tag:blogger.com,1999:blog-27840695093703388752024-03-15T18:09:45.081-07:00BetavilleA cheeky financial blog with stories about deals, dealmakers and anything else I find interesting. Edited by Ben Harrington.
[Disclaimer - the information on Betaville does not constitute any form of investment recommendation and is not intended to be relied upon by readers in making, or refraining from, any investment decisions.]Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.comBlogger719125tag:blogger.com,1999:blog-2784069509370338875.post-29502499959734850212016-07-11T04:02:00.002-07:002016-07-11T04:02:36.216-07:00Betaville now at betaville.co.ukBetaville has moved! We have a brand new website where we will be posting the latest articles. Please find it here: <a href="http://betaville.co.uk/">betaville.co.uk</a>Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com1tag:blogger.com,1999:blog-2784069509370338875.post-23691461783681450872016-07-02T10:35:00.000-07:002016-07-02T02:35:43.093-07:00Daniel Stewart wields the axe - part 2A little update about the looming cull at Daniel Stewart.<br />
<br />
I hear between 10 and 15 people were let go yesterday from the stockbroker.<br />
<br />
And I suspect Daniel Stewart won't be the only broker to be throwing people out over the next few weeks...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com7tag:blogger.com,1999:blog-2784069509370338875.post-6108597127102324402016-06-30T18:25:00.000-07:002016-07-02T02:36:18.164-07:00Post Brexit M&A from the WSJThe venerable <i>Wall Street Journal</i> has just landed a cracking scoop about Mondelez submitting a $23 billion takeover bid for rival Hershey. Hat tip to those hacks who dug up that jackanory. Here is a link to their piece:<br />
<br />
<a href="http://www.wsj.com/articles/mondelez-makes-takeover-bid-for-hershey-1467297248">http://www.wsj.com/articles/mondelez-makes-takeover-bid-for-hershey-1467297248</a><br />
<a name='more'></a><br />
Now, clearly the only thing UK-related connected to this deal is the fact that Mondelez owns Cadbury (a former constituent of the FTSE 100 index) but it does demonstrate that the global "uncertainty" triggered by Brexit is perhaps not having too much of an impact on M&A markets.<br />
<br />
I may have a bit more to add on this situation on Tip TV this Monday, so do tune in...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com3tag:blogger.com,1999:blog-2784069509370338875.post-56809937146321817922016-06-30T13:29:00.000-07:002016-06-30T16:20:57.153-07:00Murdoch in first major UK M&A deal post Brexit with £220 million talkSport buy; Sky next?Perhaps those (I have to include myself here) predicting a slowdown in UK M&A post Brexit spoke too soon.<br />
<br />
News Corp - the publishing company controlled by media tycoon Rupert Murdoch - has just announced it is purchasing Talksport-owner Wireless Group for £220 million. Here is a link to the regulatory news service announcement:<br />
<a name='more'></a><br />
<a href="http://www.investegate.co.uk/news-corporation/rns/recommended-cash-offer-for-wireless-group-plc/201606301306118302C/">http://www.investegate.co.uk/news-corporation/rns/recommended-cash-offer-for-wireless-group-plc/201606301306118302C/</a><br />
<br />
Or, maybe it's just a case of Rupert Murdoch, who recently described Britain's withdrawal from the European Union as 'wonderful', putting his money where his mouth is.<br />
<br />
Fair play, I guess.<br />
<br />
But I'm pretty sure this will rekindle the bid rumours (which have been lingering in the London market for the last year or so) about Sky...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com4tag:blogger.com,1999:blog-2784069509370338875.post-22481066070527000022016-06-29T21:02:00.000-07:002016-06-29T13:04:36.268-07:00Post Brexit M&A from the FTIf your interested in the prospects for dealmaking post the Brexit referendum this (click on the link below) piece from FT hacks is worth a read (if you pay for a subscription or can sidestep the paywall).<br />
<br />
Enjoy: <a href="http://www.ft.com/cms/s/0/7eeb15a2-3dea-11e6-8716-a4a71e8140b0.html#axzz4CsoYi2Sd">http://www.ft.com/cms/s/0/7eeb15a2-3dea-11e6-8716-a4a71e8140b0.html#axzz4CsoYi2Sd</a>Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com12tag:blogger.com,1999:blog-2784069509370338875.post-76423155460261591072016-06-29T00:25:00.000-07:002016-07-02T02:31:30.734-07:00Daniel Stewart wields the axeThere is more gloomy news from London's small cap stockbroking industry. <br />
<br />
I hear Daniel Stewart, which has seen its shares suspended, has this week begun a major cull, possibly about a third of its work force.<br />
<a name='more'></a><br />
