Listen to this article
Today’s main event kicks off at 3.15pm, when the big boys of private equity appear before the Treasury select committee. We have ringside seats in the Colosseum, three in fact. We’ll keep you posted - they can hardly do worse than the BVCA guys did last week. You can also watch the proceedings live online.
Until then, one of the best stories around is DSG International’s decision not to press ahead with its investment in Russia. It is giving up its option to buy Eldorado, the Russian electricals retailer, and will instead spend up to £100m on buying back shares. The language used by DSG chief executive John Clare is quite striking.
I expect we’ll do more today on Torex Retail, which not that long ago was worth more than £500m and is now worth nothing. As we reported this morning, the deal with Cerberus will mean shareholders lose everything. No prizes for guessing what they and unsecured bondholders think of it all but we’ll ask them anyway.
The recovery at that much larger software group, Misys, seems to be gathering speed. The new chief executive Mike Lawrie said he was happy with cost-cutting progress even though “performance remains poor” in its health unit. The shares are up 2½ per cent.
Couple of other bits and pieces: United Utilities is selling its 22.63 per cent stake in Thus, the telecoms provider (making it a takeover target, or possible partner for Kingston Communications?). And Standard Chartered said costs were growing faster than income, knocking 1 per cent off the shares.