Tate & Lyle shareholders approve £2.7bn US takeover, ending 90-year London listing

Yahoo Finance UK··Read original
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Summary · why it matters

Shareholders in Tate & Lyle voted to approve a £2.7bn takeover by a US rival, ending the company's 90-year residency on the London Stock Exchange. The exit is one of many recent departures that have shrunk the number of listed companies from 2,365 a decade ago to just 1,500 today, a 36% drop. Pension funds have slashed UK stock allocations from 50% of investments in 1997 to around 5% now, with Scottish Widows cutting its UK exposure from 12% to 3% last year. Fund managers like Terry Smith's Fundsmith hold just 2.8% in UK stocks, while Baillie Gifford's Scottish Mortgage Investment Trust has only 1.3% in a single British company. London Stock Exchange Group boss David Schwimmer has called for pension fund reform to better incentivise UK investment, citing the roughly £50bn in annual tax benefits the funds receive.

Impact on assets 7

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Off-coverage companies 3

Baillie Gifford & CoPrivate± Mixed
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Fundsmith LLPPrivate± Mixed
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Scottish WidowsPrivate± Mixed
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