Sunday newspaper round-up: Hammerson, WPP, Whitbread, BAE

The FTSE 100 shopping centre owner Hammerson could decide to renegotiate or even abandon a £3.4bn merger with a rival this week. The board is expected to meet amid growing investor unrest over a proposed tie-up with Intu, whose properties include the Trafford Centre in Manchester. - Sunday Times

Sir Martin Sorrell has resigned from WPP, the world’s largest advertising group, ahead of the findings of an investigation into alleged personal misconduct. Sorrell, the longest-serving FTSE 100 chief executive, has been under increasing pressure since the allegation of personal misconduct was made public by WPP’s board this month. - Observer

At least 12,000 more jobs are on the line on the UK’s high street as the number of brands in peril reaches levels not seen since the last recession. Fifteen major retailers or restaurant groups have either applied for Company Voluntary Arrangements (CVA) or gone into administration in the last 12 months, just one less than the 16 that collapsed in the same period in 2008 and 2009 during the worst months of the financial crisis, according to research from property firm Colliers International. - Sunday Telegraph

Thirteen retailers, nearly one-fifth of listed companies in the sector, did not meet City expectations in the first quarter, according to the consultancy EY. Almost half have warned on profits in the past 12 months. High-profile victims of tough Christmas trading included the department store Debenhams and baby goods chain Mothercare, which both blamed a difficult environment for consumers for missing targets. - Sunday Times

A controversial mining entrepreneur has been accused of telling a ‘blatant and utter lie’ as he attempts a stock market comeback by selling his coal assets in Zimbabwe to London-listed Contango Holdings through a reverse takeover. Andrew Groves, the boss of Sable Mining, was forced off the stock exchange in 2016 after he and former business partner Phil Edmonds, the ex-England spin bowler, were accused of high-level bribery in Liberia, West Africa. - Mail on Sunday

The activist hedge fund Elliott Advisors has secretly built a stake of more than 6% in Whitbread, in order to force the FTSE 100 titan to spin off its Costa Coffee chain. A disclosure late last night confirmed that the Wall Street fund made an aggressive move in the market on Friday — acquiring a total shareholding worth more than £430m [and making it the second activist investor on the register]. - Sunday Times

Secretive corporate raider Ed Bramson has embarked on a charm offensive of Barclays’ top shareholders in an ­attempt to rally support for a proposed shake-up of the bank. The renowned activist, who last month was revealed to have built up a 5.2pc stake worth nearly £2bn, has told major investors that he wants to see Barclays overhaul its investment banking arm, ramping up returns and stepping up one-off payouts. - Sunday Telegraph

Carillion owed almost £7bn when it went bust at the start of the year, a far higher amount than had been ­previously thought. The Official Receiver, a civil servant appointed by the courts to handle bankruptcies, estimated the construction giant had liabilities of £6.9bn when it entered liquidation three months ago. - Sunday Telegraph

Britain is in danger of another defence spending blow-up after a complex part of the new Dreadnought submarine fleet soared in price. Engineers at BAE Systems have told officials that a stability system for the nuclear submarines will cost more than an entire warship, stoking fears that Britain’s costliest defence project is veering off budget. - Sunday Times

Unilever faces a stand-off with shareholders over executive pay next month, after two influential shareholder advisory firms urged investors to reject the consumer goods giant's proposals. Unilever is attempting to swap its 'base salary' for a consolidated 'fixed pay' structure, which would mean it could hand larger pay rises and bonuses to its executives. - Sunday Telegraph

Bosses at Cineworld have been forced to tear up plans for a controversial new bonus scheme after shareholders angrily rejected it, because the awards were tied to the completion of its takeover of American rival Regal Cinemas, which left Cineworld with a heavily-discounted share price. The UK cinema chain asked investors to approve a proposal that would have handed them millions of pounds worth of shares, which they could cash in once its share price had risen 10pc. - Sunday Telegraph

Stronger trade unions, improved regional policy and an end to austerity should form part of a plan to return growth in living standards to its pre-crisis levels, according to a leading thinktank. Calling for a fairer tax system and a less flexible labour market, the Fabian Society said a comprehensive strategy was required to boost household incomes. - Observer

The glory days of tin mining may be about to return to Cornwall in an unexpected revival of the historic industry which provided the backdrop to the Poldark novels and BBC TV drama. Strongbow Exploration, led by geologist Richard Williams, plans to list on the London Stock Exchange by June this year and to get the South Crofty mine back up and running by 2021. - Mail on Sunday

An entrepreneur who once wagered a Bentley limousine as part of a takeover deal is preparing to float his battery and ecigarette company on the stock market, with a valuation of up to £150m. Sandy Chadha, 49, has appointed stockbrokers from Berenberg to work on the float of Supreme Imports, a Manchester-based company that imports and sells batteries, light bulbs and products linked to the boom in smoking substitutes. - Sunday Times

Gatwick Airport could be put up for sale imminently, with a price tag of up to £10bn, according to City sources. The biggest shareholder, Global Infrastructure Partners (GIP), has been debating the future of its 42% stake in the business. - Sunday Times

AstraZeneca will today seek to reassure investors that it has enough early-stage medicines in its pipeline to create the blockbuster drugs of the future. At a key industry conference in Chicago, the Anglo-Swedish drug giant will reveal data from trials of new drugs not yet approved, as well as results from further studies of its newest immuno-oncology medicines. - Sunday Times

Vauxhall owner PSA Group is preparing to unveil a widespread cost-cutting plan that threatens thousands of jobs at its car dealerships across Britain. The company plans to consolidate hundreds of franchised outlets in response to falling sales, and industry sources said the move could be ­unveiled as early as Monday. - Sunday Telegraph

Profits dipped at Timpson last year due to the takeover of dry cleaning groups Johnsons and Jeeves – but sales continued to grow. The company expanded in all divisions including dry-cleaning, photos, watch and shoe repairs and key cutting. - Mail on Sunday

Spy chiefs are braced for a Russian revenge attack in which Kremlin-backed hackers release embarrassing information on ministers, MPs and other high-profile people. Theresa May has received intelligence risk assessments since the nerve-agent attack in Salisbury that the Putin regime could hit back with “kompromat” (compromising material) on members of her cabinet. - Sunday Times

The Information Commissioner’s Office is investigating Leave.EU and its donor Arron Banks over possible breaches of the Data Protection Act in the period before the referendum. The ICO has issued “information notices” against both Leave.EU – the referendum campaign headed by Nigel Farage – and its director, Banks. - Observer

Labour councillors standing for election next month are pledging to help “stop Brexit”, despite Jeremy Corbyn’s insistence that the party will honour the Leave vote. In a move that raises fresh questions over the party’s stance on Brexit, Stephen Cowan, the Labour leader of Hammersmith and Fulham council in west London, has written to voters in the pro-Remain borough telling them that May’s local elections are an opportunity for them “to say no to Brexit”. - Sunday Telegraph

A tough new MOT testing system for 30m cars on Britain’s roads starts on 20 May – threatening expensive bills for many diesel drivers and chaos at MOT centres as fears grow that new emissions testing equipment will not be ready on time. The old-style “pass or fail” test is being replaced with a new MOT system that will classify faults as minor, major and dangerous, with the last two resulting in an automatic failure. Crucially, new diesel emission checks will be required to make sure vehicles meet “plate standards”. - Observer