Daily Mail owner DMGT close to £400m pension deal

Daily Mail owner, DMGT, is close to agreeing a deal with Rothermere Continuation Limited that would see approximately £400m injected into the firm’s pension schemes.

The potential agreement with the pension trustees of DMGT’s three schemes could pave the way for a buyout of the company by Rothermere, which would see it move to fully private ownership.

Rothermere is currently the controlling shareholder in DMGT and made an indicative £810m proposal to take over the firm in July.

The indicative proposal was contingent on the sale of DMGT’s insurance risk business, the listing of partly owned Cazoo Group and an agreement with the pension scheme trustees.

The deal with the pension trustees is the last of the non-waivable pre-conditions that remains outstanding.

It was a pre-requisite of any takeover deal to ensure that the pension schemes were not adversely affected by the reorganisation process and the settlement of the special dividend.

DMGT said the announcement of the potential pension deal did not amount to announcement of a firm intention by Rothermere to make an offer for the DMGT shares.

In late October, Rothermere was granted a ‘Put Up or Shut Up’ (PUSU) deadline extension to 25 November.

DMGT has subsequently confirmed that it and Rothermere are close to agreeing the pension deal that would see around £400m paid into the three schemes, amongst other terms.

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.

Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios

Advertisement