Indian property float price cut
Emaar MGF Land, an Indian property developer, was set to cut its float price after covering only 60 per cent of the £816million issue. It was also thought ready to extend its subscription deadline by five days, to Monday, as equities fell across Asia. A week ago its price band’s lower end was cut.
Moore the man for Macquarie
Nicholas Moore has been unveiled as the new chief executive of Macquarie Group, of Australia, taking over from the long-time incumbent Allan Moss in May. Mr Moore, 49, is a 22-year veteran of Macquarie and regarded as an aggressive dealmaker.
Share sale after Wachovia blow
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Wachovia, the American bank, has sold $3.5billion (£1.78billion) of new shares to boost its balance sheet after a writedown on sub-prime mortgage investments. Tom Wurtz, its chief financial officer, said: “The strong investor demand is gratifying.”
Diller discloses Yahoo! talks
Barry Diller, chairman of InterActiveCorp (IAC), said that he had held “extensive” talks over the past year with both Microsoft and Yahoo!, which were interesting in acquiring Ask.com. Microsoft bid $44 billion for Yahoo! last week.
GLG distressed debt fund plan
GLG Partners, the $25billion (£12.7billion) hedge fund, may set up a distressed debt fund to capitalise on the collapse in bond prices. It reported a 62.4 per cent surge in assets under management to $24.6 billion over the year to the end of December.
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Warner Music’s Christmas loss
Josh Groban’s No?l, America’s bestselling album last year, could not keep Warner Music out of the red in the Christmas quarter. Its shares fell by a fifth to $7.02 by midday in New York.