Deal still under UK scrutiny with new investigation, and could face lawsuit from state attorneys generalDonald Trump’s Department of Justice has decided to approve the $111bn merger of Paramount Skydance, controlled by the Ellison family, and Warner Bros Discovery, the parent company of networks like CNN and HBO.The deal was approved by the justice department’s anti-trust division after months of review, and despite the concerns of many people in the entertainment and media industries who believe it will hurt competition by reducing the number of film studios and – most likely – merging two news networks, Paramount’s CBS News and CNN. Continue reading...

Mike Ashley’s retail group has made near-€2bn bid for the German fashion house, in which it holds a 26% stakeBusiness live – latest updatesShares in Hugo Boss jumped nearly 10% on Thursday after the company said it would “thoroughly examine” a near-€2bn takeover approach from the Sports Direct owner Frasers Group.Mike Ashley’s fashion and sportswear business has pounced on the German fashion house, in which it already owns just over a 26% stake, saying late on Wednesday that it was offering about €1.98bn (£1.73bn) to take full control . Continue reading...

175-year-old Stoke-on-Trent company says Christopher Bailey’s investment will ensure continued productionChristopher Bailey, the fashion designer who turned the British trenchcoat maker Burberry into a global brand, has acquired the Stoke-on-Trent company Burleigh Pottery along with a small group of private investors.The ceramics company, founded in 1851 and best known for its intricate floral designs, said Bailey’s investment would ensure that production of its cups, saucers and plates could continue without interruption at the city’s Middleport Pottery site. Continue reading...

Deal to create a streaming and sports powerhouse will be scrutinised by Competition and Markets AuthorityThe UK competition watchdog has opened an investigation into Paramount Skydance’s $110bn (£82bn) takeover of Warner Bros Discovery (WBD).The deal will create a media powerhouse controlling assets including the Paramount and HBO Max streaming services, Channel 5 and TNT Sports, which broadcasts Champions League, Premier League and the Olympics, the Hollywood studios behind franchises including Superman, Batman and Top Gun, as well as HBO, home to shows including Game of Thrones, The White Lotus and Succession. Continue reading...

Venerable but struggling UK firm backs deal with Chicago-based Ingredion putting nearly 500 jobs worldwide at riskTate & Lyle has agreed to a £2.7bn takeover by its US rival Ingredion, in a deal that could put hundreds of jobs at risk and represents yet another loss for London’s struggling stock market.The FTSE 250 business, which makes artificial sweeteners such as Splenda, has agreed to a deal that values it at 615p a share, about 60% above its price before news of a possible takeover emerged. Continue reading...

Evoke had been in talks for two months with Bally’s Intralot, which has extensive international operationsThe owner of William Hill and the 888 online casino brand has agreed a £243m takeover by the Greek casino and lottery operator Bally’s Intralot.Evoke had been locked in talks for the past two months with the Athens-listed Bally’s Intralot, which has extensive international operations, including in the US. Continue reading...

Castlelake’s move raises questions over valuation and ownership rules as well as whether Stelios Haji-Ioannou could throw a spanner in the worksEasyJet says US takeover bid would be ‘highly opportunistic’A share price gain of only 10% on a possible takeover approach is a meek reaction. If the stock market truly believed that Castlelake, a US investment fund, stood a decent chance of buying easyJet, you would expect the target’s stock to fly significantly higher. Scepticism is the right stance until at least three factors become clearer.First, would the two sides even be vaguely in the same landing zone on valuation? EasyJet’s description of Castlelake’s timing as “highly opportunistic” was boilerplate rhetoric (all bids are opportunistic to a degree) but in this case it is clearly possible that all European airlines’ prospects could be brighter within a couple of months. Continue reading...

UK private equity investor with reputation for hard-nosed restructuring says it is backing existing managementFlying Tiger is the latest retailer to be snapped up by Modella Capital, the British investment firm which already owns the former high street arm of WH Smith, now called TG Jones.The Danish company, known for its cut-price homewares and craft kits, operates about 1,000 stores worldwide, including 80 in the UK, where it employs more than 1,000 people. Continue reading...

The FTC settled its case with Media Matters for America. But it doesn’t have to win in court to achieve its goalsIs there something “radically left” about being anti-Nazi? That was the question a judge put to the lawyer for the Federal Trade Commission, which has no good answer.This week, the FTC abruptly settled its case with Media Matters for America, a media watchdog the FTC had been investigating over its reports about pro-Nazi content running alongside ads on X. Those reports drove advertisers off the platform and prompted the X owner, Elon Musk, to threaten a “thermonuclear lawsuit”. Continue reading...

Canada’s Intact Financial Corp is said to be exploring offer, as London-listed Tate & Lyle attracts US suitorShares in Hiscox surged to record highs on Friday as it became the latest UK takeover target after a flurry of overseas bids for British businesses this week.Canada’s Intact Financial Corp, which provides property and casualty insurance, is said to be exploring a potential takeover of Lloyd’s of London insurer Hiscox, according to a report by the Insurance Post. Continue reading...

FTSE 100 business ‘minded to recommend’ £60-a-share tilt from company owned by billionaire Wallenberg familyBusiness live – latest updatesThe laboratory testing company Intertek has become the latest FTSE 100 business to agree to a takeover, backing a £10.6bn approach from a private equity firm owned by Sweden’s billionaire Wallenberg family.After rebuffing three previous approaches, Intertek’s board said it was “minded to recommend” the £60-a-share tilt from the Swedish buyout firm EQT to shareholders, if there was a firm offer. Continue reading...

Online marketplace takes into account uncertainty around US video game retailer’s financing proposalThe board of eBay has rejected the US video games retailer GameStop’s surprise $55.5bn bid (£41bn) for the online marketplace, describing the proposal as “neither credible nor attractive”.Earlier this month, GameStop made an unsolicited bid for eBay, publishing a letter on its website outlining a half-cash, half-stock proposal. Continue reading...