It typically takes years for shareholders to discover how much value huge mergers destroy. But for investors in BHP Billiton (LON:BLT) and Rio Tinto (LON:RIO), "the bills have arrived much more quickly", said David Wighton in The Times. BHP has abandoned its £40bn all-share hostile bid for rival Rio Tinto. Over the past year BHP has spent £291bn and Rio around £100m on advisers, lawyers and arranging finance. "Perhaps the chief executive's bonus could be used to help pay for it," said one disgruntled BHP shareholder.
One reason the deal was pulled is the plunge in commodity prices, fuelled by dwindling demand from China; this has "ground to a halt in the past month", said Jim Lennon of Maquarie Bank. This negated the deal's main attraction, "driving up prices in a bull market", and damaged the firms' cash-flow prospects, said John Foley on Breakingviews.
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Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
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Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
