What it says in the papers: Business Edition
Irish Stock Exchange's best paid chief executive, trading company moves to Dublin and those bidding for Cleary’s department store... here are the main Sunday business stories.
Smurfit Kappa chief executive Gary McGann is the best-paid chief executive among the Irish Stock Exchange’s top 20 companies. The paper and packaging boss was paid €7.2m last year including more than €3m in share awards.
CRH boss Albert Manifold ranked third.
Ryanair chief executive Michael O’Leary came 10th, behind recently departed Aer Lingus chief executive Christoph Mueller. But the Mullingar resident owns 51 million shares in the airline he built virtually from scratch. Those shares are worth about €600m.
High-frequency trading company Virtu Financial has moved to Dublin.
The company which is mentioned in the Michael Lewis book ‘Flash Boys’ because it lost so much money in a single day, has moved to Dublin where it has 29 employees earning an average salary of €300,000 each.
Virtu planned to float on the stock markets but pulled the IPO in the wake of the book’s publication but intends to float again. Ex-finance minister Charlie McCreevy sits on the board of Virtu.
US investment fund Davidson Kempner is about to buy a portfolio of regional shopping centres for just over €115m. The five centres include the landmark Athlone Towncentre and a majority stake in the MacDonagh Junction centre in Kilkenny as well as smaller centres in Gorey, Galway and Tipperary town together with the Orwell centre in Templeogue.
Sunday Business Post
Developer Paddy McKillen is among those bidding for Cleary’s department store in Dublin. Gordon Brothers, the US owners of the 160-year-old shop are seeking to sell their investment.
Mr McKillen is “believed” to have joined forces with asset manager M&G Global which recently bought the Jervis Street shopping centre in Dublin 1. The sale is being managed by IBI.
Sunday Business Post
A television operator controlled by businessman Denis O’Brien’s Digicel has bought the Caribbean rights to several major sporting events in the region including NBA basketball and Indian Premier League cricket.
Digicel bought a majority stake in SportsMax last September to give phone subscribers access to multimedia content.