Tuesday 28 March 2017

Ryanair blocks Aer Lingus' AGM plans Court reserves McInerney decision Conglomerate buys Warner for $3.3bn JPMorgan receives subpoena from SEC

AIRLINES Ruling ACQUISITION INVESTIGATION

RYANAIR successfully blocked the adoption of two resolutions at the Aer Lingus AGM yesterday, one of which could potentially dilute its 29.9pc holding in the carrier. It also defeated a proposal that would have forced a resolution tabled for the agenda of an EGM to be received by the company within a specified timeframe.

Court reserves McInerney decision

THE Supreme Court yesterday reserved its decision on the final day of McInerney's appeal against the rejection last February by the High Court's Mr Justice Frank Clarke of a €25m rescue plan in which he found one of the banks, Belgium-based KBC, would be unfairly prejudiced by the plan. KBC, Anglo Irish Bank and Bank of Ireland are together owed €113m by McInerney.

Conglomerate buys Warner for $3.3bn

WARNER Music has been bought by an industrial group whose holdings range from oil and aluminium firms to the UK's Top Up TV. Access Industries, a conglomerate run by Russian-born billionaire Len Blavatnik, paid $3.3bn (€2.3bn) in cash for the world's third largest music firm. Warner, whose artists include Bruno Mars, has been struggling with declining sales and profits. But it will now become a private company with its shares delisted from the New York Stock Exchange.

JPMorgan receives subpoena from SEC

JPMORGAN Chase received a subpoena from the US Securities and Exchange Commission (SEC) over failed mortgages, a person familiar with the investigation said, as the agency probes banks, including Credit Suisse, for allegedly failing to share refunds from sellers of faulty debt. Credit Suisse received a subpoena from the SEC last week, bond insurer MBIA Insurance said in a filing in a lawsuit against three of that Zurich-based bank's units. The agency asked New York-based JPMorgan for information after a court in January unsealed allegations made about Bear Stearns' practices in another suit, said the person, who declined to be identified because the matter isn't public.

Irish Independent

Promoted articles

Also in Business