QXL buyout of Ricardo gets delayed
There's fresh info on Ricardo's performance
Updated QXL's buyout of German auction site Ricardo.de took a new twist today. QXL issued a statement this morning saying it had "received certain information from Ricardo.de in the period following the announcement of the proposed transaction on May 16, 2000.
Ricardo spokesman Matthias Quaritsch told Reuters that "The delay can be a couple of days, a week but also longer then that, but the merger will go ahead."
QXL has said that its board of directors was "evaluating the implications of this information on the proposed transaction". Another announcement on Ricardo, which boasts ex-Compaq chief Ekhard Pfeiffer as its figurehead, is expected later today.
AOL and Wal-Mart's UK unit, Asda, have agreed to take a 22.5 per cent stake in British online shopping directory, Shopsmart.com. Wal-Mart will hold 14
per cent with AOL taking the balance. Financial details have not been released, but the deal is said to be part of a four year marketing plan under which Asda will distribute AOL UK disks in its 240 stores.
Cube8 - dotcom incubator - has bought 60 per cent of portal Antique Street for £60,000 ahead of the portal's launch in October. The B2B venture - which will offer a free limited service to dealers - will be headed by Jane Brown, an antiques expert and QXL editorial contributor.
Online share distributor EO has announced a CEO in the form of Mark Stacpoole for its new UK subsidiary. Mark spent the last 12 years at bankers Dresdner Kleinwort Benson where he was head of various teams including
telecoms and media, corporate finance, and capital markets. EO said it will launch more European subsidiaries in the next few months.
Online shopping site Urbanfetch.co.uk has laid off 15 per cent of its workforce (18 people) just two months after its launch. The company claimed the redundancies were due to it becoming more efficient. Urbanfetch delivers the usual books, booze and software but says it will do it within an hour.
Internet sales have boosted RyanAir's profits by 26 per cent in the first quarter, from E18 million to E22.7 million. Ticket sales online have already
reached the first year's target of 40 per cent of sales, chief executive Michael O'Leary said. He has now raised his target and hopes that 50 per cent of bookings will be online by the end of the year.®
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