David Cumming News
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Nathaniel Rothschild’s bid to oust most of the board of Bumi Plc, the Indonesian coal venture he founded and is fighting to gain control of, may struggle after one of his earlier supporters said it would vote against him.
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Nathaniel Rothschild’s bid to gain control of Bumi Plc, the coal venture at the center of his dispute with Indonesia’s Bakrie Group, may struggle to win support after a major holder sold a 13 percent stake.
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David Cumming, Standard Life Plc’s head of U.K. equities, is bullish on British stocks and a global economic recovery this year even after a “pretty brutal” 2011 during which some of his top picks declined by 60 percent.
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Glencore International Plc’s revised $32 billion takeover bid for Xstrata Plc will probably be approved by investors while retention payments to about 70 managers may be rejected, Standard Life Investments said.
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Standard Life Plc , which correctly forecast the U.K.’s FTSE 100 Index’s 13 percent rise in the last quarter of 2010, is betting on low-valued stocks such as Barclays Plc and BP Plc to push the index up 15 percent in 2011.
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Piedmont Inc.’s possible offer to buy Mitchells & Butlers Plc, the U.K. owner of the All Bar One pub chain, for 230 pence ($3.63) a share is “insulting” to shareholders, David Cumming, head of U.K. equities at Standard Life Investments, said today.
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David Cumming, head of equities at Standard Life Plc’s investments unit, warned the U.K. coalition that there were financial and economic consequences attached to a policy of accommodating “public hostility” to the country’s banks, the Daily Telegraph reported, citing an interview.
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Glencore International Plc will likely seek to retain key Xstrata Plc managers should investors next week reject the current proposal to keep about 70 executives, according to people familiar with the matter.
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Glencore International Plc, the world’s largest publicly traded commodities supplier, agreed to buy Xstrata Plc for about 26 billion pounds ($41 billion) in shares in the biggest mining takeover.
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Glencore International Plc raised its offer for mining company Xstrata Plc by 9 percent in a bid to salvage the $36 billion takeover and overcome opposition from investors including Qatar’s sovereign wealth fund.
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