Sterling Weakens Vs In-Favor US Dollar, Could Drop Toward $1.30
0749 GMT - The pound weakens against a broadly firmer dollar, which rises on prospects of frequent interest-rate rises by the U.S. Federal Reserve. In the absence of major U.K. economic data this week the pound will likely be driven by external factors and "may well extend its current downtrend" toward $1.30, ING analysts say. The U.K. currency is more likely to rise against the euro, however. "We continue to see the euro as more exposed to any dollar strength given the higher sensitivity to energy prices and greater monetary policy divergence with the U.S.," they say, though note that EUR/GBP is unlikely to weaken much below 0.8300 for now. GBP/USD falls 0.2% to 1.3159, while EUR/GBP falls 0.1% to 0.8332. (jessica.fleetham@wsj.com)
Companies News:
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.
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Burford Capital Raises $360 Mln for Pre-Settlement Investment Fund
Burford Capital Ltd. said Monday that it has raised a $360 million for a private investment fund.
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Etalon Group's Asset Value Reached $2.6 Bln at End of 2021
Etalon Group PLC said Monday that the value of its assets as of Dec. 31 reached 270 billion rubles ($2.6 billion), which it attributed to its acquisition programs.
Market Talk:
Ted Baker's Strong Position Could Make an Expensive Bid
0749 GMT - Ted Baker has rejected unsolicited non-binding proposals for a possible takeover from Sycamore Partners Management LP as the offer was considerably below the company's value, raising the question of what bid price would be acceptable for Ted's investors, Shore Capital Says. The U.K. investment group says Ted is in a stronger position than its peers and ready to capitalize on the post-pandemic trends despite inflationary pressures on the retail. It notes that shares are up 27% since Sycamore was confirmed to be in the process of making the offer and up 10% over the past year. Shares are down 3.7% at 121.6 pence. (michael.susin@wsj.com)
Barclays's GBP450 Mln Notes Loss Might Hurt Share Price
0729 GMT - Barclays expects a GBP450 million hit from rescission losses, after determining that its structured note issuance exceeded the registered amount over the period of a year, giving rise to the right of rescission among purchasers, Jefferies says. The U.K. bank registered $20.8 billion of securities in August 2019, exceeding the registered amount by around $15.2 billion, Jefferies says. The matter has triggered an independent review around the control environment, and regulatory enquiries may weigh on sentiment with potential consequences for the share price, Jefferies says. The U.S. bank retains its buy rating and 321.0 pence price target. Shares are down 2.0% at 163.9 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-28-22 0405ET
