Buyout giant raises £5.7bn for European fund June 29, 2016 European private equity firm Cinven has raised €7bn (£5.7bn) from investors for its sixth fund. The fund was raised in four months and was oversubscribed for its original target of €5.5bn. Cinven’s last raising put together a fund of €5.7bn in December 2014, and led to investment in 17 companies, and 40 acquisitions. Over 90 [...]
Deutsche Boerse to “devote all efforts” to making London Stock Exchange merger work June 29, 2016 Deutsche Boerse today said it will “devote all our efforts” to completing its planned merger with the London Stock Exchange. In a statement issued today, chairman Joachim Faber said that following last week’s Brexit vote “it is more important than ever to maintain a stable financial link” to the UK and said the merger can [...]
Monsanto discussing “alternative strategic options” with Bayer after rejecting $62bn bid June 29, 2016 US seed company Monsanto has said it is discussing “alternative strategic options” with Bayer after it rejected the German company’s $62bn (£46bn) takeover offer last month. Reporting its third-quarter results today, the US firm said it had “no formal update” on the Bayer offer. Read more: Analysts expect improved Monsanto offer. Bayer shareholders may be [...]
London HQ of merged stock exchange in doubt after Brexit June 29, 2016 London's position as the world’s leading financial hub could be dealt a symbolic blow, with doubts being cast over the location of its stock exchange’s merged headquarters with Deutsche Boerse. The London Stock Exchange (LSE) is locked in merger talks with its German equivalent, and shareholders are set to vote on the deal next week. [...]
German pressure on stock exchange merger intensifies after Brexit vote June 28, 2016 Opposition to the London Stock Exchange’s (LSE) merger with Deutsche Boerse is intensifying in Germany after last week’s Brexit vote. The head of the country’s financial market regulator Bafin said today that the merged company’s headquarters could not be based in London after the UK voted to leave the EU. “Without doubt… it is hard [...]
Addison Lee is buying rival Tristar as part of its US expansion strategy June 28, 2016 Addison Lee, the UK private car hire company owned by private equity giant Carlyle, is buying rival Tristar. The financial details of the deal were not disclosed, but City sources put the valuation at around £30m. Tristar, which operates the largest luxury car fleet in the UK, has revenues of £50m per year. Read more: Addison Lee is taking the [...]
Steinhoff increases holding in Poundland as Brexit casts doubts over takeover bid June 28, 2016 South African retail conglomerate Steinhoff has upped its holding in UK discount retailer Poundland. The increase, from 23.26 to 23.52 per cent, comes despite Bensons for Beds owner Steinhoff saying last week the UK vote to quit the European Union had caused it to rethink its recent offer for the company. Steinhoff, a furniture and household goods company with operations across Europe, Africa and Australasia, earlier [...]
Baltic Exchange and Singapore Exchange extend exclusive takeover talks June 28, 2016 Singapore Exchange extended exclusive talks with the Baltic Exchange regarding a possible takeover offer by two months. The period has been stretched to 31 August from 30 June, SGX said in a statement released today. The two bourses had been in exclusive discussions since 25 May. Read more: String of foreign buyers circling the Baltic Exchange "SGX [...]
Boutique investment bank shares suffer in US as Brexit dampens M&A prospects June 27, 2016 Boutique investment bank share prices are tumbling in the US with the UK’s Brexit expected to slow mergers and acquisitions (M&A) activity. Evercore Partners’ share price fell 12 per cent on Friday after the EU referendum result emerged, and in the early afternoon on Monday it was down another 12 per cent at $41.30. [custom [...]
Steinhoff is having second thoughts on Poundland post-Brexit June 24, 2016 South African conglomerate Steinhoff is going off discount retailer Poundland following the unexpected Brexit vote. Steinhoff, owner of UK furniture firm Harveys and Bensons For Beds, blamed last night's vote for the UK to quit the European Union, as well as the recent falls in Poundland shares, for the decision. The UK yesterday voted by 52 per cent to 48 per cent to [...]