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London Stock Exchange says third attempt at a tie-up is ‘highly unlikely’ given the ‘disproportionate’ antitrust terms set by Brussels
The £24bn merger between London Stock Exchange and its German counterpart Deutsche Börse looks to have been derailed by antitrust concerns in Brussels.
The LSE said it was “highly unlikely” it would be able to meet antitrust conditions set by the European commission for its tie-up with the Frankfurt stock exchange operator.
Related: Deutsche Börse chief probed over €4.5m share deals ahead of LSE merger talks
Continue reading...With the mood of complacency shattered by the Kraft Heinz bid, the company must take action to protect its independence
There’s nothing like a bid – or, in Unilever’s case, a non-bid that goes away within 48 hours – to shatter a mood of comfortable complacency in a boardroom. The chief executive, Paul Polman, after his unpleasant encounter with Kraft Heinz, appears to have drawn two correct conclusions. First, it was embarrassing that a company of Unilever’s size and standing could even be viewed as prey by Kraft’s cast of job-slashing billionaires. Second, the best way to improve matters is for Unilever to get its share price higher.
Wednesday’s statement – “the events of the last week have highlighted the need to capture more quickly the value we see in Unilever” – was woolly but significant. Unilever is conceding, in effect, that it cannot take its shareholders’ loyalty for granted. Polman was probably told as much by a few powerful fund managers who do not share his love of long-term perspectives.
Related: Unilever takes steps to fend off renewed bid from Kraft Heinz
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