Swiss role for Lonrho as it sheds Tiny Rowland roots
Wednesday 15 May 2013
One of the most colourful chapters in corporate Britain finally came to a close today as the 104-year-old Lonrho agreed to a £175 million takeover bid from two Swiss businessmen.
Fund manager Rainer-Marc Frey and Switzerland’s fourth-wealthiest man Thomas Schmidheiny already own 20 per cent of Lonrho through their bid vehicle FS Africa. Today they won approval for a 10.25p-per-share bid giving them another 18%.
Originally called the London and Rhodesia Mining and Land Company, Lonrho shot to fame when Roland “Tiny” Rowland became chief executive in 1962. He ran the company until he was ousted in a boardroom coup in 1993.
Under his leadership, Lonrho diversified widely to own everything from Brentford Nylons to the Observer newspaper. He fought a bitter battle to take over Harrods but lost to Mohamed Fayed. Two months before Tiny’s death in 1998, Lonrho split in two creating platinum miner Lonmin and today’s Lonrho which has agricultural, support services and hotel interests in Africa.
Today the board accepted the bid saying Lonrho required significant capital to grow and that this could be achieved more effectively as a private company.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
- 3 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 4 Tidal: Jay Z's Spotify rival streaming service criticised for making wealthy artists even richer
- 5 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...