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| The Sunday review: an old mega deal rears its head again; and from predator to prey continues... Posted: 07 Mar 2016 02:06 AM PST M&A stories are a bit like London buses. You wait around at the bus stop for one to arrive, it never comes but when it does another two buses come straight after. And so it's the case for The Sunday Telegraph, whose business section was plastered with deal scoops today following a few lean weeks. Ben Marlow and Ben Martin's tale about British American Tobacco hiring Centreview Partners, the hyper-active advisory boutique, was of particular interest. The dynamic deal reporting duo suggest Centreview's appointment has been made with a view to making a multi-billion pound takeover bid for Reynolds American (BAT owns 42pc of Reynolds American). Now, I suspect Marlow and Martin may be onto something here. Back when I revealed BAT had brought on board Deutsche Bank alongside longstanding advisor UBS (in case you don't recall here is the link: http://www.thetimes.co.uk/tto/business/industries/consumer/article4086903.ece) my understanding was that one of the options BAT was looking at was waiting until Reynolds American and Lorillard combined and then making a move on newly merged companies. So, Marlow's and Martin's scoop about Centreview would imply BAT is a step closer to pulling the trigger. Or, will the FTSE 100 tobacco giant pursue a different deal? Only time will tell, I guess. Elsewhere in the Sunday business press, Dan Dunkley of the The Sunday Times had an interesting line on the London Stock Exchange takeover situation. Dunkley reports that the Chicago Mercantile Exchange is more likely to bid for Deutsche Borse, which itself trying to buy the LSE as part of a £20 billion merger deal. Here is the link: http://www.thesundaytimes.co.uk/sto/business/Finance/article1675429.ece Anyway, I will be talking a bit more about the above on Tip TV so tune in tomorrow if your vaguely interested...  |
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