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Friday tips round-up: Centrica, Rexam

Fri, 20th Feb 2015 17:43

In an unexpected move, Centrica's new chief, Iain Coon, decided to cut the dividend pay-out for the first time in the company's history. It was reduced by 30% to its lowest since 2009. At approximately 4.2%, and down from 6.1%, the company's dividend yield is now almost the worst in the sector. That explains the sharp fall in the share price on the back of the announcement. The firm reassured investors the dividend will rise again in the future, but after reading last year's results its base of retail shareholders will be none too confident.The energy outfit is being battered on several fronts, including lower global oil and gas prices, UK power prices and household supply margins. To that one must add the mild winter weather in Britain; hence management's decision to cut their profit guidance for this year. Centrica has put in motion a strategic review which is due to report in July. However, with the Competition and Markets Authority not expected to report its final conclusions until the end of the year, Conn has scant room for manoeuvre to deliver changes. Nonetheless, new company bosses have a tendency to exaggerate bad news and oil prices are rising. So hold, says The Times's Tempus.Lost in the excitement surrounding news that can-maker Rexam had recommended the acquisition offer from US rival Ball Corporation were the firm's solid full-year results. Despite the "unprecedented" increase in aluminium costs and fierce competition, the company registered a 4% rise in drinks-can volumes and achieved a return on capital employed of 14.9%, generating £225m in free cash-flow.Its American rival has offered an aggregate amount of 628p per share and the stock had risen to 569.5p, so there appears to be scope for a quick profit. But there is a high degree of regulatory risk remaining. Ball and Rexam may also be asked to sell assets generating turnover of £1.5bn to satisfy the competition authorities. Therefore, should the takeover fizzle out the stock could get hammered. Avoid, says Tempus.

More News

20 Jul 2015 18:54

Ball falls as Rexam takeover probed by EU competition regulator

(ShareCast News) - European competition regulators on Monday opened an investigation into Rexam's agreed £5.4bn takeover by US rival Ball Corporation. The European Commission will probe the deal over concerns that it may stifle competition in the continent's beverage can and aluminium bottle manufac

20 Jul 2015 17:19

UPDATE 1-EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

(Adds details of probe) By Foo Yun Chee and Julia Fioretti BRUSSELS, July 20 (Reuters) - European Union antitrust regulators have opened an in-depth investigation into whether U.S. drinks can maker Ball Corp's 4.4 billion pound ($7 billion) offer for Britain's Rexam Plc will lead to h

20 Jul 2015 16:55

EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

BRUSSELS, July 20 (Reuters) - European Union antitrust regulators opened an in-depth investigation on Monday into U.S. drinks can maker Ball Corp's 4.4-billion-pound ($6.85 billion) offer for U.K. peer Rexam Plc, concerned about the anti-competitive effects. "The Commission has concerns tha

15 Jul 2015 15:36

Rexam finance director Robbie to take leave of absence due to illness

(ShareCast News) - Rexam's finance director David Robbie has been granted a leave of absence to undergo medical treatment and chemotherapy, having been recently diagnosed with a serious condition. Kath Kearny-Croft, director of group planning and finance, has been asked to take the role of acting fi

15 Jul 2015 11:11

Rexam Finance Director Robbie Takes Leave Of Absence Due To Illness

17 Jun 2015 10:30

UPDATE 1-EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

(Adds background, timing of deal) BRUSSELS, June 16 (Reuters) - European Union market competition regulators are set to decide by July 20 whether to approve the 4.4 billion-pound ($6.9 billion) merger deal between Ball Corp and Rexam Plc, the world's two largest makers of drinks cans. Read more

16 Jun 2015 18:20

EU mergers and takeovers (June 16)

BRUSSELS, June 16 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- PRS for Music Ltd (PRSfM), Foreningen Svenska Tonsattares Internationella Mysikbyra (Stim) and Gesellschaft fÃ¼r mus

16 Jun 2015 16:10

EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

BRUSSELS, June 16 (Reuters) - European Union market competition regulators are set to decide by July 20 whether to approve the 4.4 billion-pound ($6.9 billion) merger deal between Ball Corp and Rexam Plc, the world's two largest makers of drinks cans. The companies sought approval for the d

27 May 2015 05:13

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Friday tips round-up: Centrica, Rexam

Ball falls as Rexam takeover probed by EU competition regulator

UPDATE 1-EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

Rexam finance director Robbie to take leave of absence due to illness

Rexam Finance Director Robbie Takes Leave Of Absence Due To Illness

UPDATE 1-EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

EU mergers and takeovers (June 16)

EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

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Friday tips round-up: Centrica, Rexam

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