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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Friday 20th June 2008
News that UK bank Barclays is hoping to firm up investment plans to raise in the region of £5 billion over the weekend has been well received by the stock market. The talks had been rumoured for a number of days although there was no official comment from the company. While initially the talks had centred upon two existing shareholders it now appears to have widened to take in four potential partners, Temasek, China Development Bank, Qatar Investment Authority and Sumitomo Mitsui.
The Qatar Investment Authority and Sumitomo Mitsui would be new investors on the Barclays shareholder register, but there is also talk of a strategic alliance with either party. It seems that from a weakened position Barclays have instigated something of an auction for a seat on the board and a direct involvement in the business. Initially it had been expected that Barclays would approach all shareholders via a rights issue, but bearing in mind the recent difficulties some companies have had in that area, a private more select fund raising exercise was chosen.
It will be interesting to see who actually puts their money on the table and what conditions are attached to the investment. |
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