View from City Road: Riding the Lonrho tandem
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.As they made clear just six months ago, Dieter Bock and 'Tiny' Rowland, joint chief executives of Lonrho, are in complete agreement about Lonrho's strategy and future. You might be forgiven for thinking otherwise, however. Certainly they have not yet managed to synchronise their scripts.
At yesterday's results briefing, they scarcely seemed to be able to agree on anything. Mr Rowland insisted that what Lonrho needed was a large acquisition; its gearing is too low because it is not doing enough.
MrBock agreed entirely. It's just that it might not be an acquisition - would a joint venture do instead? Oh, and we want to keep our gearing at about the current level. Yes, of course we could use shares, Mr Rowland, but I wouldn't want anyone to get the idea we were planning a big rights issue.
All of which brings us no closer to the truth about who is really running Lonrho - or what it will look like when the real boss does emerge.
That may not happen until Mr Rowland departs - and yesterday he was sticking to his pledge, albeit a vague one, to go in 'two or three years'. Even that won't mean we have seen the last of him, he insists. 'I won't retire, I'll just start again.' Poor Mr Bock.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments