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...“I’m modest enough to say, you can never say never” said Jeremy Weir, Trafigura CEO, when asked whether similar corrupt dealings could happen again at the company....
...The company’s initial public offering took place during the early phase of the Covid-19 pandemic, which saw consumers stock up on household consumer goods like coffee....
...“I have a vote in it, not the deciding vote, but I’m sure I could rally enough people to kill any prospect of that ever happening,” he said....
...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....
...Vandevelde, 73, is presently a director at the company and will replace chief executive Fabien Simon at the start of April on an interim basis and lead a search for a new CEO....
...I’m joined now by Tom Wilson who covers energy for the FT. Hi, Tom. Tom Wilson Hi, Marc....
...She will leave after the company’s annual shareholder meeting in July to pursue other board roles, M&S said on Thursday, having helped revive the retailer’s fortunes over the past 24 months....
...Endeavor’s owners will retain a 40 per cent stake in the combined company....
...But, Tom, what’s his history with the company? Tom Wilson So Murray’s been with BP for about 25 years....
...“Our strategy — from international oil company to integrated energy company, or IOC to IEC — does not change,” Auchincloss said. “I’m convinced about the significant value we can create.”...
...M&S and John Lewis, they will have to run faster.” M&S cannot afford distractions....
...“If you begin to say ‘because I’m investing in the transition, I need to lower my returns’ this will not work,” he said....
...On a long-term view, some of the FTSE 100’s less glamorous members, companies such as Compass, Intertek, Relx, Experian and Diploma as well as Bunzl and Howdens, have performed far better than the household...
...This “significantly and negatively impacted the average number of active customers” last year, the company said on Thursday, and hurt profits, compared with the original business plan agreed with M&S....
...In M&A news, consolidation in the US shale oil sector continues, this time with the announcement yesterday of Diamondback Energy’s $26bn tie-up with Autry Stephens’ Endeavour Energy Resources....
...Tom Wilson So, this is an absolutely enormous project. I mean, the total cost is estimated at $20bn. Rio Tinto’s partnered with seven different companies, five of which are from China....
...M&S chief executive Stuart Machin on Tuesday said the changes, totalling £89mn, were about being “the most trusted employer” as the company announced a host of other benefits relating to maternity, paternity...
...S said on Friday....
...Amer Sports, owner of brands including Salomon, Wilson and Arc’teryx, has filed for an initial public offering on the New York Stock Exchange, as the Chinese-owned company looks to raise money to reduce...
...“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....
...Energy Source is written and edited by Jamie Smyth, Myles McCormick, Amanda Chu, Tom Wilson and David Sheppard, with support from the FT’s global team of reporters....
...Amer, which also produces Wilson tennis rackets and Salomon skis, said it had agreed on Wednesday to sell 105mn ordinary shares at $13 a share, below its published target range of $16 to $18 a share....
...The company behind Wilson tennis rackets and Arc’teryx parkas raised less money than hoped from its initial public offering this month....
...asked Eric Otness, head of M&A at Skadden’s Houston office. “We’ve seen all this consolidation on the upstream side....
...Our companies are profoundly innovative. They don’t pay dividends but they’ve changed the world. What’s the deal? Some of that I’m not going to challenge. But some of that I will challenge....
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