Femsa in beer merger discussions October 1, 2009 Mexican brewer Femsa, which makes Sol and Dos Equis, is understood to be in talks to merge its operations with a larger rival in a potential $9bn (£5.7bn) deal, in the latest in a series of mergers in the sector. The Latin American group is known to have held talks with SABMiller and Heineken. It [...]
LSE launches a bid to snap up Turquoise October 1, 2009 THE LONDON Stock Exchange said yesterday that it has entered into exclusive talks with trading platform Turquoise, as its new chief executive Xavier Rolet continues his drive to regain market share. The LSE said that the discussions “may lead to a transaction”, but declined to elaborate on the details of the potential deal. Analysts have [...]
Treasury faces massive refund bill on tax ruling October 1, 2009 THE European Union’s top court ruled yesterday that a British tax on share transactions breaks EU law, leaving an already cash-strapped UK Treasury potentially facing a refund bill running to billions of pounds. HSBC, Europe’s biggest bank, argued in the European Court of Justice that when it bought French rival CCF in 2000, it had [...]
THE RETURN OF APPLEGARTH October 1, 2009 ADAM Applegarth, the former chief executive of Northern Rock, is back in business, having landed a job as an adviser to the US private equity group Apollo. Applegarth is joining Apollo as an adviser to the group’s European fund. At least one financier welcomed him back. Jon Wood, head of hedge fund SRM said: “I’m [...]
Bond says no to M&S role October 1, 2009 ASDA chief executive Andy Bond yesterday ruled himself out of the running for the top job at high street retailer Marks & Spencer (M&S). Bond said: “I am not interested. I am not going to M&S. End of story.” M&S has said it will appoint a new chief executive next year, with Sir Stuart Rose [...]
FSA will not restrict short selling but wants greater transparency October 1, 2009 THE Financial Services Authority (FSA)is to pursue “enhanced transparency” of short-selling in response to feedback it has received from the City. The regulator said it would work towards an international agreement to disclose significant short positions in all equities, rather than a stand-alone domestic regime. Alexander Justham, FSA director of markets, said: “The consultation exercise [...]
CITY VIEWS: DO YOU THINK THE PROPOSED CLAMP DOWN ON BONUSES IS IN DANGER OF GOING TOO FAR? October 1, 2009 NIRANJAN GIVANE OCBC BANK“I think that it’s the right move for the current time. Bonuses should be awarded for long-term performance, and I think this latest action is going in the right direction for the City. The people who are below the very top tier aren’t rewarded in the same way.”DES MORAN ROYAL BANK OF [...]
KBC’S STAYING POWER October 1, 2009 BELGIAN finance group KBC said yesterday it aimed to keep growing in central and eastern Europe and did not plan to pay back €7bn ($10.2bn) of state aid through a capital increase. KBC said it had submitted its five-year business plan to the European Commission on Wednesday and expected the latter to make a decision [...]
GE talking to Comcast over NBC Universal October 1, 2009 GENERAL Electric is understood to be holding talks to sell 51 per cent of NBC Universal to Comcast, which would pay up to $7bn (£4.4bn) in cash and contribute some programming assets to the new, jointly owned company. GE, which owns 80 per cent of NBC Universal, is considering a host of proposals for NBC [...]
RBSset to appoint new non-executive directors as it looks to beef up board October 1, 2009 ROYALBANKOF SCOTLAND (RBS) is set to announce that two new independent directors are joining its board today, as it seeks to improve its capital position. The appointment of Philip Scott, ex-finance director at insurer Aviva, and Penny Hughes, who was head of UK and Ireland for Coca-Cola, into non-executive positions is expected today. The move [...]