Market Buzz
Tuesday newspaper round-up: Brexit spat, Tesco, alcohol prices, Lloyds
Theresa May’s claim that “no deal is better than a bad deal” has been slammed as unsubstantiated by a parliamentary committee, but its pro-Brexit MPs have refused to back the findings. The chair, Hilary Benn, called on the government to urgently prepare for the “worst-case” scenario of crashing out of the EU without a trade deal, and asked for an impact assessment of what the economic fallout would be. - Guardian.
Monday newspaper round-up: Tesco, FCA, HBOS, Brexit. Virgin Money
One of the most influential shareholder groups in the City has raised doubts about Tesco’s proposed £3. 5 billion purchase of the wholesaler Booker, saying that it could put corner shops out of business and trigger a backlash against the retail giant. Hermes Fund Managers said that it planned to raise the issue with Tesco before the vote on the deal. - The Times.
Sunday newspaper round-up: Reckitt Benckiser, Virgin Money, Booker's
Reckitt Benckiser is lining up a sale of its food business to help fund the £14. 3bn takeover of baby food maker Mead Johnson Nutrition. Reckitt has informed banks of a plan to dispose of its £2bn food division, according to senior sources. The FTSE 100 maker of Durex condoms and Nurofen painkillers has held a beauty parade of advisers. The deal would see the sale of French’s, the bestselling mustard brand in America, and Frank’s Red Hot sauces. - The Sunday Times.