Business week in review
Sunday 08 April 2012
If at first you don't succeed, try, try, and try again.
That appears to be the personal motto of Xavier Rolet, the chief executive at the London Stock Exchange. On Monday, the LSE's shareholders overwhelmingly voted in favour of Rolet's plan to buy up to 60 per cent of London clearing house LCH.Clearnet.
The €813m (£671m) deal is the former investment banker's sixth attempted purchase since he took the reins nearly three years ago. However, last year Rolet ended up with serious egg on his face when he failed to land TMX Group, the operator of the Toronto Stock Exchange, which led to speculation that the LSE could itself become a takeover target.
Now there's a colourful combination: Lonrho, the pan-African group once run by the late takeover obsessive Roland "Tiny" Rowland, has joined forces with Sir Stelios Haji-Ioannou's easyGroup. On Tuesday, the companies announced that they would open an easyHotel in Johannesburg by the end of the year, the first of 50 budget hotels they plan to open across Africa by2016.
Jonathan Kaye, the chief executive of pizza chain Prezzo, pleased investors on Wednesday when he announced a 14 per cent increase in pre-tax profit to £16.4m last year.
...at a loss
Newspapers shouldn't really gloat at the troubles of their rivals – what goes around comes around and all that – but it does seem extraordinary that Sly Bailey was paid £1.3m last year, including a £248,000 cash bonus.
Shareholders were unimpressed by the news, which emerged in Monday's annual report, and she now faces changes to her bonus plan. Although her 2011 pay was down on the previous year's, Bailey also received half-a-million shares as part of her incentive package. Still, when 250,000 of these vest in two years they are likely to be worth very little should the stock continue on a trajectory that has seen them lose more than 90 per cent of their value during her reign.
Still, loosely, on newspapers – can't be helped – James Murdoch added BSkyB to his burgeoning list of former chairmanships. On Tuesday, he surrendered a title that he also held at News International, the British publishing arm of the family empire, but he remains a non-executive director.
GDF Suez boss Gérard Mestrallet's £6bn offer for the 30 per cent the French group doesn't own in International Power was rebuffed by the UK electricity group's board on Wednesday.
Arsenal strengthened their grip on a top-four finish with a straightforward 3-0 win over Hull City.
Easter egg hunt horror as mother finds dead body under deck of house
Missing Malaysia Airlines Flight MH370: Wreckage could be found within a week as search reaches 'very critical juncture', says minister
Unbeliebable: The White House offer 'no comment' to anti-Justin Bieber petition
Loch Ness Monster found on Apple Maps?
Royal Tour 2014: Is the Duchess of Cambridge the only person ever to climb into a fighter jet wearing a dress and high heels?
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 Easter egg hunt horror as mother finds dead body under deck of house
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Unbeliebable: The White House offer 'no comment' to anti-Justin Bieber petition
- 4 Loch Ness Monster found on Apple Maps?
- 5 How We Met: Alison Moyet & Emma Kennedy: 'I knew we'd be friends because she was happy to make a prat of herself'
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