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Evening Standard

Business

Simon English

City row as investors claim Phoenix being sold on the cheap to Swiss giant

Phoenix AiM Mercuria City

A DAVID and Goliath City battle broke out today when minority shareholders in Phoenix Global Resources vowed to fight off a £200 million takeover deal from Mercuria, a Swiss commodity behemoth with sales of $130 billion a year.

Phoenix, chaired by Sir Michael Rake, the City grandee who has previously led BT, Easyjet and Great Ormond St Hospital, has accepted an offer at 7p a share, about the present share price.

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