London Stock Exchange chief executive talks up prospect of “industry-defining combination” with Deutsche Boerse March 4, 2016 London Stock Exchange Group's chief executive has talked up the “industry-defining combination” a potential merger with Deutsche Boerse would create. In a conference call this morning following the release of LSEG’s preliminary 2015 results, Xavier Rolet spoke of the company’s “global aspirations”. But he said he was unable to answer questions about a potential offer from New [...]
London is crucial to the LSE-Deutsche Boerse merger, says top exec June 6, 2016 The London Stock Exchange (LSE) and Deutsche Boerse are walking a tightrope. As well as attempting to persuade shareholders and regulators to approve their £21bn merger, the tie-up has also attracted passionate interventions from politicians in the UK, Germany and elsewhere. In Westminster, attention has been drawn to two facts: that Deutsche Boerse’s chief executive would take [...]
Clear off: City of London steps up fight to retain euro clearing after expert warnings against “currency nationalism” February 22, 2017 High-profile regulators, politicians and financial experts have warned that any move by the European Union to force euro clearing out of London could have grave consequences for global economic stability. Sir Jon Cunliffe, the deputy governor of the Bank of England who supervises financial stability, hit out at “currency nationalism” on Wednesday, saying: “Such a policy if [...]
Brave or foolhardy? US Foods shrugs off market turmoil to file for IPO February 9, 2016 US Foods, the US' second-largest food distributor, has just filed for a $100m (£69.1m) initial public offering (IPO) – despite two days of turbulent global trading. In a filing with the US Securities and Exchange Commission (SEC) today, US Foods said it will float on the New York Stock Exchange under the ticker symbol "USFD". The company [...]
Inside Big Bang: The chaotic October morning that created the modern City October 26, 2016 Shortly before 8am, as Sir Nicholas Goodison surveyed the floor of the Exchange crowded with foreign television crews and curious journalists, he was a little apprehensive. After so much hype about the possibilities of what had been termed Big Bang, and difficult negotiations with Margaret Thatcher’s ministers, and efforts to persuade the more conservative elements [...]
Twitter share price breaks a new record but not in a good way, falling to a new low of under $16 within an hour of the New York market opening January 20, 2016 Just when you thought the Twitter share price couldn't fall any lower, it only goes and breaks the $16 mark. After closing on the New York Stock Exchange yesterday at an all-time low of $16.69, Twitter's shares have continued to tumble today, dipping below $16 within an hour of the market opening. Shortly after 3pm London [...]
Euro clearing battle heats up as report warns EU against “protectionist” policy to move business away from London December 18, 2016 The battle over euro-denominated clearing is heating up amid apparent attempts to move the business away from London. An Intercontinental Exchange (ICE) report, circulated this month to EU member states, has warned that forcing the clearing of euro derivatives away from the UK could lead to a “significant increase” in costs for European banks. The [...]
US boutique banks Perella Weinberg and Tudor, Pickering, Holt and Co announce merger November 14, 2016 Two high-profile US boutique investment banks, Perella Weinberg and Tudor, Pickering, Holt and Co (TPH), have agreed a merger. Perella, the lead adviser to Deutsche Boerse for its £21bn merger with the London Stock Exchange, said the deal is expected to close this year. Read more: LSE and Deutsche Boerse: Behind the deal The combined [...]
US private equity giant Apollo buys ADT to create $15bn security firm February 16, 2016 US private equity firm Apollo today said it is taking security equipment firm ADT private and merging it with another security company in a deal valued at $15bn (£10.5bn). Apollo said it will pay $42 per share for ADT, representing a premium of around 56 per cent over ADT's closing share price on 12 February [...]
Manchester United share price pops following £84.5m increase in cash balance and rise in revenue thanks to commercial strength February 11, 2016 Out of the Champions League and seemingly out of the Premier League title race, Manchester United at least finished their second quarter in the black with £18.6m profit, triggering a seven per cent share price pop in early trading on the New York Stock Exchange. The figures United's commercial strength helped the club record its highest [...]