US investor Carlyle pulled out of bidding for Thyssenkrupp’s naval unit after facing indecision and scepticism in Berlin about the involvement of the private equity group in a critical German defence player.

After more than 18 months of discussions, the Washington DC-based firm had hoped to finally secure a decision on its offer to buy a majority stake in Thyssenkrupp Marine Systems (TKMS) at a meeting with German ministers on October 8, according to people familiar with the negotiations.

The German government last year signalled that it was prepared to back a sale of the maker of submarines, frigates and naval electronic systems by taking a supporting stake.

But Carlyle’s lead negotiators were instead met by further indecision, according to two people briefed on the discussions. The economy ministry led by Green vice-chancellor Robert Habeck wanted more time to explore the option of creating an all-German naval giant at a time when Europe was striving to revitalise its defence industry.

One area of contention between the two sides was the timeline of ownership. The German government wanted the private equity group to commit to holding the company for around 10 years, rather than Carlyle’s preferred 3-5 year window before making an exit, according to two people familiar with the talks.

On Tuesday, the buyout group announced it was quitting the process. With due diligence expected to take months, Carlyle concluded it had run out of road to finalise the deal before the start of campaigning for Germany’s elections next year, at which point the chances of a tie-up were deemed minimal, one of the people added.

Thyssenkrupp was once a symbol of German industrial might, but its struggles to remain competitive over the past few years have become emblematic of the woes looming over Europe’s largest economy. The loss of a serious bidder delivers yet another blow to its long-running plans to split up the company and divest its naval and steel businesses.

The collapse of the talks reflects the deep resistance among some in German business and politics towards the private equity sector. While the nation has seen growing PE investment in recent years, health minister Karl Lauterbach in 2022 lashed out against “locust investors” buying up medical practices. Last year, the country’s top football clubs voted against selling a stake in the Bundesliga’s media and commercial rights to private equity firms. 

The need for a new solution at Thyssenkrupp presents a fresh challenge for chief executive Miguel Lopez, who joined the Essen-based company last year after his predecessor Martina Merz was pushed out by the board — partially due to her failure to spin off the subsidiaries. 

The former Siemens executive has successfully sold 20 per cent of Thyssenkrupp’s steel business to Czech billionaire Daniel Křetínský, but his reputation has been tarnished by tensions surrounding the disposal. In August, the conflicts spilled out into the public when the CEO of Germany’s largest steelmaker and the chair of its supervisory board resigned in protest over Lopez’s handling of the sale process.

At TKMS, which owns Germany’s largest shipyard in the Baltic port of Kiel, chief executive Oliver Burkhard had backed the plan to bring in Carlyle as a key step in a process of consolidation. The aim was to solve the problem of a fragmented warship industry and create a powerful “national champion” capable of competing against the likes of France’s Naval Group or Italy’s Fincantieri. 

He wrote on LinkedIn on Wednesday that company executives “very much regret” Carlyle’s decision to withdraw, adding that it had not been due to “business management [or] the financial performance of our company”. 

In 2021, the shipbuilder received the biggest order in its history — worth €5.5bn for six Type 212CD submarines for the German and Norwegian navies. It has a backlog of orders with a value of close to €13bn. 

The IG Metall union also lamented Carlyle’s exit, telling the regional newspaper Westfälische Rundschau on Friday that it would have supported a majority shareholding by Carlyle provided the federal government had held a blocking minority and if the buyout firm had made binding commitments towards the company’s roughly 8,000 workers.

The union said it had been holding talks with Carlyle on that issue as well as on future investments. “A solution was within reach, but has now apparently failed due to resistance from the federal ministry of economics,” it added.

Carlyle first expressed an interest in the business in March 2023. German defence minister Boris Pistorius later confirmed that Berlin would consider taking a stake in the submarine maker, most likely through state development bank KfW. State involvement was proposed as a way to ensure liquidity at a company where orders can amount to several billion euros and take years to complete, and where customers are offered multibillion-euro guarantees.

However, Habeck’s ministry was keen to consider homegrown options. Those included Lürssen Group, a family-owned builder of civilian and military vessels that is interested in merging its naval arm with TKMS and other shipbuilders, according to the people familiar with the talks.

