Posts tagged 'Co-op'

Warning bondholders, Co-op edition

How’s this for a bank bondholder disclosure? Bear in mind — it’s over 20 years old.

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Dear Mr Bailey…

The Commission encourages bondholders, where they are sufficiently concerned, to raise such issues publicly where practical. The PRA should examine the scope for extending bondholder influence of this type…

‘Changing Banking for Good’, Parliamentary Commission on Banking Standards

It’s actually well worth reading the full letter from Mark Taber to Andrew Bailey of the Prudential Regulation Authority, the latest protest against the £500m bail-in of subordinated bondholders that’s emerged from the Co-op Bank mess.

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Snap news

The latest,

- Co-Op confirms takeover talks with Somerfield – Bloomberg Read more

UK’s Co-op in talks over Somerfield

The private equity owners of Somerfield, the UK’s fifth-largest supermarket chain, have started exclusive talks with Co-op, the mutually-owned supermarket group, on a deal to sell Somerfield at close to their £2bn target valuation by next week. Co-op, the only bidder for Somerfield, initially offered about £1.7bn but revised its offer late last week. It is thought the consortium that owns Somerfield – made up of Apax Partners, Barclays Capital, Robert Tchenguiz and Kaupthing bank – is unwilling to sell the supermarket group for less than £1.9bn.