The Times reports Simon Nixon, co-founder and chief executive, has purchased his estranged business partner's Duncan Cameron's 42% stake in Moneysupermarket, clearing the way for a £1bn flotation of the company.
UBS, the investment bank, has been appointed with Credit Suisse, Moneysupermarket’s main financial adviser, to list the company on the stock market later this year.
Nixon and Cameron founded the business in 1998 while Nixon was dating Cameron’s sister. However, Cameron stepped back from the business more than five years ago. The pair went their separate ways after reports of disagreements over strategy and management, and have not spoken since.
The company is estimated to have made profits of £30m last year with a turnover of £1bn.
The FSA is close to finalising its year-long study into the much criticised private equity industry, according to The Daily Telegraph.
Although the finalised content of the report is not known, the paper says it is understood the regulator will make some key policy rulings as a result of the report.
High on the FSA's list of worries, it is believed, is the possibility excessive leverage could harm the financial market as well as concerns over investment banks' exposure to the market.
Following news of the £11m bonus for the C&W chairman, The Times reports another huge bonus payout of £2.6m to M&S chief executive Stuart Rose.
He was rewarded for turning the retailer’s fortunes around by earning a bumper bonus which is equal to 2.5 times his basic salary.
Rose earned £7.8m in cash and shares last year, The Times says, as well as the £2.6m bonus which was 40% in cash and the rest in shares. The M&S chief executive is in line for a similar payout next year under an almost unchanged bonus scheme.
To make any comments on this story contact:
Tel: 0207 034 2637
Email: [email protected]
'Misleading, unclear, unfair' promotions
Will extend to wider models
1,414 in 2017/18
UK Multi Cap Income sees success
Guidance on dealing with misconduct