Cazenove faces scrutiny over merger talks
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Cazenove, the Queen&#39;s broker, will tomorrow be under pressure to divulge the state of merger talks at its annual shareholder meeting, with US giants circling the firm.
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Cazenove, the 181-year-old London stockbroker, said it had agreed to partner with Wall Street giant JP Morgan, heralding an end to the independence of one of the most venerable names in British banking.
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NEW YORK (CBS.MW) -- The board of UK investment bank Cazenove has approved a plan in which JP Morgan Chase will buy a 50 percent stake in the firm for $180 million, according to a media report Sunday.
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Two privacy groups are stepping up the pressure on the U.S. Federal Trade Commission (FTC), saying the agency has an obligation to consider privacy concerns as it prepares to rule on the antitrust implications of&#160;Google&#39;s proposed acquisition of DoubleClick.The executive directors of&#160;the Electronic Privacy Information Center (EPIC) and the Center for Digital Democracy (CDD) repeated their call for the FTC to impose privacy conditions if it approves the merger. It appears that an FTC decision on the $3.1 billion acquisition is &quot;imminent,&quot; said Jeffrey Chester, CDD&#39;s executive director.FTC Commissioner Jon Leibowitz in October suggested the FTC&#39;s review of the deal had to be about competition questions, not privacy, but Chester disagreed during a press conference on Tuesday. One of the FTC&#39;s main duties is to protect consumer privacy, and the merger of the number one search provider with the number one ad server raises serious privacy questions, he said.Google&#39;s contention that there are no major privacy concerns is &quot;absurd on the face of it,&quot; Chester said. DoubleClick says it serves 8 billion online ads and processes 964GB of Web server log files each day, he said.&quot;It would be a violation of trust, in effect abuse of their own role, in not addressing an issue of such concern as the data-collection apparatus within the ever-growing behemoth,&quot; Chester said. &quot;If they&#39;re really the agency to protect consumer privacy, they will act to protect privacy. If they fail to act to protect privacy, they have basically put up a flag to American consumers saying, &#39;We surrender your data.&#39;&quot;Google spokesman Adam Kovacevich repeated Google&#39;s position that the merger would have positive effects.&quot;This acquisition is good for consumers, advertisers and Web site publishers, and we continue to be confident that it will be approved,&quot; he said. &quot;I would also point out what the FTC itself has said about privacy not playing a role in its review of the deal.&quot;Last week, the two groups&#160;asked FTC Chairman Deborah Platt Majoras to recuse herself from the decision on the merger, saying her husband works for a law firm that is advising DoubleClick on the deal in the U.S.&#160;Majoras declined Monday to recuse herself, saying that her husband isn&#39;t directly involved in the DoubleClick deal and that the Jones Day law firm is advising the company only before European regulators.An FTC spokesman wasn&#39;t immediately available for comment.Chester and EPIC executive director Marc Rotenberg repeated their calls for Majoras to recuse herself. Jones Day&#39;s Web site, until recently, said it was advising DoubleClick on the deal in the U.S. as well as Europe, they said.But the most important step the FTC can take is to impose privacy conditions on the merger, Rotenberg said. The case for a privacy review &quot;is very clear,&quot; he said.Chester agreed. &quot;Are they concerned about Americans&#39; privacy, or are they going to give Google a pass?&quot; he said.
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Cazenove, one of the UK&#39;s last independent investment banks, is to join forces with US financial services giant JP Morgan Chase.
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JPMorgan Chase &amp; Co. and Cazenove Group PLC said Friday they were launching a joint venture to combine their investment banking services for British customers.
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European officials investigating the chip maker say they have a watertight argument for pursuing antitrust charges.
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With last week&#39;s $35 billion merger deal between Sprint and Nextel looming, agents and solution providers are taking stock of their relationships with service providers.
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Directors of the brokerage firm have begun to consider whether to replace the embattled E. Stanley OâNeal, and with whom.
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Google's $3.1 billion takeover bid for one of the internet's biggest advertising firms will be reviewed by European Union regulators for possible antitrust violations.
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A committee that deals with antitrust issues plans to look into the proposed $3.1 billion merger next week. The search giant and its rivals, Microsoft and Yahoo, are expected to testify.
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LONDON: JP Morgan Chase and Cazenove Group, one of Britain&#39;s oldest and most respected financial advisory firms, said yesterday they were launching a joint venture to combine their investment banking services for British customers.
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An antitrust committee was supposed to examine the potential deal on Friday but says '"scheduling conflicts" got in the way.
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Executives of the carrier want to engage in merger discussions with United Airlines and Northwest Airlines as a way to cut costs and stay profitable.
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While increased competition looms, shareholder update looks to the past.
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Over five months after the two companies announced their intention to merge, search engine leader Google and display advertising leader DoubleClick petitioned the European Commission on Friday for clearance of their merger terms. This morning, according to the Associated Press, the EC responded by warning that a full investigation of their petition could consume as much as four months.
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US antitrust regulators are investigating possible anti-competitive practices at the American Stock Exchange and Chicago Board Options Exchange, according to the annual report of the National Association of Securities Dealers.