The bitter saga over the £8.1bn hostile takeover bid of GKN should end today as the deadline to accept the bid arrives this afternoon. Shareholders have until 1pm to cast their ballots on the issue. They are voting on whether to stay independent or submit to turnaround specialist Melrose Industries. It is the biggest hostile takeover bid in these shores since Kraft took over Cadbury's in 2010.
The Society of Motor Manufacturers and Traders says the number of cars made in Britain fell last month as domestic demand slumped by "double digit figures". The industry body said that 145,475 vehicles were built during the month - 4.4% fewer than a year previously. Punters are "holding back" on "big ticket purchases", says the BBC, causing a 17% fall in production for the UK market.
The UK’s first investor in medical cannabis ventures will float in London today. Sativa Investments has raised £1.1m through the IPO on the capital’s Nex exchange, in a fundraising that values Sativa at £4m. A spokesman said there is a "massive growth potential" for medical cannabis even though it is effectively banned in Britain. The Daily Telegraph says there is a global "green rush" of investment into products made from the "widely-banned weed".
Only just over 50% of UK companies required to report their gender pay gap have done so, with just a week to go until the reporting deadline. By yesterday morning, 4,827 employers had reported their gender pay gaps on the government portal, just over half the 9,000 who are expected to report. Analysis by the Financial Times found data reported by employers so far show a median 9.7% median gender pay gap.
The boss of Reckitt Benckiser has had his pay slashed by £11m, reports the Guardian. However, Rakesh Kapoor, chief executive of the firm behind household brands ranging from Dettol to Durex will still trouser £12.5m in salary and bonuses. Although he was contractually entitled to a pay packet worth £23.7m, the company said he had volunteered to give some of it back after the share price fell from £81 to £59.
"Being Bank of England governor takes myriad skills. But on one of them everyone’s agreed: the ability to waffle endlessly. And who knows? Maybe that’s why Andrew Bailey, the Financial Conduct Authority chief, is such a contender to replace Mark Carney." Alistair Osborne of The Times on the "master of the art" of "waffling".
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