Whether this latest purge is connected to Brexit or just an extension of the general malaise in the industry remains to be seen.<br />
<br />
I asked Peter Shea, chief executive of Daniel Stewart, about the job losses but he declined to comment. <br />
<br />
However, one person close to the matter said the redundancies being made are in business areas not yet generating a profit. <br />
<br />
Some of Daniel Stewart's largest shareholders, such as Rob Terry's Quob Park Estate vehicle, are said to be supportive of the restructuring as it may make the whole business profitable earlier than expected.<br />
<br />
Let's see...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com3tag:blogger.com,1999:blog-2784069509370338875.post-72555284729624061402016-06-27T14:41:00.000-07:002016-06-27T06:42:32.418-07:00Back on Tip TV talking about Brexit's impact on UK M&A, Wirecard and BioMarinHere's is a link to today's session on Tip TV with the erudite Zak Mir.<br />
<br />
<a data-saferedirecturl="https://www.google.com/url?hl=en&q=https://www.youtube.com/watch?v%3DPaqcAMy-fek&source=gmail&ust=1467121118367000&usg=AFQjCNErKCo1D1CdPmF9lGm2iWfPUIkiJg" href="https://www.youtube.com/watch?v=PaqcAMy-fek" style="color: #1155cc; font-family: arial, sans-serif; font-size: 13px;" target="_blank">https://www.youtube.com/watch?<wbr></wbr>v=PaqcAMy-fek</a>Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com4tag:blogger.com,1999:blog-2784069509370338875.post-31642134833296636642016-06-25T09:55:00.000-07:002016-06-27T06:42:23.266-07:00Is the tide turning for Odey the Brexiteer? - part 2It looks like my story from yesterday was bang on the money.<br />
<br />
Indeed, just a few hours after I published yesterday morning charming Crispin got on the front foot to go on the record about his recent strong performance in June and also from the result of the referendum.<br />
<br />
<a name='more'></a><br />
<br />
In case you missed it, here are links to yesterday's follow up pieces:<br />
<br />
<a href="http://www.bloomberg.com/news/articles/2016-06-24/-brave-brexit-decision-reflects-disaffection-says-crispin-odey-iptisg51">http://www.bloomberg.com/news/articles/2016-06-24/-brave-brexit-decision-reflects-disaffection-says-crispin-odey-iptisg51</a><br />
<br />
<a href="http://www.thetimes.co.uk/article/george-soros-among-the-big-winners-25wt7wfnj">http://www.thetimes.co.uk/article/george-soros-among-the-big-winners-25wt7wfnj</a><br />
<br />
So, I calculate that Odey might now be up by about 25pc given Bloomberg reported Odey's flagship European fund made 15pc out of the huge markets moves on Friday and the fund, according to my intelligence, was up 10pc in the run to the Brexit referendum.<br />
<br />
Still, I'm not sure that recovers all of Odey's losses from over the last year. But, it's a good start!Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com5tag:blogger.com,1999:blog-2784069509370338875.post-59708713674313347662016-06-23T07:01:00.000-07:002016-06-25T01:59:01.047-07:00Is the tide turning for Odey the Brexiteer?Crispin Odey's flagship European fund has had a tough time in the last year or so after the charismatic fund manager made some pretty bold and contrarian bear calls that haven't quite worked out.<br />
<br />
However, yesterday rival hedgies told me the Odey European fund was actually up around 10pc in June 2016 (the final monthly performance won't be published for another couple of weeks).<br />
<a name='more'></a><br />
That still means Odey's flagship fund is still significantly down this year (probably between 10pc and 20pc) but given this morning's Brexit news I suspect the buffer's <i>recent</i> strong performance will continue ...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com10tag:blogger.com,1999:blog-2784069509370338875.post-38049530438832704632016-06-22T19:55:00.000-07:002016-06-23T23:08:29.754-07:00Cough up or sell upMarket participants are going to have to stick their hands in their pockets to keep trading companies, indices and currencies over the next few days.<br />
<br />
That's because brokers and spread betting firms have begun demanding traders and hedge funds put up more "margin" to cover existing positions during the conclusion of the Bexit referendum, according to well-places sources.<br />
<a name='more'></a><br />
IG Index, for example, has told clients the starting margin rates on GBP currency pairs will increase to 6pc today while the starting margin rate on the FTSE 100, all European indices and EURO currency pairs will increase to 3pc.<br />
<br />
While IG told clients starting margin rates on major UK shares and all UK sectors will remain at 10pc during the referendum, margin requirements "could rise" to keep open positions running.<br />
