No Resolution for Phoenix in buyout talks November 20, 2011 THE collapse of talks between insurance takeover specialist Resolution and rival Phoenix Group has cleared the way for a rival bid from buyout firm CVC Capital or Swiss Re. CVC has opened talks over a deal to buy all or part of Phoenix, it emerged yesterday, as Resolution broke off negotiations over a deal. City [...]
RBS chief’s bonus suffers as share price plummets November 20, 2011 RBS chief executive Stephen Hester has lost out on millions of pounds in potential bonuses since taking the job three years ago, as the value of the bank’s stock has fallen. When Hester took over as chief executive in November 2008, RBS shares were worth 46p each. By the end of Friday their value had [...]
Osborne: I had 2013 deadline on sale of Rock November 20, 2011 THE treasury only had until 2013 to sell a majority stake in Northern Rock, chancellor George Osborne will reveal today in a sharp rebuttal of Labour’s criticism that the government sold the loss-making lender at a bad time. In a letter replying to a note from shadow financial secretary Chris Leslie, Osborne writes that the [...]
MF Global row drags in banks November 20, 2011 TWO American pension funds have launched legal action against seven banks, claiming they concealed problems over MF Global’s $6.3bn (£3.99bn) exposure to European sovereign debt. Royal Bank of Scotland, Goldman Sachs and JP Morgan Chase, as well as former MF Global boss Jon Corzine, are among those named in the suit. The registration statements and [...]
Compass to give £500m to investors November 20, 2011 COMPASS, the catering firm, will reveal plans this week to return up to £500m to shareholders by buying back shares. Analysts expect the group, which serves four billion meals each year in more than 50 countries, to announce the buyback alongside its full-year results, with profits expected to exceed £1bn. In a recent trading update [...]
Mitchells & Butlers drags its heels over CEO replacement November 20, 2011 THE SEARCH for a new chief executive for Mitchells & Butlers is set to drag on with no fixed deadline, as the pub group struggles to attract candidates. There will be no update on the hiring process when M&B announces its full-year numbers tomorrow, even though some analysts were expecting one. The results are forecast [...]
Sarasin executives in bid to thwart Julius Baer takeover November 20, 2011 TWELVE top managers at Swiss private bank Sarasin, including its chief executive Joachim Straehle, have written a letter to the bank’s board to fend off a takeover by Julius Baer, it is understood. It is understood the letter was written by practically the whole top level of management at Sarasin, meaning the bank would likely [...]
EX-BP CHIEF ENERGISES WELL-OILED GALA NIGHT November 20, 2011 THE OIL Council’s gala dinner was a slick affair, with commodities executives summoning the energy to fly in from the world’s exploration powerhouses: Houston, South Africa, Abu Dhabi, Kuwait and, last but not least, Aberdeen. The 650 oilmen were among the first to take advantage of the Tower of London’s semi-permanent marquee, erected over the [...]
BILL OF THE WEEK November 20, 2011 THE CUBAN missile crisis was nothing compared to the fuss that ensued when the new furniture for Gaucho Broadgate was detained as a “suspect package” by HM Customs & Excise. No matter that the dubious shipment was from Italy and not Havana, as first suspected, Gaucho will be without designer décor for its new cigar [...]
German strong-arm tactics could backfire November 20, 2011 IF a week is a long time in politics, two weeks covering affairs of state in Italy can seem like an eternity. But having covered the fall of Berlusconi and the rise of Monti’s technocrats, there’s some relief things moved along quicker than I and investors feared. Less than two weeks ago it was still [...]
