Bankers, retailers and consultants have warned that the plunge in the share prices of some of the high street names could lead to a series of buy-outs. Clinton Cards CLCA.L has for instance already said it might consider a management buy-out. At Carpetright CATVU.L, a positive update on an offer from founder Lord Harris is expected on Tuesday. There are however some who think that private equity approaches and management buy-ins from companies with a consumer specialism such as Bridgepoint and Lion Capital, are more likely.
Paternoster, the privately-owned pensions group, has won the largest-ever electronic auction for a pensions group as it snapped up the defined-benefit pension scheme of Lasmo, the UK oil explorer owned by Itali’s Eni. The scheme is fully funded with the combined value of Lasmo’s pension assets and the premium paid believed to exceed 150 million pounds.
Prepared for Reuters by Durrants.