<br />
IG Index is not the only broker asking traders to cough up or sell up.<br />
<br />
A senior executive at a rival spread better confirmed his outfit had asked clients to the same because otherwise "we could have absolute carnage"...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com7tag:blogger.com,1999:blog-2784069509370338875.post-73207686463133795912016-06-21T20:54:00.000-07:002016-06-22T11:56:42.320-07:00Betaville hits 20 million!Little old Betaville has hit another milestone - today it reached a total of 20 million page impressions from readers.<br />
<br />
It's been great fun breaking stories and cracking jokes. But it's now time to think about taking Betaville to the next level.<br />
<a name='more'></a><br />
So, keep an eye on the blog over next few weeks as you are likely to see a few major changes...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com13tag:blogger.com,1999:blog-2784069509370338875.post-68332334558222040602016-06-20T08:18:00.000-07:002016-06-21T12:55:19.867-07:00That meeting - part 3Regular readers will remember my piece from a couple of weeks ago about <i>The Times</i> follow up to my original story from last year about <i>who</i> attended a British Bankers Association board meeting on April 2016, 2008 and <i>what</i> was discussed. In case you don't, here are the links:<br />
<br />
<a href="http://betaville123.blogspot.co.uk/2015/04/that-meeting.html">http://betaville123.blogspot.co.uk/2015/04/that-meeting.html</a><br />
<a name='more'></a><br />
<a href="http://betaville123.blogspot.co.uk/2016/06/that-meeting-part-2.html">http://betaville123.blogspot.co.uk/2016/06/that-meeting-part-2.html</a><br />
<br />
Well, another meeting has been brought to my attention that is likely to raise further questions about <i>who</i> knew <i>what</i> about problems with Libor at the beginning of the financial crisis. <br />
<br />
Tucked away in the legal documents presented to the commercial court at the Wingate Associates (the property investor) against Lloyds hearing last month are details of a meeting between a bunch of top bankers, including a senior Lloyds director, and the Bank of England / BBA on April 25, 2008.<br />
<br />
This time, Lloyds retail director Helen Weir (now chief financial officer at Marks & Spencer) was allegedly present for Lloyds at the April 25, 2008 meeting. According to the legal documents, the substance of the meeting appears to be much the same as the April 16 meeting i.e. there is something up with Libor.<br />
<br />
Minutes of the meeting reference "discrepancies between dollar Libors and the rates at which panel banks are achieving dollar funding". The papers also allege there was an instruction given at the meeting by the Bank of England to "play Libor very straight".<br />
<br />
Er, what's going on here?<br />
<br />
I asked a Lloyds spokesperson and this is what he said:<br />
<br />
<span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt;">“Our statement of 28 July 2014 still stands. That statement made clear that the Group condemned the</span><span style="color: #222222; font-family: "calibri" , sans-serif; font-size: 11pt;"> </span><span lang="EN" style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt;">actions of the individuals responsible for the conduct in question, which it regarded as totally unacceptable and unrepresentative of the cultural changes that the Group has implemented and that these actions were not known about or condoned by the senior management of the Group at that time.”</span><br />
<span lang="EN" style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt;"><br /></span>
<span lang="EN" style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt;"><span style="color: black; font-family: -webkit-standard; font-size: small;">Last week, I contacted a spokesperson for Marks & Spencer to give Helen Weir an opportunity to comment. Marks & Spencer declined to comment. </span></span>Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com8tag:blogger.com,1999:blog-2784069509370338875.post-27076281577144131682016-06-17T07:15:00.000-07:002016-06-20T00:20:56.884-07:00Sanofi said to weigh alternative deals to Medivation; eyes BioMarin Pharmaceutical - sourcesFrench pharmaceutical giant Sanofi is working on a back up plan in case it fails to win its $9.3 billion hostile pursuit of US-listed Medivation.<br />
<br />
Top sources have told me the French pharmaceutical giant has begun looking at US-based rare disease specialist BioMarin Pharmaceutical as a potential alternative takeover deal after growing frustrated in its pursuit of Medivation, which has so far resisted the French company's advances.<br />
