Nomura

Volkswagen AG (VOW) - Nomura

seems likely that VW intends to raise a decent chunk of the required 4 billion euro ($5.5 billion) capital increase not via an equity issuance," but through a combination of bonds with warrants and convertible bonds, Dorothee Cresswell , a London based analyst at Nomura Holdings Inc., wrote in a research report. 

Old Mutual plc (OML) - Nicholas Holmes at Nomura

Old Mutual ‘remains a predominantly South African bancassurer combined with Skandia's Northern European presence and a US asset management unit,' opines Nomura analyst Nick Holmes. ‘The only real news was of the intended partial IPO [flotation] of US asset management at some point in the next three years,' Holmes suggested. The strategy update left two big questions unanswered in Nomura's view. First, what is the future of Nedbank, which provides 40% of the company's earnings? 

Volkswagen AG (VOW) - Nomura

"It seems likely that VW intends to raise a decent chunk of the required 4 billion euro capital increase not via an equity issuance, but through bonds with warrants and/or convertible bonds," wrote Dorothee Cresswell , a London based analyst at Nomura Holdings Inc., who raised the price estimate for VW's preferred shares to 89 euros from 82 euros. 

Bayerische Motoren Werke AG (BMW) - Michael Tyndall at Nomura

BMW kept its dividend unchanged at 30 cents a share, surpassing analysts' estimate of a 25 cent payout. The maker of BMW, Mini and Rolls Royce vehicles eliminated 3,800 jobs, or about 3.8 percent of its workforce, amid the worst auto industry crisis in decades. The company expects to "grow profitably" this year, boosted new models such as the 5 Series sedan and Mini Countryman crossover. "BMW has done well to remain profitable in a difficult environment," said Mike Tyndall, an automotive specialist at Nomura Securities in London. "The dividend payout suggests optimism in the future." 

Royal Dutch Shell PLC (RDSA) - Alastair Syme at Nomura

"Shell's move on Arrow has been at least partly prompted by Arrow's own funding constraints," Alastair Syme, a London based analyst at Nomura Holdings said. 

Arrow Energy Limited (AOE) - Alastair Syme at Nomura

Arrow said last month that it was considering selling shares or taking on debt to finance the A$2.2 billion Fisherman's Landing LNG project. "Shell's move on Arrow has been at least partly prompted by Arrow's own funding constraints," Alastair Syme, a London based analyst at Nomura Holdings said. "This deal is yet another example of oil majors seeking to reposition further down the cost curve, a position that unconventional gas potentially provides.". Coal bed methane, gas in shale and tight gas held between rocks are together known as unconventional gas resources. These deposits can break even with oil prices between US$30 ($43) and US$50 a barrel, making them more profitable than alternatives such as deepwater oil and gas or Canadian tar sands, according to Syme. 

Arrow Energy Limited (AOE) - Alastair Syme at Nomura

"Shell's move on Arrow has been at least partly prompted by Arrow's own funding constraints," Alastair Syme, a London based analyst at Nomura Holdings Inc said in a note yesterday. "This deal is yet another example of oil majors seeking to reposition further down the cost curve, a position that unconventional gas potentially provides.". Coal bed methane, gas in shale and tight gas held between rocks are together known as unconventional gas resources. These deposits can break even with oil prices between $30 and $50 a barrel, making them more profitable than alternatives such as deepwater oil and gas or Canadian tar sands, according to Syme. 

Royal Dutch Shell PLC (RDSA) - Alastair Syme at Nomura

"Shell's move on Arrow has been at least partly prompted by Arrow's own funding constraints," Alastair Syme, a London based analyst at Nomura Holdings Inc said in a note yesterday. "This deal is yet another example of oil majors seeking to reposition further down the cost curve, a position that unconventional gas potentially provides.". Coal bed methane, gas in shale and tight gas held between rocks are together known as unconventional gas resources. These deposits can break even with oil prices between $30 and $50 a barrel, making them more profitable than alternatives such as deepwater oil and gas or Canadian tar sands, according to Syme. 

Royal Dutch Shell PLC (RDSA) - Alastair Syme at Nomura

"Shell's move on Arrow has been at least partly prompted by Arrow's own funding constraints," Alastair Syme, a London based analyst at Nomura Holdings Inc said in a note yesterday. "This deal is yet another example of oil majors seeking to reposition further down the cost curve, a position that unconventional gas potentially provides.". Coal bed methane, gas in shale and tight gas held between rocks are together known as unconventional gas resources. These deposits can break even with oil prices between $30 and $50 a barrel, making them more profitable than alternatives such as deepwater oil and gas or Canadian tar sands, according to Syme. 

Arrow Energy Limited (AOE) - Alastair Syme at Nomura

"Shell's move on Arrow has been at least partly prompted by Arrow's own funding constraints," Alastair Syme, a London based analyst at Nomura Holdings Inc said in a note yesterday. "This deal is yet another example of oil majors seeking to reposition further down the cost curve, a position that unconventional gas potentially provides.". Coal bed methane, gas in shale and tight gas held between rocks are together known as unconventional gas resources. These deposits can break even with oil prices between $30 and $50 a barrel, making them more profitable than alternatives such as deepwater oil and gas or Canadian tar sands, according to Syme.