Chris started his career as a researcher in BBC Television’s documentaries department and then became a financial journalist. He was previously Investment Banking Correspondent and Senior Corporate Reporter at the Financial Times, Financial Editor of The Independent and a companies writer at the Investors Chronicle. Chris has also worked at communications consultancy Financial Dynamics (now FTI), as an Associate Partner.
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It’s a big bet. The Irish building group will increase leverage – even with a big equity issue – to buy surplus assets from Lafarge worth a third of its market cap. CRH got sucked into an auction too. Yet investors cheered. It’s how things work in a low-return, low-growth world.
Martin Sorrell says the ad group’s Chairman-designate Roberto Quarta will help its “horizontality.” The word also sums up the partnership aspect of good CEO-chair relations. But given the WPP CEO’s run-ins with investors, Quarta will want to be a degree higher, not on a level.
The French materials group is seizing control of Swiss peer Sika by paying $2.8 bln for a minority family stake which has majority voting rights. Sika’s board is laudably indignant. And Saint-Gobain’s tactics have a hidden cost of upsetting other investors and the target’s staff.
- Canary Wharf bid short on tactics and value
- Market too cool on Aviva-Friends tie-up
- Private equity shows signs of pre-crisis brio
- Aviva pays high price for Friends leak
- Aviva's Friends tie-up is far from done
- Pru’s lesson for investors: trust animal spirits
- FX-gate raises tricky management problem – loyalty