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Wednesday Papers: P&G says Nelson Peltz has lost battle for board seat

And Catalan leader Carles Puigdemont steps back from immediate independence declaration.

 
Wednesday Papers: P&G says Nelson Peltz has lost battle for board seat

Top stories

  • Financial Times: Procter & Gamble claimed victory in its battle with Nelson Peltz, saying the activist investor had been denied a seat on the consumer group’s board after the largest proxy battle corporate America has seen to date.
  • Financial Times: Catalan leader Carles Puigdemont stepped back from making a formal declaration of the region’s independence on Tuesday as he called for more dialogue with Spain following last week’s referendum.
  • The Daily Telegraph: The new boss of Britain's biggest defence contractor BAE Systems has wasted no time in wielding the axe with plans for more than 1,900 redundancies, double what had been anticipated.
  • The Times: Britain will miss out on the best global economic conditions since 2011 as the “highly uncertain” post-Brexit outlook holds the country back next year, the International Monetary Fund has warned.
  • Financial Times: Theresa May on Tuesday risked upsetting both sides of the Brexit debate when she refused to say how she would vote in another Brexit referendum and appeared to suggest EU citizens’ future rights in the UK were in doubt.
  • Financial Times: Pfizer has said it is looking to sell or spin off its consumer healthcare business in a move that could fetch up to $14 billion of cash for the pharmaceuticals group and set off a flurry of dealmaking.
  • The Times: Royal Bank of Scotland’s £425 million “challenger” fund’s grant policy has come under attack from new lenders and politicians because one of its chief beneficiaries could be Santander.

Business and economics

  • The Guardian: The hack into the accountancy giant Deloitte compromised a server that contained the emails of an estimated 350 clients, including four US government departments, the United Nations and some of the world’s biggest multinationals, the Guardian has been told.
  • Financial Times: One of the UK’s biggest fund investors, Jupiter, has pulled out hundreds of millions of pounds from Neil Woodford’s flagship income fund after two decades of backing the renowned equity manager.
  • Financial Times: Boeing, Toyota, Nissan and other big companies are scrambling to check the safety of their products after it emerged they had been supplied with falsely certified metal from Kobe Steel in a deepening scandal that has dealt a fresh blow to confidence in industrial quality controls in Japan.
  • The Daily Telegraph: Recruiter Robert Walters upgraded its profit forecasts for the second consecutive quarter thanks to a boost in technology and legal jobs in the UK.
  • Financial Times: Persimmon was Tuesday’s biggest FTSE 100 gainer after Redburn predicted that the housebuilding sector’s boom can continue well into the next decade.
  • Daily Mail: Despite consumers cutting back in overall spending, Domino's pizza chain has served up a surge in sales which could be attributed to consumers opting to dine at home during economic difficulties.
  • Daily Mail: Popular British fashion brand Ted Baker has seen an increase in sales for the first half of the year, posting pre-tax profits of £25.3 million.
  • The Daily Telegraph: Pub group Marston’s has trimmed its expansion plans on the back of a more cautious consumer outlook.
  • Daily Mail: Famous Brands, which owns Gourmet Burger Kitchen, repeated a complaint it first made in August that 'uncertainty surrounding Brexit negotiations' had contributed to 'adverse trading conditions' in the UK.
  • The Daily Telegraph: Equifax has admitted that almost double the number of UK customers had their information stolen in a major data breach earlier this year than it originally thought, and that millions more could have had their details compromised.
  • Financial Times: The head of Ripple, one of the biggest blockchain companies, has said its $15 billion of cryptocurrency reserves could be used to acquire or partner with rivals, as it seeks to dominate its fast-moving sector within financial technology.
  • The Times: The former boss of Amec Foster Wheeler is heading for Capita, the outsourcing company that has issued a string of profit warnings; Jonathan Lewis, who ran the engineering consultancy until it was bought recently by John Wood Group, will take over the role of chief executive at Capita at the beginning of December.
  • Financial Times: McKinsey will seek to defend in court the fees it earned from Eskom, the South African state-owned electricity monopoly, on a contract linked to the Gupta business family.

Share tips, comment and bids

  • The Times (Tempus share tips): Ted Baker: All dressed up and ready to grow.
  • Financial Times: Rocket Internet-backed HelloFresh, a recipe kit delivery start-up, is planning a second attempt at an initial public offering in an effort to expand and outmanoeuvre US rivals Amazon and Blue Apron.
  • The Daily Telegraph: Convenience chain Nisa has recommended its 1,190 shopkeeper members agree to a £143 million takeover from The Co-operative Group after four months of stop-start talks.
  • The Daily Telegraph: The UK insurance giant created by the merger of Towergate and four companies this year is to snap up motorcycle insurance broker Carole Nash this week in a deal worth up to £65 million.
  • The Daily Telegraph: Bakkavor, the maker of fresh meals, pizzas and desserts for many of the UK’s high-street retailers, is to float on the London Stock Market, raising around £100 million to pay down debt and fund investment in the company.
  • Financial Times (Lex): UK IPOs: meal maker Bakkavor is one of a cluster of companies seeking to drum up fresh interest.
  • Financial Times (Lex): Pfizer: the group’s non-prescription division could fetch a healthy price.
  • Financial Times (Lex): Monarch/Greybull: secured loans entail conflicts of interest that should be properly disclosed.
  • Financial Times (Lex): HelloFresh: the fad for meal kits suffers from inherent constraints of form.
  • Financial Times (Lex): Procter & Gamble: now is not the time for the consumer products giant to rest easy.

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