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FTSE 100 Rises as Oil, Miners Gain; Sainsbury's Soars on M&A Talk

08/23/2021 | 04:50am EST

FTSE 100 Rises as Oil, Miners, Sainsbury Gain

0827 GMT - The FTSE 100 rises 0.3%, or 21 points to 7109 as oil and mining stocks gain, while J. Sainsbury advances on weekend takeover speculation. BP and Royal Dutch Shell are both higher as the price of Brent crude gains 2% to $66.50, while miners Glencore, Anglo American and Antofagasta rise. Sainsbury's is the blue-chip index's biggest riser, up 12% after the Sunday Times cited unidentified sources as saying U.S. private equity company Apollo was considering a possible takeover bid for the U.K. grocer. The biggest fallers include BT, down 2%, while utilities and construction stocks also drop.(philip.waller@wsj.com)

 
Companies News: 

Sainsbury Shares Jump on Buyout Report

Shares of U.K. supermarket chain J Sainsbury jumped 9% on Monday, amid reports it will be next in line for a private-equity bid after Wm Morrison Supermarkets.

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EasyJet Appoints Stephen Hester as Chair Designate

EasyJet PLC said Monday that it has appointed Stephen Hester as chair designate.

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WPP Buys AI Specialist Satalia

WPP PLC said Monday that it has acquired Satalia, an artificial-intelligence technology company, for an undisclosed sum to strengthen the technology offering of its Wunderman Thompson unit.

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Oxford Cannabinoid Technologies Sees FY 2021 in Line With Budget

Oxford Cannabinoid Technologies Holdings PLC said Monday that it expects to report earnings for fiscal 2021 in line with budget and has made a good start to the new fiscal year.

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Shaftesbury Says London Rent Collection Is Recovering

Shaftesbury PLC said Monday that rent collection is recovering and that it expects further improvements following the lifting of coronavirus-related restrictions.

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Mitie to Sell Document-Management Unit to Swiss Post Solutions for GBP40 Mln

Mitie Group PLC said Monday that it has agreed to sell its document-management business to Zurich-based Swiss Post Solutions Ltd. for 40 million pounds ($54.5 million).

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Renold Expects 1H, FY 2022 Earnings to Rise Above Views

Renold PLC said Monday that it expects adjusted operating profit for both the first half and the full year ending March 31 to increase from fiscal 2021 and to exceed market expectations.

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Up Global Sourcing's Underlying Profit Beat Views But Shipping Disruption to Continue

Up Global Sourcing Holdings PLC said Monday that underlying pretax profit for fiscal 2021 came in ahead of consensus estimates but it expects shipping-availability challenges to continue for months.

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Burford Capital Says New Commitments, Deployments Reached Record Levels in 1H

Burford Capital Ltd. said Monday that its new capital commitments and deployments reached record-breaking levels in the first half of the year.

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BATM Advanced Communications Sees 2021 Earnings Ahead of Views After 1H Rise

BATM Advanced Communications Ltd. said Monday that it expects earnings for 2021 to be significantly ahead of market expectations, on the back of demand for high-margin diagnostic products, and that first-half pretax profit rose sharply.

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Condor Gold Appoints John Seaberg as Finance Chief

Condor Gold PLC said Monday that it has appointed John Seaberg as chief financial officer from Sept. 1, replacing Jeffrey Karoly.

 
Market Talk: 

Tesco Isn't Too Big to Be Bid For, Shore Capital Says

0820 GMT - Tesco, the U.K.'s largest supermarket chain, isn't too big to be become a takeover target, Shore Capital says, after the Sunday Times reported that U.S. private-equity group Apollo is considering a bid for J Sainsbury, the second-largest grocery operator in the U.K. The report is yet another reminder of an industry-wide bid situation, Shore says. The U.K.'s fourth-largest grocer, Wm. Morrison Supermarkets, has become the object of a bidding war between private-equity firm Clayton Dubilier & Rice and a consortium led by SoftBank Group's Fortress Investment Group. Shares in Sainsbury rise 12%, while Tesco shares trade 2.2% higher. (adria.calatayud@dowjones.com)

Potential Sainsbury Bid Seen as Linked to Fate of Morrisons

0723 GMT - Apollo Global Management has been reported to be considering a bid for U.K. supermarket chain J Sainsbury of more than GBP7 billion, but its interest is likely linked to the fate of Wm. Morrison Supermarkets, Shore Capital says. The U.S. private-equity group has shown interest in acquiring Morrisons, but decided in the end to work in conjunction with the consortium led by Fortress, Shore says. The outcome of the Fortress offer is likely to be key to Apollo's decision-making, the investment group says. "If Apollo does not participate in Morrisons' future then we cannot discount that the PE group nor other mega-finance houses will consider looking at Sainsbury," Shore says. Shares in Sainsbury jump 7.9%. (adria.calatayud@dowjones.com)

Contact: London NewsPlus, Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

08-23-21 0449ET

Stocks mentioned in the article
ChangeLast1st jan.
FTSE 100 -3.64% 7044.03 Delayed Quote.9.03%
LONDON BRENT OIL -11.41% 72.86 Delayed Quote.59.07%
WPP PLC -5.56% 1053.5 Delayed Quote.31.69%
WTI -11.91% 68.16 Delayed Quote.60.61%
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