|Tata Steel buys Corus Group for US$11.3 billion|
|India’s Tata Steel is set to become the world’s fifth-biggest steelmaker after winning a bid battle for Anglo-Dutch steelmaker Corus Group by agreeing to pay £5.75 billion ($11.3 billion). Britain’s Takeover Panel said in an e-mailed statement that after an auction Tata Steel had agreed to offer Corus investors 608 pence per share in cash, topping a final bid of 603 pence from Brazilian Companhia Siderurgica Nacional (CSN).
Both offers were right at the top end of what analysts had thought possible and will now be put to Corus investors, who have no reason not to accept the higher price.
Corus was not immediately available for comment. The auction process, following a takeover tussle that began in earnest when Tata Steel offered 455 pence per share on Oct. 20, started at the close of trading in London on Tuesday when Corus shares ended 0.5 percent higher at 563 pence.
CSN and Tata Steel were keen to buy Corus to become significant players in the consolidating steel industry, where Dutch-based Mittal Steel last year bought Luxembourg’s Arcelor to create the world’s biggest steelmaker, Arcelor Mittal. The price Tata Steel is set to pay values Corus at around seven times its forecast earnings before interest, tax, depreciation and amortisation (EBITDA) for 2006, well above the multiple Mittal Steel paid for Arcelor which was 4.6 times historic EBITDA.
Before the auction, called last week by the Takeover Panel to bring the bid battle to an end, CSN had the upper hand after it had made a bid worth 4.9 billion pounds ($9.6 billion) or 515 pence per share, accepted by Corus on Dec. 11, hours after it had accepted a 500 pence offer from Tata Steel.
The battle pushed Corus’s share price to seven-year highs and pitted 70-year-old Tata group chairman Ratan Tata, from one of India’s best-known business families, against Benjamin Steinbruch who at 52 is one of Brazil’s most famous executives as chief executive and main owner of CSN.
Ratan Tata has transformed the once-staid Tata group since taking over as chairman in 1991. He has cut the number of companies in the group from over 300, and acquired new businesses with growth potential. Tata Steel has spent more than $400 million in recent years to buy Singapore’s NatSteel and Thailand’s Millennium Steel, and other group companies have also made acquisitions outside India.
For CSN, its 603 pence offer marks the second time in five years it has failed to buy Corus. In 2002, CSN openly held talks with Corus about a tie-up but ended up backing off because of concerns about the European company’s financial health.
Steinbruch set his sights on Corus again last year after CSN lost out to Chicago-based steel services group Esmark in a showdown for U.S. steelmaker Wheeling-Pittsburgh Corp.
On Tuesday, Tata Steel reported a 41 percent jump in net third-quarter profit to 10.63 billion rupees. Sterling, which has been nudging the $2 mark for several weeks, could get a boost from the deal as Tata Steel looks to buy pounds to pay Corus’s British shareholders.
A New Year has just started, and for us this is a special one, for it marks the 15th anniversary of the establishment of TELE-FONIKA. During this time we have evolved from a small company employing a few dozen persons and manufacturing the simplest telephone cables to a leading global enterprise, engaging more than 3500 employees and manufacturing the most complicated cable products. We would like to keep you abreast of all recent developments concerning our company. Our success on global markets very often remains unknown to the general public. We supply our products to more than 60 countries world-wide. Our exports account for more than 70% of the total volume of sales. Among others, we have supplied our cables to New Orleans within 24 hours of Hurricane Katrina, to the new Wembley Stadium, to Heathrow Airport, and Iceland (details in the following text); we are also a leading supplier of cables to wind power plants around the world. A few thousand of our products hold 415 quality certificates issued by the 33 of the most widely recognised certifying bodies in the world.
|Superior Essex announces agreement to purchase Nexans´ magnet wire operations in Canada and China|
Superior Essex Inc., one of the largest wire and cable manufacturers in the world, today announced that it has entered into definitive agreements to acquire Nexans’ remaining magnet wire operations in China and Canada. The transactions consist of the purchase of Nexans’ 80% equity ownership position in Nexans Tianjin Magnet Wire and Cables Co. and the acquisition of key operating assets (including inventory and property, plant and equipment) of Nexans’ Simcoe Canada magnet wire business.
