Michael Spencer’s Nex Group could attract attention from rival exchanges following confirmation of CME bid March 18, 2018 CME’s pursuit of Nex Group could be derailed by rival exchanges, analysts have said. The London exchange founded by City titan Michael Spencer could attract interest from rival exchanges around the world. Potential rivals could include the London Stock Exchange (LSE), Singapore Exchange (SGX), Frankfurt’s Deutsche Boerse and New York Stock Exchange owner Intercontinental Exchange [...]
That the Saudi Aramco IPO is in jeopardy should surprise no-one March 14, 2018 The red carpet has been rolled up to reveal a sizeable bump in the road. Just a week after the visit to Britain by Saudi Arabia’s Crown Prince Mohammad bin Salman, we’ve learned that the proposed flotation of Saudi Aramco – the world’s biggest oil company and perhaps largest company by market value – has [...]
The big winners from an Aramco listing will be the bankers March 13, 2018 Britain’s bankers and City advisors are very excited about the mooted flotation of Saudi Arabia’s state-owned oil company Aramco. The potential fees – and therefore bonuses – generated are likely to be astonishing. It will be trebles all round, as they say in Private Eye. However, as an investment proposition there may be less to [...]
Spotify direct listing on New York market to go ahead in April March 12, 2018 Spotify will go public on the New York Stock Exchange with a direct listing as early as next month, it has emerged. The music streaming service will hold an investor meeting later this week, ahead of a float which has now been scheduled for 2 April, Bloomberg reported. Its debut on the stock market will [...]
Dropbox float to value business at around $7bn March 12, 2018 Tech company Dropbox is set to be valued at $7bn (£5bn) at its initial public offering (IPO) next week, according to regulatory documents filed today. According to documents filed with the US Securities and Exchange Commission, Dropbox will sell shares at between $16 and $18, valuing the company at around $7bn. The valuation represents a [...]
GKN seals $6.1bn Dana auto tie-up deal to dampen Melrose takeover hopes March 9, 2018 Engineering giant GKN, which is currently trying to fend off a £7.4bn bid from turnaround investor Melrose Industries, today confirmed it had reached an agreement to merge part of its business with Dana. The FTSE 100 firm has agreed to merge its auto parts business with the US firm in a deal worth $6.1bn (£4.4bn). [...]
City watchdog seeks to reassure big investors on Saudi Aramco float ahead of crown prince’s UK visit March 6, 2018 The City watchdog is seeking to mollify institutional investors who have expressed serious concerns over plans to make it easier for the oil major Saudi Aramco to list in the UK ahead of a visit to the capital by Middle East nation’s powerful crown prince. The Financial Conduct Authority (FCA) last month met bosses from [...]
Two rules to rule them all: Watch out for companies with dual class shares March 6, 2018 Despite the relentless push towards corporate governance, one trend is going against the tide, threatening the old rule: “one share, one vote”. Regulators are rethinking their rules by letting firms issue controversial dual class shares. Companies that adopt this structure will issue two types of shares to give preferential rights to one set of [...]
Spotify (SPOT) has finally filed for an IPO, and it’s aiming to raise $1bn February 28, 2018 Spotify, one of the most well-known music streaming services, has finally filed for its initial public offering (IPO). The Sweden-based company is aiming to raise up to $1bn (£726m) through its much-anticipated float on the New York Stock Exchange. According to Spotify, its shares have been trading at up to $132.50 apiece on private markets [...]
Now the fog has lifted, the UK’s post-Brexit future looks bright February 26, 2018 In the 18 months following the Brexit referendum, the forecasts from the Treasury, the Bank of England, the IMF, and the OECD were proven wrong. The predicted recession, higher unemployment and a list of other calamities did not happen. Nobel Prize winning economist professor Paul Krugman described the analysis from the Project Fear propagandists as [...]