What the other papers say this morning – 11 March 2014
FINANCIAL TIMES
Seplat plans IPO in London and Lagos
Seplat, the Nigerian oil company, is set to announce today plans for initial public offerings in London and Lagos, marking the return of natural resources listings to the UK stock market – some of which have proved controversial. The group, founded in 2009 by two Nigerian businessmen, ABC Orjiako and Austin Avuru, could raise at least $350m (£210m) by selling new shares, giving it a market capitalisation of $1.5bn to $2bn.
Imperial in e-cigarette legal battle
The electronic cigarette arm of Imperial Tobacco has launched legal proceedings over patents against nine of its US rivals as “big tobacco” becomes increasingly aggressive in the battle for the fast-growing e-cigarette market.
Jardines seeks to downgrade listing
Jardines, the storied conglomerate that helped found British Hong Kong, is seeking to ditch its premium London listings, making it the first company to downgrade its status to avoid new rules aimed at curbing the influence of controlling shareholders. The company has asked shareholders in five companies – Jardine Matheson, Jardine Strategic, Hong Kong Land, Dairy Farm International and Mandarin Oriental – to vote next month to approve a downgrade of its listing to “standard”.
THE TIMES
Private equity targets Gates Global
Two of America’s largest private equity firms, Blackstone and TPG Group, have teamed up to prepare a $5.5bn bid for Gates Global, the engineering and manufacturing group formerly known as the British company Tomkins.
North to serve chips with medicine
Californian medical technology company Proteus Digital Health plans to create 200 jobs in the North of England making “swallowable” digital chips attached to drugs that track the journey of tablets through the body. The devices give off a faint electrical signal.
The Daily Telegraph
Regulator shakes up insurance market
The City regulator is to force a major shake-up of the £4bn insurance add-on market, creating greater competition in what it perceives to be a “closed shop” sector. The Financial Conduct Authority will tell insurers that the sale of “add-on” products in areas such as travel, mobile phones and home emergency provision is uncompetitive.
Trade bodies handed red tape cash
Trade bodies are being offered government grants of up to £4,000 to help meet the cost of challenging business regulations they feel are unfair or unnecessary.
THE WALL STREET JOURNAL
Google discloses $9.5m bonuses
Google yesterday disclosed $9.5m in cash bonuses, tied to the company’s performance in fiscal year 2013, for certain executives. The bonus for Google’s chief financial officer, Patrick Pichette, increased to $3m from $2.8m, according to a filing with the Securities and Exchange Commission. Meanwhile, chief business officer Nikesh Arora received a $3.5m bonus, up from $2.8m last year, and chief legal officer David C. Drummond received a bonus of $3m, down from $3.3m in the prior year. Chief executive and founder Larry Page and co-founder Sergey Brin weren’t awarded cash bonuses this year or last.