<a name='more'></a><br />
Last month, Sanofi launched a formal attempt to kick out the entire Medivation board after the US company rebuffed a $52.50 a share takeover proposal. Medivation has urged its shareholders to reject Sanofi's proposal for a new board. <br />
<br />
BioMarin, run by Jean Jacques Bienaime, has been courted over the last couple of years by the likes of Switzerland-based Roche and London-listed Shire but up until now has opted to remain independent.<br />
<br />
However, the company's shares have fallen from a high of $150 in the middle of last year to around $80 a share, potentially leaving the business vulnerable to an approach.<br />
<br />
Now, clearly the very <i>idea</i> of Sanofi - which is being advised by Morgan Stanley and Goldman Sachs - looking at an alternative deal to Medivation might just give the US company's shareholders that extra bit of encouragement to work with the French giant in replacing Medivation's board. But this story really has come from excellent sources, so I'm taking Sanofi's interest in BioMarin seriously.<br />
<br />
Other potential targets for Sanofi include Actelion although recent comments from Jean-Paul Clozel, the founder and chief executive, imply it's unlikely he is willing to sell the business.<br />
<br />
When asked about BioMarin, a spokesperson for Sanofi declined to comment. A BioMarin spokesperson also declined to comment.Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com10tag:blogger.com,1999:blog-2784069509370338875.post-63989269340046651762016-06-15T19:33:00.000-07:002016-06-16T23:19:41.194-07:00Goldman Sachs tips Sky, Cairn Energy and Zealand Pharma as takeover candidatesI never quite know what to make of a equity research teams' M&A predictions.<br />
<br />
Why? Well, investment bank's equity research teams are supposed to have "Chinese walls" but you would have thought it's unlikely a top investment bank would actually let its own equity research analysts predict a deal that its M&A advisory bankers are <i>actually</i> working on.<br />
<a name='more'></a><br />
Perhaps, then, that's why Sky's shares have dropped like a stone - down almost 10pc in the last five days - despite a prediction yesterday from Goldman Sachs's scribblers that it could be taken over because it's a "strategic target".<br />
<br />
Anyway, I'm well aware the Goldman Sachs note was floating around the market yesterday but I thought I would paste the juicy bits below for loyal readers who interested in it but haven't been able to access it or read it, yet. <br />
<br />
So, pasted below are the key parts of the note from Goldman Sachs writers Katherine Ward, Jenny Lim, Rahul Argawal, Aayushi Chaudhary. They form part of the "European Tactical Research Group". <br />
<br />
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<span style="color: rgb(36.863000% , 46.275000% , 66.667000%); font-family: "universltstd"; font-size: 11.000000pt; font-weight: 700;">M&A back in the headlines after a muted start to the year
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">European M&A volumes are down nearly 30% in the YTD, amidst broader
market weakness and a backdrop of increasing policy uncertainty. However
with Bayer/Monsanto and Microsoft/LinkedIn bringing deal-making back
into the headlines, and the recently launched CSPP from the ECB raising
new questions about balance sheet firepower in Europe, this seems an
optimal time to rebalance our M&A basket (ticker: </span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 700;">GSTRACQN</span><span style="font-family: "universltstd"; font-size: 9.000000pt;">). This
basket contains the stocks where our analysts see the highest likelihood of
M&A activity. Since launching in June 2015, the basket is up 5.3% vs.
SXXP. Over that period, 13 companies under GS European coverage have
been subject to bids, of which 8 have featured in the basket.</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;"><br /></span>
<br />
<div class="page" title="Page 4">
<div class="layoutArea">
<div class="column">
<span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 700;">Additions with this rebalance:
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">The high fragmentation of the customer care interaction market creates a number of
opportunities for consolidation in this space. On January 18, 2016, we initiated on
</span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 800;">Teleperformance</span><span style="font-family: "universltstd"; font-size: 9.000000pt;">, applying a rank of 2 based on our Business services M&A framework.
