The FTSE 100 on Monday closed lower despite the optimism on talks between Russian and Ukraine, which drove gains early in the day. Reckitt Benckiser Group PLC was the index's top riser, while Rolls-Royce Holdings PLC led the fallers.
Companies News:
Orsted Sells 50% Stake in UK Wind Farm to French Consortium for GBP3 Bln
Danish renewable-energy company Orsted AS said Monday that it has agreed to sell a 50% stake in its Hornsea 2 offshore wind farm in the U.K. to a French consortium for 3 billion pounds ($3.95 billion).
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National Grid to Sell 60% Stake in UK Gas Transmission Network
National Grid PLC has agreed to sell a 60% stake in its U.K. gas-transmission business to an infrastructure investors consortium comprised of Macquarie Asset Management and British Columbia Investment Management Corp.
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Journeo 2021 Pretax Profit Rose on Higher Revenue
Journeo PLC said on Monday that 2021 pretax profit and revenue increased, and that the first quarter of this year has had good order intake and a significant pipeline of sales opportunities going beyond 2023.
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NatWest to Repurchase 4.91% Stake From UK Government for GBP1.2 Bln
NatWest Group PLC said Monday that it has agreed to buy 549.9 million of its shares from Her Majesty's Treasury for 1.21 billion pounds ($1.60 billion).
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Lookers to Sell And Lease Back Dealership in London for GBP28 Mln
Lookers PLC said on Monday that it has completed a sale and a leaseback of a dealership in Battersea, London, with Urban Logistics REIT PLC for 28 million pounds ($36.9 million).
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Brighton Pier 1H Pretax Profit, Revenue Jump on Strong Underlying Performance
Brighton Pier Group PLC said Monday that revenue and pretax profit rose for the first half of fiscal 2022, driven by underlying performance and the integration of Lightwater Valley.
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Barclays Expects $593 Mln Hit From Overselling Securities in US
Barclays PLC said it expects to record a 450 million-pound ($593.1 million) hit net of tax after over-issuing securities under its U.S. shelf registration exceeded the registered amount.
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Acacia Pharma Agrees to EUR94.7 Mln Takeover From Eagle Pharmaceuticals
Acacia Pharma Group PLC said Monday that it has agreed to a takeover offer from Eagle Pharmaceuticals Inc. that values the company at around 94.7 million euros ($104 million).
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Ted Baker Rejects Sycamore Partners Takeover Approaches
Ted Baker PLC said Monday that it has received two unsolicited nonbinding proposals from Sycamore Partners Management LP for a possible takeover of the clothing brand which it has rejected, saying they "significantly undervalued" the company.
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Xpediator Affirms 2021 Guidance for Adj Pretax Profit to Rise
Xpediator PLC said Monday that it continues to expect an adjusted pretax profit for 2021 well in excess of 8.5 million pounds ($11.2 million), up from GBP7.2 million in 2020.
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Ten Lifestyle Gets GBP1.5 Mln Loan; Says Business Is in Line With Views
Ten Lifestyle Group PLC said Monday that it has agreed to take a 1.5 million-pound ($2 million) loan from the wife of Nonexecutive Chairman Bruce Weatherill and that it continues to perform in line with the board's expectations.
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RTC Group 2021 Pretax Profit Fell, 1H Profitability Seen Hurt by Contract Requirements
RTC Group PLC said on Monday that 2021 pretax profit fell after booking higher costs, and that it expects the changeover expense and disruption stemming from its Network Rail contract in the U.K. to continue into the current year and have a material effect on first-half profitability.
Market Talk:
National Grid's UK Gas Disposal Misses Pricing Views, But Could Boost Balance Sheet
1129 GMT - National Grid has agreed to sell a 60% shareholding in National Grid Gas, its U.K. gas transmission and metering business, for an implied enterprise value of GBP9.6 billion. This is equivalent to a 35% premium to the company's regulatory asset base, which looks light versus Bank of America's expectations of a 50% premium, the bank says. Still, the option to sell the remaining 40% stake on broadly similar terms is positive for National Grid as it should help to dispel any lingering concerns about the group's balance sheet, BofA says. Shares edge 0.3% higher after announcing the disposal.
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FireAngel's Techem Deal, Demand Should Boost Shares
1035 GMT - FireAngel's agreement to further develop a new generation smoke alarm with Techem Energy Services underpins its potential medium-term value growth, Shore Capital says. The U.K. supplier of home-safety product expects sales of the new device to make a substantial contribution to revenue and gross profit in 2025. This adds to expectations for strong demand in the coming years--driven by legislation and regulations such as in Scotland and the Netherlands--which already seems to be coming through, Shore says. Shares are up 8% at 11.5 pence.
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Rolls-Royce Slides as Takeover Talk Remains Unconfirmed
1022 GMT - Aerospace and defense company Rolls-Royce's shares are trading sharply lower after Friday's surge amid speculation of a takeover from an unidentified suitor, but with nothing confirmed the stock is losing steam, Interactive Investor says. "However, they are still trading significantly above Thursday's close, suggesting there is still some M&A premium in the price with investors pinning their hopes on an approach," the investment platform says. Shares are down 9.3% at 99.95 pence.
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Euro to Rise Versus Pound But Ukraine War Will Limit Gains, Says BofA
1015 GMT - The euro is likely to rise versus the pound but less than previously thought due to the Ukraine war, Bank of America says as it cuts its year-end EUR/GBP forecast to 0.85 from 0.89 previously. The market continues to attach a high risk premium to holding the euro as it believes the European economy will be hardest hit by the Russia-Ukraine conflict, but BofA analysts are skeptical when it comes to the pound. "Ultimately...we think the U.K. [fiscal and monetary] policy mix, deteriorating fundamentals and increased pressures in current account financing will all be factors that weigh on GBP." EUR/GBP last trades at 0.8355.
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Ten Lifestyle's GBP1.5 Mln Loan Seen Making It More Agile
0958 GMT - Ten Lifestyle Group taking out a GBP1.5 million loan shows that the business is being cautious during its seasonally negative working capital period, but it should make it more agile, Peel Hunt says. Having more cash centrally allows the travel-service platform more agility when deploying funds to where they are needed, the U.K. brokerage says. In the worst case scenario the loan will incur total financing costs of GBP165,000 over its 15-month term, it says. Peel Hunt has a buy rating on the stock with a target price of 182 pence.
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Ted Baker Drops After Rejecting Takeover Bids
0933 GMT - Shares in Ted Baker fall 2.8% after the fashion brand rejected two unsolicited non-binding proposals from Sycamore Partners Management for a possible takeover, saying they "significantly undervalued" the company. While Ted Baker has had a tough few years and still faces hurdles, its latest trading update shows increased sales, improved margins, a small year-end net cash position and encouraging management comments, AJ Bell says. "The retailer has been through a prolonged difficult period and was just starting to see the first fruits of its recovery strategy," Bell says. "Selling out now would mean letting someone else come in and steal all the credit for the turnaround plan."
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
03-28-22 1236ET
