Business in brief: HP | Ryanair | Patron | Rovop | Cairn Energy

Published on 09/08/2012 00:00

HEWLETT-Packard has raised its third-quarter earnings forecast, despite announcing an $8 billion (£5.1bn) write-down in the value of its services business.

The world’s largest computer maker said it expects to earn about $1 a share in the quarter, compared with analysts’ average estimate of 97 cents.

In May, the group announced a restructuring programme that is expected to slash around 27,000 jobs by 2014.

Ryanair fails to halt investigation

Ryanair’s bid to stop competition authorities from investigating its stake in Aer Lingus was blocked yesterday.

The budget airline owns a 29.82 per cent stake in Aer Lingus and in June launched a £545 million takeover bid for the carrier, which said it will help the Competition Commission with its “ongoing investigation into the anti-competitive effects of Ryanair’s minority shareholding”.

Patron decides against Goals bid

Private equity firm Patron yesterday pulled out of the race to acquire East Kilbride-based Goals Soccer Centres.

Patron, which owns Paisley-based rival Powerleague, had been given until 13 August to table a bid for the five-a-side football pitch operator, but has confirmed it will not make an offer for the company.

Goals’ directors are backing a £73.1 million bid from the Ontario Teachers’ Pension Plan.

Rovop looks to build on £8m funding

An ABERDEEN-based firm that specialises in subsea robots has secured £8 million in funding to help its expansion plans.

Rovop has received £60,000 from Scottish Development International to tap into overseas markets for its remote vehicles. That follows a

£1.6m boost from the Scottish Loan Fund – with the option to draw down up to £5m – plus £3m in other funding, including from Royal Bank of Scotland.

Cairn completes its Nautical takeover

Cairn Energy, the Edinburgh-based oil and gas explorer, yesterday completed its £414 million takeover of North Sea driller Nautical Petroleum.

The deal will double Cairn’s interest in the Catcher discovery – hailed as the biggest North Sea find since 2001 – to 30 per cent.

Separately, Cairn India, which is majority owned by mining firm Vedanta, said chief executive Rahul Dhir is to step down at the end of this month.