Wellcome woos the doubters

Article Abstract:

John Robb, Chief Executive of Wellcome, focuses on the development of drugs with the greatest profit potential and geographical expansion. The Wellcome Trust, the charity which owns 73.5% of the drugs company announced in Mar 92 that it would sell up to 2/3 of its holding, but shares fell as pharmaceutical stocks underperformed internationally. Pricing controls, US politics and the difficulty in discovering new drugs create doubts for investors.

Management, Pharmaceutical industry, Wellcome PLC, Robb, John

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Slump pushes builders close to the wall

Article Abstract:

Large housebuilding firms such as Wimpey and Taylor Woodrow have had to sell sections of their businesses to reduce debts incurred because of the recession. Previously interest rates had been low and builders increased their landbanks whose reduced assset value in 1992 makes their high loans cause problems. Private housebuilding is down 3.4% on 1991 and commercial work is falling by 11%. Many have written off expensive landbanks and cut costs.

Construction industry, Residential construction, Housing, Recessions, House construction

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Sweet deals may turn sour

Article Abstract:

The Accounting Standards Board (ASB) intends to forbid pre-acquisitions provisions in 1994. These provisions ensure the affects of takeovers do not detract from future performance. Some companies, such as Hanson, cleverly exploit these regulations. Rationalisation costs will be set against the profits of the combined group. Revaluations and adjustments will have to be made in a certain way to stop creative accounting practices.

Mergers, acquisitions and divestments, Acquisitions and mergers, Accounting and auditing, Accounting, Accounting Standards Board

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