Meet the Edmond de Rothschild asset manager who launched a UK-focused fund just before the referendum (and doesn’t regret it) November 27, 2016 With the European Union referendum just two months away, April 2016 may have seemed like a bold time for a European asset manager to launch a new fund focusing exclusively on the UK – even if it looked like we were headed for a Remain vote. Shares in companies such as ITV, BT, and Marks [...]
Here’s what Skyscanner’s biggest shareholder had to say about £1.4bn sale November 24, 2016 The biggest shareholder in unicorn tech startup Skyscanner, snapped up by Chinese firm Ctrip for £1.4bn, has told City A.M. the deal is a good one for the UK's tech industry, just a day after chancellor Philip Hammond announced measures to counter the trend of the UK's brightest companies selling rather than scaling up. "This is [...]
Deutsche Boerse exec warns US and China will dominate if London Stock Exchange merger is blocked November 24, 2016 A Deutsche Boerse executive has warned rival firms from the US and China will dominate if the German’s merger with the London Stock Exchange falls through. The exchanges are expecting a statement of objections to their tie-up from the European Commission next month and analysts remain doubtful the deal will complete. Read more: Stock exchanges [...]
Not for sale: Government rules out Land Registry privatisation November 23, 2016 The government has announced it will not be privatising the Land Registry. The Treasury said in its Autumn Statement document: Following consultation the government has decided that HM Land Registry should focus on becoming a more digital data-driven registration business, and to do this will remain in the public sector. Modernisation will maximise the value [...]
Brammer’s board accepts bumper offer after tumultuous 2016 November 23, 2016 Shares in UK parts distributor Brammer soared nearly 70 per cent after receiving a premium offer from a US buy-out fund. Advent International, which has previously held stakes in Poundland, Fat Face and mental health provider the Priory Group, offered £222m to take the firm private. The offer is a 69 per cent premium to [...]
China’s European spending spree undeterred by UK’s Brexit vote November 22, 2016 Chinese deal activity in the UK has not been slowed by the Brexit vote and the appetite for European takeovers in general is likely to increase, according to a new report. So far this year, China and Hong Kong-based dealmakers have completed 170 acquisitions in Europe, according to a Deloitte analysis. Meanwhile, in the opposite direction, there have [...]
Deutsche Boerse expects EU statement of objections to London Stock Exchange merger before Christmas November 22, 2016 Deutsche Boerse expects the EU competition regulator to publish a statement of objections to the company’s £21bn merger with the London Stock Exchange next month. The German firm’s chief executive Carsten Kengeter said he expects the European Commission to make the intervention in the second week of December. Read more: London Stock Exchange seeks to [...]
“I wish we could find something”: Aberdeen Asset Management pulled out of bidding for Unicredit’s €3.5bn Pioneer fund unit November 21, 2016 Aberdeen Asset Management dropped a bid for Italian bank UniCredit’s Pioneer fund unit because the UK-listed firm could not afford the €3.5bn (£3bn) asking price. The fund manager made it through to the second round of bidding before withdrawing, chief executive Martin Gilbert revealed. Read more: Trading in Unicredit shares suspended as investors digest bank stress [...]
London Stock Exchange boosts information business with acquisition of US-based Mergent November 21, 2016 The London Stock Exchange Group has announced a takeover of US-based Mergent to boost its information services business. The deal, the terms of which have not been disclosed, is expected to close on 31 January. The firm will join the information services division of the group, which also houses FTSE Russell, an indexes and data [...]
Lloyds said to be frontrunner in bidding for Bank of America’s £7bn-valued MBNA November 21, 2016 Lloyds Banking Group is thought to be the frontrunner for Bank of America’s £7bn-valued UK credit card business. The UK lender is reported to have edged ahead of US private equity group Cerberus in the bidding for MBNA’s British credit card operation. For Lloyds, it would mark the first acquisition since it was bailed out by [...]