London Stock Exchange and Deutsche Boerse confident European regulators will wave through £21bn mega merger February 8, 2017 The London Stock Exchange (LSE) moved one step closer to its £21bn mega-merger with German exchange Deutsche Boerse yesterday, formally submitting concessions to competition regulators in Brussels. The offer goes little beyond the LSE’s sale of its French clearing unit LCH SA to Euronext. However, both exchanges are confident the submission will be enough to [...]
Ascential buy: FTSE 250 media company behind Cannes Lions festival buys $69m US firm February 7, 2017 Ascential, the FTSE 250-listed media company formerly known as Emap, has agreed to buy US advisory and business services group MediaLink. The company behind the Cannes Lions advertising festival has agreed an initial cash consideration for MediaLink of $69m (£55m) plus future earnouts. The target company, which was founded in 2003 and has four offices [...]
Advisers on London Stock Exchange-Deutsche Boerse deal could rake in up to £305m February 7, 2017 The London Stock Exchange and Deutsche Boerse could pay up to £305m between them to bankers, lawyers, accountants and PRs working on their merger. The top-end estimate was revised up today from £234m in light of an extended probe by the European Commission into the deal. Credit Suisse analysts noted today: We believe merger related [...]
Deutsche Boerse board expresses “full confidence” in chief executive Carsten Kengeter amid insider trading probe February 7, 2017 Deutsche Boerse chief executive Carsten Kengeter has the “full confidence” of his board amid an insider trading probe relating to the company’s merger with the London Stock Exchange. The company’s supervisory board met yesterday to discuss the allegations against Kengeter “thoroughly and intensely”, Deutsche Boerse said. Read more: Spotlight falls on LSE-Deutsche Boerse merger: Who knew [...]
Heineken closes in on Punch Taverns as its investment vehicle buys 28 per cent stake February 6, 2017 Heineken has moved a step closer to completing its acquisition of Punch Taverns after its investment vehicle bought a significant stake in the British pub chain group. The Dutch brewer announced today that Vine Acquisitions, the vehicle it shares with partner Patron Capital, built up its share in the company to 28.5 per cent on Friday [...]
Government kicks off next stage of £12bn student loanbook sell-off February 6, 2017 The government formally kicked off the next stage of its bid to sell £12bn-worth of student loans today. City A.M. revealed bankers from Barclays had been appointed to advise on the deal last month. Read more: Bankers appointed by government for latest student loans sell-off push The sale, which is being structured as a securitisation, is being [...]
Brian Winterflood: The broker who has helped shape the City over 60 years, including by blocking 2000 first exchange merger attempt February 6, 2017 With not long to go before the London Stock Exchange and Deutsche Boerse find out whether their third formal attempt to merge is successful, it was perhaps bold of Xavier Rolet, the French boss of the UK company, to invite Brian Winterflood to open the market last week. Celebrating his 80th birthday and retirement from the [...]
MPs question government over Green Investment Bank restructuring ahead of privatisation February 5, 2017 A group of MPs is ramping up pressure on the government over the privatisation of the Green Investment Bank (GIB). The Environmental Audit Committee today published a letter condemning the fact “parliament appears to be kept in the dark” over the sale process. The committee, led by Labour MP Mary Creagh, also raised concerns about a [...]
German minister: It is “crystal clear” London Stock Exchange-Deutsche Boerse HQ should be in Frankfurt February 3, 2017 The location of the legal headquarters of the merged London Stock Exchange-Deutsche Boerse company is in the spotlight again today after an influential German minister said the UK should lose out. Thomas Schaefer, finance minister in the state of Hesse, where Deutsche Boerse is based, said the reasons for the HQ being in Frankfurt are “crystal [...]
Little Chef roadside restaurant chain sold February 3, 2017 Little Chef's owner has announced the sale of the roadside restaurant business. Kout Food Group said today that it had sold its roadside portfolio to Euro Garages, a roadside retail company operating brands such as Starbucks, Subway and Greggs. Read more: Little Chef is being gobbled up City A.M. understands Euro Garages has bought all of [...]