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Tag: merger

Challenger banks in talks about £1.6bn merger

Challenger banks in talks about £1.6bn merger

Business
By Mark Kleinman, City editor Two of Britain's biggest challenger banks are in advanced talks about an all-share merger that would create a lender worth ‎more than £1.6bn.Sky News has learnt that OneSavings Bank and Charter Court Financial Services Group have been holding on-off discussions about a deal ‎for months. The talks are now said to be at an advanced stage, with an announcement confirming the merger possible within the next fortnight.However, one source close to the deal said it could still fall apart.Under the proposed terms of the agreement, OneSavings, which has a market value of just over £900m, would use its paper to make an offer for Charter Court, which is valued at about £730m. A source said the deal woul...
Lakshmi Vilas Bank's merger with NBFC may open more such possibilities

Lakshmi Vilas Bank's merger with NBFC may open more such possibilities

Finance
KOLKATA: The role of two central bank nominees to the board of Lakshmi Vilas Bank would be in focus on Friday when the highest policy-making group at the lender meets to possibly consider a merger with a non-banking finance company (NBFC). An approval from the two nominees - Suvendu Pati and Rajnish Kumar – could set the precedent for the regulatory stance on the subject, as the central bank is unlikely to go against the recommendation of its own representatives at bank board meetings. Smaller banks, with low-cost liabilities, are attractive bets for bigger para banks, and a successful deal involving Lakshmi Vilas could act as the template for Indian financiers. "We have already sounded out the central bank and it seems to be positive about this idea, should the merger tick all the b...
Gravitational waves: Monster black hole merger detected

Gravitational waves: Monster black hole merger detected

Science
Gravitational waves have been picked up from the biggest black hole merger yet detected. Scientists say their laser labs sensed the ripples in space-time emanating from this gargantuan collision on 29 July 2017. The event saw two holes, weighing more than 50 and 34 times the mass of our Sun, uniting to produce a single object over 80 times the mass of our star. It happened at least five billion light-years from Earth.The discovery follows a major data re-analysis project. Researchers from the LIGO-VIRGO Collaboration will also list three other black hole mergers that were missed in the initial run-though of the data; and the promotion to full detection status of a previously uncertain "candidate". The re-analysis brings the tota...
Unions threaten nationwide strike on Dec 26 to protest merger of banks

Unions threaten nationwide strike on Dec 26 to protest merger of banks

Finance
Bank unions Saturday called for a nationwide strike on December 26 to protest the proposed merger of Bank of Baroda, Dena Bank and Vijaya Bank. The government had in September approved the merger of the three public sector lenders. The strike will be organised by the United Forum of Bank Unions (UFBU), an umbrella body of nine employee and officer unions. The government and the concerned banks were moving ahead with their decision for amalgamation and hence it was decided to give the call for strike, All India Bank Employees Association General Secretary C H Venkatachalam said. All unions under UFBU will participate in this strike call, said Ashwani Rana, vice president of the National Organization of Bank Workers. Following the government nod, the respective boards of these banks gave the...
Time Warner shares shoot higher after judge rules in favor of merger with AT&T; other media stocks gain

Time Warner shares shoot higher after judge rules in favor of merger with AT&T; other media stocks gain

Finance
Media and telecommunications stocks shot higher in aftermarket trading Tuesday after a federal judge ruled in AT&T's favor on its $ 85 billion acquisition of Time Warner. Time Warner shares traded more than 5 percent higher in aftermarket trading. The widely anticipated ruling comes amid pent up interest in forging combinations across the entertainment and communications industries. CNBC's parent company, Comcast, has been eyeing a $ 60 billion offer for the Twenty-First Century Fox studio and production assets that are currently part of a deal with Disney. ...