Saudi Arabia has fired the starting gun on what will be the world’s biggest float after receiving a thumbs-up from regulators. Analysts believe the listing of Saudi Aramco could value the state-owned energy firm at £1trillion – though Crown Prince Mohammed bin Salman is hoping it could be worth £1.5trillion. The company pumps out one in eight barrels of oil globally and made a profit of £36 billion in the first six months of this year. The country’s Capital Markets Authority yesterday granted Aramco permission to sell a portion of its shares on the local Tadawul exchange – three years after plans for the float were first announced. But detail was scant on key issues. Aramco has not released a timetable for the float or even said how much of the company it will put on the public markets.
The US firm trying to buy Cobham (COB) has offered to put Britons in charge of all sensitive UK Government contracts in its latest effort to get the £4bn deal over the line. Advent International is willing to offer concessions to secure the controversial takeover, which was referred to the competition watchdog in September over fears it could compromise national security by exposing top-secret information to another country. This is one of the first proposals that would seem to address concerns about the defence firm, which holds contracts with the Ministry of Defence, being foreign-owned.
hatched an audacious plot to persuade US President Donald Trump to endorse its business plans, according to documents filed in a New York court. Papers obtained by The Mail on Sunday reveal the idea to solicit Trump to praise a Sports Direct deal on Twitter and help deliver a ‘massive increase in sales’. Sports Direct’s US boss Howard Moher outlined the plan in an email to Justin Barnes – a trusted lieutenant of the retail giant’s owner Mike Ashley – in early 2017 as they closed in on a key American acquisition. He said it relied on the co-operation of former New York Mayor Rudy Giuliani, whose company was advising Sports Direct.
Redrow (RDW) is braced for an investor revolt this week after making it easier for bosses to earn bonuses. Investor advisory groups have told shareholders to vote against the firm’s long-term bonus scheme at its annual general meeting in the City on Wednesday morning. Glass Lewis has taken issue with Redrow for lowering earnings targets that executives must hit to achieve bonus payments. The company said it had lowered objectives for its executives because of changes to the Government’s Help To Buy scheme – which will now only be available to first-time buyers – and ‘macroeconomic uncertainty’. ISS also recommended a vote against executive pay at Redrow because of historic long-term bonus conditions set for Steve Morgan, who stood down as chairman of the firm in March.
