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BUSINESS WITH PERSONALITY STOCKING FILLER? WEEKEND WRAPPED UP CITY A.M. STAFF OUR GUIDE TO THE BEST REVEAL THEIR FILMS AND SHOWS P24-25 BOOKS OF 2019 P19 MERRY CHRISTMAS AND A HAPPY NEW YEAR TO ALL OUR READERS CITY A.M. WILL BE BACK ON 6 JANUARY FRIDAY 20 DECEMBER 2019 ISSUE 3,526 CITYAM.COM FREE FINAL BIDS IN JUST EAT FOODFIGHT PROSUS AND TAKEAWAY.COM GO HEAD-TO-HEAD IN A BIDDING WAR FOR THE BRITISH FAST FOOD GIANT SEBASTIAN MCCARTHY raging for several months, during lishes the largest global platform in @SebMcCarthy which shares in Just Eat have risen by online food delivery outside China Bailey more than a fifth. and allows shareholders of both Just NEW KID ON THE BLOCK THE FOOD fight for Just Eat reached Prosus, which is controlled by South Eat and Takeaway.com to benefit from its climax last night as competing bid- African investment giant Naspers, has significant long-term value to be next boss of Bank of England ders sought to woo the board with long-argued that its offer is the only creation.” last-minute blockbuster offers. one delivering certainty and creat- Alex Captain, the founder of EMILY NICOLLE Street, taking on a difficult role amid Prosus surprised the City yesterday ing “the world’s leading food activist investor Cat Rock, said: @emilyjnicolle political uncertainty and a troubled afternoon after revealing a 800p-a- delivery business”. “This is a great day for Just global macroeconomic climate. share final offer — equivalent to But in a war of words, Eat shareholders — the ANDREW Bailey, chief executive of The Bank of England was yesterday £5.5bn — for the food delivery firm, Takeaway.com boss Jitse final Takeaway.com offer the Financial Conduct Authority, was plagued by reports of hacking, after it urging shareholders to back its offer Groen has hit back at reported last night to have emerged emerged that an audio feed of its by a deadline of 10 January. Prosus in recent weeks, Just Eat has been caught as the successful candidate to replace market-sensitive press conference Within minutes Takeaway.com saying: “A slightly high- in the middle between Mark Carney as the governor of the was supplied to high-speed traders increased its own bid for the prized er derisory cash bid Prosus and Takeaway Bank of England. ahead of the official broadcast. FTSE 100 company, offering an all- remains a derisory cash Bailey’s appointment to the role, Sources told the Financial Times share merger worth 916p. bid.” which could be confirmed as soon as last night that Gerard Lyons, an The Dutch-based peer also sought to In the weeks leading up is highly compelling and this morning, would see him surpass earlier favourite and previously an sweeten the deal by increasing Just Eat to the Christmas season, provides Just Eat sharehold- earlier favourites including London economic adviser to Boris Johnson, shareholders’ stake in the Prosus has been upping its cash ers with significant participa- School of Economics director Dame had not been successful. combined group from 52 per cent to several times in an attempt to spurn tion in the tremendous upside of the Minouche Shafik. Meanwhile Ben Broadbent and Sir 57.5 per cent. the merger between Just Eat and combined company.” Shafik is said to have learned Jon Cunliffe, both deputy governors Following the completion of any Takeaway. Just Eat’s shares climbed 2.6 per cent earlier this week that she was no of the Bank, were reported to be still potential merger, Takeaway has vowed However, its offers of 710p and 740p yesterday, closing at 823p. longer in contention for the role, under the impression they may gain to sell Just Eat’s stake in iFood, return- were both rejected by Just Eat. Shares in Takeaway tumbled eight sources told the Financial Times. the role. ing 50 per cent of the proceeds to Takeaway.com boss Groen said: “This per cent on the news. Bailey is set to become the 121st shareholders of the new business. is our best and final offer and we will Both offers now have thresholds of head of the Old Lady of Threadneedle £ BANK’S CYBER WOES: P2 The higher offers are the latest twist not go into an auction. 