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.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.