LSE and TMX sweeten deal for merger June 22, 2011 THE LONDON Stock Exchange and Toronto bourse operator TMX Group have agreed to pay a special dividend of C$660m (£415.8m), in the latest scramble to win over shareholders. TMX shareholders must decide next week whether to back the friendly deal between the two exchanges and a hostile bid from the Maple consortium of Canadian banks [...]
EU asks banks to share the Greek burden June 22, 2011 EUROZONE governments have kicked off a series of meetings with their banks to persuade them to voluntarily roll over their Greek debt and buy more time for the stricken sovereign. But German chancellor Angela Merkel has also warned voters and opposition parties that there is a limit to private sector burden-sharing. She said yesterday that [...]
CITY MOVES | WHO’S SWITCHING JOBS June 22, 2011 Barclays Wealth Paul Burd has been appointed as head of business services for Barclays Wealth Operations and head of operations, Glasgow. Most recently, Burd was general manager of worldwide securities at JP Morgan, based in Cape Town, following previous roles at JP Morgan including managing director of the investment bank’s London Investment Management Operations team. [...]
Banks drop but FTSE treads water ahead of Fed decision June 22, 2011 BRITAIN’S top share index closed marginally lower yesterday, as weakness in banks offset gains in defensive stocks with investors jostling positions ahead of a US interest rate decision. London’s blue chip index bobbed around but closed down 2.32 points at 5,772.99, as cautious investors awaited the Federal Reserve’s assessment of the economy and any plans [...]
Misys finally admits to bid June 21, 2011 MISYS surged almost nine per cent yesterday after confirming it has received a preliminary bid. One analyst described the move as the “end game” for the firm, which has been subject to takeover speculation for almost a year. The unnamed suitor is thought to be a US-listed financial software firm, with Merrill Lynch understood to [...]
INVESTMENT BANK OF THE YEAR | The Shortlist day 3 June 21, 2011 This hasn’t been the easiest of times for investment banks but there are signs that deal activity, at least, is picking up to more normal levels. We have chosen JP Morgan because, as ever, it has shown itself to be strongly placed in most markets. Bank of America Merrill Lynch is something of a recovery [...]
CITY MOVES | WHO’S SWITCHING JOBS June 21, 2011 Linklaters The law firm has appointed Michael Cutting as global head of competition and Sir Christopher Bellamy (pictured) as chairman of the practice, both effective from 1 July. Cutting, who has been a partner at the firm since 2005, specialises in banking, energy and utilities competition law, and takes over from Gerwin Van Gerven, who [...]
FTSE gains after commodity rally and flurry of M&A bids June 21, 2011 BRITAIN’S leading shares pushed higher yesterday, led by rallying commodity stocks and banks as investors awaited a vote of confidence in the Greek Parliament. The vote, due after the London market close, is seen as a key step towards the passage of more spending cuts in exchange for foreign emergency loans. “What equity markets need [...]
A HAVEN OF FREE TRADE SHOWS THE WAY TO CHINA’S OPENING MARKETS June 21, 2011 HEAD OF PRODUCT, BARCLAYS STOCKBROKERS THIS week takes us to Asia-Pacific; to Australia, Hong Kong and Singapore. All three offer investors access to China but none more so than Hong Kong. FRAGRANT HARBOUR Hong Kong is Asia’s second largest exchange by market capitalisation and was formed in 1980 by a merger between the Far East [...]
Apollo firm buys £220m Rexam assets June 20, 2011 REXAM, the FTSE 100 packaging maker, has signed a deal to sell its closures business, which makes bottle lids, to US manufacturer Berry Plastics for $360m (£222m). The deal was announced to markets yesterday following a report in City A.M. on Friday that Berry, owned by US private equity giant Apollo, had been in exclusive [...]