Rheinmetall, the German tank and artillery maker, also expressed interest in taking a stake. It has no track record in the naval sector, but has seen a surge in munition orders as western nations race to rearm and to support Ukraine’s armed forces in their battle against the Russian military.

Ministers considered a German industrial solution to be “promising”, a person familiar with the government’s thinking said. 

Faced with the prospect of further waiting, and the political uncertainty around Germany’s looming elections, Carlyle felt it had little choice but to pull out.

Following the withdrawal, Thyssenkrupp said it would push ahead with plans to make its submarine business independent, which it said would unlock more funding and growth as well as providing a “good starting position for a possible national and European consolidation”.

“We will also continue unabatedly with our talks with the German government on a federal stake in the marine segment,” the company added. 

A spokesperson for the German economy ministry said that TKMS was “of great importance for the security and defence industry” and said that talks about its future continued. 

TKMS, Carlyle, Lürssen Group and Rheinmetall declined to comment.

Thyssenkrupp’s marine unit and its chief executive are now back to square one. “At this point the ball goes back to Burkhard,” said one person involved in talks on the future of the shipbuilder. “His original plan didn’t go anywhere. So what is his plan B?”

A HUGE update in the car finance mis-selling scandal has been issued.

The Financial Conduct Authority (FCA) has been carrying out an investigation into whether motorists were unknowingly overcharged on historical loans.

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Those who bought a car, motorbike or van on finance before January 28, 2021, could be owed potentially thousands of pounds.

The FCA is in the process of finding out how many motorists have been affected and what compensation customers will receive.

Today, in an “unexpected” decision in one of the motor finance test cases, a court has sided with drivers against the banks and lenders.

The Court of Appeal ruled that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment.

The judgment said that in order for consent, the consumer would need to be told all material facts that might affect their decision, including the amount of the commission and how it was to be calculated.

The judges ruled that did not happen in any of these cases.

Three cases were merged earlier this year, the Hopcraft case is against merchant banking group Close Brothers, Wrench is against South African Firstrand Bank, and Johnson is against Firstrand Bank and Motonovo Finance.

The court revealed today that it has unanimously allowed all three appeals.

The repercussions of today’s judgment are expected to resonate throughout the motor finance sector.

The FCA is thought to be closely watching the development as it continues its investigation into the scandal.

“This ruling is a massive win for consumer justice,” said Sam Ward, Director at Sentinel Legal, a consumer rights law firm.

“For too long, lenders have taken advantage of consumers through complex, unfair finance deals. This decision finally puts power back into the hands of consumers, forcing banks to face the consequences of their actions.”

While Stephen Haddrill, director general of the FLA, which represents motor finance lenders said: “This is a significant and unexpected judgment, the implications of which stretch far beyond the motor finance sector, making it an issue that demands the immediate attention of the FCA.”

The FCA had intended to publish the outcome of its investigation in September.

However the publishing date has been pushed back to May 2025 and the date firms have to respond to customer complaints to December 4, 2025.

The FCA says it has had to push back the deadline due to it taking “longer than expected to get the data” it needed from implicated car finance firms.

Investigators have also been unable to complete their review because of a pending court case surrounding one of the complaints.

It’s worth nothing, the FCA’s decision to extend the deadline to December 4 next year is just when firms have to have respond to any complaints.

Customers can still complain to their providers before this point, and in some cases, there are time limits for doing so.

You can find more information about any time limits on the FCA website.

What is the Car Finance Discretionary Commission Scandal?

The Car Finance Discretionary Commission Scandal affects those who bought a car, motorbike or van on finance before January 28, 2021.

After this date, the city watchdog the FCA banned lenders from using “discretionary commission arrangements” (DCAs).

DCAs allowed brokers to increase interest rates on car finance loans, which in turn saw their commission bumped up.

It has been classed as an unfair practice because drivers weren’t told about the DCAs and therefore thought any deals were a fixed price that they couldn’t negotiate on.

Anyone who took out a vehicle on finance before January 28, 2021, could have been unfairly paying more than they should have.

The FCA has now launched an investigation to see how many people have been impacted.

MSE’s website has a useful checklist on who might be in line for money back.

It also has a list of firms that are unlikely to have handed out dodgy deals and therefore don’t owe customers money.

