Capital & Counties, owner of Covent Garden, and Shaftesbury, which has a portfolio covering parts of Soho, Chinatown and Carnaby Street, announced agreed terms for an all-share merger on Thursday morning. The deal will be subject to shareholder approval, and the companies are likely to face some pushback, with two Shaftesbury investors — Royal London Asset Management and Investec — having already questioned whether a merger is in their best interests. The fund, which holds 25 per cent of Shaftesbury shares and 15 per cent of Capco shares, has long been supportive of a merger, according to the companies.
JOHANNESBURG (Reuters) -South Africa's Investec said on Thursday it would distribute a 15% stake in asset manager NinetyOne to shareholders, as it also reported a more than two-fold rise in half-year profit. The financial services group spun off its asset management business and listed it as NinetyOne in London in 2020, but abandoned a plan to sell a 10% stake in the company as the COVID-19 pandemic roiled stock markets. It holds a 25% stake in the company.