City news: Ineos, C2C, Heineken and Fidessa
CHEMICALS giant Ineos is to build an off-road vehicle in the style of the Land Rover Defender, which ceased production last year.
Chemicals giant Ineos is to build an off-road vehicle in the style of the Land Rover Defender
The privately-owned group is gearing up to spend “many hundreds of millions” developing the 4x4 off-roader and is looking at European and UK manufacturing sites. It will not be a replica of the Defender, but will “reflect its philosophy”.
Its target includes agriculture and forestry workers. Chairman Jim Ratcliffe said: “I am a great admirer of the old Defender and respect its off-road capability. Our new car will be a major improvement.”
Heinekin has agreed to buy Japanese Kirin’s loss-making Brazilian business
Heineken - The Chase
HEINEKEN has satisfied its thirst for the world’s third biggest beer market after agreeing to buy Japanese Kirin’s loss-making Brazilian business for £562million. The acquisition makes the Dutch giant the second biggest beer company in Brazil with a market share of about 17 per cent, as it seeks to challenge the dominance of rival AB InBev.
Heineken expects to make “significant” cost savings and pointed to Brazil’s growing population and positive GDP outlook, as well as the many opportunities to increase sales of premium beers.
Italy's state railway has made a £72.6million acquisition of the south Essex franchise C2C
ITALY’S state railway has begun its journey in the UK’s rail passenger market with a £72.6million acquisition of the south Essex franchise C2C from National Express.
Trenitalia wants to strengthen its UK presence by participating in future Department for Transport tenders after snapping up the service out of Fenchurch Street in London, hailed as “consistently the best performing” in the country. National Express, which made a small net profit from the sale, is focused on growth opportunities in Europe and North America.
Fidessa benefitted from the pound’s weakness as the provider of software for financial firms
FIDESSA benefitted from the pound’s weakness as the provider of software for financial firms lifted annual profit by a quarter. The FTSE 250 company’s pre-tax profit rose from the previous year’s £39.1million to £48.8million on 12 per cent higher revenue of £331.9million.
Some 73 per cent of its revenue is denominated in non-sterling currency. Chief executive Chris Aspinwall said there is “a degree of uncertainty” after the Brexit vote and the US election, but insisted the company is “positioned to benefit as a result of regulatory and structural change”