Investec and Irish Life consider joint Davy bid – reports

Possible new Davy bidder

Investec and Irish Life are considering a joint bid for stockbrokers Davy, the Sunday Times reports.

The newspaper says the pair have held talks about bidding in partnership for the brokerage. “If successful, the joint bid would probably lead to Davy being broken up with Irish Life taking control of its highly profitable wealth management division and Investec acquiring its capital markets business,” the paper says.

The bid would represent a genuine threat to Bank of Ireland’s ambitions to acquire Davy, which is expected to fetch more than €400 million.

Pharma’s vaccine profits

Pfizer and Moderna could make more than €40 billion from Covid-19 vaccines according to industry analysts, says the Observer.

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The newspaper reports that the global market for vaccines is worth $70 billion (€59 billion). It says analysts calculate that Pfizer and Moderna will account for most of the market, up to €42 billion.

Last month, Pfizer predicted that it would make $26 billion (€21.9 billion) from its jab this year, one third of yearly revenue.

However, analysts believe that the surge could only last until the end of 2022, by which time most of the world will be inoculated.

Future of banking review

Minister for Finance Paschal Donohoe is reviewing the future of retail banking in light of Ulster Bank and KBC's departures, according to the Sunday Times.

The review comes following a Central Bank warning that the departures increase the risk of another sovereign bank "doom loop" by concentrating the Republic's reliance on a narrow band of domestic lenders where the State is a controlling or significant shareholder.

Competition will be a key consideration for the proposed review. It will seek sensible analysis and implementable recommendations, the Minister said in a reply to parliamentary questions last week.

Boylesports considers William Hill deal

Bookie Boylesports is weighing a deal to buy some or all of British player William Hill’s 1,400 betting shops, reports the Sunday Independent.

Ceaser’s Entertainment, which bought William Hill, plans to sell the group’s British business to focus on its US operations.

In a statement to the newspaper, Boylesports said it would “certainly be interested in acquiring some or all of William Hill’s UK shops, or indeed any other opportunity that make sense for our business”.

“The sale of the William Hill estate presents us with a rare opportunity to achieve the retail scale we have been targeting.”

William Hill’s British business could fetch around €1.75 billion. The Sunday Independent says that Boylesports is likely to face stiff competition should it bid for the shops.