Porsche founders in driving seat
The German family shareholders of Porsche got their keys back yesterday when Qatar’s sovereign wealth fund sold its 10 per cent stake in the car marque’s owner back to its founders. Qatar Holding had bought into Porsche in 2009 in a €7bn (£6bn) deal. All the common stock is now again held by the Porsche and Piech families.
Carillion signs £130m contract
Carillion has won a £130m deal to build exhibition halls and car parks in Oman. The construction firm will work on the Gulf state’s £1bn convention centre with an 18-month contract, which is set to begin in July, that will see Carillion construct 13 buildings. They will include exhibition halls with 45,000 square metres’ floor space.
Communisis in restructuring
The continued decline of the humble bank cheque and falling margins across the printing industry have prompted Communisis to take a £3.5m hit in a major restructuring. The printing and communications firm will close its cheque production factory in Trafford, near Manchester, to focus on direct mail and client services.
Elan fixes up another deal
Drugmaker Elan today announced its second major drug deal in days and launched a share buyback scheme as it protects itself from a $5.7bn (£3.7bn) bid from Royalty Pharma of the US. The Irish medicine-maker announced a €263.5m (£223m) deal to buy Austrian rare drug firm AOP Orphan and is paying $40m.
Airbus strikes Doric Lease deal
The transport financier Doric Lease Corporation is to acquire 20 Airbus EA380 aircraft in a deal worth $8bn and could snap up more, putting the plane-maker on track to hit its full-year order target for the superjumbo. Airbus is aiming to sell 25 A380s this year, which is up from nine in 2012.
EU discusses tax with Swiss chief
The European Union official in charge of tax policy tried to persuade Switzerland on Monday to agree to surrender more information about clients of its big banking industry as part of a drive to combat tax evasion. Commissioner Algirdas Semeta met with Swiss Finance Minister Eveline Widmer-Schlumpf.
APR Energy lands Libyan contract
APR Energy has expanded its original 250 megawatt contract in Libya by another 200MW, making it the single largest contract ever signed in the fast-track power industry. The contract will help cover anticipated power demand during the critical summer high heat season.
US builders on an upward curve
America’s housebuilders have turned positive on their industry’s prospects for the first time since the housing crash. An index by the National Association of Home Builders and Wells Fargo, the country’s largest mortgage lender, rose above the 50-point mark in June.
Westbury posts uplift in sales
Catering and hospitality company Westbury Street Holdings, which operates restaurants and front of house services for the BBC, Goldman Sachs and The British Museum, has reported a 14 per cent rise in turnover to £465m for 2012.
Boohoo mulls sale after fast growth
The online clothing retailer Boohoo is considering a sale of the business, following strong growth since it was founded seven years ago. Boohoo has hired the advisory firm Zeus Capital to explore its strategic options.