Correction May 13, 2012 In our edition dated 11 May, we quoted Andrew Haslam in our City Views feature entitled “Do you have any sympathy for public sector strikers?”. We misrepresented his views and apologise for doing so. A more accurate version of Mr Haslam’s views is as follows: “It isn’t helpful. I can’t say I would not strike [...]
Avon considers Coty’s $10.7bn sweetened bid May 13, 2012 AVON said last night it is considering Coty’s $10.7bn (£6.66bn) takeover bid and expects to respond to the smaller firm’s advances within a week. Coty last week raised its offer from an earlier $10bn bid and gave Avon a deadline of the close of business today to enter into talks or it would withdraw its [...]
Banking lobby group urges EU to vote against cap on bonuses May 13, 2012 A CONSORTIUM of banks have appealed to the European Parliament to vote against new rules that would curb their annual bonuses to the same level as their annual salary, in a move they warn would damage their businesses. The Association for Financial Markets in Europe (AFME), an industry group representing banks across the continent, has [...]
Boost for new bank Aldermore as it clinches £36m fundraising May 13, 2012 NEW bank Aldermore is set to grow after raising £36m of new capital. Private equity firm Centerbridge Partners has acquired Tier 2 bonds issued by Aldermore, a homeowner and small business specialist set up by buyout house AnaCap and Morgan Stanley. Aldermore chief executive Phillip Monks said: “The new funds provide us with the opportunity [...]
Bidders said to be closing in on Invensys deal May 13, 2012 A BID for Invensys could be nearing following reports this weekend that interest in the signal and control maker has escalated in recent weeks. Siemens, General Electric, ABB and Emerson are all said to have approached Invensys in the past few weeks, although no official offer has been tabled, following years of interested parties circling [...]
The Man from Del Monte plans a £500m resources cash shell May 13, 2012 A SOUTH African businessman dubbed the Man from Del Monte wants to create a stock market cash shell to buy resources or consumer goods companies. Vivian Imerman is leading the investment team for acquisition vehicle Sacoven. The firm intends to target oil, mining or consumer goods firms worth between £200m and £500m, according to documents [...]
Thomas Cook warns it could go bust if investors don’t back deal May 13, 2012 TOUR operator Thomas Cook’s board has issued a dire warning to shareholders: support our cost cutting plans or send the firm into administration. The company said in a circular that some of the debt lifelines it secured earlier this month will only become effective once investors approve plans to sell and lease back planes and [...]
Rank to be UK’s top casino firm after Gala deal May 13, 2012 RANK Group has agreed to buy a string of casinos from rival firm Gala Coral just six weeks after walking away from initial negotiations. The £205m cash deal will mean Rank becomes Great Britain’s largest casino operator, with its 35-strong Grosvenor brand enhanced by an additional 23 venues from Gala. The discussions were publicised in [...]
BBA’s Angela Knight to become chief of trade body Energy UK May 13, 2012 ANGELA Knight, current boss of the British Bankers’ Association, has been appointed the next chief executive of trade body Energy UK. The move sees Knight, who takes the helm at the end of July, revert to her background in the energy sector. She is perhaps better known for her financial work, including her current position [...]
Roaring success for animal art May 13, 2012 WHOEVER said not to mix business with pleasure needs to take a leaf out of Jamie Polk’s book. Polk left the City behind him when Jupiter Asset Management, his former employer, was taken over by Commerzbank. But that was by no means the end of Polk’s business career. Paralysed from the chest down following an [...]