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">Our Telecom analysts have moved </span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 800;">Bouygues </span><span style="font-family: "universltstd"; font-size: 9.000000pt;">to a rank of 2 (from a rank of 4) given the
managements of Orange and Bouygues Telecom have formally announced talks, indicating
that Bouygues appears to be a willing seller.
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">Elsewhere in the Telecoms, our analysts have included a 20% M&A premium weight in the
price target of </span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 800;">Tele Columbus </span><span style="font-family: "universltstd"; font-size: 9.000000pt;">to reflect the stock’s strategic appeal. As the final large-
scale, independent cable operator left in Germany with no blocking stakeholder, our
analysts believe that Tele Columbus presents an attractive M&A target and believe that
meaningful synergies could accrue to any larger scale cable operator.
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">In the Media space, as the worlds of media and telecoms converge, with BT, Sky and
TalkTalk all entering the mobile market, and Vodafone potentially entering TV, our analyst
sees </span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 800;">Sky </span><span style="font-family: "universltstd"; font-size: 9.000000pt;">as a strategic target, given the stickiness of the TV product and its growing
pipeline of in-house content. A hypothetical move towards pan-European selling of rights
could also incentivize further pan-European consolidation.
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">Our Oil team applies an M&A premium to strategic oil rich assets. Our analysts view the
‘SNE’ project as one of the few non-Brazilian deepwater projects that can thrive in the new
world of US$60 pricing. Accordingly, they attach an M&A premium (rank of 1; 50% M&A
weighting) to the asset in their SOTP valuation of </span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 800;">Cairn Energy</span><span style="font-family: "universltstd"; font-size: 9.000000pt;">.
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">In the Financial space, our Real estate team incorporates an M&A score of 2 (from 3) in
case of </span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 800;">PSP Swiss Property </span><span style="font-family: "universltstd"; font-size: 9.000000pt;">based on the fact that stocks trading at a discount to NNNAV
are potentially interesting to corporate acquirers and that those with particularly high levels
of cost can offer potential synergies to an acquirer.
</span><br />
<span style="font-family: "universltstd"; font-size: 9.000000pt;">In the Biotech space, </span><span style="font-family: "universltstd"; font-size: 9.000000pt; font-weight: 800;">Zealand Pharma </span><span style="font-family: "universltstd"; font-size: 9.000000pt;">screens as an attractive target (Rank of 1).
Zealand’s key asset (lixisenatide), is partnered with Sanofi. It has recently passed an FDA
advisory committee vote, and hence is largely a derisked asset. In achieving FDA approval
(PDUFA set for August 2016) and also with a sales launch, Zealand triggers a set of royalty
payments, and hence an associated increase in cash flow. As a result, our analyst believes
that Zealand offers significant strategic appeal. </span></div>
</div>
</div>
</div>
</div>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com11tag:blogger.com,1999:blog-2784069509370338875.post-36395683628379693402016-06-15T14:45:00.000-07:002016-06-15T11:34:10.742-07:00Portuguese consortium said to still be working on BHS despite closure - part 3Most of my peers and rivals are down in Westminster live tweeting Sir Philip Green's interview (wind up) by MPs.<br />
<div>
<br /></div>
<div>
But I thought I would take this opportunity to set the record straight. After this morning's post I had a call from a representative of the Soares do Santos family in Portugal, claiming the family is not backing Greg Tufnell's consortium in its attempt to buy BHS. </div>
<div>
<a name='more'></a><br /></div>
<div>
I thought that was a somewhat strange assertion given almost all of the British national press, many of whom I regard highly as reporters, have been reporting over the last couple of weeks that the dos Santos family is backing Greg Tufnell's consortium.<br />
<br />
My own sources have also assured that the consortium is backed by a wing of the dos Santos family. </div>
<div>
<br /></div>
<div>
So, I explicitly asked for an on-the-record comment from the dos Santos family's representative. This is what the person came back with: </div>
<div>
<br /></div>