How to claim

Consumer website MoneySavingExpert.com has a page on its website with an email template you can use to complain to your firm.

Or, you can complain directly to them without using the template.

In the complaint, you should ask whether you were overcharged due to your broker getting paid a commission and ask the company to correct this if that is what happened.

If you’re not satisfied with the company’s response, you can take your complaint to the Financial Ombudsman Service (FOS) for free.

You have until July 29, 2026, or up to 15 months from the date of their final response letter, whichever is longest.

Be wary of using a claims management firm to help you claw back any overpaid car finance as you’ll have to pay it a portion of any successful claim.

The FCA has previously said the total cost of redressing motorists impacted by the car finance scandal could cost firms between £6billion and £16billion.

It means affected customers could get potentially £1,000s back in overpayments.

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“A scent is about capturing the style and personality of a hotel,” says perfumer Azzi Glasser, who has created bespoke fragrances – candles, diffusers and room sprays – for Chiltern Firehouse, Raffles London at The OWO (1906 shower gel, £30) and Hôtel du Couvent in Nice. “It’s a way for them to stand out and to create that perfect first impression.” Glasser’s services start at £18,000, sometimes beginning years before a hotel opens. Her process begins with meeting the hotel’s founder and learning about its story.

“Scent is the heart of the experience,” affirms Estelle Manor’s artistic director Eiesha Bharti Pasricha, who worked with Perfumer H’s Lyn Harris in 2021 to create the hotel’s candle (£105, also used at Maison Estelle), a “grounding” blend of amber, petitgrain thyme, cedar and oak moss. “It can make you travel places in your mind.” Hôtel Plaza Athénée (La Bougie Plaza, €65) and Claridge’s have also opted for purchasable candles, the latter a collaboration with historic candlemaker Trudon (Cire Beeswax Classic, £98).

It can make you travel places in your mind

For many hoteliers, bespoke scents are also a sales opportunity. “It’s an invisible part of the experience here, adding another layer to how guests remember their stay,” says Kate Bellm, who worked with a local aromatherapist in Mallorca on a bergamot and sandalwood-inflected scent for Hotel Corazón, which travels through the hotel via diffuser sticks, and is also infused into the soaps, shampoos and body creams in the rooms. “The toiletries [from €25] are available to purchase, so you can take the scent of Corazón home with you.”

Azzi Glasser 1906 shower gel, £30

Bertioli Water Meadow Diffuser set, £165

Azzi Glasser x Broadwick Soho Dame of Soho room spray, £100

Hôtel Plaza Athénée La Bougie Plaza, €65, shop.dorchestercollection.com

A great hotel fragrance should immediately transport you. One of my favourites, the Dame of Soho candle (£85) and room spray (£100) was created by Glasser with the Broadwick Soho. Rich, warm and sensual, with notes of tuberose, leather and animalistic ambergris, it compliments designer Martin Brudnizki’s whimsical interiors. Similarly, Le Sirenuse in Positano has Eau d’Italie, its own line of citrus-scented products (from €30), while Thyme’s homewares brand Bertioli has a range of nature-inspired candles and diffusers (Water Meadow Diffuser set, £165).  

Some hotels are investing further in the scent journey, commissioning multiple fragrances. At the newly opened Hôtel du Couvent, your nose will experience something different depending on whether you are in the reception (frankincense and myrrh), the spa (geranium and bergamot) or your bedroom (sandalwood and cedarwood). Meanwhile, the Abbaye des Vaux de Cernay, which opened outside Paris last year, has created two candles (€60) to reflect the distinct experiences of staying at the hotel in different seasons. In winter, that means wood fires and polished parquet flooring; in summer, it’s cut grass and white flowers.

Are there any common notes between hotel scents? No, says Glasser: if there were, they wouldn’t be authentic. 

Money Marketing’s Weekly Must-Reads: Top 10 Stories

This week’s top news highlights include potential “experimental” tax initiatives from the Chancellor in the upcoming Budget and the FCA’s recent cautionary interviews with 20 financial influencers promoting financial products.



Chancellor might create ‘experimental’ new tax for the Budget

Chancellor Rachel Reeves may introduce a new “experimental” tax in the 30 October Budget, targeting ultra-wealthy individuals.

