London-based private equity firm takes “significant stake” in German car parts maker May 31, 2016 Private equity company 3i has acquired a “significant equity stake” in a German car parts maker. The group has also invested €181m (£139m) in Schlemmer, which is being purchased from Hannover Finanz and the Mackprang Holding for an undisclosed price. Schlemmer, which was founded in 1954 and is based in Poing, near Munich, employs 2,500 people [...]
Bayer’s share price remains low as investors await improved Monsanto offer May 30, 2016 Bayer’s share price remained at around its lowest level since 2013 today, suggesting investors are nervously awaiting an improved takeover offer for US seed firm Monsanto. The drugs and chemicals giant confirmed it had made a $62bn (£42bn) takeover offer last Monday. The next day, Monsanto rejected the offer, but both firms have signalled an interest in making the deal [...]
Activist hedge fund investor gives blessing to London Stock Exchange merger May 30, 2016 An activist hedge fund shareholder of the London Stock Exchange (LSE) has given the Deutsche Boerse merger its blessing. The backing from the Children’s Investment Fund (TCI) founder Christopher Hohn comes after the investor played a prominent role in derailing a Deutsche Boerse takeover of the LSE in 2005. However, TCI has now become the [...]
Alliance Trust confirms merger approach from Jacob Rothschild’s RIT Capital May 30, 2016 Alliance Trust has confirmed it has received an "unsolicited approach" from RIT Capital Partners over a possible merger of the investment trusts. Alliance said no detailed terms have been provided by RIT, which is chaired by Jacob Rothschild, in relation to the "informal proposal". A merger would create a company with a market capitalistion of more than [...]
Gawker said to be exploring sale following Hulk Hogan lawsuit May 26, 2016 US news and gossip website Gawker Media is said to be exploring a sale after losing a court battle with wrestler Hulk Hogan. Gawker has reportedly hired investment bank Houlihan Lokey to explore options after it was ordered to pay out $140m (£95.6m) to Hogan. Read more: Media and entertainment execs want deals – and [...]
Baltic Exchange chose talks with Singapore Exchange over others because of London commitment, says chief executive May 25, 2016 The Baltic Exchange chose to enter into exclusive negotiations with the Singapore Exchange because of its interest in keeping the organisation London-based, its chief executive has said. Jeremy Penn, who is due to stand down from the Baltic Exchange this summer after more than a decade, told City A.M. the Singapore Exchange wants to use [...]
Analysts expect improved Monsanto offer – Bayer shareholders might not be too happy about it May 25, 2016 Analysts expect Bayer to make an improved offer for Monsanto. But shareholders of the German company might not be too happy about it. US seed company Monsanto rejected Bayer's $62bn (£42bn), or $122 per share, offer on Tuesday, describing it as “incomplete and financially inadequate”. Monsanto did, however, say it was “open to continued and constructive conversations”. Bayer responded [...]
Controversial former Comet owner plans bid for Fitness First, along with second private equity raising May 25, 2016 Opcapita, the buyout vehicle behind the failed turnaround of electrical retailer Comet, is in early stage talks to buy the UK operations of global gym chain Fitness First. Opcapita, headed by former banker Henry Jackson, plans to grow the gym's number of locations around the UK if the bid is successful, City A.M. understands. The acquisition vehicle is also [...]
Media and entertainment executives want deals – and they’re targeting the UK May 25, 2016 UK media and entertainment companies are attracting interest from across the world, a new international mergers and acquisitions (M&A) survey has found. The UK came ahead of the US, France, Canada and China to be named the most attractive investment destination in EY’s Capital Confidence Barometer report focusing on media and entertainment. Read more: Japanese [...]
FedEx completes “historic” €4.4bn European deal May 25, 2016 FedEx has completed its €4.4bn (£3.3bn) acquisition of TNT Express, with the company describing the deal as a “historic event”. The company said in an announcement that the transaction brings together the world’s largest air express network and an “unparalleled European road network”. Read more: FedEx delivers on revenue in third-quarter results It said the [...]