RAC float skids off the road as GIC buys stake September 25, 2014 PLANS for a £2bn float of RAC skidded off the road yesterday after Singapore’s sovereign wealth fund GIC agreed to buy a major stake in the firm from private equity owner Carlyle Group. The sudden turnaround will see GIC become joint majority shareholder of RAC together with Carlyle, and also means city heavyweight and CBI [...]
Lloyd’s chairman John Nelson: We have global ideas and diversity will help September 25, 2014 With more than 325 years of history behind it, Lloyd’s of London is one of the City’s most venerable insurance fixtures – but that hasn’t prevented it from moving with the times, according to chairman John Nelson. “I’ve seen a lot more diversity here than when I started three years ago,” Nelson said, and [...]
£430m sale by Direct Line to boost investors September 25, 2014 INSURANCE group Direct Line announced yesterday it had agreed to sell its international division to major Spanish insurance firm Mapfre for €550m (£430.5m) FTSE 100-listed Direct Line said the sale of its international division, comprising its German and Italian businesses, would lead to a pre-tax gain of around £160m from the sale. Direct Line said [...]
Sir Mike Rake will no longer take the wheel as RAC chairman after it abandoned IPO plans September 25, 2014 There is a major turnaround at the RAC as City heavyweight and CBI president Sir Mike Rake will no longer take up his position as chairman of the roadside recovery firm, following investment in RAC today from Singapore sovereign wealth fund GIC. RAC had announced at the start of September it would appoint Rake [...]
BHP Billiton set to add London listing for miner September 24, 2014 BHP Billiton is seriously considering offering an additional London listing for its new mining spin off, in a potential victory for UK shareholders who had pushed for such a move since demerger proposals a month ago. BHP had initially announced listings only on Australian and South African exchanges for the new company, but is now [...]
Motor insurance shake-up drives mixed reviews September 24, 2014 THE UK motor insurance sector is in for a major shake up after the Competition and Markets Authority (CMA) yesterday revealed a range of measures to promote competition. The CMA proposals included a ban on exclusivity deals between car insurance firms and price comparison websites, preventing the firms from offering lower prices elsewhere. However, while this [...]
Inquiry launched into postal sector after Royal Mail warnings about unfair USO competition September 24, 2014 A new inquiry into competition in the postal sector was launched by MPs yesterday, following warnings by Royal Mail that its universal service obligation (USO) might be at risk due to rivals “cherry picking” profitable areas. The business committee will investigate the impact of competition in mail and parcel delivery services on the USO, which [...]
Jimmy Choo to put its best foot foward for float September 23, 2014 LUXURY shoe brand Jimmy Choo is hoping its fortunes will take a step up as it announced plans yesterday to float on the London Stock Exchange next month. It has been estimated that the Jimmy Choo listing could value the high fashion shoe brand chain at above £700m. Jimmy Choo has put forward a growth [...]
Miller Homes IPO: Regional builder aims to raise £140m in listing September 23, 2014 The autumn stock market listing season is building up after Miller Homes yesterday announced plans to seek entry to the London Stock Exchange in the next few months. The housebuilder is seeking to raise up to £140m from the sale of at least 40 per cent of its shares, which would value Miller Homes at [...]
London Mining and Glencore share prices hit by dispute over contract payment September 22, 2014 London Mining has accused Glencore of non-payment of an iron ore contract between the two mining firms, hitting shares in both companies hard yesterday. Shares in Aim-listed London Mining plummeted over 10 per cent yesterday to close at an all-time low of 23.25p, while giant mining company Glencore saw its shares fall nearly five per [...]
