London still in the running for mega-IPO post-Brexit vote, Saudi Aramco says September 26, 2016 Saudi Aramco confirmed today that it's considering listing what could be the world's most valuable company in London. It comes despite warnings from a string of financial firms that the UK's vote to leave the European Union could push them to relocate outside of the City. Read more: Saudi Aramco set to be valued at more than $2 [...]
Marriott and Starwood have finally sealed their $13bn deal September 23, 2016 Marriott International said today it has finally completed the $13bn (£9.9bn) acquisition of Starwood Hotels, creating a $36bn hotels giant with 1.1m rooms. The deal has been beset by delays, including an eleventh-hour bid by a Chinese consortium which nearly scuppered Marriott's bid altogether, and a 60-day delay imposed by the Chinese ministry of commerce. Starwood shareholders will receive [...]
Gender is secondary at Walmsley’s GSK September 23, 2016 If the patient isn't responding, change the medicine: that's been the crude, but long-running, summary of some investors' prescription for Britain's biggest pharmaceuticals group. So for GlaxoSmithKline (GSK) investors, the least important aspect of Emma Walmsley's appointment as its next chief executive is her gender. That doesn't make it unimportant, of course: as the global [...]
Enquest shares fall after oilfield stake sale talks collapse September 15, 2016 Enquest shares slumped today after it announced the collapse of talks to sell a slice of one of the biggest North Sea development projects to Israeli conglomerate Delek. The independent British oil producer announced in July that it had signed a non-binding deal to sell a 20 per cent stake in the Kraken oilfield, east of the [...]
Royal Bank of Canada bumps up dividend as income increases August 24, 2016 Royal Bank of Canada (RBC) has today announced a boost to its income, along with a slightly sweeter dividend for its third quarter of its financial year. RBC revealed net income of CA$2.9bn (£1.7bn) for the three months to the end of July, an increase of 17 per cent on CA$2.5bn the year before. Meanwhile, diluted earnings per share were reported [...]
The mobile payments battle just intensified in the UK August 23, 2016 iZettle is likely a familiar sight if you frequent small coffee shops or market stalls across the capital. The tiny card reading machine has sprung up across the UK, making it easier for shops to offer customers the option of paying by card without having to invest in the pricey systems offered by the big tech companies. [...]
Intercontinental Exchange questions UK competition watchdog concerns over Trayport takeover August 18, 2016 The owner of the New York Stock Exchange has questioned the justification of the British competition authority’s concerns over its Trayport takeover. The Competition and Markets Authority (CMA) said the Intercontinental Exchange (ICE) should consider reversing its $650m (£495m) deal for Trayport, a commodities trading software operation. Read more: US rival pulled London Stock Exchange [...]
Global oil nudges “magic number” $50 per barrel August 17, 2016 Oil headed toward the "magic" $50 mark this afternoon, after a larger-than-expected drop in US oil stocks buoyed investor confidence. Brent crude, the global benchmark, jumped 0.91 per cent to $49.68 per barrel on London's ICE Futures Exchange this afternoon. Its US counterpart, West Texas Intermediate crude, rose 0.26 per cent to $46.70 on the New York [...]
US rival pulled out of London Stock Exchange bid because it expected Brexit vote August 3, 2016 The owner of the New York Stock Exchange pulled out of a bid for the London Stock Exchange because it was anticipating a Brexit vote, the company has revealed. The Intercontinental Exchange (ICE) announced it would not be making a bid for the LSE, which is currently in the process of merging with German exchange [...]
Megabrew: AB InBev and SABMiller expect to seal the deal in October August 1, 2016 Anheuser-Busch InBev's £79bn takeover of SABMiller is expected to complete on 10 October, the companies said in a statement today. The brewers unveiled the agreed, expected timetable for the merger following the satisfaction of the pre-conditions, which were completed on 29 July after getting the all-clear from Chinese authorities. It is the first time a closing date has been given [...]