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PRESS DIGEST - Financial Times - May 30

Financial Times

 

BUSSON'S EIM GROUP IN MERGER TALKS

 

EIM, the $7 billion hedge fund group founded by Arpad "Arki" Busson, is in talks to merge itself with rival asset management firms.

 

ECB REJECTS MADRID PLAN TO BOOST BANKIA

 

A Spanish plan to recapitalise Bankia, the troubled lender, by indirectly tapping the European Central Bank for cash, was bluntly rejected as unacceptable by the ECB, European officials said.

 

WPP CHIEF FACES INVESTOR REVOLT OVER PAY

 

Sir Martin Sorrell, chief executive of WPP, faces a shareholder revolt over his pay after an influential advisory firm recommended investors in the advertising group vote against its board remuneration policies.

 

MORGAN STANLEY DERIVATIVES SWITCH HITS HOLD-UP

 

Morgan Stanley's plan to blunt the impact of a potential credit downgrade by shifting a large chunk of its $52 trillion derivatives portfolio is facing regulatory obstacles, according to people familiar with the situation.

 

CODELCO AND ANGLO MOVE TO END LEGAL BATTLE

 

Codelco is preparing for fresh talks with Anglo American to try to end their legal battle as the Chilean company adapts to the departure of its chief executive last week after a boardroom tug-of-war.

 

ROCKEFELLERS AND ROTHSCHILDS UNITE

 

Two of the best-known business dynasties in Europe and the U.S. will come together after Lord Jacob Rothschild's listed investment trust and Rockefeller Financial Services agreed to form a strategic partnership.

 

KLEINWORT PARENT PRESSURED TO SPIN OFF ASSETS

 

The parent company of Kleinwort Benson, one of the oldest names in British banking, is facing pressure from activist shareholders to break itself up and spin off all its assets.

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