While the purchase price for the transactions is subject to adjustments, the Company estimates the combined purchase price will approximate $25 to $30 million in cash plus the assumption of approximately $10 million in debt. The transactions are subject to customary closing conditions, including regulatory approvals and compliance with the shareholder agreement with Nexans’ Chinese partner. It is expected that the acquisitions will be completed in the second quarter of 2007.
In the most recent fiscal year ended December 31, 2006, total revenues of the combined Simcoe and Tianjin operations were approximately $150 million. “The acquisition of Nexans’ Tianjin, China equity position and of the assets and operations in Canada is directly aligned with our strategic objectives for our global Magnet Wire operations,” said Stephen M. Carter, chief executive officer of Superior Essex.
“First, both of these businesses are industry leaders in the manufacture of continuous transformed cable (CTC) products, which are used in high performance power generators and transformers. We believe CTC market demand will continue to be strong, driven by the growing investment by public utilities in the power grid. These businesses, when combined with our European CTC operations, will make us a global leader in this growing product segment,” continued Carter. “Second, the Canadian acquisition follows in the footsteps of previous industry consolidation actions in North America and is a natural progression for our business, which should allow us to leverage a larger asset, customer and technology base.”
In addressing the Company’s China operations, H. Patrick Jack, president of Superior Essex’s North American and Chinese Magnet Wire Group said, “The Tianjin, China operations are well established and thus will give us immediate scale in China. We believe the Tianjin business will be complementary to our Suzhou, China magnet wire operations, which just began initial commercial production.”
Separately, Superior Essex provided an update to its outlook for fourth quarter 2006 financial results. Based on current estimates, the Company expects fourth quarter 2006 revenues to be approximately $670 million. Core Business copper-adjusted revenues are expected to be approximately 4% lower than the prior year fourth quarter and approximately 15% lower than the third quarter of 2006. The Company had previously disclosed an anticipated sequential decline of 10 to 12% in Core Business copper-adjusted revenues, due principally to seasonal factors.
The higher-than-anticipated reduction in fourth quarter 2006 revenues was due to a substantial slowdown in demand from telephone company customers. The Company believes this slowdown was due to the impact of the higher cost of copper during 2006, which eroded customers’ full year budget limits. This situation was exacerbated by delays in completion of the AT&T and BellSouth merger, which impacted procurement from both of these customers. The Company anticipates that these revenue trends were temporary and order activity from its telephone customers in January 2007 appears to be at more normalized levels.
Despite the lower revenue levels, Superior Essex does expect fourth quarter 2006 adjusted EBITDA to be approximately 15 to 20% greater than the prior year fourth quarter. However, due to the higher weighted average share count and higher non-cash charges, fourth quarter 2006 adjusted earnings per share are expected to be generally in line with the fourth quarter of 2005. This is subject to, among other items, final year end tax provision calculations and tax true-ups. The Company had previously disclosed that fourth quarter 2006 adjusted earnings per share were expected to increase as compared to the prior year fourth quarter.
“While we are disappointed in the demand levels from our telephone customers in the fourth quarter, we do believe we understand the factors behind these reductions, and all indications are that this is a temporary situation,” said Stephen Carter. “Our order input rates for the early part of 2007 would seem to confirm this belief. On the other hand, despite the lower revenues, our profit margins in Communications held up nicely in the fourth quarter. We believe the overall profitability levels of this segment will continue to be solid as demand normalizes from a highly unusual fourth quarter.”
In addressing 2007 profitability, Stephen Carter said, “While we will not have some of the copper and LIFO benefits we enjoyed in 2006, we are still quite confident in our business model. We expect to see sustainable higher margin levels in Communications, and we have a number of opportunities to improve profitability in our global Magnet Wire operations. The prospects for Magnet Wire should be even further enhanced with the completion of the two accretive acquisitions announced today.”
