Seen&Heard: The lowdown from the business media
Short odds on Ladbrokes merger and who it is that benefits from €1.9bn Anglo write-offs
Dermot Desmond: will address a meeting of Ladbrokes shareholders on Tuesday. Photograph: Dara Mac Dónaill
Despite opposition from financier Dermot Desmond, the merger of bookmakers Ladbrokes and Coral is expected to be approved by shareholders, according to the Sunday Business Post. It’s a view shared by the Sunday Independent and the Sunday Times, which reports that Mr Desmond will address a meeting of Ladbrokes shareholders on Tuesday.
The Sunday Business Post reports on the major debt deals at the former Anglo Irish Bank, with financiers, hotel chains and big businesses among those to benefit from the bank’s €1.9 billion write-offs. The paper claims that Barry O’Callaghan, who founded the e-learning giant Riverdeep, secured write-offs of more than €250 million.
Mayo tech distribution firm CMS is planing to float within the next four years as it aims to increase sales to over €700 million by 2020, according to the Sunday Independent.
Listed property firm Hibernia Reit is to pay €1.8 million to buy a Dublin city centre building from a group that had objected to plans by the firm for a €100 million development next door, according to the Sunday Times. The marriage counselling group Accord has dropped an objection to Hibernia’s planned development of Harcourt Square, clearing the way for the project to go ahead.
Irish salad bar Chopped has opened negotiations with at least two potential counter-parties in Britain as part of expansion plans. Both the Sunday Business Post and Sunday Times report on the Irish firm’s rapid growth since it was founded in 2012. Both papers report on the the appointment of Cathal Pendred, a UFC fighter, as the first franchisee of the firm.