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Tuesday Papers: M&A hits record after North American dealmaking spree

Tuesday Papers: M&A hits record after North American dealmaking spree

Top stories

  • Financial Times: North American companies unleashed a dealmaking spree totalling more than $50 billion on Monday in a series of industry-changing mergers.
  • The Times: Oil prices hits four-year high yesterday, topping $81 a barrel, after Opec rebuffed President Trump’s calls to increase supplies.
  • The Times: Michael Kors is expected to pay about $2 billion for the fashion empire of Italian designer Gianni Versace, who was murdered 21 years ago.
  • The Daily Telegraph: Gold miner Randgold Resources unveiled a shock merger with rival Barrick of Canada that will create an $18 billion giant spanning North America and Africa.
  • Financial Times: Thomas Cook warned full-year profits would fall 15% due to late bookings caused by unusually hot European weather, pushing the holiday group’s shares down 25%.
  • Financial Times: Brexit secretary Dominic Raab has dismissed talks of an early general election by Theresa May to try to save her Chequers Brexit strategy.

Business and economics

  • The Guardian: Trade war between the US and China escalated further after they imposed new tit-for-tat tariffs against each other’s goods.
  • The Times: Total, the French oil major, has made a big natural gas discovery off the Shetland Islands that experts believe could be the biggest in British waters for a decade.
  • The Daily Telegraph: British broadcaster Sky’s stocks surged 8.8% to £17.24 in response to Comcast’s knockout bid at the weekend.
  • The Times: America’s largest cable provider Comcast lost nearly $10 billion of its market value amid concerns that chief executive Brian Roberts is paying too much for Sky.
  • The Daily Telegraph: River Island’s profits slumped 40% as the chain poured money into the business to adjust with the shift in shopping habits online.
  • Daily Mail: Harvey Nicholls saw sales rise 8.5% to £210 million in the year to 31 March after bagging an agreement to sell the pop star Rihanna's line Fenty Beauty exclusively in the UK.
  • The Times: The government is likely to bail out Liverpool’s new £335 million NHS hospital and take it back into public ownership, nine months after Carillion collapsed leaving the project in crisis.
  • The Guardian: Germany’s financial watchdog has appointed KPMG as an independent auditor to assess progress of the efforts made by Deutsche Bank to prevent money-laundering and “terrorist financing.
  • The Guardian: Flights between the UK and the rest of the EU could be disrupted if Britain crashes out of the bloc without a deal, the government has said.
  • The Daily Telegraph: Former banker Richard Mully has been named London commercial property investor Great Portland Estates’ new chairman as Martin Scicluna is stepping down after being poached for the same role at Sainsbury’s.
  • The Times: Debenhams is to shift its focus to newer but fewer items as speculation mounts over its financial health.
  • Financial Times: Weight Watchers has trimmed down its name to its initials to reinvent itself for an age in which health has taken precedence over size.

Share tips, comment and bids

  • The Times (Tempus share tips): AVOID Drax; HOLD Pennon Group.
  • Daily Mail: Two of France’s biggest supermarkets have embroiled in dispute, which erupted after Casino said it had rejected a tie-up approach from larger rival Carrefour, but the later has denied ever making a bid.
  • The Times: General Atlantic is selling Meteogroup, which provides weather forecasts for BBC, to TBG, an investment vehicle of the Thyssen-Bornemisza family.
  • The Times: Sirius XM, the American satellite radio group, is to buy Pandora, the streaming music service, for $3.5 billion as it seeks to challenge Spotify and Apple Music.
  • The Daily Telegraph: Hedge fund billionaire Christopher Hohn's TCI Fund Management has slashed his stake in the London Stock Exchange months after losing a bitter battle with its board.
  • Financial Times: Coronado Global Resources, a coking coal producer, plans to raise up to $1 billion in an initial public offering on the Australian Stock Exchange.
  • The Guardian (Comment): John McDonnell’s plan to tackle inequality should not scare off the bosses.
  • The Guardian (Comment): John McDonnell is not offering workers real share ownership.

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