We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedGovernance

Logica to exit FTSE on 24 August

All of Logica's directors will also will also stand down on 21 August

Article comments

CGI Group, which bought Logica for £1.7 billion in May, confirmed the company will exit the London Stock Exchange on Friday 24 August.

All of Logica's executive and non-executive directors will also stand down on 21 August, according to a stock market bulletin, after CGI's acquisition of the software and information technology services company becomes effective on 20 August.

Last month, Logica’s shareholders voted overwhelmingly in favour of accepting CGI’s recommended cash offer of 105 pence per share. Canada's CGI said it expects to receive annual benefits of £125 million by the end of the third financial year following completion of the sale.

“We will immediately start the process of successfully integrating the two businesses to create a global technology services leader with 72,000 professionals,” said Michael E Roach, president and CEO at CGI, at the time.

However, the deal has been heavily criticised by analysts, who stated that CGI would not be able to create a new global business by integrating Logica’s European operations.

TechMarketView analyst Anthony Miller said that today's news begs the question as to who will be around on 22 August to open the shutters at Kings Place.

“CGI needs to make the handover as 'seamless' as possible in these circumstances,” he said. “We would suggest that an external announcement on who will run CGI Logica (and how) is required sooner rather than later.”

Earlier this year the Government Procurement Service announced that it had signed a four-year deal with Logica, worth £500 million, to provide HR, finance and IT services in a bid to centralise procurement.



Logica to exit FTSE on 24 August

What makes a good board report?

What makes a good board report?

Examining how CFOs can improve the way they report back to the boardmore ..

Vodafone buys out partner's stake in Indian unit

Mobile giant acquires the remaining 11% it did not already ownmore ..

Financial advisers not being clear enough on charges, says watchdog

FCA’s review found 73% of firms failed to provide adequate informationmore ..

EU data retention rules violate privacy rights, EU court rules

Rules requiring telcos to retain communications metadata are disproportionate, the court saidmore ..

Examining the issue of corporate litigation funding

Litigation funding is a very useful tool for CFOs but not a panacea for all legal mattersmore ..

Corporate governance: A catalyst for innovation

Corporate governance is a powerful tool in a C-suite executive’s arsenalmore ..

Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

In Depth
What every company needs to do about big data?

What every company needs to do about big data?

In the first of a three part series, Pat Brans explores just how big 'big data' will get? more ..


* *