US takeovers in Europe hit record levels despite Dulux owner brushing off £18bn approach from PPG Industries March 9, 2017 US takeovers in Europe are heading for record levels this year, despite Azko Nobel, the Dutch paints and coatings maker behind Dulux, rejected a €21bn (£18bn) from rival PPG Industries. Some 205 US-Europe deals have been agreed so far this year, according to Thomson Reuters. While the number is down on 263 agreed last year, [...]
US cereal maker Post Holdings wants to have its Weetabix and readies £1.5bn bid, as the race to buy the breakfast brand narrows to just two bidders March 8, 2017 An American firm is lining up a £1.5bn bid for Weetabix, as it prepares to go head-to-head with another company interested in snapping up the breakfast cereal brand. According to Sky News, which first reported the story, Post Holdings, which makes Golden Crisp and Cocoa Pebbles, is one of just two bidders left competing to [...]
Former culture secretary John Whittingdale sees no problem with 21st Century Fox-Sky deal (but would refer it to Ofcom) March 8, 2017 Former culture secretary John Whittingdale has said he does not have a problem with 21st Century Fox’s Sky takeover and believes Channel 4 could thrive if sold off by the government. Whittingdale, who held the position until last year, was speaking at a time when his successor, Karen Bradley, is considering whether to refer Fox’s [...]
Rupert Murdoch’s 21st Century Fox tells government: Sky takeover is “in the interest of the UK” March 8, 2017 Rupert Murdoch’s 21st Century Fox has written to the government setting out why its Sky takeover is “in the interest of the UK, its creative economy and its consumers”. Culture secretary Karen Bradley is currently considering whether to refer the £11.7bn deal to broadcasting regulator Ofcom. Read more: Murdoch Empire 2.0 or socialist witch-hunt? MPs [...]
Budget 2017: Government provides updates on sales of Green Investment Bank, Lloyds and RBS March 8, 2017 The government remained largely quiet on its various privatisation processes in the Budget today. The Treasury announced no new sell-offs, and confirmed the sale of the Green Investment Bank and £12bn of student loans are ongoing. The Green Investment Bank sale process has come under intense scrutiny in recent months, with several MPs raising concerns about [...]
Property fund Pradera, backed by UK private wealth partnership LJ Partnership, buys 25 Ikea retail parks across Europe in €900m deal March 8, 2017 A retail property fund and asset manager has agreed a €900m (£780m) deal for 25 Ikea retail parks across Europe. Pradera, which is backed by UK-based private wealth partnership LJ Partnership, is buying centres in eight countries across the continent as part of the deal. The retail parks, situated next to Ikea stores, comprise around 500 [...]
Part of British chipmaker Arm to be sold to Saudi-backed Softbank Vision Fund March 8, 2017 Softbank is reportedly selling part of newly acquired British chipmaker Arm to its Saudi-backed investment fund. After snapping up the firm for £24bn in a shock mega-deal just weeks after the vote to leave the European Union last June, the Japanese conglomerate is now selling a 25 per cent stake to its Vision Fund, the Financial Times reports, [...]
Foreign takeovers in the UK hit record levels last year as Megabrew and BG-Shell deals completed March 7, 2017 Foreign takeovers of British companies reached record levels last year as mega-deals announced during 2015 were tied up. In 2016, the Office for National Statistics (ONS) tracked 227 foreign takeovers, the highest annual number since 2011, worth £187.4bn, the highest total value since records began in 1969. These figures were boosted by AB InBev’s £79bn [...]
Mike Ashley wants you to know something about his Agent Provocateur takeover March 7, 2017 Sports Direct founder Mike Ashley's recent foray into frilly knickers may have raised eyebrows – but he wants you to know it wasn't just him who bought the lingerie retailer. In a statement today, Sports Direct clarified the £30m acquisition was made by Four Holdings, a company in which it owns a 25 per cent [...]
Standard Life-Aberdeen deal expected to spark M&A flurry in asset management industry March 6, 2017 Standard Life (SL) and Aberdeen Asset Management’s £11bn merger is expected to prompt a flurry of fund management consolidation, industry experts said yesterday. The companies’ share prices rocketed after they confirmed the terms of their deal, despite City uncertainty over plans for Keith Skeoch and Martin Gilbert to be co-chief executives. Read more: Standard Life [...]