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It also expects to achieve its £225mn cost synergy target by end 2016, a year ahead of target.
Peel Hunt analyst Nick Batram said: "At the very least we would expect 888 to come through with a material increase to its synergy target and possibly a top-up to narrow the gap".
We would argue that a range of £12m to £20m of gross cost savings should be achievable from the removal of duplication in the merged entity, and believe that further gross synergies of up to £60m could be achieved from the full utilisation of Magna Park, but accept that our initial £150m "blue sky" synergy target on reflection looks to be too ambitious".
The plans, including the aforementioned 15% workforce reduction, are meant to accomplish a previously announced synergy target of $3.5 billion by 2012.
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Licciardello, M. P. et al. A combinatorial screen of the CLOUD uncovers a synergy targeting the androgen receptor.
Until we have further details on the likely structure and potential synergy targets of the merger we maintain our hold recommendations on both stocks.
And though management decided not to increase their synergy targets at this stage, £80m is clearly the bare minimum now envisaged, thanks to early action on headquarter costs (with Hemel Hempstead to be axed next year in favour of Acton) and the marked success of the new Carphone Warehouse store-within-a-stores.
The value is multiples of EBITDA, assuming the back-office cost synergy targets are achievable.
The results of this study indicate that a specific nutrient synergy targeted multiple levels pertinent to the progression of ATL.
However we believe that it is unlikely to be able to match the £40m cost synergies targeted in the proposed merger of Northern and Greencore and, moreover, it would have to acquire the approval of Northern's pension trustees.
CEO Lorenzo Simonelli, the longtime GE Oil & Gas chief who also took on the chairman title after former GE CEO Jeff Immelt resigned, said on an analyst call Friday that the synergies targets are "on track". Hallead also wonders whether the company will use its balance sheet to compete for large, integrated oilfield projects.
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