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Tag: takeover

Labour unveils National Grid takeover plan

Labour unveils National Grid takeover plan

Business
The Labour Party is unveiling plans to take the National Grid into public ownership.It wants to create a National Energy Agency to own and maintain transmission infrastructure.Labour said its nationalisation pledge would "usher in a Green Industrial Revolution" and tackle climate change.But National Grid - the largest transmitter of electricity and gas in Britain - said the proposal was the "last thing" that was needed.The firm, which does not operate in Northern Ireland, said the Labour plan would hinder the shift to green energy.Labour also set out plans to put solar panels on nearly two million homes.Its proposals are contained in a document entitled Bringing Energy Home, due to be presented on Thursday by leader Jeremy Corbyn and Rebecca Long Bailey, ...
Bidders seek to land Thomas Cook takeover

Bidders seek to land Thomas Cook takeover

Business
By Mark Kleinman, City editor Thomas Cook, one of the oldest names in the British travel industry, is being circled by potential bidders as lenders ‎to the company prepare for crunch talks over the state of its finances.Sky News has learnt that ‎Thomas Cook has been tentatively approached about a takeover of its tour operating unit, and the entire company, by several parties. The approaches have come as it contends with shifting consumer behaviour, Brexit uncertainty and other factors hurting traditional industry players.The precise status of talks between Thomas Cook and its suitors was unclear on Saturday, although insiders cautioned that any deal was likely to be months away.One described the various talks as ‎preliminary.
Flybe rescued by Virgin in cut-price takeover deal

Flybe rescued by Virgin in cut-price takeover deal

Business
A takeover has been agreed of the troubled regional airline Flybe in a £2.2m deal by a consortium led by Richard Branson's Virgin Atlantic. The move, previously revealed by Sky News' Mark Kleinman, offers just 1p per share, significantly less than the company's closing price of 16.38p on Thursday.Shares were 90% down on market opening, reflecting the massive markdown in the value of the company.The consortium, which includes Stobart Group and Cyrus Capital Partners, will form a new airline group.Flybe will combine with Stobart Airways in a joint venture called Connect Airways.Cyrus will own 40% of the new company, while Virgin and Stobart will each take a 30% share.Under the deal, the three firms will also provide a £20m bridge loan to Flybe and £80m of furt...
Murdoch's Fox increases Sky bid to £24.5bn in takeover battle

Murdoch's Fox increases Sky bid to £24.5bn in takeover battle

Business
Rupert Murdoch's 21st Century Fox has increased its offer for UK broadcaster Sky to £24.5bn, topping a previous offer from rival bidder Comcast.US media giant Comcast made a £22bn offer for Sky in February, trumping a previous offer from Fox, which valued Sky at £18.5bn.Fox is expecting to get regulatory approval from Britain this week for the deal.Fox said Sky's independent committee had agreed the deal.Fox has been trying to get approval from UK regulators since 2016 to buy the 61% of Sky it does not own already.The bid was held up by fears that it could give Mr Murdoch too much power over UK media.Fox has been trying to address those concerns through concessions, including selling Sky News to Disney once the deal is complete.In June, ...
Co-op in £15m takeover raid on Costcutter

Co-op in £15m takeover raid on Costcutter

Business
The Co-op‎ Group has made an audacious knockdown bid to take over Costcutter, one of Britain's biggest independent grocery retailers, amid an accelerating shake-up of the food industry. Sky News has learnt that the Co-op, which has been revived after nearly collapsing five years ago, approached Costcutter's owner, Bibby Line‎ Group, with a £15m offer several weeks ago.The bid was rejected, but Bibby Line is understood to have left the door open to further talks."The talks are not live, but could be again very soon," one source said on Saturday.Disclosure of the approach from the Co-op could pave the way for offers from other suitors, according to retail analysts. Image: Costcutter is one of Britain's biggest i...