Superior Essex will host an analyst call at 11:00 a.m. (ET), January 31, 2007. During the call, the Company will discuss the acquisitions and provide a general fourth quarter 2006 update.
The dial-in number for domestic financial analysts is (800) 795-1259. International financial analysts should dial in to (785) 832-0301. To participate, please dial in a few minutes before the scheduled time. The media and the public are invited to listen to the call at http://www.superioressex.com
A replay of the call will be available through February 6, 2007, by dialing (888) 566-0194. A webcast replay will also be archived for a limited period on the Company’s Web site at www.superioressex.com
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|BP makes twelfth oil discovery in the Ultra-Deep water block 31 Angola|
Sociedade Nacional de Combustíveis de Angola (Sonangol) and BP Exploration (Angola) Limited today announced the Terra oil discovery in ultra-deepwater Block 31, offshore Angola. Terra is the twelfth discovery that BP has drilled in Block 31. The well is located approximately 30 km NW of the recently announced Titania discovery.
Terra was drilled by the Jack Ryan drill ship, in a water depth of 2,328 metres, some 411 kilometres northwest of Luanda and reached a total depth of 6,118m TVD below sea level. This is the third discovery in Block 31 where the exploration well has been drilled through salt to access the oil-bearing reservoir beneath.
Well test results indicate anticipated flow capacity in excess of 5000 barrels a day under production conditions. Sonangol is the concessionaire of Block 31. BP Exploration (Angola) Limited as operator holds 26.67 per cent. The other interest owners in Block 31 are Esso Exploration and Production Angola (Block 31) Limited (25 per cent), Sonangol E.P. (20 per cent), Statoil Angola A.S. (13.33 per cent), Marathon International Petroleum Angola Block 31 Limited (10 per cent) and TEPA (BLOCK 31) LIMITED, (a subsidiary of the Total Group) with 5 per cent.
Notes to Editors
BP’s involvement with Angola goes back to the mid 1970s. During the 1990s, BP made very substantial investments in Angola’s offshore oil and it is now an important part of the company’s upstream portfolio. BP has interests in four blocks with operated interests in two.
Operatorship of Block 31 was awarded to BP Exploration (Angola) Limited in May 1999. The block covers an area of 5,349 square kilometres and lies in water depths of between 1,500 and 2,500 metres. BP also has operated interests (BP 50.00 per cent equity) in Block 18 where the Greater Plutonio Project is currently being developed and is due to come on stream in 2007.
BP has non-operated interests in Block 15, operated by Esso Exploration Angola (Block 15) Limited (BP 26.67 per cent equity) and in Block 17 operated by Total (BP 16.67 per cent equity). Oil deposits are commonly associated with salt throughout the world; Angola is no exception. Salt distorts the seismic image and as a consequence, salt-affected areas require significant amounts of additional seismic processing and interpretation prior to drilling.
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|The Middle East Electricity Exhibition will be between 11 – 14 February 2007, Dubai, UAE. The Cable Directory will be attending the event. The Press Release below is about the Global Lighting Industry and their part in the Exhibition. Read the article below in full:
Middle East Electricity to showcase the leaders from the global lighting industry
The most innovative and forward thinking companies from the global lighting industry will present their latest design and technology at Lighting at Middle East Electricity, part of the internationally acclaimed Middle East Electricity Exhibition, which takes place at Dubai International Exhibition Centre from 11-14 February 2007.
“Driven by increasingly sophisticated expectations, the new generation of commercial complexes that are appearing across the Middle East require innovative approaches and solutions to commercial, residential and industrial lighting projects,” said Sarah Woodbridge, Group Director Exhibitions, IIR Middle East – organisers of the event.
“The Middle East continues to demonstrate unparalleled levels of growth in the construction sector – this is clear to see from the countless new projects and developments that are both in development and being planned. The committed investment is staggering, with the UAE alone accounting for some US$221 billion with a further US$130 in the planning stages,” she added. “Lighting has an essential role to play, contributing artistically and technologically to the overall aesthetics of projects, and is now one of the key design considerations.”
