No 10 salvages PM’s business bosses forum in effort to claw back corporate support November 27, 2021 Downing Street has made a last-ditch attempt to salvage relations between British business and Boris Johnson by ditching plans to wrap up the PM’s council of business leaders, after his humiliating performance last week eroded bosses’ confidence. Last week, No 10 had told some members of the PM’s business discussion forum, the Build Back Better [...]
Billionaire Issa brothers plot $35bn merger of Asda with their EG Group petrol stations November 27, 2021 The billionaire brothers behind last year’s mammoth acquisition of Asda are now mulling a merger of the grocer with their petrol and forecourts business EG Group. A merger between the two businesses is one of a few strategy options that the Blackburn-based entrepreneurs are considering for their global forecourt empire EG group. If they were [...]
UK VC fund performance spiked this year – and so did competition for deals November 26, 2021 UK venture capital performance increased sharply in the last year, as the value of funds’ investment picks appreciated almost in line with those of the US, according to research by British Business Bank (BBB) published today. VC funds have seen their total value to paid-in (TVPI) multiple – the metric used to track the value [...]
Beijing asks Didi to delist in New York over data security concerns November 26, 2021 Chinese regulators have pressured top executives of ride hailing giant Didi to pull together a plan to delist from the New York Stock Exchange over data security fears, according to reports. Beijing’s Cyberspace Administration of China (CAC) – the body that has cracked down on the likes of Ant Group and Alibaba in the last [...]
Plant-based power powder maker Huel sets sights on London IPO November 25, 2021 Plant-based meal replacement maker Huel has hired advisers as it considers a potential initial public offering in London that could take place next year. Huel, the “nutritionally complete” food that aims to replace a regular diet with an all-in-one powdered or drinkable meal, has hired advisers at Goldman Sachs and JP Morgan to work on [...]
UK overhauls development investment body to challenge influence of Chinese loans November 25, 2021 Foreign secretary Liz Truss has revamped the UK’s development investment arm in a bid to offer emerging economies an alternative source of private capital to Chinese loans that can counter Beijing’s influence and avoid “bad and unsustainable debt.” Truss launched British International Investment (BII) this morning at the London Stock Exchange, a body that will [...]
Dan Loeb’s Third Point rakes in $300m profit from Rivian IPO November 24, 2021 Dan Loeb’s hedge fund Third Point was one of several winners from electric vehicle startup Rivian’s blockbuster US IPO earlier this month, scoring a $300m profit as it hit the market. Third Point’s stake in Rivian, whose $100bn IPO was the biggest market debut in the world this year, was accumulated over the last twelve [...]
Hundreds of US Google employees sign petition against compulsory vaccines November 24, 2021 Several hundred Google employees have signed a petition opposing the tech giant’s widened vaccine policy that includes compulsory Covid vaccinations for some staff returning to the office and working from home. Google staff based in the US circulated a document asking management to retract a vaccine mandate and create a new one that is “inclusive [...]
It starts with a chat: FinnCap CEO Sam Smith on the female IPO deficit November 24, 2021 Sam Smith has led FinnCap through a particularly busy six months, as a flurry of activity in the M&A and IPO markets helped the City broker achieve record half year results last week. Earnings jumped 55 per cent to a record £32m, pre-tax profit was up around three-quarters to £6.3m, and the firm enjoyed a [...]
Hambro Perks looks to be first out of the gate with £150m London SPAC listing November 23, 2021 VC firm Hambro Perks has today announced it is targeting a listing of up to £150m in London via a special purpose acquisition vehicle (SPAC), in what could make it the first out of the gate since the City watchdog overhauled blank-cheque listing rules. Hambro Perks Acquisition Company – the name of the SPAC – [...]