Category Archives: London Stock Exchange

Anglo American rejects £31bn takeover offer from mining rival BHP

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All-share proposal had potential to be one of biggest deals in sector for decade but deemed ‘opportunistic’

The board of Anglo American, the London-listed mining company, has rejected a “highly unattractive” £31bn takeover approach from its Australian rival BHP.

BHP’s all-share proposed offer for Anglo American had the potential to be one of the biggest deals in the global mining sector for a decade but has attracted criticism from Anglo’s shareholders as being too low and “highly opportunistic”.

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US-style executive pay packets in UK would ‘risk higher inequality’

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Leading social scientists issue warning after call by business leaders and London Stock Exchange

More than 20 leading social scientists have warned the UK’s biggest investment companies and pension funds that allowing US-style executive pay packages could “create a significant risk of higher inequality” and “much worse lower levels of happiness, health and wellbeing across society”.

The academics said they had decided to speak out as an increasing number of British business leaders and the London Stock Exchange have argued for much higher pay awards to improve the UK’s competitiveness.

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Tui investors vote to leave London Stock Exchange amid record results

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More than 98% of shareholders in Europe’s biggest travel operator vote to delist in favour of Germany

Tui, Europe’s biggest travel company, is abandoning the London Stock Exchange in favour of listing its shares solely in Germany.

A vote on Tuesday resulted in 98.35% of shareholders backing a company proposal to drop its UK listing, in what will be seen as the latest blow to London’s standing in international finance.

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AstraZeneca overtakes Pfizer as crunch week for UK pharma looms

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Driven by a revamped drug portfolio, AstraZeneca is expected to report revenues of $10.7bn in its latest quarterly results

Nearly a decade after AstraZeneca fended off a hostile takeover approach from US rival Pfizer, the British drug firm has overtaken the Viagra maker in terms of market value, marking a significant moment in its turnaround – and for UK plc.

In a week when AstraZeneca and Britain’s second-biggest pharma firm GSK release their latest quarterly results and the main industry body, the Association of the British Pharmaceutical Industry holds its annual conference, all eyes will be on what pharma executives say about the UK as a place to operate and invest in.

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UK chip designer Arm chooses US-only listing in blow to Rishi Sunak

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PM had held talks with firm’s owner SoftBank in effort to make London first choice for tech flotations

The Cambridge-based chip designer Arm is to pursue a US-only listing this year, dealing a major blow to Rishi Sunak’s ambitions to make London the first choice for tech company flotations.

The company, which is owned by the Japanese conglomerate SoftBank, confirmed its preferred plan of seeking a US-only main listing later this year, spurning the UK despite heavy lobbying by successive prime ministers.

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Microsoft to buy 4% stake in London Stock Exchange

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US tech company signs 10-year strategic partnership with LSEG for data analytics and cloud technology

Microsoft will buy 4% of the London Stock Exchange as part of a multibillion-pound deal to work together on data analytics and cloud technology.

The US tech company will buy the stake from a consortium of Blackstone and Thomson Reuters, and will take a seat on the board of the London Stock Exchange Group (LSEG). The consortium previously sold the financial data company Refinitiv to LSEG in a £22bn takeover.

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FTSE 100 firms hand billions in dividend payouts to Qatar investors

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Critics say everyday UK consumer spending has funnelled billions to controversial World Cup host since 2010

Some of the UK’s largest listed companies including water and energy giants have handed almost £500m to Qatari state-owned investors this year, raising concerns that blue-chip company profits are supporting the controversial World Cup host.

The dividend payouts are the result of the Gulf nation’s investments in a raft of FTSE 100 firms, including Barclays, Shell and utility firm Severn Trent, which have reported strong profits amid a cost of living crisis and the worst UK drought in centuries.

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Owner of UK chip designer Arm may float some of firm’s shares in London

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Japan’s SoftBank still likely to conduct IPO in New York but could secure secondary listing

The Japanese owner of the British chip designer Arm is reportedly planning to float some of the company’s shares in London, in a sign the government’s efforts to lobby for a UK listing of the Cambridge-based company may have succeeded.

SoftBank, which bought the chip company for $32bn in 2016, is said to be reconsidering earlier plans to only list shares on the US market.