As a result, Lighting at Middle East Electricity, one of the world’s most respected and influential events for the industry, will feature over 300 lighting related companies, cover over 4,500 square metres and welcome over 15,000 visitors, making it the largest showcase of local and international lighting expertise ever seen in the region.
The longest-running exhibition of its kind in the region, it is rated as the essential, comprehensive showcase for the industrial, commercial and residential lighting sectors. Key supporters of the event include The Lighting Association, The Society of Light and Lighting, The Lighting Council of Australia, IALD and dpa Lighting Consultants.
This year sees the event further strengthening its leading position with the addition of a series of lighting masterclasses, the only series of independent, non-commercial, educational seminar sessions in the region. Developed specifically to inspire professionals and expose them to experts that are at the cutting edge of the profession, they will present and encourage debate of the very latest developments in the field of Light and Lighting Design.
The prestigious team of master class presenters includes experts from Europe, the USA and Australia, all of whom are internationally renowned for the experience and expertise they have in their respective fields – they will be joined by local professionals to debate and discuss future trends and technologies for the region.
“This is the first opportunity for lighting and design professionals to hear first hand, in Dubai, from international experts who have successfully researched, implemented and assessed the latest technologies and design practices available to the lighting professional,” added Woodbridge.
Amongst the topics to be featured are “Lighting the Future of Abu Dhabi”, a presentation by Alain Guilhot, Chairman of Architecture Lumiere and one of the world’s foremost lighting design, planning, engineering and management specialists. He founded the world-renowned Lyon Festival of Light, was lighting designer for the Eiffel Tower and the Petronas Towers in Kuala Lumpar and has designed and planned lighting for cities and projects in Cannes, Rabat, Saint Petersburg, Doha and Ho Chi Minh City. He is also the originator of the new nocturnal signature of cities worldwide.
Other masterclasses will assess the latest technologies in lamp, ballast and LED technologies, discuss the challenges involved in creating landscape continuity and look at the possible applications to Dubai’s environment and cover light pollution and trespass, examining ways in which to ensure the integrity of night skies across the region. Currently a major topic of international interest and concern, the link between light and lighting and our health and well-being will also be examined.
“A whole new interest in environmentally friendly lighting is developing under the broad description of “Dark Sky Lighting” or showing appreciation for tackling the increase in glare and light trespass causing discomfort in a wide range of situations,” said another of the presenters, Reg Wilson, Principal, Lighting Analysis & Design, Australia. Lighting consultant to the City of Sydney, he has over 30 years experience in the lighting industry, in both the technical and commercial sectors with design and application experience in street lighting, industrial, airport and mining are as well as commercial applications.
“Originally this interest stemmed from promotional activities by the astronomical profession whose observations were being restricted by excessive sky glow, but now the applications are increasingly being based on health and safety considerations coupled with reducing waste energy. As the lighting industry holds the prime key to achieving the target of caring for the night-time environment the necessity of understanding all of the ramifications of product design and application is a necessity. This requires a new look at both of these key subjects and appreciating the importance of education in all decision-making areas.”
“Light trespass, which can cause disturbance of the circadian rhythms (the body clock), leading to health problems is now the subject of considerable research worldwide. And humans are not the only creatures that can suffer adversely where light trespass and/or glare is a problem. Many ecological problems could be corrected with an understanding of the situation and the application of corrective lighting installations.”
The relationship between health, light and lighting will also be examined in another of the masterclasses, led by the world’s leading researchers and authorities on the impact of light on human health, daily biological rhythms and mood and the newly discovered light sensory but non-visual pathways in the retina.
This is a unique opportunity for the biomedical community to come together with the lighting community to exchange information. Amongst the subjects that will be discussed aree the new medical applications of light, using light to treat mental disorders, therapeutic lighting, human circadian rhythms and light and the aging eye.
