Defriez to become Takeover Panel chief
Wednesday 07 February 1996
Alistair Defriez, a senior corporate financier with SBC Warburg, is to be the new head of the Takeover Panel when William Staple returns in March to his job as a director of Rothschilds.
Mr Defriez, aged 44, has been a director of Warburg's corporate finance business since 1987, specialising in contested takeovers. He recently saw action in the unsuccessful defence of Forte against the hostile bid from Granada, and last year was prominent in the team that fought Northern Electric's corner against the attack by Trafalgar House conducted by Swiss Bank Corporation, which a few months later went on to buy SBC Warburg.
Innovative tactics adopted by SBC during the Northern bid, which for the first time used derivative contracts for differences in a contested takeover, took the City by surprise and produced considerable tension between the rival investment banks. In an ironical twist, Mr Defriez was prominent on the Warburg team that lodged a formal complaint to the Takeover Panel about SBC's methods. Following an inquiry, SBC was cleared of breaching the Takeover Panel's rules, but it was decided to launch a review of the code to take account of these new developments.
That review is expected to be concluded in a month or so, and one of the early actions by Mr Defriez will be to announce the changes brought about by the complaint against the firm that soon became his employer. Insiders do not expect the changes to be significant.
The job of director general of the Takeover Panel, which oversees the regulation of Stock Exchange-listed companies during takeovers, is rotated on a buggins turn two-year basis among leading merchant banks in the City, whose senior corporate finance executives take up the post on secondment.
"It is not a job you apply for, it is one of those invitations you cannot refuse," Mr Defriez said. The rotation format is designed to maintain the practitioner expertise at the panel.
- 1 Three of Pope Francis' relatives die in Argentina car crash, including two young great-nephews
- 2 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 3 Reading Festival 2014: Tesco branch replaces salad with Jager and potatoes for vodka as campsite opens tomorrow
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Syria conflict: President Assad finally turns on Isis as government steps up campaign against militant strongholds
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
Celebrity Big Brother 2014: Audley Harrison meets Kellie Maloney: 'Was Kellie really the best you could come up with?'
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£60000 - £90000 per annum + Bonus: Harrington Starr: Global leading Energy Tra...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£45000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Harrington Sta...