INVESTMENT COLUMN
Anglo American AAL.L (Buy)
Smiths News SMIN.L (Buy)
Sceptre Leisure SCEL.L (Buy when issues are resolved)
The Guardian
ANGLO AMERICAN PUTS TARMAC UP FOR SALE TO FOCUS ON MINING AFTER XSTRATA DEAL FAILS
Tarmac, a British aggregate specialist, is up for sale again as part of a new shake-up at mining group Anglo American AAL.L, which will see "non-core" businesses hived off in the wake of last week's failed merger moves by Xstrata XTA.L.
Other “non-core” businesses facing the axe include Scaw Metals and Copebras, in a restructuring move seen as a clear attempt to streamline Anglo ahead of any further takeover moves by Xstrata.
GREEN PICKS NEW ARCADIA CHIEF AND WARNS OF A TOUGH CHRISTMAS AHEAD
Sir Philip Green has installed Ian Grabiner in the new post of chief executive at his 3,115-store Arcadia retail empire, overseeing the day-to-day management of a business with sales of 2.7 billion pounds.
The appointment of Grabiner, a lifetime rag trader who first worked for Green 20 years ago, has sparked speculation that the billionaire was preparing to step back from his retail interests to pursue other ventures.
The management change was announced as Arcadia revealed a 13 per cent rise in pre tax profits to 213.6 million pounds on sales of 1.9 billion pounds.
NATIONAL EXPRESS WARNS ON PROFIT AMID FARES FALL
Transport group National Express NEX.L has issued a profit warning and admitted that its US business will take longer to sort out than previously thought.
The group is launching a rights issue to shore up its balance sheet and address its one billion pounds of debt, while it is being circled by Stagecoach SGC.L.
The National Express rival has tabled an alternative share-based proposal which the board is evaluating. National Express would not confirm how much it planned to raise from the equity issue, but analysts predict it will be between 300 million pounds and 350 million pounds.
Prepared for Reuters by Durrants