This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/2016/jul/06/brexit-uncertainty-put-floats-takeovers-hold-kpmg
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Brexit uncertainty has put floats and takeovers on hold, KPMG says | Brexit uncertainty has put floats and takeovers on hold, KPMG says |
| (35 minutes later) | |
| Uncertainty sparked by the Brexit vote is causing companies around the country to put a freeze on stock market flotations and attempted takeovers, according to one of the leading advisers in the field. | Uncertainty sparked by the Brexit vote is causing companies around the country to put a freeze on stock market flotations and attempted takeovers, according to one of the leading advisers in the field. |
| British companies could also become prey for foreign predators, according to accountants at KPMG, which on Wednesday appointed a partner to take on the newly created role as head of Brexit. | British companies could also become prey for foreign predators, according to accountants at KPMG, which on Wednesday appointed a partner to take on the newly created role as head of Brexit. |
| Karen Briggs, already a senior partner at KPMG, said the firm was trying to encourage customers to look over a two-year time horizon as well as responding to the near-term factors but said a potential Brexit is stalling activity. | Karen Briggs, already a senior partner at KPMG, said the firm was trying to encourage customers to look over a two-year time horizon as well as responding to the near-term factors but said a potential Brexit is stalling activity. |
| Related: Brexit fears hit FTSE 250 again as pound slides below $1.30 - business live | Related: Brexit fears hit FTSE 250 again as pound slides below $1.30 - business live |
| She said mergers and acquisitions (M&A) and stock market flotations were sectors where deals were being put on hold. | |
| “We are the largest M&A adviser by volume and we have seen half a dozen deals we are working on put on hold in the wake of the vote outcome. Whether this is a short-term wobble or has more lasting ramifications remains to be seen at this stage,” said Briggs. | |
| “We are also engaging international clients and are observing, interestingly, predatory intentions from other European nations considering what competitive advantage a Brexit might mean for them,” she added. | “We are also engaging international clients and are observing, interestingly, predatory intentions from other European nations considering what competitive advantage a Brexit might mean for them,” she added. |
| Her remarks follow a warning by the Bank of England on Tuesday that uncertainty about the referendum has already delayed major economic decisions, such as business investment, construction and housing market activity. | Her remarks follow a warning by the Bank of England on Tuesday that uncertainty about the referendum has already delayed major economic decisions, such as business investment, construction and housing market activity. |
| In the immediate aftermath of the referendum, held on 23 June, a survey by the Institute of Directors found that the majority of businesses believed Brexit was bad for them and would trigger investment cuts, hiring freezes and redundancies. | In the immediate aftermath of the referendum, held on 23 June, a survey by the Institute of Directors found that the majority of businesses believed Brexit was bad for them and would trigger investment cuts, hiring freezes and redundancies. |
| However, some deals are still being announced. On Wednesday, insurer Legal & General sold a pubs business to Caledonia Investments, and shareholders in the London Stock Exchange have approved the merger with Deutsche Börse. | However, some deals are still being announced. On Wednesday, insurer Legal & General sold a pubs business to Caledonia Investments, and shareholders in the London Stock Exchange have approved the merger with Deutsche Börse. |