<div>
"<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 13px;">I can confirm on the record that the Soares dos Santos family are not and never have been involved in any bid for BHS."</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 13px;"><br /></span>
It's a bit puzzling but I suspect what's happening here is that the left hand doesn't quite know what the right hand is doing.</div>
Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com13tag:blogger.com,1999:blog-2784069509370338875.post-89078014546739702702016-06-14T22:48:00.000-07:002016-06-15T06:48:32.468-07:00Portuguese consortium said to still be working on BHS despite closure - part 2It would appear Mike Ashley isn't the only bidder still trying to get hold of BHS - or parts of it, at least.<br />
<br />
Well-placed sources have told me the Portuguese consortium, led by Greg Tufnell (Phil Tufnell's brother) and backed by the dos Santos family, was also contacted by administrators on Sunday about whether it would still be interested in buying BHS.<br />
<a name='more'></a><br />
I know the Kleinman of<i> Sky News</i> reported a few days ago after my piece that the Portuguese consortium had "vanished" but good sources tell me this group of investors is back working on the deal.<br />
<br />
So, watch this space...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com3tag:blogger.com,1999:blog-2784069509370338875.post-38676767656329350682016-06-12T20:23:00.000-07:002016-06-14T14:51:35.792-07:00Skewered Once again Oliver Shah comes up a with more cracking stuff on the BHS saga in today's <i>The Sunday Times</i>. Here is a link to today's scoop:<br />
<br />
<a href="http://www.thetimes.co.uk/edition/business/revealed-greens-plan-to-split-empire-with-chappell-q8zvwrf5v">http://www.thetimes.co.uk/edition/business/revealed-greens-plan-to-split-empire-with-chappell-q8zvwrf5v</a><br />
<a name='more'></a><br />
This time, though, Olly well and truly "skewers" Sir Philip Green's public relations advisor (Neil Bennett of Maitland, I think?).<br />
<br />
If you don't understand what skewering is, I will talk you through it. In today's business splash (front page story of the business section) Olly reveals Sir Philip "considered selling Dominic Chappell the bulk of his Arcadia Group high street empire". When he put this to Sir Philip's PR advisor, he denied it on the record.<br />
<br />
Olly then puts it to Sir Philip's PR advisor for a second time with documentary evidence that the story is true. Sir Philip's PR advisor decides to "decline to comment".<br />
<br />
Now that's what I call a proper skewering! Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com19tag:blogger.com,1999:blog-2784069509370338875.post-36255865564799796622016-06-09T04:45:00.000-07:002016-06-12T12:28:22.301-07:00Chinese said to be in talks with Wirecard about purchasing a 25pc stake; could make move on the whole company - sources - part 2 Wow - I thought yesterday's piece might ruffle a few feathers but I never expected the torrent of angry banter I received throughout the afternoon.<br />
<br />
It sort of reminds me of last year's shenanigans when I broke a series of stories about Slater & Gordon interest in purchasing the majority of Quindell. For several months I was on the receiving end of serious abuse, scepticism and denials (from Slater & Gordon itself) but stuck to my guns. And what happened: Slater & Gordon eventually bought Quindell's professional services division for just under £640 million. Here is a link to my final piece in that series:<br />
<a name='more'></a><br />
<a href="http://betaville123.blogspot.co.uk/2015/03/quelle-surprise-quindell-announces-sale.html">http://betaville123.blogspot.co.uk/2015/03/quelle-surprise-quindell-announces-sale.html</a><br />
<br />
Now, I'm not saying it's going to play out the same way with Wirecard (these type of situations rarely follow exactly the same path) but the fervour and fury of those people on either side of the argument is eerily similar to when I broke a series of stories on Quindell...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com12tag:blogger.com,1999:blog-2784069509370338875.post-42146129193929375572016-06-08T13:44:00.000-07:002016-06-09T04:49:43.862-07:00Chinese said to be in talks with Wirecard about purchasing a 25pc stake; could make move on the whole company - sourcesA mystery Chinese company is in talks with German payment processor outfit Wirecard about a deal to buy a significant stake in the business or even purchase the group outright.<br />
<br />
According to well-placed sources, a Chinese telecoms company has been talking to Wirecard, whose current market capitalisation stands at EURO 4.7 billion, for quite some time about a partnership and a potential deal.<br />
