Applause for Logica as Ex-BT Man Named Chief

The Evening Standard (London, England), October 9, 2007 | Go to article overview

Applause for Logica as Ex-BT Man Named Chief


Byline: SIMON ENGLISH

INVESTORS today applauded Logicas move to appoint former BT man AndyGreen as its new chief executive. The IT services group got the seal ofapproval from brokers across town, including Credit Suisse, which believesGreen will focus on efficiency and sales rather than dealmaking.

Several other brokers, including SNS Securities, upped their rating on theshares, expecting him to fix the Anglo-Dutch groups difficulties in the UKcommercial sector. The shares added 143/ 4p to 166p on the news.

Northern Rock got a timely fillip today with bid talk and more support from thetaxpayer putting a rocket under the shares. A rescue bid seems ever morelikely, with reports that US buyout firm Lone Star has joined the list ofpotential bidders. But intervention from the Treasury really got the sharesgoing, up 36.3p to 208.7p.

The Government pledged to guarantee all new deposits made at the bank, a moveclearly aimed at making it easier for a buyer to come forward. Northern willhave to pay a fee for this deal, but it now has a commercial advantage overrivals, whatever the Treasury claims.

Plumbing firm Wolseley was the biggest loser in the Footsie after Citigroupplaced nine million shares in the market at 837p. The shares fell 281/ 2p to845p on the news.

J Sainsbury was down 61/ 2p at 5771/ 2p, after the founding family toughenedits stance towards the Qatari fund trying to secure a [pounds sterling]10.6 billion takeover ofthe supermarkets chain. The family has told Delta Two it might have to injectup to [pounds sterling]1.75 billion into the staff pension fund, a potential deal-breaker thatcould see the bid collapse.

Frozen foods group Northern Foods also disappointed the market, warning thathigher raw material prices are likely to affect profits. …

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