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Main shareholder JAB Holding seeks to shake up business after period of sustained share price underperformance
...Ian Lance, a fund manager at M&S shareholder Temple Bar Investment Trust, said the latest results “demonstrate that the strategy to reshape M&S is starting to deliver”....
...Bristol Myers Squibb raised $13bn in a large bond deal on Wednesday that will help fund two acquisitions....
...Bristol Myers Squibb launched a potentially jumbo-sized bond deal on Wednesday to help fund two acquisitions....
...Bristol Myers Squibb has agreed to buy neuroscience biotech Karuna Therapeutics for $14bn, gaining access to a promising schizophrenia drug....
...M&S’s contract with HSBC, which owns M&S Bank, is up for renewal. M&S is likely to push for more control and a bigger cut of the spoils....
...The winners will, again, be M&A bankers. Pharma companies, while talking up pipelines, are turning to deals to boost their growth outlook....
...“I’m very grateful to Katie for her support in seeing M&S through this important period in the reshaping of the business....
...“M&S’s decision to increase minimum pay levels in line with numerous other supermarkets reflects this reality,” Speke said....
...S said on Friday....
...M&S and John Lewis, they will have to run faster.” M&S cannot afford distractions....
...Tim Steiner, Ocado’s chief executive and co-founder, insisted the relationship with M&S was strong, but added: “We believe that we have a very solid case to get full payment, we know that M&S may not entirely...
...Their low key M&A strategy also helps. Acquisitions, if they happen at all, are of the small, bolt-on variety....
...“M&S has a history of overpromising and underdelivering.” The strong performance from Tesco and M&S comes a day after rival J Sainsbury disappointed investors with weak general merchandise sales....
...In the pharmaceutical industry, big companies including AstraZeneca, AbbVie and Bristol Myers Squibb have announced about $25bn worth of biotech-related deals....
...Partly because it’s been subject to some MainFT scrutiny as a potential M&A candidate recently....
...And here’s what else I’m keeping tabs on today: Earnings: Microsoft and Google owner Alphabet are the latest tech companies to report results....
...Dealing with the dividends doubters So, I’m not saying Daniel Peris got lucky....
...I’m Katie Martin. Thanks for listening. [MUSIC PLAYING]...
...Under M&S’s proposals, three existing buildings would be demolished to make way for a nine-storey development, including a new M&S store, restaurants, offices and a gym....
...This year Savova has ordered M&S pyjamas for all the family so they can match for a “cheesy photo”. “My family gets to be exposed to my cooking,” she says, “which can be hit and miss.”...
...The S&P 500 isn’t at such extremes today....
...But we still believe that M&S’s high-margin clothes division is in slow decline. The food division will simmer on, but profitability will be lower....
...Here’s more on the regions driving a nascent recovery in the M&A market....
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