British companies, one by one, are being removed from the London stock market by foreign predators.
But two agreements suggest that the siege is not just one way.
North Sea producer Harbor Energy is closing in on a nearly £9bn takeover in a raid on the majority of oil and gas assets owned by Germany’s Wintershall Dea.
The acquisition, announced in December, has already been approved by Germany and Norway and should be completed in the last three months of 2024.
Harbor also said he expects production to double after the deal, making it a major global player. The shares soared 7.7 per cent, or 21.5p, to 301.1p.
North Sea producer Harbor Energy is closing in on a nearly £9bn takeover in a raid of most oil and gas assets owned by Germany’s Wintershall Dea.
At the same time, Rolex seller Watches of Switzerland bought Italian jewelery brand Roberto Coin for £104m.
The group, which owns jewelery chains Goldsmiths and Mayors, added 3.6 per cent, or 11.8 pence, to 336.8 pence.
But US private equity appears to have won the battle for the Hipgnosis Songs Fund after a rival pulled out.
Apollo-backed Concord will not raise its £1.2bn bid for the music rights owner, paving the way for Blackstone’s £1.3bn takeover bid to go ahead. Hipgnosis fell 2.5 per cent, or 2.6p, to 102p.
The FTSE 100 rose 0.3 per cent, or 27.30 points, to 8,381.35 and the FTSE 250 rose 0.2 per cent, or 39.31 points, to 20,531.30.
Life for Cambridge chip designer Arm is turning out to be a little tougher than it seemed just a few months ago.
Stock Watch – Robinson
Robinson, which makes plastic bottles, tubs and containers, soared 12.5 per cent, or 12.5p, to 112.5p after it raised its full-year guidance following a good start to the year.
The company, whose clients include Reckitt Benckiser, Unilever and Fortnum & Mason, said revenue in 2024 should be higher than last year and profits were likely to be around £3m, up from £2.2m of pounds in 2023.
In the first four months of the year, revenue increased 8% year-on-year.
Around £6bn wiped off its value in early trading after an update from the Nasdaq-listed company left investors disappointed.
It expects revenue of between £3bn and £3.3bn for the year to March 2025. The shares are down 40 per cent since peaking in February.
But they are still up 75 percent since it debuted on the New York Stock Exchange in September, a turnaround described by analysts as “another kick in the teeth” for the Square Mile.
Back in London, Frontier Developments fell 0.3 percent. or 1p, to 299p after reaching a deal to make a third Jurassic World game.
Private equity group 3i reported a drop in yields and higher costs as it warned that continued economic pressures and geopolitical tensions were likely to hit market sentiment. The shares fell 5.2 per cent, or 154 pence, to 2,820 pence.
BAE Systems said US aid to Ukraine and additional UK defense spending will add “further boost” to already high demand, lifting it 0.8 per cent, or 10.5 pence, to 1,392 pence.
Avon Protection won a £38m contract to supply gas masks to the Ministry of Defense and gained 4.2 per cent, or 52p, to 1,286p.
Wealth manager Rathbones said funds under management and administration rose 2.1 per cent to £107.6 billion in the first quarter to the end of March.
Its shares gained 0.6 per cent, or 10 pence, to 1,776 pence.
Engineer IMI’s revenue rose 4 per cent between January and March, lifting the share 0.3 per cent, or 5 pence, to 1,851 pence.
Infrastructure group Balfour Beatty is cashing in on projects for BP and Rolls-Royce and expects its annual profits to rise. It rose 0.6 per cent, or 2.4p, to 384.4p.