<a name='more'></a><br />
Talks are understood to be relatively advanced, with negotiations taking place about the structure of the deal and valuation.<br />
<br />
One potential transaction could see the Chinese company - thought to be China Mobile - take a significant stake in the business, possibly as much as 25pc.<br />
<br />
It's also understood there have been conversations with Wirecard about the Chinese group buying a stake of more than 30pc in the German business. This could mean the Chinese outfit would have to make an offer for the whole of Wirecard.<br />
<br />
Discussions have been taking place about how much the Chinese bidder is willing to pay for its stake Wirecard. Sources said the Chinese company has indicated it could be willing to pay between EURO 53 and EURO 55 a share for Wirecard.<br />
<br />
A well-known advisory firm/ financial institution is understood to be working for Wirecard. <br />
<br />
Talks with the Chinese company come at an interesting time for Munich-based Wirecard. The company has seen a wave of negative publicity following the release of a research piece from Zatarra.<br />
<br />
I have asked official spokespeople from Wirecard and China Mobile for a comment but so far I have not heard back.<br />
<br />
UPDATE: A Wirecard spokesperson just responded with an official "no comment".Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com21tag:blogger.com,1999:blog-2784069509370338875.post-20200923829633249582016-06-08T11:25:00.000-07:002016-06-08T04:51:39.837-07:00Nutmegged on SOBI - part 2 There has been quite a bit of noise around Swedish rare disease specialist SOBI over the last couple of days.<br />
<br />
Well, I wouldn't get too carried away. I'm told there is supposed to be an important meeting in the next 24 / 48 hours where a decision will be made on the "situation".<br />
<a name='more'></a><br />
In case you don't recall what the situation is, here are links to FT Alphaville's piece and my follow up article.<br />
<br />
<a href="http://ftalphaville.ft.com/2016/05/20/2162592/friday-raw-are-bidders-circling-sobi-again/">http://ftalphaville.ft.com/2016/05/20/2162592/friday-raw-are-bidders-circling-sobi-again/</a><br />
<br />
<a href="http://betaville123.blogspot.com.es/2016/05/nutmegged-on-sobi.html">http://betaville123.blogspot.com.es/2016/05/nutmegged-on-sobi.html</a>Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com15tag:blogger.com,1999:blog-2784069509370338875.post-32111656454635499522016-06-06T10:36:00.000-07:002016-06-08T02:25:45.249-07:00Retail titbits - part 4Oh look - I see another one of little old Betaville's stories has been confirmed this morning with the announcement that Radley has been sold to Bregal Freshstream, a new (ish) private equity firm.<br />
<br />
In case you don't recall, little old Betaville was the first global media outlet to "exclusively reveal" that Bregal Freshstream, which is backed by a wealthy Dutch family, was participating in the Radley auction.<br />
<a name='more'></a><br />
<a href="http://betaville123.blogspot.com.es/2016/05/retail-titbits-part-2.html">http://betaville123.blogspot.com.es/2016/05/retail-titbits-part-2.html</a><br />
<br />
<i>The Times</i> are claiming the scoop on this one, too. But I guess that's OK given newspaper "exclusively revealed" Bregal was in "exclusive" discussions to buy Radley...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com28tag:blogger.com,1999:blog-2784069509370338875.post-9769891608356372352016-06-02T22:19:00.000-07:002016-06-14T14:41:19.961-07:00Portuguese consortium said to still be working on BHS despite closureI'm very sad to read the reports about administrators to BHS failing to secure a rescue deal for the beleaguered store group.<br />
<br />
However, I have one well-placed source that says the consortium led by Greg Tufnell, brother of former England cricketeer Phil Tufnell, is still working a plan to buy the chain despite reports administrators are planning to appoint Hilco to liquidate the company's assets.<br />
<a name='more'></a><br />
So, perhaps the Tufnell consortium - said to be backed by the Soares dos Santos family - can still pull a rabbit out of hat...Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com17tag:blogger.com,1999:blog-2784069509370338875.post-25154353283134769572016-06-01T09:46:00.000-07:002016-06-02T13:25:13.267-07:00That meeting - part 2 Today's business splash in <i>The Times</i> is rather intriguing.<br />
<br />
Harry Wilson - City editor at <i>The Times</i> and a former colleague from time at <i>The Daily Telegraph -</i> reveals that Eric Daniels, former chief executive of Lloyds Banking Group, was told about Libor rigging at a BBA meeting in 2008.<br />
