JP Morgan Cazenove to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for €500m October 23, 2016 JP Morgan Cazenove has been appointed to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for up to €500m, a deal crucial to the success of the company’s merger with Deutsche Boerse. City A.M. understands that the bank will be seeking to drum-up competition for LCH SA, with pan-European exchange Euronext thought to [...]
AT&T draws eye of Clinton with media merger October 23, 2016 The latest US media mega-merger has prompted political concern. Democratic presidential nominee Hillary Clinton wants US regulators to closely scrutinise telecoms giant AT&T’s $85.4bn (£69.7bn) proposed acquisition of Harry Potter and Batman film franchises owner Time Warner. The companies’ bosses announced they had signed the deal late on Saturday night, which is expected to be the [...]
BHS administrators track millions taken out of retailer by Dominic Chappell October 23, 2016 One of the administrators of BHS wants to take control of Retail Acquisitions (RAL), the company Dominic Chappell used to buy the retailer for £1. Duff & Phelps has applied to the High Court to take over RAL so that they can investigate the money extracted from BHS by Chappell. In particular, the administrators are [...]
Tata’s Port Talbot steelworkers have been boosted by the emergence of new cost figures October 23, 2016 Endangered steelworks in Port Talbot have been handed a boost by the emergence of new figures backing work at the plant. Tata is locked in talks over the future of the site, with hopes high for progress on a potential joint-venture with ThyssenKrupp. The negotiations had raised fears of work being transferred from the UK [...]
Gusbourne puts the sparkle back into the English wine industry as it angles a move in tourism sector October 23, 2016 Demand for sparkling wine has bubbled up in the past few years, cementing its place as one of the UK’s favourite drinks. Although prosecco has benefitted the most from this trend, outselling champagne for the first time in 2014, there’s a challenger on the sparkling wine scene that’s being made a lot closer to home. That new [...]
Fenwick family takes out £5m dividend despite warning on new cost pressures October 23, 2016 The Fenwick family has taken a £4.8m from their department store chain while warning about the pressure government is placing on the retail sector. According to accounts for the year to the end of January 2016, the company's sales rose by 1.2 per cent in the past year, reaching £431.7m. Pre-tax profits were up by a quarter [...]
British American Tobacco (BAT) hopes for lucky strike with $47bn offer for remaining stake in Reynolds American October 23, 2016 Reynolds American is this week expected to respond to a $47bn (£38.4bn) takeover offer from British American Tobacco (BAT), in a move that would create the world’s largest listed tobacco group by turnover. FTSE 100-listed BAT, which already owns 42.2 per cent of Reynolds, said on Friday it will pay $56.50 per share in a [...]
There is no way to stop banks moving post-Brexit vote, Institute of Directors tells City A.M. October 23, 2016 There is nothing that can realistically be done to prevent banks shifting some of their business outside of the UK following the Brexit vote, a leading lobby group has said. Allie Renison, head of Europe and trade policy at the Institute of Directors, told City A.M. it was "inevitable you were going to have some operations [...]
Deutsche Bank predicted to reveal a loss this week, and it doesn’t look good for 2016 on the whole either October 23, 2016 Deutsche Bank is expected to report a loss when it reveals its results on Thursday. According to a consensus of analysts' thoughts, the embattled German lender is predicted to report a net loss of €610m (£542.9m) for the third quarter of the year, although some have forecast quarterly losses could be as deep as €2.1bn. Analysts have also [...]
Investors try to bag French Connection October 23, 2016 Several overseas buyers have been making approaches to buy struggling high street fashion store French Connection. Preliminary offers for the company have been made on several occasions, and it is understood that investment advice firm Moelis has been handling the processes, but no formal agreement has been reached. Read more: French Connection faces demand to drop [...]