BLAINE, WA, Dec. 31 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it has been advised that a purported takeover bid by Nirek Resources Inc. ("Nirek") has been withdrawn for technical reasons.
Margaret Kent, President and CEO of Century, said, "We are looking forward to a prosperous year in 2009. As previously announced, the due diligence process has been completed for a large banking facility that will allow the company to resume mining operations at the Lamaque Underground Mine."
Wednesday, December 31, 2008
Wednesday, December 24, 2008
A note from CMM's website w/ regards to Nirek
Who on earth would tender their shares for 1 cent? Here is the web site note:
Nirek Takeover Bid
Nirek's offer significantly undervalues shares of Century Mining.
Nirek is offering to pay C$0.01 per share of Century Mining, or the equivalent of only twenty five cents per ounce for Century's gold resources. (1)
The Board of Directors of Century believes this undervaluation is unfair to you, our shareholders.
The Board of Directors of Century advises shareholders not to tender their shares to this offer.
(1) Calculation based on NI 43-101 compliant gold resources and gold equivalent resources in measured and indicated, and inferred categories for Century's Lamaque (100% interest) and San Juan (82.6% interest) mines.
Nirek Takeover Bid
Nirek's offer significantly undervalues shares of Century Mining.
Nirek is offering to pay C$0.01 per share of Century Mining, or the equivalent of only twenty five cents per ounce for Century's gold resources. (1)
The Board of Directors of Century believes this undervaluation is unfair to you, our shareholders.
The Board of Directors of Century advises shareholders not to tender their shares to this offer.
(1) Calculation based on NI 43-101 compliant gold resources and gold equivalent resources in measured and indicated, and inferred categories for Century's Lamaque (100% interest) and San Juan (82.6% interest) mines.
Friday, December 19, 2008
CMM Comments on Purported Takeover Bid
BLAINE, WA, Dec. 19 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that the Company has reviewed a purported takeover bid filed on SEDAR by Nirek Resources Inc.
Upon thorough review, Century has determined that a bid has not been properly commenced under applicable securities legislation.
Shareholders are cautioned not to tender their shares to any bid that has not been properly made.
If a bid is properly commenced, the Board of Directors of Century will communicate its views to Century shareholders at such time through a Directors Circular, in compliance with applicable securities regulations.
Upon thorough review, Century has determined that a bid has not been properly commenced under applicable securities legislation.
Shareholders are cautioned not to tender their shares to any bid that has not been properly made.
If a bid is properly commenced, the Board of Directors of Century will communicate its views to Century shareholders at such time through a Directors Circular, in compliance with applicable securities regulations.
Wednesday, December 17, 2008
OPEC ready for deepest oil cut to rescue prices
By William Maclean and Barbara Lewis William Maclean And Barbara Lewis – 39 mins ago
ORAN, Algeria (Reuters) – OPEC oil ministers meet on Wednesday to remove a record 2 million barrels per day from oil markets as they race to balance supply with the world's collapsing demand for fuel.
The 12 members of the Organization of the Petroleum Exporting Countries are also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel. They are due to meet at 3:30 a.m. EST.
Saudi Arabia, the world's biggest oil exporter, has led by example -- reducing supplies to customers even before a cut has been agreed to help push prices back toward the $75 level Saudi King Abdullah has identified as "fair."
Ali al-Naimi, the kingdom's oil minister, was first to publicly call for curbs of 2 million bpd ahead of the meeting.
That figure was swiftly endorsed by others in the group that pumps more than a third of the world's oil. An OPEC delegate told Reuters there was consensus for a cut of that magnitude starting from Jan 1.
"A minimum of two million we think needs to be cut so we can balance the market," Iraqi Oil Minister Hussain al-Shahristani told Reuters.
"It's in everyone's interest for supply and demand to be better aligned," Nigerian Minister of State for Oil Odein Ajumogobia told Reuters. "They are clearly not at the moment."