50 per cent and shareholders have in a bidding battle that has been “The all-share combination estab- until 10 January to choose. ALL CHANGE EDITOR’S NOTES SPORT A FTSE FAREWELL CORBYN IS GOING, TAKE OUR 2019 TO SOME BIG-NAME BUT CORBYNISM BUMPER SPORTS BOSSES P9 WILL LINGER P7 QUIZ P28 –29 FTSE 100 ▲ 7,573.82 +33.07 FTSE 250 ▲ 21,666.14 +3.01 DOW ▲ 28,376.96 +137.68 NASDAQ ▲ 8,887.22 +59.48 £/$ ▼ 1.300 -0.008 £/€ ▼ 1.694 -0.013 €/$ ▼ 1.112 -0.02 02 NEWS FRIDAY 20 DECEMBER 2019 CITYAM.COM POMP AND CIRCUMSTANCE Queen Elizabeth sets out agenda for Conservative government at the state opening of parliament THE CITY VIEW Here’s to another 10 years of City success T HAS been a decade of great upheaval for the City. January 2010 saw the UK economy just starting to come out of recession, Iwith unemployment at its highest in 15 years, and a raft of regulations and inquiries into the financial services sector imminent, not to mention an election that would mark the start of 10 years of instability and coalitions. In contrast, the UK goes into the 2020s with the strongest government majority for a generation, unemployment at a record low, and the City on as sure a footing as ever. This week’s figures from The City UK back up this story of success. The UK remains the world’s largest exporter of financial services and the leading foreign exchange market, trading more than twice as many dollars as the US. From law to property, insurance to IPOs, the traditional sectors of City expertise continue to thrive, despite the changing political THE IMPERIAL State Crown was carried through the sovereign’s entrance ahead of the state opening of parliament at the Houses of parliament yesterday. In the second Queen’s speech in only two months, Queen Elizabeth II unveiled the majority landscape. Nor does it show any signs of standing still. London is a Conservative government’s legislative programme to members of parliament and peers in the House of Lords. world leader in both green bonds and Islamic finance, and in September overtook New York for luring in the most fintech investment. The City has evolved in other ways too. Whereas once it was near abandoned outside office hours, it now hosts a thriving leisure scene. Culture Mile, a joint initiative by the City of London Corporation, the Museum of London, Guildhall and Bank of England probes the London Symphony Orchestra, has reimagined the heart of the Square Mile as a hub for music, art and drama. And the eye- catching skyscrapers that have transformed the skyline over the past 10 years, from the Shard to the Walkie Talkie, aren’t just about additional office space — a plethora of roof-top gardens, hedgie eavesdropping viewing galleries, and sky-high bars and restaurants have sprung up and are now tourist attractions in their own right. It is no ANNA MENIN wonder that London remains one of the most visited cities in the allow traders to gain a significant mar- missed out of hand,” Statisma added. @annafmenin ket advantage, as Carney’s speech There is no suggestion that Statisma world. Of course, challenges lie ahead, not least the bumpy road often moves markets. is the firm involved in The Times towards future trade deals with both the EU and the US. And THE BANK of England (BoE) has The audio feed of the press confer- investigation. while the election result has brought some much-needed clarity, referred the hacking of its market- ences was installed to act as a back-up “Following concerns raised with the sensitive press conferences to the in case the main video feed failed, the Bank, we have recently identified that it has also shifted the centre of political gravity to new Tory seats financial watchdog, after it emerged Bank said. an audio feed of certain of the Bank in the north, the midlands, and Wales. Improvements in that an audio feed was supplied to The identity of the third party sup- press conferences… has been misused infrastructure and growth-boosting investment across the high-speed traders moments ahead of plier, which has since been blocked by a third party supplier to the Bank country are vital components of the new government’s agenda, the official broadcast. from accessing the feed, has not been since earlier this year to supply The Bank confirmed what it called a confirmed. services to other external clients,” a but could 2020 be the year when the voice of the provinces is “wholly unacceptable” use of a back- Some firms advertise their ability to BoE spokesperson said. heard more clearly than the roar of the metropolis? Perhaps. up audio feed by a third-party bring traders the news first. One such “On identifying [the breach], the Nevertheless, London’s resilience and tenacity have both been supplier, and said it had reported the company, Statisma News, an Essex- Bank immediately disabled the third matter to the Financial Conduct based audio news provider, published party supplier’s access. As a result, the tested in recent years — and we have not been found wanting. So, Authority. The regulator confirmed it a statement on its website yesterday in third party supplier did not have any happy Christmas to you all, and here’s to the roaring twenties.