Feeds

New Media Spark wins German bid battle

Hostilities ceased

  • alert
  • submit to reddit

High performance access to file storage

New Media SPARK, the UK VC house, has won its battle to assume control of Sputz AG, the German online brokerage.

The company today declared that it had received 53.7 per cent acceptance of shareholders for its hostile bid for Sputz.

The current supervisory board of Sputz has resigned, to be replaced by SPARK's own nominees. SPARK will retain Sputz's stock market listing in Germany, as this gives it useful acquisition currency.

New Media SPARK is transforming itself from a VC business to a holding company for online financial businesses. Next step could be a fully-integrated online brokerage.

Partly through the recent, hotly-contested takeover of Globalnet Financial.com, London-based SPARK has control over a number electronic trading platforms, which it wishes to combine with Sputz's brokerage business.

SPARK's bid for Sputz was controversial on two points: it was hostile, still a rarity in Germany, and it exploited a loophole in German takeover law, to be shut next year, which meant it could gain control without buying the whole company i.e. on the cheap.

In the UK, by contrast, companies must tender for the entire share capital of the takeover target, once the ownership ceiling of 29.9 per cent is breached. ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.