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Ukraine war a ‘catastrophe’ for global economy as stock markets plunge

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Moscow stock exchange remained closed during the week, while the rouble fell to record lows

The London stock market has suffered its biggest weekly losses since the start of the global pandemic in March 2020, as investors took fright at the escalation of the conflict in Ukraine.

Shares plunged in the City following news of a fire and Russian capture of Ukraine’s Zaporizhzhia nuclear power station, with the one-day drop of more than 250 points in the FTSE 100 index taking the weekly loss to 6.7%.

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London Stock Exchange suspends trading in more Russian firms

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James Rutherford resigns from board of Evraz, steel and mining group in which Roman Abramovich has stake

The London Stock Exchange has suspended trading in more Russian companies, while an independent director resigned from the board of Evraz, the steel and mining group in which Roman Abramovich holds a 29% stake.

The LSE suspended trading in the remaining eight companies with strong links to Russia that were not included on a list of 27 companies suspended on Thursday.

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London Stock Exchange suspends trading in 27 firms with strong links to Russia

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Energy and banking giants Gazprom and Sberbank plus EN+, Lukoil and Polyus among firms

The London Stock Exchange has suspended trading in 27 companies with strong links to Russia, including energy and banking giants Gazprom and Sberbank.

The LSE said it was moving to block trading in the companies, which also include EN+, Lukoil and Polyus, with immediate effect “in light of market conditions, and in order to maintain orderly markets”.

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Sterling reaches $1.39 in best performance for three years

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FTSE 100 posts biggest daily gain for over a month as investors buoyed up by vaccine and US economy hopes

The pound has hit its highest level against the dollar for almost three years as global markets were buoyed up by hopes for a faster economic recovery from the coronavirus pandemic.

Sterling rose by 0.5% to hit a 33-month high against the dollar on Monday, trading above $1.39 on the global currency markets for the first time since 2018, while also rising to a nine-month high against the euro of almost €1.15.

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Scandal-hit NMC Health on verge of liquidation

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Administrators outline position of UAE’s largest healthcare provider which faces multiple investigations

Joint administrators for NMC Health, the holding company of the UAE-based healthcare provider NMC Group, have said the company will probably be dissolved or put into liquidation.

Administrators from the consulting firm Alvarez & Marsal Europe were appointed in April to oversee the hospital operator, after an application from one of its biggest creditors, Abu Dhabi Commercial Bank.

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Saudi Arabia price war wipes billions from value of major oil firms

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Royal Dutch Shell and BP lose more than £32bn from their combined market value

Saudi Arabia’s oil price war has wiped billions of pounds from the market value of the industry’s biggest companies after oil markets recorded one of the biggest price slumps in history.

The decision of the world’s largest oil-producing nation to increase its production even as the coronavirus outbreak stalls global oil demand triggered a 30% drop in oil prices on Monday morning.

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London Stock Exchange rejects approach by Hong Kong counterpart

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‘Fundamental flaws’ in £32bn takeover proposal mean LSE board sees no merit in it

The board of the London Stock Exchange has “unanimously rejected” an approach by its Hong Kong rival after the Asian bourse made a surprise £32bn bid to take over the 321-year-old City institution earlier this week.

In an uncompromising response to the approach, which the London Stock Exchange Group (LSEG) described as a “significant backward step”, the UK firm said it saw “no merit in further engagement” with Hong Kong Exchanges and Clearing (HKEX).

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Hong Kong Stock Exchange makes £32bn move for London counterpart

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Proposal to LSE board will only proceed if deal for Refinitiv is terminated or voted down

The Hong Kong Stock Exchange has made a surprise £32bn bid approach to take over the London Stock Exchange Group.

It comes weeks after LSE agreed a $27bn (£22bn) all-share deal to take control of Refinitiv, a move the company said would transform it into a UK-headquartered, global rival to Michael Bloomberg’s financial news and data business.

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Political uncertainty puts London listing for Saudi Aramco in doubt

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Decision to rule out UK and Hong Kong would be major blow to both financial centres

Saudi Arabia’s revived plans for a $2tn mega-listing of its state oil company may rule out the London Stock Exchange amid Britain’s rising political uncertainty, according to reports.

Saudi Aramco, the world’s most profitable company, may instead look to Japan’s Tokyo stock exchange to host the second phase of what would be the biggest public offering in history.

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