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25 Mar 2021 | 17:24

Legal and General 'unlikely to participate' in Deliveroo IPO

(Sharecast News) - Legal&General may become the latest UK investment outfit to shun Deliveroo's upcoming flotation on the London Stock Exchange.

In a statement, the UK's biggest fund manager said it was "unlikely to participate" in the IPO.

It cited concerns over the food delivery outfit's treatment of workers and proposed share class structures.

Should Legal&General follow that course of action, it would join the likes of BMO Global, CCLA, Aberdeen Standard and Aviva Investors all of whom had already said they were put off by the working conditions of Deliveroo's riders.

Earlier, Andrew Millington, head of UK Equities at Aberdeen Standard, told the BBC's Today programme that the company's working conditions were a 'red flag'.

"We wouldn't be comfortable that the way in which its workforce is employed is sustainable."

Although institutional investors could some times elicit change from the inside, other times, he added, "disinvesting or not investing in the first place is our only option."
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