Michelin aims to raise £1bn in growth bid

first_imgTuesday 28 September 2010 10:34 pm KCS-content Share whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ whatsapp FRENCH tyremaker Michelin has unveiled a deeply discounted €1.2 bn (£1.02bn) rights issue to fund growth in booming emerging markets and set new long-term sales and profit goals.Michelin said yesterday it was now targeting operating profit before non-recurring items clearly above €2bn by 2015, a 25 per cent increase in sales volumes by 2015, and a 50 per cent rise in volumes by 2020.Managing partner Michel Rollier confirmed 2010 targets set in July for positive free cash flow, an operating margin close to nine per cent, and an increase of more than 10 per cent in sales volumes.Fellow managing partner Jean-Dominique Senard said sales would probably grow 10-12 per cent this year.Senard said the company saw 45 per cent of sales coming from emerging markets by 2020, compared with an estimated 33 per cent this year. The group would need the equivalent of one new factory per year in extra capacity in the coming years, he said.Michelin is already due to open three new factories in 2012.The company said it would achieve “significantly positive” free cash flow in 2010-2015 and would keep its dividend payout ratio at around 30 per cent over that period.Michelin set a subscription price of €45 per share for the capital increase and said investors were entitled to buy two new shares for every 11 they held.Citigroup has been taken on by Michelin to advise on the issue. Tags: NULL Michelin aims to raise £1bn in growth bid last_img read more

US revises up number of jobless claims

first_img KCS-content US revises up number of jobless claims Tags: NULL CLAIMS for unemployment benefit in the US have been revised upwards, and came in above the expectations of economists for the latest week of data available.New jobless claims were reported at 382,000 last week, yet the figure should have been 394,000, government sources said yesterday.For the week ending 26 March, 388,000 new benefit claims were made. Economists had expected the figure to drop to around 380,000.The underlying trend, a four-week moving average, rose to 394,000, from 391,000 the previous week.“The revisions suggest that the improvement in labour market conditions over the past three months has been slightly less robust than the previous data indicated,” said Michael Gapen of Barclays Capital.“But overall we characterise the revisions to initial claims data as minor, and they do not alter our view that labour market conditions continue to improve at a modest pace,” Gapen added.There was more disappointing news for the US recovery yesterday, as new factory orders dipped unexpectedly in February, the Commerce Department revealed – reversing three straight months of gains.New orders for manufactured goods fell 0.1 per cent to $446bn (£278bn), after an upwardly revised 3.3 per cent gain in January.Meanwhile, the Chicago purchasing managers’ index slowed to 70.6 in March, down from its 22-year high of 71.2 in February.The index is the last main regional indicator before the national Institute for Supply Management’s manufacturing index, and can be used as bellwether for the national manufacturing sector’s health.There was good news in neighbouring Canada, as the manufacturing sector helped stimulate GDP growth of 0.5 per cent for January, Statistics Canada said yesterday. Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBeDrones Capture Images No One Was Suppose to SeeBetterBe Show Comments ▼ whatsapp Thursday 31 March 2011 8:21 pm whatsapplast_img read more