A survey by KPMG blames the collapse on tough market conditions, a slump in advertising and low consumer-spend. KPMG believes M&A activity will pick up in the next 12 months for strategic reasons. It argues consolidation is the only ‘viable route to survival’ in the current economic climate.
Vivendi has rejected a £9.5bn bid from US billionaire Marvin Davis. Vivendi’s accounts are being investigated in France and it faces a criminal investigation in the US.
It is looking to reduce its debts by selling non-core assets worth £4.5bn by the end of this year, followed by another disposal of £10bn in 2004.
It rejected the approach from Davis, a former media tycoon, saying it is not looking for an outright sale.
Ailing insurer Royal & SunAlliance announced a £57m sale of its German operation, including its subsidiary Securitas, to the Baloise group of Switzerland. It said it intends to focus on sustainable business in a major restructuring to strengthen its balance sheet. The UK’s oldest insurer suffered a severe blow from asbestos claims, flood liabilities and general market slump.
Tallat Mahmood appointed to corporate finance team of Top 20 firm
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Senior partner David Elliott has been appointed in KPMG’s Newcastle office
Turnover growth of 70% for 2016 has been reported at Corrigan Associates