Investors call for a discount to salvage Evonik attempt to float June 11, 2012 PROSPECTS for Evonik’s second IPO attempt dimmed yesterday as investors made it clear that proposed valuations for the German speciality chemical company were too high, saying only a big discount to listed peers might do the trick. “The market right now is not willing to pay for projected long-term earnings,” said one institutional investor, who [...]
RBS changes pension terms June 11, 2012 MORE THAN 48,000 staff at the Royal Bank of Scotland will have to work up to five years longer to qualify for their full pension unless they contribute five per cent of their savings, it emerged yesterday. The taxpayer-owned bank told staff it wants to raise the retirement age from 60 to 65 “to ensure [...]
Ex-Dewey boss joins its rival June 11, 2012 THE FORMER managing partner of bankrupt law firm Dewey & LeBoeuf London was yesterday named as co-head of rival Morgan Lewis & Bockius’s London office. Peter Sharp will become joint managing partner of the City firm’s London base alongside Christopher Harrison. Sharp joined Morgan Lewis during the mass exit of partners from Dewey’s UK operations last [...]
UTC offers EU concessions June 11, 2012 US CONGLOMERATE United Technologies has offered to sell assets to secure EU regulatory approval for its $16.5bn (£10.6bn) takeover of US aircraft components maker Goodrich, a person familiar with the matter said yesterday. The European Commission has been examining the deal, UTC’s biggest in a decade and with which it aims to build critical mass [...]
Deutsche Wohnen set to raise €475m for Barclays flats deal June 11, 2012 GERMAN residential property investor Deutsche Wohnen plans to raise up to €475m (£383m) to help fund its deal to buy a portfolio of flats in Germany’s prosperous property market. It will issue up to 43.8m new shares and offer investors three shares for each of the seven they already own. The capital raising comes just days [...]
Pension group joins row ahead of WPP meeting June 11, 2012 CAMPAIGNING group FairPensions is the latest critic to speak out against Sir Martin Sorrell’s contentious £12.9m pay package, as tensions mount ahead of WPP’s annual meeting tomorrow. Louise Rouse, director of engagement at FairPensions, said yesterday: “We’re urging shareholders to vote against WPP’s remuneration package because it contains a number of examples of unacceptable practice including [...]
Credit Suisse braced for a further reduction in costs June 11, 2012 THERE was some positive news for Credit Suisse yesterday as the investment bank announced its role as joint lead manager of one of the larger share issues in Europe this year. Along with UBS, its arch rival, Credit Suisse is joint global co-ordinator and joint bookrunner for Deutsche Wohnen’s €475m (£383m) rights issue to help [...]
Nationwide hit by pay criticism June 11, 2012 SAVERS are being urged to vote against executive pay deals at Nationwide, the UK’s biggest building society. The Building Societies Members Association (BSMA) has also called for savers in mutuals to be given a binding vote on directors’ pay, according to ExaroNews. BSMA says the Nationwide board should consult more and keep “pay increases to levels closer [...]
Hansteen share award attacked June 11, 2012 PROPERTY investor Hansteen Holdings suffered a 30 per cent protest vote against its executive pay plans yesterday as institutional investors showed concerns over potentially unlimited share awards. This is up from a 16.5 per cent vote against the firm’s remuneration report last year, as part of a long-running disagreement over the FTSE 250 firm’s uncapped [...]
London is top tourist destination June 11, 2012 LONDON was yesterday named as the world’s top visitor destination for the second year running, according to the MasterCard Global Destination Cities Index. The report shows that Britain’s capital has retained its number one position in terms of visitor numbers, with 16.9m tourists expected this year. It is also expected to record the highest international [...]
