Business

A UAE-based steel company has made an approach to buy Britain’s third-biggest steel producer, months after it was declared “hopelessly insolvent” and fell into the hands of the Official Receiver. Sky News has learnt that Arabian Gulf Steel Industries (AGSI), which is headquartered in Abu Dhabi, is among a small number of parties which have…

Next has teamed up with a stock clearance specialist as it pursues a takeover of the family-owned shoe retailer Russell & Bromley. Sky News has learnt that the FTSE-100 retailer is working with Retail Realisation, which badges itself as a specialist retail advisory firm, on its interest in the 145-year-old chain. Industry sources said the…

The owners of the RAC will next week launch a process expected to culminate in a £5bn sale or stock market listing of the breakdown recovery service later in 2026. Sky News has learnt that the RAC’s shareholders have arranged a beauty parade of investment banks to take place in the coming days as they…

Oil sits at the heart of Donald Trump’s Venezuelan gamble. Within a day of the US operation which ousted President Nicolas Maduro, Trump made his top priority clear: reviving the country’s oil industry. “We’re going to have our very large US oil companies – the biggest anywhere in the world – go in, spend billions…

Glencore is in talks with rival Rio Tinto that could lead to merger and the creation of the world’s largest mining firm. Glencore issued a statement to the market soon after the Financial Times (FT) reported that discussions over a tie-up had resumed, almost a year after a previous round of talks broke down. There…

A fibre broadband network provider backed by an arm of Aviva, the FTSE-100 insurer, is in merger talks with a rival amid growing financial pressure on the heavily indebted industry. Sky News has learnt that Truespeed, which has received £175m of funding from Aviva Investors, is in discussions about a tie-up with Freedom Fibre. Negotiations…

The board of Warner Bros Discovery (WBD) has urged its shareholders to reject an amended hostile bid by Paramount Skydance while maintaining its unanimous support for a rival offer by Netflix. A letter to investors said the updated $108.4bn all-cash offer from Paramount, for the whole business, involved an “extraordinary amount of debt financing” that…

The owner of Waterstones is close to hiring bankers to work on a multibillion-pound listing of the transatlantic bookseller. Sky News has learnt that Elliott Management is preparing to appoint Rothschild to act as an independent adviser on its flotation options, with a public market debut likely to take place as soon as the second…

Every month we interview top chefs from around the UK, hearing about their cheap food hacks, views on the industry and more. This week, we speak to Great British Menu winner, Michelin-starred chef and restaurateur Tommy Banks. When I was growing up my mum and dad ran a bed and breakfast… It did mean that…

Donald Trump has announced Venezuela’s interim government will be “turning over” between 30 and 50 million barrels of “high quality” oil to the US. The oil – worth upwards of $2bn (£1.48bn) – will be taken by storage ships and brought directly to US unloading docks, the president said on Truth Social. It will be…