Flutter gambles on Italian growth

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There will be no Blythe tomorrow. Excuse me, this is the last city bulletin of the year. I’ll be back on January 4th. Whether you’re taking a break or trying to trade by the end of the year, we hope you’ll escape the infection during the festival.

Flutter entertainment I’m having a feast in Italy (sorry).

The FTSE 100 Gambling Group, which owns Paddy Power, Betfair, and the US sports betting brand FanDuel, has acquired Italy’s leading online game operator. Sisal £ 1.6 billion in cash.

Sisal, 1 of 4 bidders Under the British National Lottery contract, Floating plan At the Milan Stock Exchange early next year. However, seven years after abandoning the previous IPO plan, private equity owner CVC decided to sell the company instead.

Flutter said the acquisition, when combined with the PokerStars and Betfair brands, will give it a 20% share of the Italian online gambling market, helping to further diversify its assets.

Please tell us your thoughts.Send us an email at citybulletin@ft.com

Simply put

Activist battle in Third point Feeder funds listed in London seem to have escalated.Third Point Investors Limited has fought Asset Value Investor, Which Lost votes last month Remove Third Point Legal Advisor from the London Fund Board of Directors. But instead, activists insisted on Steve Bates’ scalp, the TPIL chair. TPIL said this morning that Bates “determined that the situation made his continued service as a board member of the company unbearable.”More soon FT.com..

Balfour Beatty Reached a resolution with the U.S. Department of Justice on criminal and civil investigations Performance incentive fee One of the company’s subsidiaries falsely claimed to work in US military housing between 2013 and 2019. Balfour Beatty will pay a total of over $ 65 million, a fine of just under $ 34 million, and compensation of $ 32 million.

“stratosphere” Gasoline price Causes a “national crisis” in Britain, Energy company I warned you. London-listed Good Energy, EDF, and Energy UK, a trading institution, became the latest person to seek emergency government intervention yesterday. Report..

And the last fine to end the week from yesterday: this time not the bank, Hedge fund..UK regulators have fined former hedge funds Blue Crest Capital management Over £ 40m for “reckless” behavior that failed to manage conflicts of interest between 2011 and 2015.Hedge fund correspondent Lawrence Fletcher Have more..

Beyond square miles

Tencent We have reduced our stake in JD.com and distributed almost 15% of our e-commerce group shares to our shareholders. William Langley reports from Hong Kong.. Tencent indirectly owns about 17% of JD.com. Under the plan, it will drop to 2.3 percent. Martin Lau, president of Tencent, billionaire, has retired from JD.com’s board of directors.

European Overly complex banking rules To increase the risk, Danish and Norwegian financial regulators warned in an interview with FT. There is a tree in the tree problem. Thousands of pages of rules and directives can be very cumbersome to enforce and threaten the ability of regulators to see the actual risks that are being built into the financial system. Report of Lola Noonan..

And chip maker Intel I apologized for guaranteeing that there are no products or labor in the supply chain. Xinjiang Uygur Autonomous Region, our Breaking News Team ReportHas become the latest multinational company to fuel tensions between Washington and Beijing on suspicion of human rights abuses in the Chinese region.

first, My column (We recommend it every week, so please read it). This week we’ll discuss why the two performances are disappointing. London high tech IPO Don’t mask the progress the city has made to attract a list of growing companies this year.

And my second choice is inspired by the former professional cyclist’s sister-in-law who is with us. How to get the best from Winter cycling..

Happy holidays, and see you on the other side.

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