The expected cut, the third this year, would bring a total reduction in OPEC supply to four million bpd, nearly a five percent cut in world oil supplies.
Oil below $50 is uncomfortable for all in OPEC, but especially for Venezuela and Iran which are dependent on higher prices to fund ambitious domestic programs.
Oil on Wednesday was trading slightly firmer, just above $44 a barrel.
A limited recovery in prices would put a bit more strain on a recessionary global economy, it may help pull the world back from the brink of deflation -- a growing source of concern, analysts said.
"We are in harmony, we know the situation is difficult," OPEC Secretary-General Abdullah al-Badri said on Tuesday.
"We have to reach a difficult decision, but we're going to reach it. I think 2 million is the most likely cut."
Those outside OPEC are expected to cut up to 600,000 bpd in concert with the producer group. Russia, the biggest non-OPEC oil exporter, may contribute about half that volume.
DISCIPLINE
Saudi Arabia's position was laid out by Naimi when he arrived in Algeria on Tuesday.
"Let me tell you this -- this is Saudi Arabia -- since August to November we reduced 1.2 million barrels per day from 9.7 to 8.5," he said.
Reuters reported last week that Saudi Arabia's biggest customers would receive less oil in January -- implying the kingdom had already factored in another OPEC reduction.
The Saudi oil minister confirmed that.
Gulf neighbor Kuwait said it, too, was wasting no time in cutting January supplies ahead of an expected cut.
To have a lasting price impact, any OPEC deal must to be strictly observed.
According to independent observers cited in OPEC's monthly report on Tuesday, the group's compliance in November to existing cuts was only just over 50 percent.
Analysts said deeper cuts would further test discipline in the group. That restraint would be needed to slim down growing world oil stocks.
A slump in consumption has lifted oil inventories in OECD industrialized nations to the equivalent of nearly 57 days of forward demand, a measure OPEC closely monitors. The industry norm for this time of year is about 52.
Russia, the biggest non-OPEC exporter, sent a high level delegation to observe the Oran meeting.
Azerbaijan said it could also contribute to any OPEC decision but Mexico in a statement on production plans made no offer to cut output.
Mexico, Russia and Norway worked with OPEC in 1999 to revive prices that had fallen below $10 a barrel and again in late 2001 to pull prices back above $20 a barrel.
Output from non-OPEC producers is declining and proclamations of cuts served to mask the effect of aging fields and a lack of investment, analysts said.
ORAN, Algeria (Reuters) – OPEC oil ministers meet on Wednesday to remove a record 2 million barrels per day from oil markets as they race to balance supply with the world's collapsing demand for fuel.
The 12 members of the Organization of the Petroleum Exporting Countries are also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel. They are due to meet at 3:30 a.m. EST.
Saudi Arabia, the world's biggest oil exporter, has led by example -- reducing supplies to customers even before a cut has been agreed to help push prices back toward the $75 level Saudi King Abdullah has identified as "fair."
Ali al-Naimi, the kingdom's oil minister, was first to publicly call for curbs of 2 million bpd ahead of the meeting.
That figure was swiftly endorsed by others in the group that pumps more than a third of the world's oil. An OPEC delegate told Reuters there was consensus for a cut of that magnitude starting from Jan 1.
"A minimum of two million we think needs to be cut so we can balance the market," Iraqi Oil Minister Hussain al-Shahristani told Reuters.
"It's in everyone's interest for supply and demand to be better aligned," Nigerian Minister of State for Oil Odein Ajumogobia told Reuters. "They are clearly not at the moment."
The expected cut, the third this year, would bring a total reduction in OPEC supply to four million bpd, nearly a five percent cut in world oil supplies.
Oil below $50 is uncomfortable for all in OPEC, but especially for Venezuela and Iran which are dependent on higher prices to fund ambitious domestic programs.
Oil on Wednesday was trading slightly firmer, just above $44 a barrel.
