Britain is falling badly behind in the entrepreneurship stakes July 29, 2013 ONE OF Britain’s great advantages is that we are meant to be a much more entrepreneurial nation than most of our major competitors. We do, indeed, create more companies than some other wealthy countries but as a study by RSM reveals, we are hardly covering ourselves in glory. In fact, we are ranked a pathetic [...]
US drugmaker Perrigo buys Elan for $8.6bn July 29, 2013 IRISH biotech firm Elan yesterday accepted an $8.6bn takeover offer from US drug maker Perrigo, just weeks after batting off a hostile approach from Royalty Pharma. Perrigo will pay $6.25 per share in cash plus $10.25 per share in stock for Elan, in a deal that will see the Michigan firm almost halve its [...]
London Report: FTSE edges up despite drop in Barclays stock July 29, 2013 BRITAIN’S FTSE 100 edged higher yesterday, with healthcare and media sectors bolstered by transatlantic merger activity, helping outweigh a steep sell off in Barclays. Drugmaker Shire – long viewed as a takeover target – added 2.4 per cent after US generic rival Perrigo agreed to buy Ireland’s Elan for $8.6bn (£5.6bn). A proposed merger between [...]
We need to break our unsecured banking system out of its Victorian past July 29, 2013 THE UNSECURED nature of the UK banking system has long troubled both me and my company, and we have discussed the situation with the Bank of England on several occassions. Concerns over bank capital positions have also recently been reignited. Barclays, which releases its half-year results today, is one of the banks identified by the [...]
Letters to the editor – 30/07 – Heathrow debate, Best of Twitter July 29, 2013 Heathrow debate [Re: Forget disastrous Heathrow and build a more efficient hub to London’s east, yesterday] The aviation debate shows no sign of abating. And despite all the arguments to the contrary, the cost, economic benefits, and practicality of a Heathrow extension still make serious consideration of other options borderline nonsensical. The alternatives are costly, [...]
Omnicom shares jump on merger news July 29, 2013 Omnicom shares opened up over seven per cent today on news of its planned $35bn merger with fellow advertising giant Publicis. The Nasdaq-listed company saw its share price surpass $70 and hovered around that point. Following the release of its earnings data on 18 July, a number of analysts upped their predictions for Omnicom, with [...]
Barclays shares slump as it confirms regulator talks to fix balance sheet July 29, 2013 Shares in Barclays have dropped by more than 3.5 per cent today as it confirms that it is in discussions with the Prudential Regulatory Authority (PRA) "regarding its financial and capital management plans" (release). The 9.46 announcement appears to have had little impact on the bank's shares, which dropped on the open. The statement has [...]
US drugmaker Perrigo agrees deal to buy Elan for $8.6bn ($16.50 per share) July 29, 2013 US drugmaker Perrigo has agreed to buy Elan for $8.6bn (£5.5bn) ending a long battle in which Elan rejected three hostile bids by US investment firm Royalty Pharma before putting itself up for sale last month. The deal will give Perrigo significant tax savings from being domiciled in Ireland, which has a 12.5 per cent [...]
What the other papers say this morning – 29 July 2013 July 28, 2013 FINANCIAL TIMES Treasury pledges £2m for SFO probe The UK Treasury is expected to pledge special “blockbuster” funding to the Serious Fraud Office to back its investigation into Barclays’ emergency fundraising five years ago, in a sign of the agency’s escalating probe into the bank. The cash-strapped SFO, which launched a criminal investigation into the [...]
Mo Farah calls for Barclays to change mind on payment firms July 28, 2013 BARCLAYS yesterday rejected calls from Olympic champion Mo Farah to keep working with up to 250 payments firms, including four who send payments to Somalia. A crackdown on banks who do not take proper precautions against money launderers means lenders are reviewing who they work with. “Cutting this lifeline would be a disaster for millions,” [...]