(Bloomberg) — Legal & General Group Plc’s investment arm will vote against certain senior appointments at FTSE 100 and S&P 500 companies if they fail to include ethnic minorities on their board.

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The asset manager wants to see at least one Black, Asian or other ethnic minority on the board at major U.K. and U.S. firms by January 2022, according to the newsletter from Legal & General Investment Management. If there isn’t any such representation, L&G will vote against appointments to chair the board and nomination committee.

“The horrifying killing of George Floyd and so many others has led many institutional investors to think much more seriously about structural racism and inequality,” LGIM wrote. “We believe asset managers must go further. Now is the time for action.”

As the U.K.’s biggest money manager with around 1.2 trillion pounds ($1.6 trillion) of assets, Legal & General’s warnings carry some

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(Bloomberg) — Italy’s Nexi SpA and SIA SpA are set to announce their merger after their boards meet Sunday to approve a deal to create one of Europe’s biggest payment providers, people familiar with the matter said.



a sign on the side of a train station: A pedestrian passes the Nexi SpA headquarters in Milan, Italy, on Monday, April 15, 2019. The initial public offering of payment-service company Nexi raised 2.01 billion euros ($2.3 billion), making it the biggest listing in Europe so far this year and the third major IPO of a payment-processing institution in the region in less than a year.


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A pedestrian passes the Nexi SpA headquarters in Milan, Italy, on Monday, April 15, 2019. The initial public offering of payment-service company Nexi raised 2.01 billion euros ($2.3 billion), making it the biggest listing in Europe so far this year and the third major IPO of a payment-processing institution in the region in less than a year.

As part of the agreement, Nexi would approve a reserved capital increase for SIA shareholders, with no cash component, said the people, who asked not to be named because the talks are private. Nexi would hold about 70% of the merged company and SIA 30%, they said. Cassa Depositi e Prestiti SpA, SIA’s main

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By Pamela Barbaglia and Joshua Franklin

LONDON/NEW YORK (Reuters) – Mergers and acquisitions came back with a bang in the third quarter as executives rushed to revisit deals left on hold at the height of the coronavirus pandemic and boardrooms regained confidence after a roller-coaster year.

A deal frenzy in September led to a record third quarter with more than $1 trillion worth of transactions around the world, mostly focused on coronavirus-resilient sectors such as technology and healthcare, according to Refinitiv data.

The third-quarter spike, however, failed to take up all the slack after a lacklustre start to the year.

M&A deals overall were down 21% at $2.2 trillion in the first nine months of 2020, with U.S. transactions coming in at $800 billion, a 43% slump from the same period last year.

“The way out of this crisis is through M&A and we have started to have really engaging

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Reuters
Reuters

HONG KONG (Reuters Breakingviews) – China’s tech-focused growth boards are at risk of losing focus. Carmaker Geely wants to raise $3 billion on Shanghai’s hot STAR exchange, part of a surge of mature companies chasing stratospheric valuations on venues built for earlier-stage firms. The trend could water down Beijing’s push to help smaller, cash-strapped companies raise equity.

Shanghai’s STAR market was launched in part to serve young companies that are excluded from the main boards because of strict profitability requirements. China needs to fund its next wave of biotechnology and artificial intelligence upstarts, which burn through cash at light speed but lack collateral for loans.

Besides having looser listing criteria, however, the STAR board also scrapped the semi-official valuation cap of roughly 23 times earnings for companies going public on mainland exchanges. That lured executives at older companies, who correctly concluded that STAR traders would juice their valuations.

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