A £530million bad hole in its Italian accounts, together with a drying up of government undertakes, had wiped over £7billion from its market value. But he pointed to mature revenues at its EE mobile business and 83,000 new broadband customers. Pre-tax profit was down 37 per cent to £526million. He pronounced: “The integrity of the company has been undermined by the wrongdoing of a few.”
PRIVATE equity billionaire Guy Hands has snapped up the Nordic operations of fast-food giant McDonald’s for an undisclosed sum. Transfer manacles, the chairman of investment firm Terra Firma which bought out gramophone record label EMI in 2007, will be granted a licence to develop and operate the put together’s 400-plus restaurants in Norway, Sweden, Denmark and Finland. McDonald’s established searching for a strategic partner to run the regional business over a year ago. Mr Hands is needed to keep the McDonald’s name and products across the Nordic operations.
Pact Trust has agreed to buy out a US activist hedge fund whose long stump for changes forced an overhaul of the Scottish investment fi rm. The £3billion group, one of Britain’s oldest investment superintendents, will repurchase the 19.75 per cent held by Elliott, worth £630million. Prevail upon from Elliott led to an overhaul of Alliance’s board, followed by the sale of its in-house investment area. Alliance said: “The proposed repurchase is in the best interests of the company and its shareholders.”
Cannonade is to sell a chunk of North Sea oil and gas assets in a $3billion (£2.4billion) mete out to reduce its debt pile. Chrysaor, a private equity backed oil enterprise, is set to acquire a mix of older fields new developments and infrastructure, taking charge of hundreds of Disburse and former BG Group employees that work on the platforms. Shell is set to from several countries as it looks to sell £24billion of assets after its £35billion takeover of analysis and production heavyweight BG Group last year.