European Central Bank warns of growing risks to global financial stability – business live

Rolling coverage of markets, economics and business news amid warning of increased risks posed by non-bank lenders

10.59am GMT

South African investor Prosus has criticised Takeaway.com’s offer for food ordering service Just Eat as “unrealistic” as it pushes for shareholders to reject the Dutch company’s approach in favour of its own.

Takeaway.com and Just Eat published the offer document for its £4.7bn bid – which is backed by Just Eat’s management – this morning, but Prosus is still holding out hope that shareholders will back its £4.9bn unsolicited offer.

Our cash offer provides compelling and certain value to shareholders at a premium to the Takeaway.com Offer and removes the downside risk for Just Eat’s shareholders. Our offer also reflects the substantial investment required in product, technology, marketing and own-delivery capabilities to make the most of Just Eat’s long-term potential.

We believe that the Takeaway.com offer underestimates the substantial investment required in Just Eat to recapture market share and improve performance in an increasingly competitive sector undergoing global transformation.

10.48am GMT

There’s a lot to digest in the European Central Bank’s financial stability review – the first under the leadership of newly appointed president Christine Lagarde.

Some of the headline points from the ECB:

Continue reading…Rolling coverage of markets, economics and business news amid warning of increased risks posed by non-bank lenders 10.59am GMTSouth African investor Prosus has criticised Takeaway.com’s offer for food ordering service Just Eat as “unrealistic” as it pushes for shareholders to reject the Dutch company’s approach in favour of its own.Takeaway.com and Just Eat published the offer document for its £4.7bn bid – which is backed by Just Eat’s management – this morning, but Prosus is still holding out hope that shareholders will back its £4.9bn unsolicited offer.Our cash offer provides compelling and certain value to shareholders at a premium to the Takeaway.com Offer and removes the downside risk for Just Eat’s shareholders. Our offer also reflects the substantial investment required in product, technology, marketing and own-delivery capabilities to make the most of Just Eat’s long-term potential.We believe that the Takeaway.com offer underestimates the substantial investment required in Just Eat to recapture market share and improve performance in an increasingly competitive sector undergoing global transformation. 10.48am GMTThere’s a lot to digest in the European Central Bank’s financial stability review – the first under the leadership of newly appointed president Christine Lagarde.Some of the headline points from the ECB: Continue reading…