Earlier this year F1 annced that it would list here. It then pulled back its listing citing market conditions. This could have been true as markets were volatile when it pulled its IPO. But F1 is now shown to be in one big legal mess.
On its face, the investment by CVC Capital Partners in Formula One seems like a winner. But thanks to recent lawsuits, “this enormously rewarding investment may now be in jeopardy,”Steven M. Davidoff writes in the Deal Professor column. A firm that was a competing bidder for Formula One, Bluewaters Communications Holdings, recently sued CVC, the bank BayernLB and Bernie Ecclestone, the Englishman who built the racing business. The claims are over a payment that has already been a source of legal headaches. Bluewaters says the payment was to “steer the sale of Formula One to CVC,” Mr. Davidoff writes, and the firm is “claiming at least $650 million in damages, the lost profit it would have earned had it bought Formula One.”
Well investors and S’pore have been spared this dog with fleas. No thanks to the CEO and COO of SGX, FTs all. And they are advertising in FT, six other posts hoping to get more FTs to keep them company.
And this despite S’pore slipping further down the IPO league tables, with KL at 5th place and HK at 4th. There are no FTs in KLSE.