And the more they tell you how stupid they are the more you say ‘hmm you know maybe we’re on to something’
And the more they tell you how stupid they are, the more you say, ‘hmm, you know, maybe we’re on to something’.”Even with the good name of Kraw- check on its books, though, observers are saying that Citigroup will have a tough time transferring her integrity to the whole brand. The company’s statement on the exact operating terms of the new “independent” unit was vague, and has left asset managers complaining that it provides no assurances that the separation is “iron-clad” If there are worries, it will be nothing new to Krawcheck. As she says: “I have been nervous about work every day of my working career.”. If ever there were two companies that needed each other, it is Scottish & Southern Energy and Scottish Power.
Both FTSE 100 busi- nesses, they have nevertheless been left out in the cold in the grim climate of the British electricity market. But at their respective presentations, Scottish & Southern’s chief executive, Ian Marchant, and Scottish Power’s Ian Russell will face more than just the usual questions on earnings per share and margins.There is growing pressure on the two companies to merge. Many City analysts and shareholders believe that by huddling together for warmth, the two independent survivors of the deregulated electricity market will stand a chance of competing against Germany’s formerly state-owned E.ON and RWE and France’s soon-to-be privatised EdF.If they fail to tie the knot, it’s only a matter of time before they too will be taken over by a continental empire builder.For nearly a year there has been chatter in the Square Mile and its Edinburgh equivalent, Charlotte Square, that the companies are in talks When asked this week, both will deny it. But sources at Scottish & Southern and Scottish Power aren’t closing the door on the idea “There is nothing going on at the moment.
Who knows for the future?” said one.The companies have a similar market capitalisation. They both own two distribution businesses and a modest portfolio of power stations. Their fortunes, on the other hand, have little in common.Scottish & Southern is a success story. Formed by the merger of Scottish Hydro and Southern Electricity four years ago, the business has earned a strong following in the City for its relentless drive to cut costs and deliver shareholder value.Most of its success is down to former chief executive Jim Forbes, who retired in October. Nicknamed “The Jockweiler”, he left the company with a strong balance sheet and five million customers.A recent report by Credit Suisse First Boston (CSFB) rated Scottish & Southern as one of Europe’s most efficiently run utilities.