Western Europe

BVCA warns of dire consequences of tax change

The UK Treasury has been advised by the BVCA, in its submission for this year’s pre budget report, not to make changes to private equity taxation because any adjustment could have “dire consequences”.

UK City Minister reassures PE(3)

Kitty Ussher, the pro-European UK Labour MP recently appointed as minister for the City of London, has reassured business leaders that the financial services sector – and private equity in particular – will not be subjected to knee-jerk taxation or regulation.

Qatari firm makes £12bn Sainsbury’s approach(2)

Qatar-based investment vehicle Three Delta has confirmed its preliminary bid approach to Sainsbury’s, the UK supermarket chain that rejected a £10 billion offer from a private equity consortium in April. The company’s share price soared this morning.

Partners launches tie-up with Sumitomo in Japan(3)

The Swiss-based alternative asset manager revealed plans to launch a joint venture with a Japanese asset manager, as it reported another strong set of results for its listed opportunities fund.

Blackstone hires former McKinsey partner

The Blackstone Group today announced that former McKinsey partner David McVeigh has become executive director within the private equity portfolio management group.

Morgan Stanley closes $500m distressed debt fund of funds

Morgan Stanley Alternative Investment Partners has closed its first distressed debt fund of funds, as the bank continues to expand its private equity activities after pulling out of the market in 2004.

CVC to buy Samsonite for $1.7bn(3)

European private equity firm CVC Capital Partners has agreed to buy US-based Samsonite Corporation, a designer and manufacturer of luggage. The deal is part of a drive to increase CVC’s US presence.

More private equity firms mull Capio bids

Blackstone, Cinven and CVC are reportedly looking at Swedish healthcare business Capio, despite Apax Partners and Nordic Capital having a €1.67bn unsolicited bid rejected earlier this month.

Milestone makes it five exits for the year(2)

Anglo-French buyout firm Milestone Capital Partners has completed another exit from its third fund with the sale of dry cleaning business 5àSec. It has now returned 60 percent of investors’ commitments with over half of its original deals still in the portfolio.

C&W to endorse more private equity style incentives(2)

A vote on executive pay at FTSE 100-listed communications company Cable & Wireless is set to remove a £20 million cap on the pay of the heads of its UK and international businesses and provide a substantial incentive package for chairman Richard Lapthorne.