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 [...]
Coinbase launches bitcoin tool for shops and businesses to accept cryptocurrency payments February 15, 2018 Having trouble spending your bitcoin? Despite the cryptocurrency boom, using it to pay for goods is far from mainstream. But there’s one startup that is looking to change that. Cryptocurrency exchange Coinbase has launched a new tool to make it easier for shops and other businesses to accept payments directly in bitcoin, ethereum, litecoin and [...]
Deliveroo IPO could be on menu with star tech startup said to be eyeing 2019 float February 11, 2018 An IPO could be on the menu for one of the UK's most high profile and fastest growing tech startups. Deliveroo has appointed PwC to evaluate is strategic options, the Sunday Times reports, with a float in either London or New York being considered for 2019. Founder Will Shu, formerly an investment banker, has previously [...]
Ping pong king Adam Breeden plots stock exchange float in next five years February 5, 2018 Bounce founder Adam Breeden has said he wants to put his company on the London or New York Stock Exchange in the next five years. Breeden, who also co-founded darts bar Flight Club and is bringing a minigolf concept calledPuttshack to London this year, said that the rate at which the business was growing made [...]
Nick Jones’s Soho House primed for $2bn float on New York Stock Exchange February 4, 2018 Private members' club giant Soho House is plotting a $2bn (£1.4bn) float on the New York stock market. Founded by entrepreneur Nick Jones, the network of clubs, restaurants and workspaces has sites across the world, with recent additions including the City's new hotspot The Ned. The company has now hired bankers from JPMorgan and Goldman [...]
Intercontinental Exchange ups stake in Euroclear | City A.M. February 2, 2018 Intercontinental Exchange (Ice) has increased its stake in Euroclear, Europe’s biggest settlement house for securities, to 10 per cent. The US-based firm bought more shares from members of the consortium of banks that own group, building its stake in the financial infrastructure group. The Financial Times first reported the purchase. The Ice bought a €275m [...]