1st April 2022
Bite-sized business news from the UK and beyond
Good morning Today is 1st April, which means pranks are in the pipeline. But while many companies will be finding new ways to trick customers (think adapted logos, quirky inventions, and “did they just say that?” social posts), we’re delivering a handful of top business and finance stories to leave you feeling anything but foolish.
UK wealth manager in £1.6bn Canadian takeover
Record US oil reserves release
WEALTHUK wealth manager in £1.6bn Canadian takeover
What’s going on?
Why is this important?
Founded 260 years ago, Brewin is one of the largest and best known wealth managers in the country, managing £55bn on behalf of more than 100,000 customers in the UK and Ireland.It’s attracted the interest of Canadian banking group RBC who want to combine it with their existing, small UK wealth management division which will create the third largest wealth management firm in the UK and Ireland.RBC is one of the world’s largest financial services companies, with 88,000 employees and annual revenues of £30bn.And RBC is willing to pay a hefty premium for Brewin. The £1.6bn offer values the wealth manager at more than 60% higher than its market value on Wednesday, the day before the deal was announced.
Other stories to keep you in the loop
UK house prices rise at fastest rate in 17 years
Martin Lewis blamed as energy company websites crash ahead of price cap rise
Russia threatens to stop supplying gas if not paid in roubles
Co-op food names two top managers to cover CEO's family-orientated career break
Apple pays another round of $200,000 bonuses to retain engineers
H&M sales growth slows as Ukraine war hits consumer sentiment
OILRecord US oil reserves release
Stat of the day
Formula One has agreed a deal worth £1bn over 10 years to hold a Grand Prix in Las Vegas from 2023, the biggest payday in the sport's history
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