James Jones-Tinsley of Barnett Waddingham noted that such a measure could help address the £22bn “black hole” in public finances, but warns of potential legal challenges.

With limited options due to Labour’s pledge not to raise national insurance, income or VAT taxes, Reeves faces pressure to find alternative revenue sources. Financial anxiety is rising, with many seeking advice on potential tax changes.

FCA interviews 20 finfluencers under caution for touting financial products

The Financial Conduct Authority (FCA) recently interviewed 20 “finfluencers” under caution for allegedly promoting financial products illegally.

Operating on social media, finfluencers often lack FCA authorisation, posing risks to young audiences who trust their advice. The FCA has also issued 38 alerts against finfluencer accounts with potentially unlawful content.

Regulators and industry leaders support the FCA’s crackdown, emphasising the need for caution when following social media-based financial advice and the risks of unregulated promotions targeting vulnerable individuals.

‘Unprecedented shift’ in fee models used by financial advice firms

A NextWealth report reveals an “unprecedented shift” in financial advice fee models, with 71% of firms still using asset-based fees, though this is declining.

Subscription fees have surged, used by 22% of firms, up from just 1% in 2023. Overall client costs rose to 1.89%, driven mainly by ongoing advice fees. Larger firms are less likely to charge initial fees and set higher thresholds for client portfolios.

While 92% of advisers feel confident delivering value, only 26% trust regulatory effectiveness.

Inheritance tax receipts rise steeply ahead of Budget: reaction

Inheritance tax (IHT) receipts rose to £4.3bn from April to September 2024, up £0.4bn year-on-year, amid stagnant nil-rate bands since 2009.

Rising IHT revenue has fuelled speculation ahead of the Autumn Budget, with experts predicting potential reforms, including changes to business and agricultural property reliefs and tightened gifting rules. Analysts note a broader IHT burden beyond the wealthy due to inflation.

Other tax receipts also increased, with income tax, capital gains tax and NICs reaching £226.8bn, up £6.2bn.

Söderberg & Partners takes minority stakes in four more IFA firms

Söderberg & Partners has acquired minority stakes in four UK IFA firms—George Square, Cheltenham IFA Ltd, Bluezone Capital Ltd and Alexander Bates Campbell (ABC)—as part of its UK expansion strategy.

The Swedish wealth manager aims to support these firms’ growth, which collectively manage over £920m in client assets. CEO Gustaf Rentzhog highlighted the UK advice market as a strategic focus.

Söderberg & Partners recently received a £225m investment from KKR and TA Associates to further its growth in the UK and Spain.

How to combat quiet quitting and plug the employee engagement gap

Employee engagement in the UK has hit a decade low, with just 10% of employees feeling engaged.

Gallup reports that “quiet quitting” affects six in ten workers, as more employees feel disconnected. Simon Evans, director at Clearcut Consulting – Engage First, suggests companies address disengagement through authentic leadership, structured engagement programmes and recognition. He argues that fostering purpose and connection can counteract quiet quitting and drive sustainable growth.

Engagement remains crucial for organisational success, boosting profitability by up to 21%.

Government urged to ‘keep up the momentum’ after pensions dashboard update

Industry experts have urged the UK government to maintain momentum on the Pensions Dashboard Programme following an update from pensions minister Emma Reynolds.

The MoneyHelper Pension Dashboard service will launch before commercial dashboards, but no public launch date is confirmed. Pension schemes must connect to the dashboard by October 2026, with earlier connections encouraged from April 2025.

Experts emphasise that multiple dashboards are essential for user engagement and effective tracking of pension savings, highlighting the initiative’s potential to transform pension awareness and accessibility.

Wealthtime partners with Wipro and GBST on platform upgrade

Wealthtime has partnered with Wipro and GBST to enhance its platform technology, merging the Wealthtime and Wealthtime Classic platforms into a unified brand.

The collaboration will use a co-delivery model to offer comprehensive platform services, transferring Wealthtime’s Operations and Technology functions to Wipro’s new UK centre of excellence. This upgrade aims to improve service standards through automation, benefiting advisers and investors alike.

The deal also extends Wealthtime’s 15-year partnership with GBST, facilitating rapid platform enhancements and future-proofing technology for clients.

