Rupert Murdoch’s News Corp agrees all-cash deal to buy TalkSport owner for £220m June 30, 2016 Media giant News Corp has agreed to pay £220.3m for the company that owns UK radio station TalkSport. The deal for Wireless Group comes after it changed its name from UTV Media in March, following the sale of its TV assets to ITV for around £100m. Wireless shares have shot up 70 per cent on [...]
Global investors back London to retain financial centre crown after Brexit June 30, 2016 London will retain its position as a world-leading financial centre despite last week’s Brexit vote, according to a poll of global institutional investors seen by City A.M. Two-thirds of those surveyed by FTI Consulting said the capital is unlikely to lose this coveted status. The results of the survey emerge as the FTSE 100 staged [...]
Turkey producer on the hunt for bootiful new owner June 29, 2016 Turkey producer Bernard Matthews has reportedly begun searching for a new owner. The company, best known for its ‘bootiful’ catchphrase in adverts, is currently owned by Rutland Partners. Read more: Rutland gobbles up a stake in turkey firm Bernard Matthews Sky News first reported that Rutland has appointed advisers at PricewaterhouseCoopers (PwC) to find potential [...]
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 [...]