Sports Direct set for Game Digital takeover after securing shareholder backing July 9, 2019 Sports Direct said today that it has wrapped up enough support for its takeover offer of Game Digital, paving the way for Mike Ashley’s latest high street acquisition. The retailer has said its offer for Game Digital is now unconditional, as its own 38.5 per cent stake and backing from other shareholders takes its support [...]
Shareholders vote to back Coupe in Sainsbury’s showdown July 4, 2019 Under-fire Sainsbury’s boss Mike Coupe was lambasted by shareholders at a tense investor showdown earlier today, as the supermarket chain faced a set of tough questions following a torrid 12 months. Disgruntled shareholders slammed Coupe and the board at the firm’s annual general meeting (AGM) over its falling share price, which has plunged by almost [...]
European Medicines Agency to sublet Canary Wharf HQ to Wework after High Court defeat July 4, 2019 The European Medicines Agency (EMA) is leasing its entire London office to fast-growing flexible space provider WeWork, having lost a court battle to cancel its £500m rent contract in the wake of its planned move to Amsterdam post-Brexit. Read more: Europe’s development bank lured into new Canary Wharf HQ WeWork is taking up the 284,000 [...]
Sports Direct hit with second senior departure in a week July 4, 2019 A senior figure within Mike Ashley’s Sports Direct has left the firm, marking the second high-ranking departure in under a week. The high street retailer’s company secretary Cameron Olson is leaving the firm to return to Australia for personal reasons, a spokesperson said today. The news, first reported by Press Association, comes just days after [...]
Mike Coupe is yet to convince the City that he has a Plan B for Sainsbury’s July 3, 2019 It has been several months since the Mike Coupe dream of a merger with Asda was dealt a lethal blow from Britain’s competition watchdog. But how much has the embattled chief executive changed his tune? Not enough, it would seem, to quell anxiety among investors. Shares in the supermarket giant failed to pick up today [...]
Deutsche Bank restructuring to cost ‘up to €5.6bn’ July 3, 2019 The cost of a radical shake-up at Deutsche Bank could reportedly total €5.6bn (£5bn), as the German lender presses ahead with a sweeping turnaround plan that is likely to hit its investment banking division. A vast overhaul of the business is likely to cost several billion euros, sources told Reuters and the FT, as it [...]
Unite Group buys Liberty Living in £1.4bn student housing move July 3, 2019 Student housing giant Unite has agreed to snap up rival provider Liberty Living in a £1.4bn deal. Read more: Singapore buyer swoops up £180m student property portfolio The two companies confirmed today the cash-and-shares deal, which will create a firm which will control more than 70,000 beds across the UK. Liberty’s sole shareholder, the Canada [...]
What’s gone wrong at Sainsbury’s? Three problems the supermarket must address July 3, 2019 It has been several months now since the Mike Coupe’s dreams of a merger with Asda were dealt a lethal blow from Britain’s competition watchdog, but how much has changed? Directors at the supermarket chain have been setting out a plan to cut costs, slash debt and refurbish 400 stores. Yet investors will likely have [...]
JD Sports ‘on track’ to meet profit expectations as it gears up for AGM July 3, 2019 Sporstwear retailer JD Sports struck a confident tone in the City this morning as it claimed it was on track to meet profit forecasts. Shares in the high street brand edged up three per cent in morning trading after the group said it expected to deliver headline pre-tax profit ahead of its full-year results next [...]
Santander ‘faces €100m lawsuit’ from Andrea Orcel over CEO row July 3, 2019 Santander has reportedly been landed with a €100m (£90m) legal challenge from Andrea Orcel, the investment banker who was denied the role of chief executive just four months after being offered the post. Read more:Deutsche Bank considers cutting up to 20,000 jobs Orcel has filed a lawsuit claiming the Spanish multinational bank violated a contract [...]
