Auction winner Comcast scrambles to buy Sky (SKY) shares as Fox stays silent on its stake. Comcast is scrambling to buy up Sky shares from hedge funds as it races to convert its dramatic auction victory into control of the company. Investment bankers at Bank of America Merrill Lynch were yesterday conducting a “sweep” of hedge funds to build Comcast’s stake. Short-term investors have loaded up on Sky shares as the battle for control of the company has escalated over the past two years, betting that the final price of a takeover would comfortably beat the £10.75-per-share deal agreed with Fox in December 2016. On Saturday night, at the end of a highly unusual 24-hour auction, Comcast offered £17.28 per share, valuing Sky at nearly £30bn.
Clydesdale joins race for £833m RBS fund. Clydesdale bank has joined the race for an £833m competition fund coughed up by rival Royal Bank of Scotland Group (RBS), with plans to bolster its business bank with 150 extra recruits. The FTSE 250 lender – which is close to completing a £1.7bn all-share takeover of Virgin Money Holdings (UK) (VM.) – has detailed plans for a £5m injection into its business banking arm to the Telegraph. CYBG (CYBG) will recruit up to 100 staff to a dedicated switching service in Leeds and about 50 new business banking managers across the UK. Regulators have forced RBS to carve out the funding as the price of keeping subsidiary Williams & Glyn.
Questor: Auto Trader Group (AUTO) shares have been in the fast lane but there’s plenty left in the tank
