The UK’s Serious Fraud Office has launched an investigation into suspicions of bribery at mining and commodity trading group Glencore (GLEN). The SFO said “it is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons”. In a statement, the £30bn company added: “Glencore has been notified today that the Serious Fraud Office has opened an investigation into suspicions of bribery in the conduct of business of the Glencore group.” Glencore said it would cooperate with the investigation.
BP (BP.) has increased its stake in the British solar venture Lightsource BP as it prepares to strike a deal to power its offices with renewable energy from next year. The companies announced plans to set up a 50:50 joint venture almost two years after BP made its return to the solar market by snapping up a 43% stake in Lightsource for £200m. BP will increase its stake in the company by buying new shares for an undisclosed price to help accelerate Lightsource BP’s solar power targets. It had hoped to grow its portfolio to 6GW of capacity by 2023 but plans to reach 10GW over the same timescale.
Shares in Aston Martin Holdings (AML) have surged on reports that the billionaire owner of a Formula One racing team is preparing to bid for a significant stake in the luxury carmaker. Lawrence Stroll, the owner of Racing Point, is leading a consortium that is considering a stake in the British firm, according to Autocar. Aston Martin shares have slumped since its flotation just over a year ago. Sold at £19, they tumbled to 399p at the end of October, but climbed 18% to close at 595p on Thursday amid reports of Stroll’s interest. The carmaker, which has recently launched its first SUV and officially opens its newest plant in St Athan, south Wales, on Friday, has struggled with poor sales and the fallout from a Chinese slowdown and Brexit confusion.
Eddie Stobart Logistics (ESL) famed for its red and green lorries, is teetering on the brink of collapse with its future due to be decided at a key shareholder vote in London on Friday. The vote will pit William Stobart, the third son of the company’s founder, against his childhood friend and former brother-in-law, Andrew Tinkler. If their competing bids fall through, the company could collapse under the weight of a huge debt pile months before its 50th birthday. The Warrington-based company, which counts Amazon, Coca-Cola and Tesco among its customers, recorded a loss of at least £12m in the first half of the financial year. It is also struggling with £200m worth of debt. However, accounting problems revealed in August mean the financial situation could be much worse.
