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Vyim Kraft under pressure to hike its bid for Cadbury
Tuesday 11 Nove owala mber 2014 8:19 pm|Updated:Friday 07 June 2019 4:28 pmHyundairsquo land purchase woes spark buybackBy: Joseph MillisShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleHYUNDAI and its affiliate Kia Motors yesterday announced they would buy back a combined 670bn won pound;383m of polene bag shares, marking the South Korean auto makersrsquo; latest efforts to appease investors angered by the company buying property at three times it value.Hyundai said it would buy back 449bn won of common and preferred shares, while Kia announced it would buy back 220.9bn won of stock.Shares in the three companies plunged to multiyear lows after they jointly bought a plot of land for a new headquarters in southern Seoulrsquo affluent Gangnam district for about $10bn pound;6.3bn ndash; three times the propertyrsquo assessed value. Investors dumped shares after the purchase, fearing the companies were wasting cash that could have been returned to shareholders on a trophy property, al polene espana l while they struggled to compete with foreign rivals. The firms pursued the deal after the South Korean government said it would raise taxes on cash-hoarding companies, unless they spent more on wages, dividends and other investments, which included land purchases. While the boards of all three affiliates approved the purchase, members said they did not know the price tag in advance, which raised inv Zugu FSA: Beef up EU rules after RBS
Thursday 18 July 2013 8:31 pmBumi takes first steps towards separation fr stanley de om Bakrie GroupBy: Express KCSShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleTROUBLED miner Bumi yesterday took the next step in its separation from the Bakrie Group by agreeing to stanley termosy sell its stake in Jakarta-listed Bumi Resources to the Indonesian conglomerate for $501m pound;329m . The FTSE 250-listed firm, which has been embroiled in an arduous tug-of-war between its founder Nat Rothschild and the Bakrie family, said that a substantial proportion of the proceeds from the Bumi Resources divestment would be returned to shareholders.In a second part of the deal, a subsidiary of the Bakrie Group will sell its stake in Bumi to outgoing chairman Samin Tan. The sale would leave Tan with a 47 per cent stake in Bumi, which Rothschild objected to in a statement yesterday. Meanwhile the first stage of Rothschildrsquo lawsuit against the company and his one-time partners began in London yesterday. Rothschild argued in a petition that Bumi was run in a way that hurt, or unfairly prejudiced small investors. A claim of unfair prejudice is a key legal remedy under UK law available to investors left unable to block decisions.Rothschild asked a court to scrap relationship agreements between the company and the Bakries, and to remove outgoing chairman Samin Ta |
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