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Tuesday newspaper round-up: French Connection, Rolls-Royce, EY partners

French Connection shareholders have backed the £29m takeover of the fashion brand led by a Newcastle-based businessman, putting the company back into private hands for the first time since 1983. The new owners are expected to take over on 8 November. The 75-year-old chair and chief executive, Stephen Marks, who co-founded the chain in 1972 and owns nearly 42% of the company, is to receive about £12m for his stake in the business. – Guardian
The engine maker Rolls-Royce has entered into a long-term partnership with the Gulf state of Qatar to invest billions in green engineering projects to fund entrepreneurs finding new ways to help transition to net zero. The deal will include the creation of about 1,000 jobs at two campuses – one in northern England and one in Qatar – where climate technology businesses will be created, launched and developed. – Guardian

Partners at EY were handed record pay of nearly £750,000 in the year to July as the accountant shrugged off Covid and was boosted by a shift to home working. The firm handed an average £749,000 in shared profits to its most senior UK staff in the 12 months, up 12pc on the previous year. – Telegraph

Funds managed by one of the world’s biggest investment institutions are preparing to sell a block of shares in THG as the ecommerce group struggles to allay investors’ concerns over its business model. Shares in the Manchester-based group have fallen sharply over the past two months amid corporate governance concerns and questions surrounding the true value of its Ingenuity technology platform. That included a 35 per cent drop as its management tried to allay fears via a capital markets day. – The Times

Ministers have been accused of failing to get a grip on the impact of the cladding crisis after it emerged that the fiscal watchdog did not consider the cost of repairs in its forecast of residential investment in Britain. Sir Charlie Bean, a member of the budget responsibility committee, told MPs that the Office for Budget Responsibility’s economic forecasts, published alongside the budget last week, had not factored in the impact of costs to remove dangerous cladding. – The Times

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