More scrutiny on Chinese M&A targeting US as congress advised to block state-owned takeovers November 17, 2016 Chinese takeovers are coming under increasing scrutiny in the United States, with congress now advised to ban state-owned firms from acquiring American companies. China-to-US mergers and acquisitions (M&A) activity has smashed previous records so far this year, with Dealogic tracking 146 deals worth $60.7bn so far this year – up from 117 deals worth $12bn [...]
M&A bounces back in UK and Europe after “lacklustre” lead-up to Brexit vote November 17, 2016 More deals are on their way to the UK and Europe, after a new study found a sharp rise in early-stage M&A discussions in the quarter after the EU referendum. Despite continued uncertainty around Brexit and when Article 50 might be triggered, early-stage activity across Europe, the Middle East and Africa (EMEA) was up 13 [...]
Shaanxi Ligeance Mineral Resources digs out £326m for Gardner Aerospace November 16, 2016 Chinese aerospace and mining firm Shaanxi Ligeance Mineral Resources (SLMR) announced today it is to buy aerospace parts manufacturer Gardner Aerospace. Derby-headquartered Gardner makes parts which are used by Airbus and is currently one of the high-flying businesses held by City veteran Jon Moulton's Better Capital. SLMR, along with its subsidiary Chengdu Aerospace Superalloy Technology (CAST), plans to pick [...]
Reports: BAT’s $47bn offer for Reynolds could be up in smoke November 15, 2016 Reynolds American has stubbed out a $47bn (£37.8bn) takeover offer from British American Tobacco (BAT) because the price is too low, according to reports. BAT, which already holds a 42 per cent stake in Reynolds, sought to snap up the remaining 58 per cent in the Camel and Pall Mall cigarette producer last month. The tie-up would also open [...]
London Stock Exchange seeks to wrap up French clearing house sale as EU regulatory battle looms for Deutsche Boerse merger November 15, 2016 The London Stock Exchange Group is whittling down the list of candidates for the sale of its Paris-based clearing business and could be in a position to announce a deal before Christmas, City A.M. understands. The LCH SA deal is seen as crucial to the success of the London Stock Exchange’s £21bn merger with German [...]
Financial Conduct Authority approves Tullett Prebon takeover of Icap’s voice broking business November 15, 2016 The Financial Conduct Authority (FCA) has given its nod of approval to Tullett Prebon’s acquisition of Icap’s voice broking and information business. The deal has already received backing from the Competition and Markets Authority (CMA) and Tullett expects to complete the transaction this year. Read more: Broker Icap makes new chief exec appointment after deal [...]
Addleshaw Goddard gears up for merger with HBJ Gateley in Scotland November 14, 2016 Law firm Addleshaw Goddard is planning to expand its offering in Scotland, today announcing it is in the early stages of merging with HBJ Gateley. HBJ Gateley, a Scottish firm associated with but independent from listed law firm Gateley, was the joint eighth largest Scottish law firm by turnover in 2015-16, pulling in £21.9m. The firm has three offices, in Aberdeen, Edinburgh, [...]
US boutique banks Perella Weinberg and Tudor, Pickering, Holt and Co announce merger November 14, 2016 Two high-profile US boutique investment banks, Perella Weinberg and Tudor, Pickering, Holt and Co (TPH), have agreed a merger. Perella, the lead adviser to Deutsche Boerse for its £21bn merger with the London Stock Exchange, said the deal is expected to close this year. Read more: LSE and Deutsche Boerse: Behind the deal The combined [...]
Johnston Press confirms late-stage discussions to sell East Anglia papers November 14, 2016 Newspaper publisher Johnston Press has confirmed it is in late-stage discussions to sell a stable of newspapers in East Anglia to a rival group. Johnston Press, which bought the i newspaper earlier this year and also publishes the Scotsman and Yorkshire Post, is in the process of selling off some of its non-core titles. Read more: [...]
UK-listed Greencore announces $750m deal for US frozen breakfast sandwich maker Peacock Foods November 14, 2016 Food supplier Greencore Group has agreed a $747.5m (£594.3m) takeover deal for Peacock Foods, a US company specialising in frozen breakfast sandwiches. Peacock, which also makes chilled meal kits for children and salad kits, generates revenues of approximately $1bn and reported adjusted earnings before interest, taxation, depreciation and amortisation (ebitda) of $72.1m in the year to [...]