A limited recovery in prices would put a bit more strain on a recessionary global economy, it may help pull the world back from the brink of deflation -- a growing source of concern, analysts said.
"We are in harmony, we know the situation is difficult," OPEC Secretary-General Abdullah al-Badri said on Tuesday.
"We have to reach a difficult decision, but we're going to reach it. I think 2 million is the most likely cut."
Those outside OPEC are expected to cut up to 600,000 bpd in concert with the producer group. Russia, the biggest non-OPEC oil exporter, may contribute about half that volume.
DISCIPLINE
Saudi Arabia's position was laid out by Naimi when he arrived in Algeria on Tuesday.
"Let me tell you this -- this is Saudi Arabia -- since August to November we reduced 1.2 million barrels per day from 9.7 to 8.5," he said.
Reuters reported last week that Saudi Arabia's biggest customers would receive less oil in January -- implying the kingdom had already factored in another OPEC reduction.
The Saudi oil minister confirmed that.
Gulf neighbor Kuwait said it, too, was wasting no time in cutting January supplies ahead of an expected cut.
To have a lasting price impact, any OPEC deal must to be strictly observed.
According to independent observers cited in OPEC's monthly report on Tuesday, the group's compliance in November to existing cuts was only just over 50 percent.
Analysts said deeper cuts would further test discipline in the group. That restraint would be needed to slim down growing world oil stocks.
A slump in consumption has lifted oil inventories in OECD industrialized nations to the equivalent of nearly 57 days of forward demand, a measure OPEC closely monitors. The industry norm for this time of year is about 52.
Russia, the biggest non-OPEC exporter, sent a high level delegation to observe the Oran meeting.
Azerbaijan said it could also contribute to any OPEC decision but Mexico in a statement on production plans made no offer to cut output.
Mexico, Russia and Norway worked with OPEC in 1999 to revive prices that had fallen below $10 a barrel and again in late 2001 to pull prices back above $20 a barrel.
Output from non-OPEC producers is declining and proclamations of cuts served to mask the effect of aging fields and a lack of investment, analysts said.
Sunday, December 14, 2008
Belgium vows to press on with Fortis sale
By Michael Steen in Amsterdam
Published: December 14 2008 18:10 | Last updated: December 14 2008 18:10
The Belgian government said on Sunday it was “determined” to press ahead with the 14.5bn ($19.4bn) sale of Fortis to BNP Paribas, in spite of a surprise court ruling that freezes the transfer of a majority stake to the French bank.
In a decision late on Friday, that shocked political and business circles, the Brussels Court of Appeal found in favour of a group of shareholders seeking to block the carve-up of Fortis.
It said shareholders should be consulted on management decisions in October that led to the nationalisation of Fortis in the Netherlands and the sale of its Belgian operations to BNP Paribas.
The decision is a blow to BNP Paribas, which had hoped to complete the transaction this month. BNP, which stands to become the eurozone’s biggest bank by deposits, said it wanted to close the deal “efficiently and quickly”.
The Belgian government, which has taken Fortis Bank in Belgium into public ownership as an interim step, will review its legal options, including a possible Supreme Court appeal and other procedural challenges.
It is still free to transfer a 49.9 per cent stake to the French bank.
“We shall continue,” Didier Reynders, finance minister, told reporters on Saturday.
“The government has the same aim as before – to protect deposits but also a real will to press ahead with an industrial solution for Fortis Bank.”
A spokesman added that the government was “determined to complete the sale” to BNP.
Although the period between October 3 and 6 that is covered by the ruling includes the nationalisation of Fortis north of the Dutch-Belgian border, that transaction is complete. The Dutch finance ministry said the ruling had “no consequences” for the nationalisation.
The case is among several brought by angry retail shareholders, principally in Belgium, who have seen the value of their shares plummet to below €1 from €34 early last year and have ended up owning a radically diminished company.
