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Liontrust given green light for GAM takeover amid shareholder battle
by cityam
CHRIS DORRELL
LIONTRUST yesterday announced it had secured the approval of the City watchdog for its proposed takeover of the ailing Swiss fund manager GAM Holdings.
Liontrust described the approval as a “major step forward” in the team as it enables the fund manager to take control of GAM’s UK regulated entities. was up nine per cent compared to last year, just 1.3 per cent lower than 2019.
The green light from the Financial Conduct Authority follows permission from FINMA, the Swiss regulator, and the central bank of Ireland.
Applications are in progress in Luxembourg, Italy and Hong Kong with decisions expected in the next three months.
The update comes amid a fractious takeover battle between Liontrust and a group of rival shareholders called NewGAMe, backed by French tycoon Xavier Niel, which opposed Liontrust’s £96m offer for “undervaluing” the firm.
GAM will hold an extraordinary general meeting on 18 August where shareholders will vote on proposals.
IHG said it expects occupancy to be restored to over 96 per cent of 2019 levels in 2023, and to be almost fully recovered by 2025.
The group’s budget chain Holiday Inn Hotels opened seven hotels during the period and signed on another 19, including a site in Riyadh, Saudi Arabia.
It is the group’s first major update under the reign of new chief executive Elie Maalouf who took over from former head Keith Barr in June.
“Our teams have delivered strong results in the first half, with financial performance, hotel openings and signings all significantly above prior year comparisons,” Maalouf said.
The new boss noted “very healthy” travel demand, with business travel up along with a rebound in demand in China.
Shares in the group rose to close up 2.33 per cent after the update, nearing its record highs from earlier this year.
