HarbourVest’s takeover of SVG Capital hit by withdrawal of support October 5, 2016 Two key institutional investors have withdrawn their support of HabourVest’s hostile £1bn takeover attempt of SVG Capital (SVG). Legal & General and Aviva – who own 4.5 and 2.8 per cent stakes in SVG respectively – had previously signed non-binding letters of intent to support the US-fund’s offer. Hours earlier, SVG’s board redoubled its efforts [...]
Tesco’s pension headache is a real challenge because of the financial strength of the company say experts October 5, 2016 Pension experts warned that Tesco's ballooning pension deficit could cause the supermarket problems when it comes to tricky conversations with the scheme's trustees. The deficit – which doubled to £5.9bn – was higher than anticipated and will likely prompt detailed scrutiny by the trustees, in particular when it comes to next year's triennial valuation. "The ballooning deficit at Tesco is [...]
Lloyd’s insurer swallowed up by Japanese giant in a multi-billion dollar deal October 5, 2016 Lloyd's insurer Endurance Specialty has been bought by Japan's third largest insurance company in a deal worth $6.3bn (£5.0bn). Sompo, which has a market capitalisation of £9.4bn, has agreed to buy Endurance Specialty shares for $93 each, a value that is around 40 per cent higher than the average trading price New York-listed company over the last few months. The [...]
Experts react to potential changes in pension tax relief October 5, 2016 Hints that the government intends a pension tax shake-up has led to mixed reactions from experts. Chancellor Philip Hammond's parliamentary private secretary, John Glen MP, responded to questions at the Conservative Party Conference on whether the government intended to change pension tax relief. "There needs to be some serious examination about how we can re-balance incentives towards the [...]
Goldman and Canada Pension Plan sweep in with new offer for SVG Capital October 5, 2016 SVG Capital (SVG) has received a fresh offer this afternoon from a group of investment funds that include Goldman Sachs and Canada Pension Plan Investment Board for all of its assets. In a fresh twist to the ongoing saga that has seen SVG subject to a hostile takeover approach from US private equity fund HabourVest, an [...]
The number of millionaires increases by a quarter every three years but the nil-rate inheritance tax band remains static until 2021 October 4, 2016 The number of UK millionaires is growing at such a rate that Britain is on track to have nearly half a million of them by the end of the year. Analysis of HM Revenue and Customs' (HMRC) UK Personal Wealth Statistics indicates that the number of millionaires is growing by over a quarter every three years and may [...]
Starting gun fired to restart sale of billions of pounds of distressed mortgages October 4, 2016 The government is preparing to put a multi-billion pound portfolio of mortgages it manages on behalf of failed lender Bradford & Bingley back on the market. UK Asset Resolution (UKAR) – whose role is to flog mortgages written by doomed lenders that include Bradford & Bingley and Northern Rock – signalled an end to its Brexit break by circulating non-disclosure agreements to prospective buyers. Read [...]
Electra Partners floats Premier Asset Management and bags £36m October 4, 2016 Premier Asset Management announced its return to the stock market this morning in a listing that values the company at nearly £140m. Not content with floating Hollywood Bowl last month, shareholder Electra partners continued the trend today and will net £36m through selling its preference shares, although it will retain an eight per cent share interest. Read [...]
European consumers turn their noses up at price comparison websites in favour of brokers. And it’s a trend that isn’t changing soon October 4, 2016 Continental Europe is shunning price comparison websites for sales of motor insurance because brokers have managed to adapt better to the needs of the market unlike their British counterparts. Two-thirds of all UK motor insurance policies are sold through price comparison websites – a medium that has only been around since the turn of the millennium. But according to [...]
Royal Mail’s European subsidiary nets second big deal of recent months October 4, 2016 Postal giant Royal Mail has ventured into the US market by buying a next day delivery company in a deal that will cost the former state-owned company $90m (£70m). Golden State Overnight Delivery Service Inc (GSO) which operates in principally in California, was bought by Royal Mail through its European subsidiary General Logistics Systems (GLS). Read more: Royal Mail's pension scheme under [...]
