The discounter’s sweetened $9.1 bln bid for Family Dollar includes a big break fee and extra assurances on antitrust. The offer bests its rival’s agreed $8.5 bln tie-up with Dollar Tree - and General still has some bucks to spare. Family’s directors should start negotiating.
In her new role at UBS, the ex-Barclays investment banking chairman will need to replenish the depleted ranks of dealmakers. It’ll be one of the few shops on Wall Street hiring with any gusto. Stephenson probably won’t accept all calls, though, and her pitch may have limited appeal.
The old path led from Congress and regulatory agencies to bulge-bracket banks like Citi and Goldman. But Republican exile Eric Cantor’s new job with Moelis confirms boutiques and other investment firms are now a better choice for a fat paycheck with a less pejorative headline.
Opponents of the plan to build a brand new airport in the Thames estuary have won support from a government-appointed arbiter. The four-runway project is hard to square financially. But Boris Island has a champion who may yet win the power needed to push the proposal through.
The Italian eyewear company has replaced its single chief executive with two co-heads. The model is complex and relies heavily on 79-year-old founder Chairman Leonardo Del Vecchio. Like the clunky Google Glass smart specs Luxottica is partnering on, it needs further work.
The U.S. taxi app says it will defy a ban issued by a Frankfurt court, risking fines of 250,000 euros per journey. This looks like Silicon Valley arrogance. But Germany’s taxi rules are outdated and flawed. Uber is sticking up for consumers and will probably prevail in the end.
Sterling currency options have jumped after poll gains for the pro-independence lobby. If Scots vote Yes, wholly unresolved issues surrounding currency and the division of spoils will burst out into the open. They won’t be quickly resolved. Investors should brace themselves.
Firms are paying top staff extra “allowances” in response to European bonus caps. That avoids raising base salaries and keeps costs flexible. The risk is that successful avoidance of the rules will prompt policymakers to shift the attack to pay quantum rather than pay structure.
Plans to cut cash salaries for state sector bosses by up to half may sting. But top executives in effect get another currency – political stock. If China’s ruling party had a share price, it would be rising. The trouble is, outsiders can’t easily see what that stock is worth.