Exchange wars: London Stock Exchange shares plunge after American rival rules out bid to disrupt Deutsche Boerse merger May 4, 2016 The Intercontinental Exchange (ICE) traded blows with the London Stock Exchange (LSE) today as it ended plans to bid for its UK rival. ICE, which owns the New York Stock Exchange, blamed LSE executives for showing a “disappointing level of engagement”. But the LSE hit back with a statement indicating it had played by the [...]
Report commissioned by Channel 4 argues privatising broadcaster would be “overwhelmingly negative” May 4, 2016 Privatising Channel 4 would be “overwhelmingly negative” and could attract a maximum £500m, according to a new report commissioned by the broadcaster. The government is currently considering whether to sell off the channel, which is publicly owned but privately funded. Culture secretary John Whittingdale recently talked up the prospect of selling Channel 4, saying it [...]
Standard Life snaps up Axa’s Elevate May 4, 2016 Standard Life has today agreed to buy Elevate, Axa's wrap platform aimed at investors. The move will see Standard Life gain over 150,000 customers and £9.8bn worth of assets under administration. Standard Life will be purchasing the platform through subsidiary Standard Life Savings, using cash to acquire the entire share capital of Elevate, which is the trading name for Axa Portfolio [...]
Megabrew: AB InBev’s takeover of SABMiller bubbling along nicely, says company May 4, 2016 Anheuser-Busch InBev revealed today that everything is going swimmingly in its proposed takeover of SABMiller. As well as announcing its quarterly results, AB InBev reported that it was making "good progress" in getting the regulatory clearances it needs for the £71bn takeover deal and that it expected the transaction to close in the second half of 2016. [...]
Investment banker who advised on collapsed Pfizer-Allergan merger defends “misunderstood” inversion deals May 3, 2016 An investment banker who advised Pfizer on its collapsed $160bn (£110bn) merger with Allergan has spoken out in defence of tax inversion deals, describing them as “misunderstood”. Guggenheim Partners chairman Alan Schwartz has also told how intensifying regulatory scrutiny is contributing to a slowdown in mergers and acquisitions (M&A) activity. Read more: The bitter pill of [...]
Aegon to buy BlackRock’s UK Defined Contribution (DC) platform and administration arm May 3, 2016 Aegon has today announced it is buying BlackRock's UK Defined Contribution (DC) platform and administration arm. The Dutch insurer will be acquiring assets worth roughly £12bn along with 350,000 customers, to create a workplace savings business worth £30bn. Meanwhile, asset manager BlackRock, which will be retaining £65bn of its DC business, will turn its focus [...]
Forget Brexit: The real drivers of corporate decision-making lie way beyond Britain’s borders May 3, 2016 There has, understandably, been a great deal of attention paid to the EU referendum debate, both in the UK and in many other economies with an interest in sterling. But while the referendum is certainly a highly significant constitutional event, and one which warrants the attention it has been receiving, it is just one of [...]
London Stock Exchange and Deutsche Boerse undecided on whether shareholders will be asked to vote on merger before EU referendum as Intercontinental Exchange bides time May 2, 2016 The London Stock Exchange (LSE) and Deutsche Boerse have yet to decide whether shareholders will be asked to vote on their proposed merger before the EU referendum. City A.M. understands shareholders will be presented with a prospectus containing details of when the merger will be voted on before 23 June. But the stock exchanges are [...]
USA Today publisher slams rival for “lack of engagement” with “unsolicited” takeover offer and asks shareholders to show support May 2, 2016 US newspaper publisher Gannett has turned the heat up on Tribune, a rival company it wants to acquire. Gannett, which publishes USA Today and a number of local newspapers in the UK through Newsquest, last week made an $815m (£556m) offer for the Los Angeles Times and Baltimore Sun owner. Read more: From porn to property: [...]
Oil field service companies announce breakdown of $28bn merger following intervention from US authorities May 2, 2016 Halliburton and Baker Hughes have called off their $28bn (£19.2bn) merger, which would have represented the largest oil field services acquisition ever. The deal abandonment comes after the US Department of Justice (DOJ) last month filed a lawsuit to stop the merger. The DOJ said Halliburton's acquisition of its smaller rival would hamper competition, raise [...]