Oil & Gas

How should Endesa defend itself?

6 Sep 2005

The Spanish utility may be starting from a weak position. But that doesn t mean Gas Natural's hostile bid is a knockout. Far from it. There are lots of holes that Endesa could pick in the approach.

Gas Natural in hostile bid for Endesa

5 Sep 2005

Spanish utilities have been trying to merge for years, with no luck. Politics usually got in the way. Gas Natural has tried and failed deals before. Another failure would be seriously damaging for its credibility.

GDF kicks off E4bn IPO

23 Jun 2005

The float of the French gas company will be the largest worldwide in three years. The discount to the sector means things should go smoothly despite the group s massive investment plans.

Centrica needs a gas deal

11 Apr 2005

The UK energy group's gas output is falling. That gives it less ability to cushion customers from spikes in wholesale gas prices. Acquiring more production capacity, for example by merging with Norsk Hydro, would make sense. The snag is that it's a seller's market.

Centrica fighting to retain retail customers

24 Feb 2005

The UK energy group has been haemorrhaging retail customers. Now it wants to retain them. This will cost the company. It remains to be seen whether cost cuts in other parts of the business can compensate.

D&B is the new game in UK finance

4 Jul 2004

That stands for disposals and buybacks. Best practice is now to recycle all the proceeds from a disposal. Low interest rates and investor scepticism about M&A are driving the trend. Those doing it, like Centrica, are rewarded.

The UK gas firm has made out like a bandit. Its Automobile Association unit is probably only worth £1.3bn to Centrica.

1 Jul 2004

Investors should be pleased. Not only has Centrica ended a diversification strategy that hasn't worked; the result is a chunky £1.5bn payout

Centrica seeks £1.5bn for AA breakdown unit

21 Jun 2004

The utility used to believe it could sell its gas customers loosely related products and services and diversified accordingly. Now this strategy is in full retreat.

Shell inches in the right direction

17 Jun 2004

Revealing details of its corporate governance review, albeit after investor pressure, is a step forward for the oil and gas giant. But investors shouldn t get their hopes up. The chances of a muchneeded overhaul of its dual structure don t look good.

Putin, Khodorkovsky gang up to save Yukos

17 Jun 2004

Russia's president says he doesn't want the oil giant to go bust; and the oligarch agrees to underwrite some or its entire tax bill. If this is for real, it reduces the fallout from the Khodorkovsky affair. But it underlines Russia's reputation for unpredictability.

Bidding for National Grid gas networks heats up

8 Apr 2004

Three private equity groups are teaming up to offer £4bn for four networks. It is in National Grid s interest to have one buyer for the lot, but the regulator may stick a spanner in the works.

E.ON keeps on shopping

18 Aug 2003

The German utility is tearing up investment plans announced in December, and is preparing billions more in acquisitions. This looks like good news for investment bankers, but not for shareholders.

Failed Gas Natural bid leaves unfinished business

6 May 2003

Further attempts at consolidation in the Spanish utility sector look inevitable. To help the process, takeover rules need further improvement especially Spain s passivity rules.

Spanish regulator opposes Gas Natural bid

30 Apr 2003

The Energy Commission s recommendation is not binding. So Gas Natural s E25bn bid for Iberdrola is not quite dead, yet. But the report gives extra ammo to anyone opposing the deal which includes a large chunk of Gas Natural shareholders.

German utilities admit to overpaying in M&A splurge

14 Nov 2002

That s not so unusual for, say, tech companies. But at least their deals were done in stock. RWE and E.ON paid cash. Two more pieces of detritus revealed by the end of the boom. First RWE, now E.ON, have taken huge written downs on recent acquisitions.

German utilities admit to overpaying in M&A splurge

14 Nov 2002

Italian connection

3 Oct 2002

Brescian folly

9 Jul 2002

Pipe dreams

25 Jun 2002

Wham bam thank you Snam

16 Nov 2001