Guardian sets out adviser strategy for 2025

Guardian has unveiled its adviser strategy for 2025, focusing on strengthening relationships with advisers and firms to ensure positive customer outcomes.

Executive chairman and interim CEO Peter Mann emphasised the shift from rapid growth to consolidation, aiming to maximise value from its distribution and product offerings amid current economic challenges. Guardian’s products, now available on major protection panels, are designed to provide certainty at the point of claim.

The strategy marks a new phase for the insurer, following the recent departures of CEO Katya MacLean and marketing director Jacqui Gillies.

Defaqto: Four big predictions ahead of the Budget

Ahead of the upcoming Budget, Defaqto analyst Richard Hulbert outlines four key government objectives: addressing a £22bn fiscal gap, reducing dependency on state support within the pension system, promoting financial self-reliance among citizens and encouraging investment in UK businesses.

Hulbert’s predictions include integrating side-car cash accounts into pension schemes, re-evaluating tax-free cash allowances, replacing pension tax relief with a flat rate top-up and simplifying ISAs to incentivise investment in the UK economy. These changes aim to enhance financial stability and support for individuals.

ONE of the world’s most famous attractions could charge tourists for the first time.

Paris’ Notre-Dame has been closed since 2019 following a huge fire.

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However it is set to reopen again this December after a five-year restoration.

And French ministers have suggested a new entry fee could be introduced.

Culture Minister Rachida Dati said the “symbolic charge” would go towards conserving the building, and others across France.

She said: “Across Europe, people have to pay to get into the most remarkable religious buildings.”

The suggested charge could be €5 (£4.17) per person, which would bring in €75million (£62million) a year.

She added: “In this way, Notre-Dame de Paris would save all the churches in Paris and France.”

Non-EU citizens would pay more than French visitors – so Brits would be hit with the charge.

However, many others have said that churches and cathedral should remain free of charge to welcome anyone “unconditionally”.

The costs of restoring the landmark are predicted to be around €700million (£583million), ahead of its official opening date of December 8.

When it does reopen, it wont be fully restored.

New stained glass windows are being installed throughout 2026, with the originals being moved to a museum.

It’s not the only European attraction that is looking at introducing tourist fees.

Turkey’s Hagia Sophia will see tourists charged €25 (£22) to enter, previously being free.

The Trevi Fountain in Rome could charge tourists to visit during the 2025 Jubilee next year.

And Barcelona has revealed plans to double the entry fee for the famous Park Guell attraction, but only for tourists.

Most of these attractions remain free for locals.

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Here is one of my rules: when in a foreign city, check for a botanical garden. Rome’s is a disappointment and Berlin’s needs an upgrade, but the botanical gardens in New York, Edinburgh and Munich are unmissable. Even those that fall between these extremes keep green thoughts alive in a temporarily urbanised mind. One green thought leads to another, as I have just found in Italy.

Padua’s botanical garden in northern Italy traces its history back to 1545 and lays claim to be the oldest in existence. In Italy the 1540s were indeed a formative time for botanical gardens. Padua’s began with a vote by the Senate in Venice, Padua’s overlord, in May 1545. In December, Florence followed suit at the prompting of its grand duke Cosimo de Medici. While Pisa had a botanical garden before 1545, as a letter referring to it seems to prove, Padua’s claim to be the oldest rests on it being the botanical garden that has existed longest on the same site. Certainly, these Italian gardens are all older than any in England. The first English botanical garden is Oxford’s, founded in 1621 on the site of a medieval Jewish cemetery.

I first saw Padua’s garden in a hot August 35 years ago. It was interesting, but in need of attention. It has received it since 2000 and is now in much better form. It is not only because it has a new visitor centre, Biodiversity Garden and Botanical Museum. Padua’s glasshouses still have a good collection of carnivorous plants and specimens of the small variety of palm tree that fascinated Goethe on his visit in 1786. He studied it carefully and went on to write a book on the “metamorphosis” of plants, arguing for an original Ur-plant from which all others derive. He had no idea of evolution and Darwin’s theories make his a curiosity.

Padua’s garden was not just a site for his misunderstanding. He appreciated other plants, especially a scarlet-flowered outdoor climber that is still a mainstay of gardens in London and warm climates. Campsis radicans is extremely vigorous and willing to flower even in warm Britain, bearing those red-orange trumpet-shaped flowers that give it the popular name of Trumpet Vine. Its native home is the east coast of the US and southern Ontario.

