Tuesday newspaper round-up: P&O Ferries, TikTok, CVC
P&O Ferries seafarers have been told they will benefit from new French legislation that could double their pay, in what appears to be a significant U-turn by the controversial ferry operator. The move comes more than two years after P&O enraged the UK and French governments by sacking 786 workers and then taking advantage of a legal loophole to hire replacements on pay rates of below the minimum wage. – Guardian
The EU has said it will ban a new service launched by TikTok in Europe that it believes could be “as addictive as cigarettes” unless the company offers “compelling” fresh evidence that children are safeguarded. If the ban goes ahead, it would be the first time the EU has used sweeping new powers to impose sanctions on social media companies since its landmark Digital Service Act (DSA) came into force last August. – Guardian
City advisers are set to make almost £80m from Nationwide’s planned £2.9bn Virgin Money takeover. Nationwide expects to fork out £41m on fees and expenses in total, documents published on Monday show, while Virgin Money will spend £38m. Bankers from Goldman Sachs and JP Morgan, who are working for Virgin Money, are expected to receive £30.5m of the pot. Nationwide is set to pay £15.5m for financial advice from UBS. – Telegraph
Donald Mackenzie, one of the co-founders of CVC and the dealmaker who masterminded the buyout of Formula 1, has been revealed as a euro billionaire after CVC published its prospectus. Mackenzie, 66, a Jersey-based accountant from Scotland, holds shares in the private equity group CVC worth between €889 million and €1.03 billion, according to the selling document, and is proposing to cash in around €122 million worth. – The Times
It might need a takeover bid for a major UK blue chip company to wake up investors to the value in the oversold London stockmarket, a leading fund manager has said. Nick Train, one of the market’s best known stock pickers, said: “Sometimes you need a cathartic event to turn the tide.” – The Times