FirstFT: Philip Morris increases Vectura’s bid to more than £1 billion

World update

Good morning.This article is our live version First FT communication.Register our Asia, Europe/Africa Either America A version sent directly to your inbox every working day morning

The battle between Philip Morris International and a private equity group for control of British inhaler manufacturer Vectura intensified yesterday as the Marlboro manufacturer increased tender Over 1 billion pounds.

Only two days after the US private equity group Carlyle raised its bid for Vectura in Wiltshire to 155 pence per share, PMI made an offer of 165 pence per share.

This proposal won the support of Vectura’s board of directors and a group of investors who own 11.2% of Vectura, including Axa Investment Managers. PMI’s offer valued Vectura’s equity at 1.02 billion pounds, while Carlyle’s valuation was 928 million pounds.

Vectura’s bidding war is taking advantage of the low valuations of Brexit and the pandemic when private equity firms launched the largest raid on British listed companies in decades.

thanks for reading. What would you like to see more in FirstFT Europe/Africa?contact me [email protected] Share your feedback on the newsletter-Jennifer

There are five more stories in the news

1. Chinese tech giants lost US$87 billion Beijing’s regulatory crackdown on China’s technology industry has weakened US$87 billion Since the beginning of July, the net worth of the industry’s richest tycoons has decreased, hitting the wealth of giants such as Tencent’s Ma Huateng and Pinduoduo’s Huang Kelin.

  • continue reading: ByteDance, owner of short video app TikTok, revives plan Go public, and strive to be listed in Hong Kong early next year.

2. Latvia warns of NATO-Russia “event” risk This The “weaponization” of immigration Belarus is at risk of “misunderstanding” on its border with Lithuania [and] Some actions not approved by higher authorities”, when Russia Sarpad military exercises The Minister of Foreign Affairs of Latvia said it will be held next month.

3. The Taliban occupy all parts of Afghanistan Taliban continue Gain territory In its violent campaign to control the country, it triggered strong criticism of the Biden administration’s decision to withdraw troops at the end of this month.

4. Messi bids farewell to Barcelona Football star, Can’t help but burst into tears At a press conference in Barcelona, ??it was confirmed on Sunday that he would leave FC Barcelona, ??where he spent his entire career, and said that Paris Saint-Germain might be his next move.

“My blood is getting cold,” Lionel Messi said when he heard that he would have to leave Barcelona © Eric Alonso/Getty Images

5. Saudi Aramco explores to increase production capacity The group is using rising oil prices to reduce leverage and Investment production capacity, Buck the trend and improve shareholder returns.

Tokyo Olympic finals

  • The Tokyo Olympics officially ended—— Japan Hand over the Olympic flame to Paris exist Closing ceremony yesterday.

  • This US Won the gold medal with 39 gold medals, leading by 1 China, But excessive nationalism may Cover up Beijing’s achievements.

  • New record Running show hint problem Through the athlete’s shoes to the track itself, as well as the effectiveness of doping control. (FT, Associated Press)

Coronavirus Digest

  • Industry leader predicts the world Building a “super cycle” This will drive demand for building materials after the pandemic Infrastructure Project.

  • Secretary of Commerce Quasi Quatten Swear to put one Free market approach It is the core of the post-Covid recovery. Pension fund trustee Yes hesitate In the government’s efforts to encourage them to spend billions of dollars.

  • Rupert Murdoch Sky news australia Facing parliamentary investigation for posting YouTube videos destroyed The misinformation policy of the streaming media company.

  • almost 9% Are moderate or severe Food insecurity In 2020, it was 7.7% in the previous year.

  • Human rights activists criticized Sri LankaThe police are indiscriminate Killing and abuse of citizens Under the cover of Covid-19 pandemic measures.

Covid-19 has exposed an unspoken truth about business travel: many of them are for reasons unrelated to business. Pilita Clark wrote. register For us Coronavirus business update Newsletter and follow our Live blog Newest.

The histograms of moderate or severe food insecurity (% of population) in North America and Europe show that hunger is increasing even in rich countries

The days to come

United Nations Climate Change Report The United Nations Intergovernmental Panel on Climate Change (IPCC) will release today a report on the physical science basis of climate change.Leslie Hooker, Environmental and Clean Energy Correspondent of the Financial Times, pointed out Three specific areas The report that the company should pay attention to.

New York State Judiciary Committee meets The committee will meet With Andrew Cuomo and his lawyers in the State Assembly’s investigation into the Governor’s alleged sexual harassment of women, the deadline for defending the Governor is approaching.One of the women who filed criminal proceedings will Speak publicly first. (New York Times, Reuters)

  • deeper: meet Leticia James, The New York Attorney General is fighting for the disadvantaged in the state.Her office announced the results of a survey last week Five months of investigation The charges against the governor.

Clayton, Dubilier & Rice WM Morrison bid Buyout group until today Decide whether to bid higher than SoftBank’s fortress or walk away.

What are we still reading

Dutch house prices soar The price of existing houses in the country Up 14.6% In the year to June, this was the highest rate in 20 years — and one of the highest in the European Union. Low-income people usually have to wait more than 15 years to obtain social housing, and the number of homeless people has doubled in the past decade. Read more in our series Global house prices soar.

Annual percentage change (quarterly data) line chart showing that the Netherlands exceeds EU-wide housing price growth

“Maximum pressure” on North Korea failed Despite some success, the Kim Jong Un regime is still trying to find method Bypass sanctions from the United States and the United Nations, including cryptocurrency theft and lucrative cyber robberies-while developing its weapons program.

Why Xi Jinping strictly cracks down on e-sports and personal education China’s new restrictions reflect Beijing’s desire to maintain social control, but they also provide a window The pressure of urban lifeHowever, this move has exacerbated another sensitive Beijing policy: Youth unemployment rate rises, Experts warn.

  • Related Reading: Lead one of the largest education groups in the world, Yu MinhongChina’s “godfather of education” faces a test of survival.

Ambition: necessary but corrosive Lucy Kellaway always wanted to know how much ambition We need how to turn it off when it is no longer useful-and how to stop it from affecting us.

“It’s not that it turns you into a ruthless version of Macbeth, but that hard work, as the name suggests, makes you dissatisfied with your current life.”

Newsletter recommended for you

due diligence — Headlines from the corporate finance world.register here

Moral money — Newsletters about socially responsible companies, sustainable finance, etc. that we must not miss.register here

Source link