English settlers in Virginia were quick to send plants back home, though it was an invasive climber in the wild. By 1790, it was well established on Padua’s wall, where Goethe admired its magical effect like a tapestry, covering the wall with scarlet bells. The better form now is Madame Galen, one with bigger and better trumpets, which originated in Italy and was put on the market in the 1880s. I can never decide if in ordinary gardens its vivid flowers are worth all the space its vigorous stems occupy. It has no scent.

Goethe knew our campsis as Bignonia, for many years its name in gardens. Padua’s garden was not founded for botany as we now understand it. In 1533 the city’s university had a professor for the “reading of Simples”: plants with therapeutic properties. The Padua garden was to be a garden of medicinal plants, linking up with this teaching. Its naming and taxonomy were not ours, but it had a superbly designed plan.

After his visit, Goethe wrote a book arguing for an original Ur-plant from which all others derive. He had no idea of evolution

The architect Andrea Moroni drew it at the very beginning. He was already working for the monastery that ceded the ground for the new garden: he devised a perfect circle in which individual flower beds would lie. The circle was defined by a perimeter of high walls against which there were 16 segmented beds. Further inside there was a second circle dominated by four rectangular subdivisions, each with a further pattern of flower beds.

The outer circle of walls has been replaced by a rectangular one, but the curving segments are still visible and are mostly planted with fine trees. Further inside, the circle of the plan is still visible, as are the inner subdivisions and little flower beds. They are a testimony to meticulous and rational geometric planning. Botanical gardens should be based on an underlying notion of order, imposed by man on nature. Padua’s still is.

The main inner subdivisions are defined by smart railings, also a later introduction, but the beds have a style that would be transferable to English gardens too. They are edged and divided by stone blocks laid vertically with one thin curved edge protruding just above ground level. Modern designers sometimes set brick on edge for a similar effect, but Padua’s stone blocks are more stylish.

I measured the spacing to help you copy it. Most of the little beds are about 3ft wide and long. Some of them taper to a point and make a narrowing triangle, but others are a grid of squares. The paths between them are 4ft wide and surfaced with smart grey-yellow grit. No weeds poke through.

Mild, sunny October is not hot August, but I found the outdoor plantings and the hundreds of pots more cheerful than on my former visit. Stone-edged beds of purple autumn crocuses and colchicums are rather smart, as are beds with red, not pink, amaryllis and even a grass with fluffy purple heads, Muehlenbergia capillaris, which is widely on sale in Britain. The stone edges prevent this muhly grass from becoming invasive.

What most impressed me was the resistance of two particular plants to a Paduan dry summer, though books often say they need a damp soil. Plainly they do not. One is a tree and the other is a good herbaceous plant, flowering now.

Old tall trees are a distinction of the botanical garden, as in Florence and Pisa. A ginkgo tree goes back to 1750, before Goethe’s visit, and is a true hermaphrodite, as its male trunk has been grafted with a female branch. A superb Magnolia grandiflora was planted in 1786 and is even bigger than a fine one in the cloisters of Padua’s famous cathedral. A tulip tree towers to the sky, but what impresses me is a big Swamp cypress, which is doing likewise.

Swamp cypress, or taxodium, is often found in wet ground, but it does not insist on it. Botanical gardens have big specimens in dry places and hot climates, from New York to Padua. In gardens and fields we should be more bold and use it away from water. We should also be bolder about the spotted little toad lily or tricyrtis. The official advice is always to plant this October-flowering plant in shade in damp soil. Why though is Tricyrtis formosana flowering freely in Padua, 2ft high and happy in a hot summer without irrigation? Here too I think we have been inflexible. Slugs, not sun, are what kills this excellent plant in Britain.

Padua’s botanical garden is good to visit, but the overriding reason for visiting the city as a tourist is its Arena chapel, frescoed by Giotto, the maestro, from 1303-1305. With green thoughts in mind I visited it too and became aware of details I had never expected. Art and flowers have featured in this column all year, but I will save Giotto’s surprises for that appropriate season whose founding event he also painted, Christmas. 

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