Thursday 21 September 2017

In brief: Fox to sell Star stake

MEDIA group 21st Century Fox is to sell its 47pc stake in Star China TV to the Chinese channel's management and private equity fund China Media Capital.

Minority shareholder 21st Century Fox is one of two companies created from last year's split of Rupert Murdoch's News Corp, which sold its controlling stake in Star China to China Media Capital in 2010 -- a move seen as a sign of Murdoch's waning interest in China.

IKEA EYES GERMANY

FURNITURE and homeware giant IKEA is targeting a 25pc share of the huge German market.

Swedish-based IKEA wants to boost its share of the €31bn German furniture market to 25pc over the next eight to 10 years, IKEA Germany boss Peter Betzel said in an interview with 'Handelsblatt'. That would be around twice the Swedish retail giant's current 13pc market share. Expansion is expected to come through 20 to 25 new stores and online, Mr Betzel said.

CHANGE AT CHANNEL 5

The owner of Britain's free-to-air Channel 5 is exploring a possible sale of the TV broadcaster, the 'Financial Times' reported, citing two people familiar with the situation. Barclays is advising on options for the television network, while the sale is expected to raise about $1.16bn (€848m), according to the newspaper.

Northern & Shell, which is owned by the British media baron Richard Desmond, bought Channel 5 in 2010 for £103.5m (€124.4m) from the RTL group and has since turned the channel's fortunes around. Channel 5 made a profit of £20.6m in the first half of 2013, up from a loss of £16.1m a year earlier. (Reuters)

RBC IS TOP ADVISER

ROYAL Bank of Canada (RBC), which advised Bord Gais on the sale of its BGN unit, was the top investment-banking adviser on Canadian mergers and acquisitions for the third straight year in 2013.

RBC topped the sector despite a slow down in its core energy and mining sector. Bank of America Corp's Merrill Lynch took the number two spot, its highest ranking since 2004, while Goldman Sachs slipped to sixth from second, according to data compiled by Bloomberg. "Energy and mining activity really fell off a cliff," Peter Buzzi, head of mergers and acquisitions in Canada at RBC Capital Markets, a unit of the country's second-largest bank by assets, said in an interview last month.

Irish Independent

Also in Business