose 1¼p to 285¼p....
...Merger talks between Foseco and Cookson, UK product suppliers to the steel and foundry industries, could lead to a bid for Foseco at 295p a share, valuing its equity at £491m....
...Foseco and Cookson are in talks that might lead to a bid for Foseco at 295p a share, valuing its equity at £491m....
...Cookson’s recent half-billion-pound agreed offer for Foseco may just be the start of this process....
...Merrill Lynch and JPMorgan Cazenove advised Cookson, with Lazard and Collins Stewart looking after Foseco....
...Cookson, the ceramics and precious metals group, gained 3.6 per cent to 618½p on hopes that it would get regulatory approval for its £500m acquisition of Foseco, up 0.1 per cent to 289¼p....
...Cookson, which knows the pain of over-borrowing to expand, has the luxury of being able to consider issuing shares to help pay for Foseco. And why not?...
...On Tuesday, Cookson, up 4.5 per cent to 830p, said it was in talks with Foseco, up 1.2 per cent to 283¼p, over a 295p a share offer....
...On Tuesday, Foseco, the UK engineering company, said it was in talks about being acquired by Cookson for £491m, while Christian Salvesen, the former whaling company, agreed to be bought in a deal worth £254m...
...Cookson, the engineering group, on Thursday completed a £150m share placing – at a premium to the market price, which is very impressive – to part-finance a recommended £497m offer for smaller rival Foseco...
...That was quickly followed by news that Foseco, a supplier to the foundry industry, was in talks about being acquired by Cookson for £490m....
...Steel specialist Foseco rose 0.3 per cent to 177½p after Cinven , a pre-flotation backer, announced it had found buyers for half of its 20 per cent shareholding....
...News of the approach ignited the rest of the sector, with Cookson rising 1.1 per cent to 526½p, Foseco up 0.8 per cent to 160¾p and Charter 2.2 per cent higher at 77½p....
...Metals group Foseco rose 5.2 per cent to 162p as Collins Stewart said an analysts’ meeting on Friday could bring positive news....
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