Sky shares fly as shareholders prepare to accept Comcast’s £30bn takeover offer ‘immediately’ September 24, 2018 Sky's share price flew up almost nine per cent in early morning trading as it urged investors to accept Comcast’s £30.6bn takeover offer immediately, calling it “an excellent outcome for independent Sky shareholders”. The company’s independent committee backed the offer unanimously this morning, following a bidding war between billionaire Rupert Murdoch’s 21st Century Fox and [...]
City Moves for 24 September 2018 – who’s switching jobs at RHI Magnesita, Saga and Wiggin? September 24, 2018 Today's City Moves covers industries, insurance and legal eagles. Take a look at these movers and shakers: RHI Magnesita RHI Magnesita has nominated Ian Botha, currently CFO of Anglo American Platinum, has been nominated, as new CFO and finance director for appointment in the 2019 annual meeting. Ian will join the company on 1 [...]
Comcast secures victory over Fox to buy Sky for £30.6bn September 23, 2018 In a conclusion to the heated corporate bidding war that lasted almost two years, US cable television provider Comcast outbid 21st Century Fox last night with a total offer of £30.6bn for control of broadcasting giant Sky. The final offer came in at £17.28 per share from Comcast after three rounds of bidding in the UK's largest [...]
Worldpay boss rumoured to be in the hiring line for BT Group September 22, 2018 Britain’s largest telecoms company BT Group is in advanced talks to appoint Worldpay’s outgoing joint chief executive Philip Jansen as its new boss, according to Sky News. Jansen is believed to be the preferred candidate for the role, which opened up in June after BT’s boss Gavin Patterson revealed he would stepping down towards the [...]
Sky’s the limit: Dramatic auction between Comcast and Fox nears its conclusion September 22, 2018 The dramatic fate of Sky is nearing its finale, as a £26bn head-to-head auction between two of the world’s most powerful media companies enters into its final few hours. Comcast is battling it out with Rupert Murdoch’s 21st Century Fox and its powerful soon-to-be owner Disney in a rare auction, which includes up to three [...]
Labour mulls break-up of Big Four accountancy firms September 21, 2018 The Labour party is weighing up radical plans to break up the Big Four accountancy firms, amid mounting pressure on the UK’s scandal-hit auditors. Shadow chancellor John McDonnell vowed to end what he described as a “cartel” among the country’s largest bean counters in the run-up to his party conference this weekend. “They have demonstrated [...]
M&C Saatchi: WPP needs ‘radical surgery’ for post-Sorrell future September 21, 2018 M&C Saatchi's boss has warned his firm is ready to swoop on rival ad agency WPP’s territory as Sir Martin Sorrell’s successor is busy performing “radical surgery” on the business. David Kershaw hailed surging earnings at M&C Saatchi, seeing revenue almost double to £215.4m after new accounting rules changed the way revenue from customer contracts [...]
Smiths Group shares tumble as medical unit disruptions hit profits September 21, 2018 UK engineering titan Smiths Group’s share price dropped nearly 10 per cent in early morning trading, after medical unit disruptions led to worse-than-expected profits for the year. Full-year operating profit rose three per cent on an underlying basis to £544m, but missed a company compiled consensus of analysts’ estimates of £548m. Headline operating profit tumbled [...]
Price wars versus trade wars: Markets work just fine when we leave them alone September 21, 2018 David Lewis is ramping up a food fight of epic proportions. The chief executive of Tesco has launched a spin-off chain of discount supermarkets called Jack’s (named after Tesco’s founder Jack Cohen). The aim is to become more competitive with German chains Aldi and Lidl, which have been saturating the market with cheaper products since [...]
Insurance giant makes a £4.3bn bet on the future of Brexit Britain, Uni-leaving doesn’t make sense, and Macron’s not one to mince words September 21, 2018 The news that US insurance giant Marsh and McLennan has swooped on British rival Jardine Lloyd Thompson in a shock £4.3bn move sparked a lot of City chatter about the future of the sector. Will other US firms look to snap up UK rivals as they eye expansion? As one Lloyd’s veteran put it [...]