Monday newspaper round-up: Pre-Budget, Shanks, Mitchells & Butlers
Alistair Darling, chancellor, is preparing a crackdown on “extraordinarily high” bankers’ bonuses when he makes his pre-Budget report on Wednesday, but is expected to reject a windfall tax on bank profits.Mr Darling’s officials are in a race against time to draw up some form of supertax to curb what the chancellor fears will be a lavish bonus season, only months before a general election, the FT reports.
But the Chancellor will drive out the very people needed to create growth in Britain if he imposes hefty tax rises on the rich in the pre-Budget report (PBR), the business community has warned. Business groups including the British Chambers of Commerce (BCC) sounded the warning amid mounting expectations that Alistair Darling is contemplating a new 60% to 70% tax rate for those earning more than Ł500,000, as well as a windfall tax on banking bonuses, the Telegraph reports.
Shanks Group has received a Ł535m ($882m) unsolicited takeover approach from the Carlyle Group, the US private equity house, which is being supported by the waste management company’s biggest shareholder. The board of the FTSE 250 company, which raised Ł66.7m in a rights issue in May, discussed the approach at the weekend and was set to make a statement to shareholders on Monday. Carlyle made an approach worth 135p per share, which people close to the situation said was “highly preliminary,” the FT reports.
Joe Lewis, the flamboyant billionaire investor, is threatening to take legal action against Mitchells & Butlers (M&B) in an attempt to force the pub and restaurant operator to reinstate the two representatives of his Piedmont investment vehicle who were ousted last week from the company’s board. Piedmont, which has a 23% stake in M&B, will launch its fight back today against accusations by the All Bar One operator that it has been secretly trying to gain control of the company, the Times reports.
Joe Lewis, the flamboyant billionaire investor, is threatening to take legal action against Mitchells & Butlers (M&B) in an attempt to force the pub and restaurant operator to reinstate the two representatives of his Piedmont investment vehicle who were ousted last week from the company’s board. Piedmont, which has a 23% stake in M&B, will launch its fight back today against accusations by the All Bar One operator that it has been secretly trying to gain control of the company, the Times reports.
| P/E: 5.1 | Div Yield: 3.8% 
| P/E: 31.9 | Div Yield: 2.1%
| P/E: 10.0 | Div Yield: 6.7%
| P/E: 14.4 | Div Yield: 4.4% 
| P/E: 14.9 | Div Yield: 2.8% 
| P/E: 6.0 | Div Yield: 2.9%
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