The court of appeal ordered a block for 65 days on the transfer of government-held shares equivalent to 50.1 per cent of Fortis Bank, preventing the completion of a deal that foresees BNP holding 75 per cent of the stock.
The court also appointed five experts to write a report on the terms of the deal.
The carve-up of Fortis followed an attempted €11.2bn bail-out of the group by the Belgian, Dutch and Luxembourg governments at the end of September. The Dutch government cited a liquidity crisis when it stepped in a week later to buy Fortis in the Netherlands.
Fortis Group, which will consist of an international insurance arm and a stake in a pool of “toxic” structured credits after the sale to BNP, said it had been surprised by the court ruling but believed the break-up would be successful.
Published: December 14 2008 18:10 | Last updated: December 14 2008 18:10
The Belgian government said on Sunday it was “determined” to press ahead with the 14.5bn ($19.4bn) sale of Fortis to BNP Paribas, in spite of a surprise court ruling that freezes the transfer of a majority stake to the French bank.
In a decision late on Friday, that shocked political and business circles, the Brussels Court of Appeal found in favour of a group of shareholders seeking to block the carve-up of Fortis.
It said shareholders should be consulted on management decisions in October that led to the nationalisation of Fortis in the Netherlands and the sale of its Belgian operations to BNP Paribas.
The decision is a blow to BNP Paribas, which had hoped to complete the transaction this month. BNP, which stands to become the eurozone’s biggest bank by deposits, said it wanted to close the deal “efficiently and quickly”.
The Belgian government, which has taken Fortis Bank in Belgium into public ownership as an interim step, will review its legal options, including a possible Supreme Court appeal and other procedural challenges.
It is still free to transfer a 49.9 per cent stake to the French bank.
“We shall continue,” Didier Reynders, finance minister, told reporters on Saturday.
“The government has the same aim as before – to protect deposits but also a real will to press ahead with an industrial solution for Fortis Bank.”
A spokesman added that the government was “determined to complete the sale” to BNP.
Although the period between October 3 and 6 that is covered by the ruling includes the nationalisation of Fortis north of the Dutch-Belgian border, that transaction is complete. The Dutch finance ministry said the ruling had “no consequences” for the nationalisation.
The case is among several brought by angry retail shareholders, principally in Belgium, who have seen the value of their shares plummet to below €1 from €34 early last year and have ended up owning a radically diminished company.
The court of appeal ordered a block for 65 days on the transfer of government-held shares equivalent to 50.1 per cent of Fortis Bank, preventing the completion of a deal that foresees BNP holding 75 per cent of the stock.
The court also appointed five experts to write a report on the terms of the deal.
The carve-up of Fortis followed an attempted €11.2bn bail-out of the group by the Belgian, Dutch and Luxembourg governments at the end of September. The Dutch government cited a liquidity crisis when it stepped in a week later to buy Fortis in the Netherlands.
Fortis Group, which will consist of an international insurance arm and a stake in a pool of “toxic” structured credits after the sale to BNP, said it had been surprised by the court ruling but believed the break-up would be successful.
Wednesday, December 10, 2008
Take Over Bid?????
I just noticed a filing on Sedar December 4th, 2008, regarding a takeover bid for Century by a company named Nirek Resources. I believe it is a German company (trading on Frankfort). At .01 cent a share!!! Anybody seen it??
Mike
Mike
A bit more CMM share purchases by PK and RB
Subsequent to the 578,222 and 381,000 purchases announced on the NR, the following 2 purchases were made by PK and RB (per SEDI):
*Dec 5th - 171,000 @ $.02
*Dec 8th - 50,000 $ $.03
*Dec 5th - 171,000 @ $.02
*Dec 8th - 50,000 $ $.03
Tuesday, December 9, 2008
CMM Appoints New Vice President Of South American Operations And General Manager Of Century Mining Peru
This person is to replace the previous person that got promoted to CEO of Module. This new person seems to have a wealth of experience with prominent international companies. Let's hope he is a difference maker. Here is the NR:
BLAINE, WA, Dec. 9 /CNW/ - Century Mining Corporation (CMM: TSX-V) is pleased to announce the appointment of Jaime Cortez Febres to the position of Vice President, South American Operations and General Manager, Century Mining Peru, S.A.C. effective immediately.
