Nokia in talks to sell Vertu to Permira
Nokia is in advanced talks to sell the world’s most expensive mobile phone brand to Permira, the private equity group, as the Finnish company looks to dispose of non-core assets to help turnround its devices division. Permira is in discussions to acquire Vertu in a deal that will raise about €200m for Nokia.
NYSE shareholder vote reflects pay discontent
Only a small majority of shareholders voted in favour of the pay of top executives at NYSE Euronext, the global exchange operator, in the latest sign of rising shareholder discontent with executive pay.
Alliance Boots chief attacks UK tax regime
Stefano Pessina, executive chairman of Alliance Boots, has launched a stinging attack on the climate for big business in the UK, warning that a relentless focus on tax could drive away global corporations. Mr Pessina also said that he was ready for another “transformational deal”, possibly in the US. Alliance Boots has been resident in Zug in Switzerland since 2007.
Stake sale on the radar as airlines raise value of Nats
A consortium of airlines has increased its valuation of a stake in Britain’s air traffic control system by 10 per cent, delivering a boost to the government’s coffers. The latest accounts of the Airline Group value its 42 per cent stake in Nats at £227m, up from £206m a year earlier and implying a valuation of £540m for the partly state-owned company. This suggests the government would receive about £65m more than analysts estimated if it sold its 49 per cent share in Nats.
The Daily Telegraph
Sir John Beckwith teams with Digby Jones for fund launch
Sir John Beckwith, the property tycoon and financier, is joining forces with Lord Jones, the former boss of the CBI, to launch a foreign exchange fund manager.
East London in Olympics boost
The Olympic Park and surrounding area has already attracted more than £1.6bn of private investment ahead of the 2012 Olympics, boosting ambitious plans to regenerate East London after the Games.
THE WALL STREET JOURNAL
China Postal plans large IPO
China Postal Express & Logistics plans to raise 9.98bn yuan (£971m) in an initial public offering in China this year, joining a growing list of state-run firms eager to tap a slowly recovering domestic stock market.
Japan Tobacco's Bright Light
Japan Tobacco has emerged as a clear winner among Japan’s blue-chip companies, with strong earnings and an even more impressive rise in share price.