RSA hoping for better offer as bidders Zurich, Axa and Aviva circle August 2, 2015 Insurer RSA is hoping to attract a better offer than Zurich’s potential bid, revealed last week, with several other companies believed to be interested in entering the race for the troubled British firm. City analysts expect Zurich to make an offer of around 550p per share. That price would provide investors with a premium [...]
Stephen Hester’s role at risk as offer for RSA looks likely August 2, 2015 RSA boss Stephen Hester was given a hero’s welcome when he was appointed to lead the embattled insurer just over 18 months ago. However, following last week’s revelation that Zurich is mulling an offer for the group, he could be set to leave before finishing what he has started. The former Royal Bank of [...]
Milton Friedman has been proven right about the “gnomes” from Brussels July 30, 2015 The American Nobel laureate Milton Friedman (1912-2006), who would have turned 103 today, was not a big fan of the European project. We can ascertain Friedman’s views on the euro by looking back to the early 1950s. At the time, Germany was battling with a large current account deficit, and Friedman published a memo on [...]
Summer sizzler: Over £11bn of UK-focused takeover deals on horizon as market heats up July 28, 2015 The deals market sprang back into action yesterday, with four major takeovers unveiled after a relatively quiet month on the transactions front. Over £11bn worth of UK-focused takeovers are now on the cards, after Melrose agreed to sell portfolio company Elster for £3.3bn and pharma group Hikma bought a US drugs business for £1.7bn. GKN [...]
Dealmaking hopes snap five-day losing streak for the FTSE – London Report July 28, 2015 HOPES for corporate deal-making and robust corporate results offset market turmoil in China and worries about emerging-market growth yesterday. The FTSE 100 index closed up 0.8 percent at 6,555.28 points, while the pan-European FTSEurofirst 300 index rose one per cent. RSA Insurance soared 18 per cent on news Zurich Insurance was considering a takeover bid. [...]
Fifa’s Sepp Blatter showered with fake money in prank by comedian Simon Brodkin: “This is for North Korea in 2026” July 20, 2015 Outgoing Fifa president Sepp Blatter fell victim to a news conference prank yesterday, when British comedian Simon Brodkin threw a stash of fake banknotes over the controversial head of world football. Brodkin – who uses the stage name Lee Nelson – said “this is for North Korea in 2026” as he approached Blatter with a [...]
Former Fifa vice president Jeffrey Webb extradited from Switzerland to US July 17, 2015 Former Fifa vice president Jeffrey Webb has been extradited to the United States from Switzerland on charges of bribery and racketeering, filed by American prosecutors. “He was handed over to a three man US policy escort in Zurich who accompanied him on the flight to New York,” the Swiss Federal Office of Justice said in [...]
Building services group ISG is hit by another £10.5m of costs July 14, 2015 ISG warned yesterday that it expects to book another £10.5m in costs after problematic contracts forced the building services group to issue a shock profit warning in February. In a trading update for the year to 30 June, the Aim-listed firm said it has set aside £5.5m to wind down its luxury construction services arm [...]
Pensions industry could benefit from tax relief reforms following new consultation July 8, 2015 Financial burdens on pensions could be changed following a consultation into whether there is a case for reforming pensions tax relief. Politicians are also planning to look at whether they should strengthen incentives to save by offering more simplicity and transparency around pensions, or whether keeping the current system is the best option. In yesterday’s [...]
A $28.3bn ACE for Chubb makes it a global giant July 1, 2015 ZURICH-based insurance giant ACE will buy upmarket property insurer Chubb for $28.3bn (£18.1bn) so that it can gain access to higher premium revenue from its wealthy client base, as fierce competition has cut deeply into the industry’s profit margins. Chubb shares jumped to a record high of $129.31, above the offer price of $124.13, suggesting [...]