BANK TAKEOVER Lender Virgin Money is expected to agree to a £1.6billion takeover proposal from Clydesdale and Yorkshire banks owner CYBG.
The deal, if agreed today, could see up to 1,500 jobs go and create a bank with assets of more than £70billion and more than six million customers.
JETS JETTISONED Engineer Rolls-Royce has filed a patent for an electric engine, under long-term plans to find alternatives to the jet engine. Boss Warren East has just announced a further 4,600 job cuts, saying he is trying to make the firm fit for the future.
Lender Virgin Money is expected to agree to a £1.6billion takeover proposal from Clydesdale and Yorkshire banks owner CYBG
BIG DEAL German insurance giant Allianz is said to be looking for a big deal, with a possible approach for FTSE 100 rivals RSA and Aviva among options being considered. The chief executive of one global insurer said: ‘Bate [chief executive Oliver Bate] badly wants to make an acquisition. That said, I don’t believe they would do anything hostile.’
RETAIL WOE Electronics retailer Dixons Carphone is expected to report a sharp fall in profits next week as the retailer continues to reel from a mammoth data breach that saw millions of customer details hacked in a cyber-attack. The electricals chain is forecast to report a 23per cent decline in full-year pre-tax profits to £382million, according to a consensus of City analysts.
LONDON LISTING Services firm RA International is joining the AIM junior stock market on June 29 valued at around £97million. The Dubai-based company provides construction and supply chain services to remote locations in Africa and the Middle East, and employs more than 1,600. It wants to raise £18.8million to fund growth.