Sunday Round-Up: The main stories from yesterday's City pages
Monday 11 April 1994
The Government is planning to reform the pensions industry this autumn with the introduction of an important bill in the Queen's Speech. It will be the toughest attempt yet to end the controversy surrounding the pillaging of pensioners' funds and is expected to be among the biggest pieces of legislation going through parliament in the next session.
Scotland is making a powerful bid to provide the replacement for the London Stock Exchange's Unlisted Securities Market. The Glasgow- based exchange, which wants to become the UK's centre for small and medium-sized companies to raise equity funding, has already received government support.
Estate agent Chesterton International is considering a stock market flotation. -An international stock market flotation worth between pounds 2bn and pounds 3bn is being lined up this summer for Dutch telephone and postal company KPN.
The Sunday Telegraph
Eurotunnel's 'final' equity issue should raise between pounds 650m and pounds 700m, informed City sources say. The issue next month is expected to be released at a deep discount to the current 495p share price.
Jardine Insurance Brokers is considering entering the lists for control of fellow broker Hogg Group. Sources close to JIB, which is controlled by Jardine Matheson, would not comment. But it is understood that JIB, whose chairman is JM director Rodney Leach, could be ready to show its hand soon.
A boardroom cleanout is looming at Aegis, the troubled media buying group, which underwent a pounds 61m refinancing last October. The axe is poised over French finance director Michel Lefebvre and three other directors and Aegis is about to abandon its palatial Paris offices.
The Sunday Times
A wave of billion-pound merger takeovers among the regional electricity companies is expected to begin later this year. It will trigger the consolidation of the industry privatised four years ago and now worth about pounds 16bn.
World equity and bond markets, which recovered their poise last week after a shaky start, face a number of tests in the next few days with the release of key economic figures.
British industry is to be given competitiveness targets to improve company performance against rivals. The targets, to be set by powerful new trade associations on advice from the DTI, will follow the publication of the President of the Board of Trade's white paper on competitiveness due on 16 May.
Trafalgar House has put the Ritz, one of the UK's best known hotels, up for sale once again.
Independent on Sunday
Rivals of Swiss Bank Corporation, one of Switzerland's top banks, have asked three of the City's most powerful regulatory authorities to investigate what they see as a cavalier attitude to the rules by SBC in its attempt to break into London's new issue market.
George Soros and close affiliates are sitting on paper profits of about pounds 1.4m on shares in the UK property group British Land, which once belonged to the investors in Mr Soros's original Quantum fund.
The main cross-Channel ferry operator, P&O, is setting up a consortium to build and own the pounds 2.7bn high-speed Channel tunnel rail link between London and the coast.
Omnicom, the big US advertising group, is planning to install one of its senior managers as the next chief executive of Aegis, the struggling UK media buyer in which it has a substantial stake.
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