Mr. Cortez received his Bachelor of Mining Engineering from Pontificia Universidad Catolica del Peru and his Masters of Business Administration (MBA) from the Australian Graduate School of Management. Mr. Cortez has over 24 years of experience in the Australian and Peruvian mining industries. His career includes employment with such mining companies as Minera Yanococha, S.R.L. (Newmont Mining Co); Rio Tinto Minera Peru - La Granja Project; Rio Tinto Coal, Australia (RTCA) and most recently, Candente Resource Corp (Canariaco Norte Copper Project).
Margaret Kent, President and CEO of Century, said, "Mr. Cortez comes to Century with a wealth of knowledge and experience in the Peruvian mining industry. He will play a major role in maximizing the gold production at the Company's San Juan Gold Mine, as well as facilitating the exploitation of the four other known deposits at San Juan. In the future, after the Lamaque Underground Mine in Quebec is up and running, Mr. Cortez and I will work closely on South American acquisitions and a potential listing on the Lima Stock Exchange."
BLAINE, WA, Dec. 9 /CNW/ - Century Mining Corporation (CMM: TSX-V) is pleased to announce the appointment of Jaime Cortez Febres to the position of Vice President, South American Operations and General Manager, Century Mining Peru, S.A.C. effective immediately.
Mr. Cortez received his Bachelor of Mining Engineering from Pontificia Universidad Catolica del Peru and his Masters of Business Administration (MBA) from the Australian Graduate School of Management. Mr. Cortez has over 24 years of experience in the Australian and Peruvian mining industries. His career includes employment with such mining companies as Minera Yanococha, S.R.L. (Newmont Mining Co); Rio Tinto Minera Peru - La Granja Project; Rio Tinto Coal, Australia (RTCA) and most recently, Candente Resource Corp (Canariaco Norte Copper Project).
Margaret Kent, President and CEO of Century, said, "Mr. Cortez comes to Century with a wealth of knowledge and experience in the Peruvian mining industry. He will play a major role in maximizing the gold production at the Company's San Juan Gold Mine, as well as facilitating the exploitation of the four other known deposits at San Juan. In the future, after the Lamaque Underground Mine in Quebec is up and running, Mr. Cortez and I will work closely on South American acquisitions and a potential listing on the Lima Stock Exchange."
Thursday, December 4, 2008
CMM Reports Acquisition Of The Company's Shares
Century Mining Reports Acquisition Of The Company's Shares
BLAINE, WA, Dec. 4 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that Karst Investments (the "Acquiror") has purchased 578,222 common shares of Century Mining Corporation (the "Company") in a private transaction at a price of C$0.015 per share. Subsequent to this transaction, the Acquiror purchased an additional 381,000 common shares of the Company on the Toronto Stock Exchange at a price of $0.02 per share. The purchased shares in these transactions represent approximately 0.57% of the outstanding common shares of the Company. Margaret Kent and Ross Burns have beneficial ownership of, and control and direction over, the Acquiror, which owned 2,162,192 common shares of the Company prior to today's purchase.
Today's purchase brings the combined holdings of the Acquiror to 3,121,414 common shares of the Company, representing approximately 1.85% of the outstanding common shares. The purchases were made for investment purposes and to provide the Acquiror with greater influence as shareholders of the Company. The Acquiror, Margaret Kent and/or Ross Burns or entities controlled by them may acquire more common shares of the Company, and they may in the future make further purchases or sales of common shares of the Company or take other actions with respect to the purchased shares as circumstances may warrant.
About Century Mining Corporation
Century Mining Corporation is a junior gold producer. The Company owns and is working towards the restart of the Lamaque mine in Québec that historically has produced over 9.4 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production.
