Behind the deal: These are the bankers and advisers working on the £3.7bn Tesco-Booker tie-up January 27, 2017 Tesco’s £3.7bn deal for wholesaler Booker is an early boost for the UK’s 2017 M&A market, following a rather subdued 2016. Below are details of the bankers and advisers behind the deal. Tesco advisers It’s increasingly difficult to find a big UK deal without a boutique investment bank at its centre. And this £3.7bn merger proved [...]
Here’s what analysts are saying about the Tesco-Booker merger January 27, 2017 Tesco's share price has jumped seven per cent at the open after announcing a £3.7bn merger with wholesaler Booker Group. Booker Group's share price jumped 14 per cent. Read more: French Connection boss signals two non-executive directors will step down Analysts are calling the merger between the two food giant a "game changer". However, the [...]
Unilever braced for tough market conditions to continue in 2017 as it reveals subdued sales January 26, 2017 Unilever is keen to remind everyone it is – and has been for a while now – battling challenging market conditions. The food manufacturing giant has reported lower than expected sales in the fourth quarter and is braced for these "tough market conditions" to continue, at least for the start of 2017. Brazil's economic slowdown [...]
Unilever’s sales expected to unveil sagging European sales tomorrow January 25, 2017 Food manufacturing giant Unilever is forecast to post an increase in global sales and profit when it reports its full-year results tomorrow, but analysts expect the company to reveal sagging growth in Europe. Bernstein analysts expect profit before tax to come in at €7.58bn (£6.46bn), up from €7.22bn last year. They have forecast net sales of €52.98bn, with organic sales growing [...]
Tesco hit with new damages claim over accounting scandal January 25, 2017 Tesco is fighting off a new damages claim from an investor over its 2014 accounting scandal. According to the Financial Times, U.S. fund manager Manning & Napier has claimed it lost $212m (£164m) due to the scandal, in which Tesco overstated its profit by £326m. The scandal led to a crash in Tesco's share price and [...]
EU follows UK lead and considers plans to test bank defences against a cyber attack January 23, 2017 The EU is contemplating plans to test banks' ability to repel cyber attacks in an initiative that would mirror measures already put in place by the Bank of England. Cyber and technological-enabled attacks have been on the Bank of England's radar since 2013 with 30 out of 35 "core firms" having completed the UK's cyber stress testing [...]
Premier Foods warns on profits (but at least mince pie sales are up) January 18, 2017 Premier Foods has not made an exceedingly good start to 2017 – its shares dived today after it warned on profits. The figures The food manufacturer, whose brands range from Bisto to Mr Kipling and 80s stalwart Angel Delight, said sales in its third quarter were down one per cent at £251.4m, despite a strong December. Branded sales [...]
Volkswagen shares crash in line with brand woe January 18, 2017 With consumer-facing companies that rely heavily on a single brand there is often a strong relationship between public perception of that brand as measured daily by BrandIndex, and the company’s share price. An example of this is Volkswagen and its emissions scandal where the fundamental driver of the decline in its share price was a [...]
Popcorn group Propercorn snaffles up £7m investment to help with UK and overseas expansion January 16, 2017 Gourmet popcorn company Propercorn has snaffled a £7m investment from JamJar Investments and Piper Private Equity. The fast-growing popcorn brand, founded in 2011 by Cassandra Stavrou and Ryan Kohn, will use the cash injection to support its plans for growth in the UK and overseas. Propercorn was advised on the investment by London law firm [...]
Microwave meal maker Bakkavor set for London float January 15, 2017 Ready meal maker Bakkavor is considering a float on the London stock market, according to reports. The firm, founded in 1986, manufactures microwave meals for supermarkets including Waitrose, Sainsbury's, Tesco and Marks and Spencer. The company also supplies fresh goods such as lettuce, tomatoes and sweet potatoes. According to the Sunday Times, Bakkavor has enlisted Rothschild to [...]