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Shares recover at Macquarie
Robert Lea19.09.08
The Australian bank whose investment funds are among the biggest employers in the UK was in recovery today after a torrid week in which share plunges appeared to question its survival.
Shares in Macquarie Group rose as much as 50% in overnight trading, going some way to repairing a week of freefall, although they are still down a net 20% on the week.
The rally came after the bank's bosses reassured investors they had not made the same toxic investments as their Wall Street counterparts.
Macquarie and its funds have become synonomous for the flow of ownership of UK companies into foreign hands.
It runs Thames Water, London buses, Moto motorway service stations, part owns Bristol and Birmingham airports, controls the country's radio and TV masts as well as power networks in the West and Wales, has various biomass, wind, landfill and gas power interests and operates ferries to the Isle of Wight and Isle of Man.
