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.
- 1 'Not suppost to cry': 9-year-old lists the worst things about being a boy
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 4 Lana Del Rey rape video: Marilyn Manson denies involvement in shocking leaked footage
- 5 Kenya bus attack: Al-Shabaab militants kill 28 non-Muslims who failed to recite Koran
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Revealed: How the world gets rich – from privatising British public services
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
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