<a name='more'></a><br />
I wonder whether that's the same BBA "meeting" that I referred to in this piece - <a href="http://betaville123.blogspot.co.uk/2015/04/that-meeting.html">http://betaville123.blogspot.co.uk/2015/04/that-meeting.html</a> - I wrote in late April last year?<br />
<br />
In case you don't recall, when I wrote that piece April Lloyds gave me this statement (see below).<br />
<br />
<div class="MsoNormal" style="color: #222222; font-family: 'Times New Roman', serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt;">"We do not intend to comment on whether Lloyds did or did not attend the relevant meeting in April 2008, nor do we intend to comment on DB’s settlement with the FCA and other regulators. <u></u><u></u></span></div>
<div class="MsoNormal" style="color: #222222; font-family: 'Times New Roman', serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: 'Times New Roman', serif; font-size: 12pt; margin: 0cm 0cm 0.0001pt;">
<span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt;">Lloyds Banking Group entered into settlement with UK and US federal authorities in connection with LIBOR and BBA Repo Rate on 28 July 2014. Lloyds Banking Group’s statement in connection with those settlements and its absolute condemnation of the actions of the individuals responsible for the conduct in question was made clear at the time."</span></div>
<br />
However, today Harry has quoted the FCA, the British financial regulator, in his piece as saying:<br />
<br />
"We do not think this suggestion that the official findings against Lloyds that no senior managers had any knowledge of problems with Libor is a correct characterisation of what is in the Lloyds's Libor final notice". <br />
<br />
Er, what's going on here?<br />
<br />Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com15tag:blogger.com,1999:blog-2784069509370338875.post-79739174898172604882016-05-31T16:58:00.000-07:002016-06-01T01:47:51.816-07:00Back on Tip TV talking about Royal Mail, Pacific Biosciences and Actelion Loyal readers might have been worried that Tip TV had given me the chop after several weeks without a clip being re-published on little old Betaville.<br />
<br />
But fear not - I haven't been on the show because Tip TV have been moving studios. And today my old mucker Moose (aka Nick Batsford) invited me back for a sit down with man-about-town Zak Mir.<br />
<a name='more'></a><br />
So, sit back and enjoy today's session:<br />
<br />
<a href="https://www.youtube.com/watch?v=Cb2eW4PwSOk">https://www.youtube.com/watch?v=Cb2eW4PwSOk</a>Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com3tag:blogger.com,1999:blog-2784069509370338875.post-63783325831630614862016-05-31T08:24:00.000-07:002016-05-31T12:46:40.933-07:00RARE Alert: Israeli property giant said to be weighing outright purchase of Atrium European Real Estate Limited - part 2 I have a little update on that piece of RARE on Atrium European Real Estate I stumbled across last week.<br />
<br />
In case you don't remember, within the story I wrote last week I noted that eastern European shopping mall operator Atrium was looking at other options should the Gazit Globe deal fall over.<br />
<a name='more'></a><br />
Well, according to sources, Atrium is looking at selling its Russian portfolio of shopping centres to a company called Home Credit.<br />
<br />
A quick glance at Home Credit tells me it's a lender rather than a shopping mall owner/operator. Still, one source is adamant that Home Credit is the potential purchaser.<br />
<br />
I guess since Home Credit is owned by a company that is ultimately controlled by Czech billionaire Petr Kellner anything is possible.<br />
<br />
Otherwise, another potential Atrium transaction could be a combination with Finnish property company Citycon, in which Gazit Globe is also a big shareholder.<br />
<br />
To be clear, all of the above information is RARE of the RAREST kind. For readers unfamiliar with the RARE disclaimer, the definition is below:<br />
<br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: 13px;">Market gossip that hasn't been tested through formal journalistic channels (public relations executives, bankers etc). The rumour might be total codswallop but then again there may be something in it, so it's worth airing on Betaville.</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: 13px;"><br /></span>
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: 13px;"><span style="color: black; font-family: -webkit-standard; font-size: small;">A spokesperson for Atrium never returned calls for comment. </span></span>Anonymoushttp://www.blogger.com/profile/07094923119719770105noreply@blogger.com4