Wednesday newspaper round-up: BHP boss, ARM Holdings, ITC Travel

The construction of what would be the tallest building in the City of London may be delayed as commercial property investors across the capital become nervous after the Brexit vote about a slowdown in demand for office space. The property division of the French-owned Axa is set to ask investors whether they want to proceed with building 22 Bishopsgate, a 62-storey 278m-high building in the heart of London’s financial district costing an estimated £1.5 billion. – The Times

BHP Billiton is set to strip its chief executive of his annual bonus after the publication of a hard-hitting report into failures at the mining group’s Brazilian joint venture that led to the fatal collapse of a dam. Andrew Mackenzie, the boss of the London-listed miner, will receive no bonus after a review by BHP’s board of the Samarco dam failure led its remuneration committee to conclude that he would not be eligible for pay above his $1.7 million salary. - The Times

Shareholders in ARM Holdings have overwhelmingly backed a £24bn takeover by Japan’s SoftBank, despite lingering concerns over the sale of Britain’s biggest technology company. More than 95% of the microchip designer’s investors voted in favour of the deal at a meeting in London. The company’s board accepted SoftBank’s cash offer on 18 July. The £17 a share offer represents a premium of more than 40% on ARM’s record closing price. The deal is expected to be completed next Monday. - Guardian

The co-founder of a classic car restoration company in Shropshire has given the business to its 60 staff. Peter Neumark, who has owned and chaired Classic Motor Cars since it started in 1993, has turned it into an employee ownership trust, which means the staff own and run the business themselves. They will share profits, in a similar way to the John Lewis Partnership, which pays out annual bonuses as a percentage of salary to staff. Part of the bonus (the first £3,600) will be tax-free. - Guardian

ITC Travel, a maker of made-to-measure holidays for the rich, has been sold to private equity firm NorthEdge in a deal thought to value the luxury operator at £30m. The Cheshire-based travel group was recently featured in the BBC documentary The Millionaires' Holiday Club, which gave a glimpse of its sumptuous holidays, from champagne-fuelled yacht parties in the Caribbean to haute couture dress shopping. - Telegraph

Theresa May has quashed the idea of an early UK general election to capitalise on her party’s huge poll lead over the warring Labour opposition. The prime minister’s spokesman said on Tuesday there was “no need” for another election after the Conservative victory in May 2015, despite the recent EU referendum vote and resignation of David Cameron as prime minister. – Financial Times