German pressure on stock exchange merger intensifies after Brexit vote June 28, 2016 Opposition to the London Stock Exchange’s (LSE) merger with Deutsche Boerse is intensifying in Germany after last week’s Brexit vote. The head of the country’s financial market regulator Bafin said today that the merged company’s headquarters could not be based in London after the UK voted to leave the EU. “Without doubt… it is hard [...]
Addison Lee is buying rival Tristar as part of its US expansion strategy June 28, 2016 Addison Lee, the UK private car hire company owned by private equity giant Carlyle, is buying rival Tristar. The financial details of the deal were not disclosed, but City sources put the valuation at around £30m. Tristar, which operates the largest luxury car fleet in the UK, has revenues of £50m per year. Read more: Addison Lee is taking the [...]
Steinhoff increases holding in Poundland as Brexit casts doubts over takeover bid June 28, 2016 South African retail conglomerate Steinhoff has upped its holding in UK discount retailer Poundland. The increase, from 23.26 to 23.52 per cent, comes despite Bensons for Beds owner Steinhoff saying last week the UK vote to quit the European Union had caused it to rethink its recent offer for the company. Steinhoff, a furniture and household goods company with operations across Europe, Africa and Australasia, earlier [...]
Baltic Exchange and Singapore Exchange extend exclusive takeover talks June 28, 2016 Singapore Exchange extended exclusive talks with the Baltic Exchange regarding a possible takeover offer by two months. The period has been stretched to 31 August from 30 June, SGX said in a statement released today. The two bourses had been in exclusive discussions since 25 May. Read more: String of foreign buyers circling the Baltic Exchange "SGX [...]
Boutique investment bank shares suffer in US as Brexit dampens M&A prospects June 27, 2016 Boutique investment bank share prices are tumbling in the US with the UK’s Brexit expected to slow mergers and acquisitions (M&A) activity. Evercore Partners’ share price fell 12 per cent on Friday after the EU referendum result emerged, and in the early afternoon on Monday it was down another 12 per cent at $41.30. [custom [...]
Steinhoff is having second thoughts on Poundland post-Brexit June 24, 2016 South African conglomerate Steinhoff is going off discount retailer Poundland following the unexpected Brexit vote. Steinhoff, owner of UK furniture firm Harveys and Bensons For Beds, blamed last night's vote for the UK to quit the European Union, as well as the recent falls in Poundland shares, for the decision. The UK yesterday voted by 52 per cent to 48 per cent to [...]
What Brexit means for UK M&A: Experts expect further drop in activity June 24, 2016 Deal activity in the UK is expected to fall further in the second half of 2016 following the Brexit vote. Mergers and acquisitions (M&A) activity has already slowed this year following a record 2015. Data released yesterday from MergerMarket and Dealogic showed that UK-targeted activity slowed in the first half of the year, and more [...]
Analysts doubt London Stock Exchange merger will go through after Brexit vote June 24, 2016 Analysts have serious doubts over the London Stock Exchange’s merger with Deutsche Boerse after the UK voted for a Brexit. The companies themselves have said they remain “fully committed” to the £21bn deal, which shareholders are being asked to approve next month. LSE shareholders are due to vote on the merger on 4 July. But [...]
London Stock Exchange and Deutsche Boerse say Brexit means their merger is “ever more important” June 24, 2016 The London Stock Exchange and Deutsche Boerse have issued a joint statement saying Brexit makes their proposed merger “ever more important” and they remain “fully committed” to the deal. A “referendum committee” has been set up to consider the implications of the UK vote to leave the EU. Read more: Shareholder advisory groups back London [...]
UK M&A slows further in second quarter as dealmakers await referendum June 23, 2016 A slow start to the year for UK mergers and acquisitions (M&A) activity continued into the second quarter with the EU referendum looming, new data released today shows. Some $18.3bn (£12.4bn) worth of UK-targeted deals have been announced so far in the second quarter of 2016, down 53 per cent from $38.9bn in the first three [...]