"Margaret M. Kent"
Chairman, President & CEO
BLAINE, WA, Dec. 4 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that Karst Investments (the "Acquiror") has purchased 578,222 common shares of Century Mining Corporation (the "Company") in a private transaction at a price of C$0.015 per share. Subsequent to this transaction, the Acquiror purchased an additional 381,000 common shares of the Company on the Toronto Stock Exchange at a price of $0.02 per share. The purchased shares in these transactions represent approximately 0.57% of the outstanding common shares of the Company. Margaret Kent and Ross Burns have beneficial ownership of, and control and direction over, the Acquiror, which owned 2,162,192 common shares of the Company prior to today's purchase.
Today's purchase brings the combined holdings of the Acquiror to 3,121,414 common shares of the Company, representing approximately 1.85% of the outstanding common shares. The purchases were made for investment purposes and to provide the Acquiror with greater influence as shareholders of the Company. The Acquiror, Margaret Kent and/or Ross Burns or entities controlled by them may acquire more common shares of the Company, and they may in the future make further purchases or sales of common shares of the Company or take other actions with respect to the purchased shares as circumstances may warrant.
About Century Mining Corporation
Century Mining Corporation is a junior gold producer. The Company owns and is working towards the restart of the Lamaque mine in Québec that historically has produced over 9.4 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production.
"Margaret M. Kent"
Chairman, President & CEO
Interesting side note, PK and Ross purchased some shares of Tamerlane
There must be some financing coming down or something.
Tamerlane Reports Acquisition Of The Company's Shares
BLAINE, WA, Dec. 4 /CNW/ - Tamerlane Ventures Inc. (TAM: TSX-V) announced today that Karst Investments (the "Acquiror") has purchased 1,590,000 common shares of Tamerlane Ventures Inc. (the "Company") in a private transaction at a price of C$0.06 per share. The purchased shares represent approximately 3.21% of the outstanding common shares of the Company. Margaret Kent and Ross Burns have beneficial ownership of, and control and direction over, the Acquiror, which owned 1,456,000 common shares of the Company prior to today's purchase.
Today's purchase brings the combined holdings of the Acquiror to 3,046,000 common shares of the Company, representing approximately 6.15% of the outstanding common shares. The purchase was made for investment purposes and to provide the Acquiror with greater influence as shareholders of the Company. The Acquiror, Margaret Kent and/or Ross Burns or entities controlled by them may acquire more common shares of the Company, and they may in the future make further purchases or sales of common shares of the Company or take other actions with respect to the purchased shares as circumstances may warrant.
"Ross F. Burns"
President & CEO
Tamerlane Reports Acquisition Of The Company's Shares
BLAINE, WA, Dec. 4 /CNW/ - Tamerlane Ventures Inc. (TAM: TSX-V) announced today that Karst Investments (the "Acquiror") has purchased 1,590,000 common shares of Tamerlane Ventures Inc. (the "Company") in a private transaction at a price of C$0.06 per share. The purchased shares represent approximately 3.21% of the outstanding common shares of the Company. Margaret Kent and Ross Burns have beneficial ownership of, and control and direction over, the Acquiror, which owned 1,456,000 common shares of the Company prior to today's purchase.
Today's purchase brings the combined holdings of the Acquiror to 3,046,000 common shares of the Company, representing approximately 6.15% of the outstanding common shares. The purchase was made for investment purposes and to provide the Acquiror with greater influence as shareholders of the Company. The Acquiror, Margaret Kent and/or Ross Burns or entities controlled by them may acquire more common shares of the Company, and they may in the future make further purchases or sales of common shares of the Company or take other actions with respect to the purchased shares as circumstances may warrant.
