From stamp duty to the triple lock, Andy Haldane says bold Burnham leadership can usher ‘vibe change’ for UK economy
Steinhoff buys South African shoe shop Tekkie Town and increases annual profits September 8, 2016 The new owner of Poundland has bought a South African shoe shop chain and reported a 32 per cent rise in annual operating profit. Steinhoff announced on Wednesday that it had agreed to buy Tekkie Town, a retailer with 302 stores across South Africa, but it did not disclose how much it paid for the business. The deal is expected to complete by [...]
Poundland shareholders overwhelmingly give Steinhoff green light for takeover September 7, 2016 Steinhoff International's long-running takeover attempt of Poundland was given the green light today by the discount chain's shareholders, who overwhelmingly backed the deal. At a general meeting at Poundland's head office in Willenhall in the West Midlands, 98.4 per cent of investors approved the South African retail giant's revised offer, which it hiked last month from [...]
Would-be Poundland owner Steinhoff is getting frosty about sterling August 31, 2016 South African retail giant Steinhoff has warned that the slump in sterling after the Brexit vote could hit its businesses in Britain – including Harveys and Bensons for Beds. The conglomerate – which is attempting to buy Poundland – said the fall in sterling could have an "unfavourable effect when translating our businesses' earnings reported in [...]
Never mind the Brexit: Meet JP Morgan’s “glass half-full” European chief August 14, 2016 JP Morgan Chase employees were left in little doubt about how damaging the UK’s Brexit vote could be. In early June, chairman and chief executive Jamie Dimon spoke to staff in Bournemouth alongside now-former chancellor George Osborne and warned that a vote to leave the European Union could lead to as many as 4,000 job losses [...]
Quids in: Steinhoff just raised its offer for Poundland August 11, 2016 Steinhoff's long-running attempt to buy Poundland (at significantly more than a pound) took another twist this morning, after the South African retail conglomerate hiked its bid for the retailer discount retailer. In a statement this morning the Bensons for Beds owner said it it will now pay 227p in cash for each Poundland share (225p per [...]
Meggitt share price leaps on news of second major investor increasing stake August 8, 2016 Activist investor Elliott Management increased its position in Meggitt this morning driving up the share price of the struggling engineer nearly nine per cent. Elliott is the second major investor in Meggitt shares over the last few days. Norges Bank took a three per cent stake on Friday and Elliott, who had already built up a considerable interest [...]
Activist investor pushes for boost to Steinhoff’s offer for Poundland August 7, 2016 US activist hedge fund Elliott Advisors is threatening to derail Steinhoff’s £597m bid for Poundland unless the offer is improved. Elliott increased its stake in Poundland to around 17.5 per cent just days after Poundland’s board agreed to the 222p a share cash takeover offer. Read more: Steinhoff increases Poundland holding despite Brexit vote The offer [...]
Arm Holdings is just the start of a great British asset sale July 18, 2016 The UK’s vote to leave the EU was seen by some Brexiteers as a chance to reclaim the country’s borders, draw up a new fortress UK, as well as make a protest vote against the rise in inequality after the financial crisis. But in the investment markets, the drawbridge has already been lowered. Thanks to [...]
How six City analysts reacted to Arm’s acquisition by Softbank July 18, 2016 Another ripe fruit was plucked from the tree of UK plc today, after Japanese lender Softbank announced it was acquiring Arm Holdings, the rockstar chip designer. Not surprisingly, shares in the company, whose clients include Apple and Samsung, shot up more than 40 per cent on the announcement of the news. But how did the City [...]
As SoftBank swoops for Arm Holdings – is the weak sterling making British firms more attractive to foreign buyers? July 18, 2016 The deal between Japan's SoftBank and London-listed Arm Holdings announced this morning could be just the first of many foreign transactions kicked off by the recent referendum. SoftBank's £24.3bn swoop for Arm, which is said to be the biggest ever technology acquisition in Europe, was probably helped by the fact that sterling is significantly weaker in [...]