Big Tobacco’s takeover of Vectura shows the holes on our Companies Act September 17, 2021 There’s little dispute that companies ought to aim to return money to shareholders. Dividends sustain our pension pots and are vital to keep our economy growing. But when this pursuit becomes single minded it fails even by its own logic. PMI’s takeover of Vectura will generate the greatest shareholder value in the short term, but [...]
The pact between Australia, UK and the US is a historic face-off with China and proof of Global Britain September 17, 2021 In a joint speech by Boris Johnson, Scott Morrison and Joe Biden, the United Kingdom, Australia and the United States announced a historical pact dubbed AUKUS. It will allow the Royal Australian Navy to construct and operate nuclear-powered attack submarines. But AUKUS is about more than just what powers Australia’s submarines. The agreement also covers [...]
Johnson: UK, US and Australia nuclear submarine deal creates ‘inseparable’ partnership September 16, 2021 Boris Johnson has hailed the newly signed UK and US agreement to build Australian nuclear submarines as creating an “inseparable” partnership, which will “accelerate” the creation of a range of cyber and AI-based defence systems. Johnson told MPs today that the agreement will enhance “security” and ensure “regional stability” in the Indo-Pacific in thinly veiled [...]
UK, US and Australia sign new defence pact to tackle China September 16, 2021 The UK last night announced a new “landmark” security pact with the US and Australia in a move that’s been widely seen as an attempt to tackle China. AUKUS, as the new partnership will be known, will initially focus on acquiring nuclear-powered submarines for Australia for the first time ever. But the deal, the biggest [...]
Sunak: Private equity raid on UK businesses ‘good news’ for economy September 14, 2021 Foreign investment firms’ recent surge of interest in British listed companies is a “sign of confidence” in the UK economy, chancellor Rishi Sunak said on Tuesday, while also touting British fintech and life sciences companies as “globally best in class.” On the same day that Clayton, Dubilier & Rice cemented its pole position in a [...]
CEOs plot acquisition spree as UK recaptures global attention September 14, 2021 With AA motoring group, Asda, Morrisons and Stock Spirits taken over by private equity firms such as CVC, the UK market has recaptured the globe’s attention, having seen an unprecedented wave of deals. Stemming from initial undervaluations due to Covid-19 and Brexit, on average, UK companies were being undervalued by around 30 per cent, according to recent data from Schroders. [...]
CDR agrees pensions deal with Morrisons as takeover nears September 14, 2021 Private equity house Clayton, Dubilier & Rice (CDR) looks to have shored up its grip on takeover target Morrisons after coming to an agreement with trustees over the supermarket’s pension schemes. The supermarket has been at the heart of a bidding war between CDR and fellow private equity firm Fortress, with the former agreeing a £7bn [...]
Sainsbury’s to close all stores, Argos and Habitat on Boxing Day as a ‘thank you’ to its 170,000 employees September 13, 2021 Sainsbury’s, Britain’s second-largest supermarket chain will keep all of its supermarkets, convenience stores and petrol filling stations shut this Boxing Day as a “thank you” to its roughly 170,000 colleagues. Sainsbury’s added that all its Argos and Habitat stores will also remain shut for the day. The decision follows rivals including Morrisons, Waitrose and Marks [...]
Food sector boss warns of permanent shortages in restaurants and shops September 10, 2021 Shoppers in the UK should expect permanent shortages of products now, according to a food and drink industry leader. The food and drink sector was short of around half a million workers, CEO of the Food & Drink Federation, Ian Wright, told the Institute for Government’s panel on supply chain disruption. The nation would not [...]
Back to school in the City: Lessons for a CEO from M&A to COP26 September 10, 2021 It’s been back to school in the City this week, with the streets of the Square Mile once again flooded (if not quite packed) with people. On the surface, it may look similar to pre-Covid, as footfall ramps up and Transport for London reported the busiest month since March 2020. CEOs, however, cannot return to [...]