Net sales during the fourth quarter 2010 amounted to SEK 1,383 M (1,011) an increase of 37 percent. Shipped tonnage rose by 21 percent and the average sales price by 13 percent.The operating result for the quarter improved by SEK 25 M to a loss of SEK 8 M (negative 33) and underlying EBITA amounted to SEK 11 M (9).As a further step in BE Groups strategy to move forward in the value chain, Lecor St?lteknik was acquired in October. ? Roger Johansson became the new President of BE Group effective from January 1, 2011.The President of BE Group, Roger Johansson, made the following comments on the report for the fourth quarter of 2010: In the final quarter of the year, BE Group experienced weaker demand than expected. Besides the seasonal downturn, this is mainly explained by a declining price trend combined with an unfavorable sales mix. This resulted in an unsatisfactory margin for the fourth quarter. During the quarter, there was some uncertainty regarding the future steel price trend. However, with purchasing prices having risen in early 2011, so have BE Groups sales prices. As a consequence, we will be raising our prices in the first quarter.
The integration of the acquired company Lecor St?lteknik in Kung?lv, Sweden, has progressed as planned and the operations had a favorable impact on the results of Business Area Sweden. In the fourth quarter, a decision was made to invest SEK 36 M in a new production facility in Kung?lv. During the quarter, investments totaling SEK 14 M were also approved for the facility in Lahti, Finland. The purpose is to further strengthen the Groups offering in advanced production services. Since the start of 2011, we have noted a certain increase in demand. Combined with the increases in steel
portable crusher prices indicated for the first half of the year, this suggests a more favorable market climate, which will benefit BE Group.Consolidation of the world's stock exchanges has gathered pace with two more merger announcements. On Wednesday, the owners of the London and Toronto stock exchanges agreed a "merger of equals", and, shortly afterwards, Deutsche B?rse (DB) and NYSE Euronext confirmed plans to amalgamate.
The latest developments are part of a trend to consolidate in the face of growing competition from small trading ventures (which are benefiting from advances in technology) and by the opportunities provided by tighter international regulations.Exchanges expect to benefit from new rules (such as the Dodd-Frank act in the US) that are forcing derivative products (off-exchange financial instruments) onto
portable crusher exchanges, where they can be more easily monitored.Last week, Russia's top exchanges, Micex Group and RTS, said they planned to merge. An initial public offering is expected in Moscow during the second half of 2012.
In late December, Kansas-based trading platform BATS Global Markets announced takeover talks for the pan-European platform Chi-X Europe. In October, Singapore Exchange Ltd announced a US$8.3 billion offer for the Australian Securities Exchange.The deal between London and Toronto is likely to have the greatest impact on mining companies. The enlarged transatlantic group would be the largest in the world
portable crusher in terms of the number of listings (over 6,700 companies, with an aggregate market capitalisation of almost US$6,000 billion) and be the leading exchange for natural resources, mining and energy companies.
Ernst Young's global head of mining and metals, Michael Lynch-Bell, described the announcement as "very welcome news". He noted that the Toronto Stock Exchange (TSX) has typically attracted start-up and exploration companies, whereas the London Stock Exchange (LSE), with access to far deeper pools of capital, has been the focus for developed and diversified businesses. "A merger of these premier markets would bring together two complimentary platforms, widening mining companies' access to capital."
The London Stock Exchange Group plc (LSEG) is valued at over US$3.6 billion. In addition to the LSE, it operates the Italian stock exchange Borsa Italiana and has a stake in FTSE International Ltd, which manages over 100,000 equity, bond
portable crusher and hedge fund indexes. Revenue in 2010 was 633 million (US$1.02 billion).The TSX is operated by TMX Group Inc, which is valued at just under US$3.0 billion. In addition, it operates the TSX Venture Exchange, the Montreal Exchange and the Natural Gas Exchange. TMX also owns Shorcan Brokers Ltd (a fixed income inter-dealer broker), Equicom (an investor relations subsidiary) and has a majority stake in the Boston Options Exchange. Revenue in 2010 was C$626 million (US$629 million).
The chief executive of TMX, Thomas Kloet, will be president of the LSEG-TMX group, with the CEO of LSEG, Xavier Rolet, becoming the new CEO. In a joint press release, the two companies said "Canadian customers will benefit from access to one of the world's deepest capital pools, while European issuers will have an effective gateway to North American financial markets".Under the terms of the agreement, TMX shareholders would receive almost three LSEG ordinary shares for each TMX share. LSEG shareholders will emerge with 55% of the enlarged group, with TMX shareholders holding 45%.
LSEG-TMX is targeting additional revenue of 35 million (US$56 million) within three years, growing to 100 million in annual revenue benefits within five years. This will come from a variety of sources, including "facilitation of
portable crusher cross-listings and admissions for customers (subject to regulatory approval), the wider availability of products and services via the merged group's enhanced distribution and footprint, and the development of new products.
The two companies envisaged annual cost synergies of less than US$60 million by the end of year two. (In contrast, the mooted DB-NYSE amalgamation envisaged annual cost savings of over US$400 million.)The board of the merged LSEG-TMX group will consist of 15 directors, with eight being nominated by LSEG (of which it is envisaged three will be from Borsa Italiana) and seven to be nominated by TMXAlthough
portable crusher few benefits are expected to emerge for listed mining companies in the short run, it is expected that the amalgamation will eventually ease dual listing in Toronto and London.
