News That Matters

Tag: takeover

Tycoon Hands plots £2.5bn takeover of Quintain

Tycoon Hands plots £2.5bn takeover of Quintain

Business
Guy Hands, the private equity tycoon, is exploring a £2.5bn bid for Quintain, the London-based property group, in an effort to establish an £8bn UK-wide real estate empire. Sky News has learnt that Mr Hands' buyout firm, Terra Firma Capital Partners, is examining an offer for Quintain‎ through Annington, the giant residential property group it has controlled since 2012.Initial bids are due for Quintain, which is owned by Lone Star Funds, another private equity firm, early next month, and City sources expect a deluge of interest in it.The company has planning permission ‎for thousands of rental homes in the area around Wembley Stadium, with the development scheduled to be completed by 2024.Buying Quintain would give Mr Hands a natural merger partner f...
Apple's Shazam takeover facing competition probe

Apple's Shazam takeover facing competition probe

Technology
The European Commission has launched an in-depth investigation into Apple's takeover of UK-based music app Shazam after finding the deal could raise competition concerns.Apple revealed in December that it was snapping up the song recognition tool in a deal reportedly worth $ 400m (£286m).Shazam allows users to identify songs by pointing a smartphone or tablet at speakers playing music.The European Commission said it was concerned that the takeover could see rivals' music streaming services put at a competitive disadvantage to Apple Music.This is because Apple would obtain commercially sensitive data about its rivals' customers by owning Shazam, according to the EC's initial findings.Those rivals include Spotify, the global market leader."Access to such data could allow Apple to directly ta
Engineering giant GKN bought out in £8.1bn takeover

Engineering giant GKN bought out in £8.1bn takeover

Business
Takeover specialist Melrose has won control of British engineering giant GKN after a bitter £8.1bn battle for the company.Melrose clinched the cash and shares deal despite warnings from GKN's management, who vigorously resisted the approach, by going directly to shareholders with a hostile bid.Christopher Miller, Melrose's chairman, said the business would be in "very good hands" but Labour MP Jack Dromey said it was a "bleak day for British industry".Critics of the deal fear that the new owners could take an axe to jobs.The takeover is Britain's biggest hostile bid since Kraft snapped up confectionery giant Cadbury in 2009.Business Secretary Greg Clark secured assurances from Melrose about its plans during the bid process.Following the investor vote, Mr Clark said the Government now had a
Government wades into GKN takeover battle

Government wades into GKN takeover battle

Business
Business Secretary Greg Clark has written to Melrose demanding "binding" commitments from the turnaround specialist over its £8.1bn bid for GKN.Mr Clark sought "extensive and clear" measures over GKN's workforce, research and development, and pension schemes.He also raised concerns over national security given GKN's role in supplying the UK armed forces.In response, Melrose set out a number of pledges, including not selling GKN's Aerospace Division for five years.It also said that for five years it would maintain GKN's UK listing, maintain its UK headquarters, and ensure research and development (R&D) spending remained at least 2.2% of sales.Deadline approachingGKN makes parts for planemakers Airbus and Boeing, as well as parts for Volkswagen and Ford cars.It is one of the UK's largest
Trump blocks $117bn takeover of US tech firm

Trump blocks $117bn takeover of US tech firm

World
Donald Trump has exercised rarely-used powers to block the hostile takeover of mobile chipmaker Qualcomm by Singapore-based rival Broadcom.The White House said the President was acting on the recommendation of the Committee on Foreign Investment in the United States, which reviews foreign purchases of US companies, to reject the proposed $ 117bn offer on national security grounds.It would have been the most valuable tech takeover in the world had it gone ahead.Broadcom had gone directly to shareholders after a previous offer was rejected by Qualcomm.Its bid interest was blocked at a sensitive time - given the world is gearing up for the roll-out of ultra fast 5G mobile services and Mr Trump's wider agenda to protect the interests of US companies.The committee had warned that "a shift to Ch...