"Ross F. Burns"
President & CEO
Wednesday, December 3, 2008
EU clears BNP Paribas to buy most of Fortis bank, but must sell credit card unit
By AOIFE WHITE , Associated Press
Last update: December 3, 2008 - 12:28 PM
BRUSSELS, Belgium - BNP Paribas won European Union approval to buy the Belgian and Luxembourg banking arms of troubled lender Fortis on Wednesday — but has agreed to sell off a credit card unit to eliminate antitrust problems.
EU regulators also cleared government bailouts for Fortis given by Belgium, the Netherlands and Luxembourg in September and October.
French bank BNP Paribas became the largest holder of private savings in the 15-nation euro area when it snapped up most of Fortis at a knockdown price in October, a week after a state rescue failed to keep the bank afloat.
The European Commission said the purchase could go through as long as BNP Paribas sells off BNP Paribas Personal Finance Belgium and avoids becoming by far the largest issuer or credit cards in Belgium and the Luxembourg.
Regulators said customers would otherwise have a limited choice of credit card providers.
The Commission has also waved through two state rescues for Fortis.
It cleared the first capital injection on Sept. 29 from Belgium, the Netherlands and Luxembourg. The bailout was a failure and did not assure investors about the bank's stability, causing the Dutch government to take over Fortis' operations in the Netherlands.
The second rescue on Oct. 5 saw Belgium and Luxembourg take over most of the business and sell the majority off to BNP Paribas.
EU officials said the bailouts were state subsidies but could be allowed because they were needed to save the bank and "remedy a threat to the financial system."
The Commission said it had not cleared the Dutch government's purchase of Fortis' banking operations and would make a separate decision later. It did approve the related takeover of Fortis' insurance business in the Netherlands.
EU regulatory clearance may not be the final hurdle for the BNP Paribas deal, which Fortis shareholders claim is unfair because they were never consulted. A Belgian court has ordered a legal expert to examine if the price paid was justified. Some shareholders also want to re-negotiate the deal.
The European Commission, however, said that BNP Paribas had paid a market price for the business and had not got a special deal from the Belgian and Luxembourg governments.
BNP Paribas paid euro14.5 billion (US$18.3 billion) for the package, which gives it three-quarters of Belgium's largest bank, all of Fortis' Belgian insurance business and two-thirds of the Fortis' Luxembourg operations. The Belgian and Luxembourg governments each keep a stake in local units.
The French bank avoided taking on most of Fortis' "toxic assets" — credit derivatives and collateral debt obligations now valued at euro10.4 billion (US$13 billion). It has a 10 percent stake in them with 24 percent held by the Belgian state and the rest by what remains of Fortis.
Without its core banking business, Fortis is now a small international insurer with a share price of just under euro1 — well below the euro30 it was trading at before it launched an ambitious takeover for part of Dutch rival ABN Amro.
It ran into trouble in September when credit markets froze over worries that it could not raise the money to pay the euro24 billion (US$30 billion) price tag and rumors over the worth of its investments.
Last update: December 3, 2008 - 12:28 PM
BRUSSELS, Belgium - BNP Paribas won European Union approval to buy the Belgian and Luxembourg banking arms of troubled lender Fortis on Wednesday — but has agreed to sell off a credit card unit to eliminate antitrust problems.
EU regulators also cleared government bailouts for Fortis given by Belgium, the Netherlands and Luxembourg in September and October.
French bank BNP Paribas became the largest holder of private savings in the 15-nation euro area when it snapped up most of Fortis at a knockdown price in October, a week after a state rescue failed to keep the bank afloat.
The European Commission said the purchase could go through as long as BNP Paribas sells off BNP Paribas Personal Finance Belgium and avoids becoming by far the largest issuer or credit cards in Belgium and the Luxembourg.
Regulators said customers would otherwise have a limited choice of credit card providers.
The Commission has also waved through two state rescues for Fortis.
It cleared the first capital injection on Sept. 29 from Belgium, the Netherlands and Luxembourg. The bailout was a failure and did not assure investors about the bank's stability, causing the Dutch government to take over Fortis' operations in the Netherlands.
