Channel 4 chief exec warns privatisation move would stop emergence of programmes like Gogglebox June 8, 2016 The chief executive of Channel 4 has warned that programmes like Gogglebox would struggle to emerge if the government introduced any form of privatisation. David Abraham is appearing alongside Channel 4’s chair, Charles Gurassa, before the Culture, Media and Sport Committee this afternoon. Read more: Channel 4 takes stake in content firm behind Bear Grylls' [...]
How The Beatles sent Terra Firma’s Guy Hands back to court to confront Citigroup June 8, 2016 Those who have been walking by the Strand recently may have spotted a familiar face, as Guy Hands and his legal team have returned to court for the latest phase in the legal battle over his ill-fated EMI deal. Hands is suing Citigroup for £1.5bn worth of damages in the High Court over Terra Firma's – the private [...]
Verizon planning second round bid for Yahoo’s internet business, sending the share price lower as figures fall short of expectations June 7, 2016 US telecoms giant Verizon is reportedly readying a second-round bid for Yahoo's core internet business. The bid is expected to come in ahead of the Monday deadline and will value the business at around $3bn (£2bn), some $2bn under expectations. The lower-than-expected bid sent Yahoo's share price down by around 0.5 per cent in New York. Previously bids [...]
Jacob Rothschild investment trust says no to alliance with rival June 7, 2016 RIT Capital has withdrawn its interest in making an offer for Alliance Trust. The investment trust, which is chaired by Jacob Rothschild, confirmed last week that it was considering a move. But RIT said on Tuesday morning: “Following careful analysis and constructive discussions with representatives of Alliance Trust, RIT has concluded that it would not [...]
Competition and Markets Authority will investigate Icap’s deal with Tullett Prebon unless concerns are addressed June 7, 2016 The Competition and Markets Authority (CMA) said today it will refer a proposed deal between brokers Icap and Tullett Prebon for an in-depth investigation if the companies do not address the watchdog's competition concerns relating to broking of oil products. Icap announced last November that it was selling its global voice-broking and information business to Tullett Prebon, [...]
Private equity companies expected to line up for GHD as Lion Capital plans auction June 6, 2016 Leeds-based hair care company GHD could be sold by current private equity owner Lion Capital for more than £400m. GHD, which supplies hair care products to all manner of celebrities, from Madonna and Gwyneth Paltrow to Katy Perry and Jennifer Aniston, made £33.7m in pre-tax profit in its 2015-16 financial year, making a £400m price tag around 13 times earnings. Sales jumped 9.5 per [...]
London is crucial to the LSE-Deutsche Boerse merger, says top exec June 6, 2016 The London Stock Exchange (LSE) and Deutsche Boerse are walking a tightrope. As well as attempting to persuade shareholders and regulators to approve their £21bn merger, the tie-up has also attracted passionate interventions from politicians in the UK, Germany and elsewhere. In Westminster, attention has been drawn to two facts: that Deutsche Boerse’s chief executive would take [...]
Asahi could be about to snap up more of SABMiller’s beers ahead of AB InBev sale June 5, 2016 Downing Peroni and Grolsch has not quenched Asahi's thirst it seems. The Japanese brewing giant is weighing a £5bn bid for some of SABMiller’s eastern European beer brands, including Pilsner Urquell. Earlier this year Asahi picked up Peroni, Grolsch, and London's Meantime for almost £2bn after AB InBev put them up for sale following its successful takeover attempt of SABMiller – in a deal dubbed Megabrew. [...]
Bayer secures €60bn loan facility to fund Monsanto bid June 2, 2016 In a bid to fund its $62bn takeover of US seeds company Monsanto, German drugs giant Bayer has secured a loan facility of a whopping €60bn. German newspaper Handelsblatt reported that Bayer secured a bridge loan from Bank of America Merrill Lynch, Credit Suisse, HSBC , Goldman Sachs and JP Morgan. Talks for the takeover started in May after [...]
German regulator asks for more information on Deutsche Boerse-London Stock Exchange tie-up June 2, 2016 The German politician responsible for approving Deutsche Boerse’s merger with the London Stock Exchange has said he requires “further information” on the deal. Tarek Al-Wazir, economy minister for the State of Hesse, where Deutsche Boerse is based in Frankfurt, made the statement after the exchange houses published a shareholder prospectus for the deal yesterday. Read [...]