After Intercontinental Exchange rules out bid, here are the next challenges for the London Stock Exchange-Deutsche Boerse merger May 5, 2016 With the Intercontinental Exchange (ICE) out of the picture, analysts covering the London Stock Exchange-Deutsche Boerse merger are turning their attention to other challenges facing the deal. Antitrust, a potential Brexit, interest from other rivals and shareholder approval are among the "hurdles" now being faced. Exane BNP Paribas analysts believe there is more than half a chance the [...]
Megabrew: AB InBev-SABMiller deal bubbles along down under May 5, 2016 The so-called megabrew deal between Anheuser-Busch InBev and SABMiller took a step closer to becoming a reality today, after it received a thumbs up from Australia's antitrust watchdog. The Australian Competition and Consumer Commission (ACCC) has said it will not oppose AB InBev's takeover of SABMiller, concluding the proposed £71bn tie-up would be unlikely to result in rocketing [...]
Charter Court Financial Services auction sunk by Brexit fears May 4, 2016 The auction of Charter Court Financial Services has collapsed due to concerns over the impact of a Brexit on the UK housing market. Bidders were told the sale process has been abandoned in recent days, it was first reported by Sky News. BC Partners, Varde Partners and Warburg Pincus were among the buyout firms interested [...]
Why there’s a sunny future for solar M&A in UK, with deals volume booming May 4, 2016 Solar deal activity is on the rise, with £11bn of investment in UK projects since 2013, according to new research. UK Renewable Energy Finance 2016, a report from Clean Energy Pipeline and law firm TLT, found a 14 per cent increase in tracked deals last year, with a total acquisition value of £1.6bn. And the first [...]
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 [...]