Apple’s $700bn smash, Black Friday misery: 10 things we learned this week November 28, 2014 1. In the future, cats will change colour when they go near radiation (maybe). Someone’s already written a nursery rhyme about it 2. Londoners take “painting the town red” rather more literally than you might think: by a vast majority, they prefer red wine to any other type, reckons Naked Wines 3. Aviva [...]
Too soon to write off Aviva’s £5.6bn bid for Friends Life – Editor’s Letter November 26, 2014 Aviva’s New Zealand-born chief executive Mark Wilson comes from a family of insurance people and has been an investor in insurance companies since he was 15. Maybe it’s that pedigree that gives him the confidence to press ahead with a strategy that is being doubted by many experts. When he first came into Aviva, he [...]
Friends Life and Aviva started merger talks months ago November 26, 2014 Insurance firm Aviva has been in talks about a potential merger with Friends Life for a number of months, City A.M. understands. Discussions began when Aviva chief executive Mark Wilson contacted his opposite number at Friends Life, Andy Briggs. But it was only on Friday when Aviva was forced to confirm the talks due to [...]
Aviva merger target Friends Life eyed up deal with closed insurance group Phoenix November 25, 2014 Friends Life, which is in merger talks with Aviva, has held informal talks with Phoenix, the closed insurance group, about a possible deal in the past few months, City A.M. understands. News of the talks between the two groups, which are not ongoing and did not reach any conclusion, come as Aviva struggles to convince [...]
Aviva meets criticism over Friends Life deal November 24, 2014 Analysts have warned that Aviva’s share price could continue to decline, following news that the insurance group is in talks concerning a £5.6bn merger with rival Friends Life. Shares dropped by more than five per cent yesterday when the markets opened for the first time since the news broke. “The market is in a state [...]
Aviva share price falls as Friends Life shares rise: Surprised market reacts to deal bombshell November 24, 2014 The market was divided yesterday following the announcement of a planned merger between insurer Aviva and its competitor Friends Life. Aviva saw its shares fall by more than five per cent during the day, while shares in Friends Life climbed by six per cent. Most analysts agreed that the announcement was surprising, with [...]
Petrofac slump weighs on FTSE amid M&A flurry – London Report November 24, 2014 BRITAIN’S top share index edged lower yesterday, weighed down by a slump in Petrofac after it predicted low net profits, but M&A talk kept it near a two-month high. Smith & Nephew and Friends Life were said to be likely subjects for bids, and BT confirmed it might expand into mobile communications. The benchmark FTSE [...]
Aviva’s £5.6bn merger with Friends Life still to convince City November 24, 2014 The proposed £5.6bn merger between the insurer Aviva and its rival Friends Life will come under intense scrutiny when trading opens for the first time since the news broke after the markets closed on Friday. Although many in the City have viewed the move as a positive one for Aviva, not all are approving. “The [...]
Aviva has some work to do to finalise deal – Editor’s Letter November 23, 2014 Panmure Gordon, the independent stockbroking firm, made a name for itself last year when one of its analysts calculated the government was planning to sell the Royal Mail at £1bn less than what the firm thought it was worth. Subsequent events showed Panmure had been right to be bullish on the firm’s valuation, at least [...]
City Moves for 21 November 2014 | Who’s switching jobs November 20, 2014 Berenberg The bank has announced the promotion of David Mortlock to head of its London office. He joined Berenberg in 2010 as head of sales and has been global head of equities since 2013. Mortlock previously held positions at Schroders, Citigroup and MF Global. Edmond de Rothschild Group Marcus Money-Chappelle has been appointed head of [...]