Tesco Bank’s chief exec says lenders don’t pay customers enough interest on current accounts February 2, 2017 The boss of Tesco Bank has hit out at high street rivals, claiming they make billions of pounds by skimping on the rate of interest paid to customers. Benny Higgins, who led the lender through a mammoth cyber attack on Tesco Bank last November, said the amount of switching between providers remains "stubbornly low", something lenders [...]
Here’s how analysts are reacting to Reckitt Benckiser’s move to acquire Mead Johnson February 2, 2017 Just as analysts were digesting the news that Tesco and Booker Group are merging, Reckitt Beckiser (RB) has revealed that it is in talks to snap up US group Mead Johnson. The deal values Mead Johnson – which manufactures baby milk – at $16.7bn. Mike van Dulken of Accendo Markets said RB was making the move to access the [...]
Waterstones has finally turned a profit again after years of losses February 1, 2017 Waterstones has turned an annual profit for the first time since 2009 as book sales picked up in 2016. The figures The bookseller reported a pre-tax profit before exceptional items of £11.9m, which was up from a loss of £3.4m in the previous year. Sales rose 4.3 per cent to £409.1m for the year ended 30 April, up [...]
Why Tesco could be better off leaving Booker on the shelf February 1, 2017 The stock market’s initial reaction to takeover deals can often be a poor indicator of how those deals work out. Just look at the market’s sceptical response to Sainsbury’s purchase of Argos owner Home Retail Group as a recent example. Now we have another unexpected deal in the supermarket sector with Tesco bidding to take [...]
Competition watchdog could stop Tesco-Booker mega deal, claims retail body January 29, 2017 The Competition and Markets Authority (CMA) could stop Tesco's proposed £3.7bn takeover of Budgens and Londis owner Booker, according to a retail body that represents 33,500 local shops. "The CMA could either stop or put conditions on the deal," James Lowman, chief executive of the Association of Convenience Stores told City A.M. "The deal was a [...]
Amanda Staveley’s legal row with Barclays to reach crunch point this week January 29, 2017 It's a critical week for Amanda Staveley's legal battle with Barclays, with a judge due to decide whether the City financier can have access to documents key to her case. PCP Capital Partners, the investment vehicle Staveley founded, is suing the banking giant for almost £1bn over the way it handled a 2008 emergency fundraising. PCP [...]
Five numbers that explain the merger between Tesco and Londis owner Booker January 27, 2017 This morning, Tesco announced it would be making the biggest supermarket merger in UK history and would be gobbling up wholesaler Booker Group. Here are five key numbers that explain the landmark deal. £3.7bn The deal has valued Booker at £3.7bn; each Booker shareholder will get 0.861 shares and 42.6p in cash for every Booker share. [...]
Tescooker? Everything you need to know about Tesco eating Booker January 27, 2017 The UK's largest supermarket, Tesco, announced this morning that it will merge with wholesaler and convenience store supplier Booker Group. Share pries for both companies flew, with Tesco finishing the day nine per cent higher, at 206.3p, while Booker rose 16 per cent to 212.3p – above Tesco's offer price. Here's everything you need to know about the [...]
As Tesco embarks on £3.7bn merger with wholesaler Booker Group, will other UK supermarkets follow suit? January 27, 2017 Tesco’s £3.7bn proposed merger with Booker, the UK’s largest food wholesaler, represents a change of commercial strategy for the supermarket giant. Following the firm’s decision to retract from some parts of their international operations, including the South Korean and Turkish arms of the business, this merger is another indication that Tesco is more comfortable operating [...]
Tesco unveils £3.7bn merger with Budgens and Londis owner Booker January 27, 2017 Supermarket Tesco has reached a deal to merge with wholesaler Booker, owner of Budgens and Londis, with both firms stating an ambition to create the UK's leading food company. The groups will combine in a share and cash deal worth £3.7bn, after discussing a combination for almost a year. They said today that there are [...]