The session will be facilitated by Mariana Figueiro PhD, Programme Director, Lighting Research Centre, Rensselaer Polytechnic Institute and will also feature Professor Wout von Bommel, President of the International Commission on Illumination.
Thought-provoking and highly valuable to anyone involved in the specification, design and application of lighting, the Lighting at Middle East Electricity masterclasses will make an important contribution to the future of the region’s lighting industry.
Lighting at Middle East Electricity 2007 runs from 11-14 February at Dubai International Exhibition Centre.
For further information, please contact: Neil Tyrer, Partner
Integra – Integrated Marketing Communications
Office #502, 5th Floor, CNN Building, Dubai Media City, Dubai, United Arab Emirates
t: +971 4 3672886, f: +971 4 3661076, m: +971 50 6532854, e: email@example.com
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KABELWERK EUPEN began its pioneer work in Polyurethane foams back in the nineteen fifties. Since 1989 KABELWERK EUPEN has been able, on the basis of its own patented processes, to produce foam products which avoid the use of environmentally threatening agents such as ozone-damaging CFCs.
The entirely seperate facility dedicated to foam production by KABELWERK EUPEN incorporates a state-of-the-art manufacture and storage complex with an effective surface area of 35,000 m². The technical facilities are always in deeping with the latest technological developments and bespeak the innovative decisions of the responsible management.
The foam production factory provisions its own processing facilities in Belgium, Germany, France and Netherlands, in order that the particular national or regional requirements of our customers and partners can be optimally taken care of.
The foam works was awarded ISO 9001 quality certification in April 1995.
The brand “EUPEN” stands for quality, availability and confidence.
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Nexans has developed DuoTrack to provide an all-in-one solution that combines all the copper and fibre-optic lineside cable services required for regional railway communications and control functions within a single cable. Typically, these services include communication between electronic interlocks via fibre-optic cables or the control of signals and level crossings via copper cables, as well as the new ETCS (European Train Control System).Fast and easy to install
DuoTrack ‘s high strength and durability makes it exceptionally easy to install, as the single cable can be clamped directly to the track. This method avoids time-consuming and costly civil engineering work compared to the traditional approach, in which several individual cables are laid in a concrete trough. Furthermore, DuoTrack is designed to offer significant reductions in TCO (Total Cost of Ownership), with anticipated savings of over 50 per cent. This makes DuoTrack an attractive option for equipping non-electrified regional lines with modern control and communication technology.Figure of eight design
DuoTrack is designed to offer the optimum combination of stability, flexibility and functionality. It features the figure-eight cross-section that is well-proven in Nexans’ aerial cables, with the joint insulation of copper and fibre-optic cables, which are connected to each other via a strong web, facilitating low cost installation in a single step. The larger lower part accommodates a variable number of copper quads, while the upper part comprises a tiny high-grade steel pipe with single-mode fibres inside of it. Special Nexans hybrid joints allow for separate splicing of the DuoTrack copper and fibre-optic cable in a waterproof joint, which is housed in a lockable high-grade steel housing and allows up to four cables to be used without additional cable cabinets.Special cable laying device
Direct installation of the DuoTrack cable to the rail avoids time-consuming and costly civil works. This can be carried out using a special DuoTrack laying device developed by Contec in partnership with Nexans. It consists of a laying vehicle, cable chains with minimized tension and a laying arm which places the cable in the correct position. The system also includes a special tool for fastening the DuoTrack clamps which are individually tested at a bearing pressure of 200 N.High levels of protection
The DuoTrack cable insulation and sheathing is designed to meet the high mechanical and thermal requirements of rail base installation, and both copper and fibre-optic elements have individual anti-rodent protection.
Long term testing
The DuoTrack system has already proven its capability in long-term tests and interference evaluation on a test track in Northern Germany, as well as in numerous laboratory tests. Nexans and Contec are now fitting the DuoTrack system to approximately 100 km of track as part of the “Odenwald railway modernization project” and this pilot project will promote the acceptance of this innovative technology for standard use by the German Railways network (DB Netz AG).
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