The second rescue on Oct. 5 saw Belgium and Luxembourg take over most of the business and sell the majority off to BNP Paribas.
EU officials said the bailouts were state subsidies but could be allowed because they were needed to save the bank and "remedy a threat to the financial system."
The Commission said it had not cleared the Dutch government's purchase of Fortis' banking operations and would make a separate decision later. It did approve the related takeover of Fortis' insurance business in the Netherlands.
EU regulatory clearance may not be the final hurdle for the BNP Paribas deal, which Fortis shareholders claim is unfair because they were never consulted. A Belgian court has ordered a legal expert to examine if the price paid was justified. Some shareholders also want to re-negotiate the deal.
The European Commission, however, said that BNP Paribas had paid a market price for the business and had not got a special deal from the Belgian and Luxembourg governments.
BNP Paribas paid euro14.5 billion (US$18.3 billion) for the package, which gives it three-quarters of Belgium's largest bank, all of Fortis' Belgian insurance business and two-thirds of the Fortis' Luxembourg operations. The Belgian and Luxembourg governments each keep a stake in local units.
The French bank avoided taking on most of Fortis' "toxic assets" — credit derivatives and collateral debt obligations now valued at euro10.4 billion (US$13 billion). It has a 10 percent stake in them with 24 percent held by the Belgian state and the rest by what remains of Fortis.
Without its core banking business, Fortis is now a small international insurer with a share price of just under euro1 — well below the euro30 it was trading at before it launched an ambitious takeover for part of Dutch rival ABN Amro.
It ran into trouble in September when credit markets froze over worries that it could not raise the money to pay the euro24 billion (US$30 billion) price tag and rumors over the worth of its investments.
Tuesday, December 2, 2008
CMM Reports Third Quarter 2008 Financial Results
Century Mining Reports Third Quarter 2008 Financial Results
BLAINE, WA, Dec. 2 /CNW/ - Century Mining Corporation (CMM: TSX-V) is pleased to announce its financial and operating results for the third quarter ended September 30, 2008.
In the third quarter ended September 30, 2008 the company reported an operating profit from mining operations, before depreciation, amortization and accretion, of $1,735,994 (2007 - $110,749) from revenues of $4,300,640 (2007 - $15,774,184). Expenses incurred in the mining operations were $2,564,646 (2007 - $15,663,435).
For the quarter ended September 30, 2008 the Company reported net income of $607,382 or $Nil per share, compared to a net loss of $27,214,549, or $0.20 per share in the prior period.
As at September 30, 2008 the Company had a working capital deficiency of $14,049,624 compared to a working capital deficiency of $12,910,084 at December 31, 2007, an increase of 9%. The September 30 working capital deficiency was down 28% from $19,401,640 at June 30, 2008.
Century's financial statements and Management's Discussion and Analysis have been filed, and are available for viewing on the SEDAR website at www.sedar.com.
BLAINE, WA, Dec. 2 /CNW/ - Century Mining Corporation (CMM: TSX-V) is pleased to announce its financial and operating results for the third quarter ended September 30, 2008.
In the third quarter ended September 30, 2008 the company reported an operating profit from mining operations, before depreciation, amortization and accretion, of $1,735,994 (2007 - $110,749) from revenues of $4,300,640 (2007 - $15,774,184). Expenses incurred in the mining operations were $2,564,646 (2007 - $15,663,435).
For the quarter ended September 30, 2008 the Company reported net income of $607,382 or $Nil per share, compared to a net loss of $27,214,549, or $0.20 per share in the prior period.
As at September 30, 2008 the Company had a working capital deficiency of $14,049,624 compared to a working capital deficiency of $12,910,084 at December 31, 2007, an increase of 9%. The September 30 working capital deficiency was down 28% from $19,401,640 at June 30, 2008.
Century's financial statements and Management's Discussion and Analysis have been filed, and are available for viewing on the SEDAR website at www.sedar.com.
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