John Laing prepares for £600m listing
Fund manager Henderson Global Investors is preparing to list infrastructure subsidiary John Laing on the London Stock Exchange.
JP Morgan Cazenove has been hired to advise on the listing, which could value Laing at as much as £600m. Laing invests in a diverse range of public-sector projects, such as hospitals, schools and roads. The group's 67 infrastructure assets are valued at more than £650m and a listing is expected before Christmas.
David Phillips launches rental business
The UK's largest furniture supplier to landlords, David Phillips, has launched a rental business. The service will provide furniture for hire rather than purchase to help cut costs. The company, which has a nationwide warehouse network, offers monthly furnishing "packages" starting at £83. It was selected as preferred supplier last week for Manchester's Media City scheme which will house the BBC's sports division.
Rusal begins UK shareholder roadshow
The board of Rusal, the Russian aluminium giant, will kick-off a roadshow for UK shareholders tomorrow as it tries to wrest control of Norilsk Nickel. Rusal and Interros, which each own 25 per cent stakes in the business, disagree over the direction it should take. ISS, an independent advisory service, recommended on Friday that shareholders vote to remove the board. Rusal, which is listed in Hong Kong, is run by Oleg Deripaska, the Russian oligarch.