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FTSE 100 movers: Intertek surges on EQT takeover; Airtel Africa tumbles
(Sharecast News) - London's FTSE 100 was up 0.4% at 10,300.78 in afternoon trade on Wednesday. Intertek surged to the top of the index as the inspection, product testing and certification group said it would be minded to recommend a £9.4bn takeover by Swedish private equity firm EQT.
EQT made a third and final offer for Intertek on Tuesday at £60 per share, up from £58 in cash. Once the final dividend of 107.7p per share is included, the total value is £61.077 per share. The initial approach from EQT was made at £51.50 per share and later £54.
Intertek said on Wednesday that it remains "highly confident" in its standalone strategy and the value creation opportunity outlined in the strategic review announced last month. However, having carefully evaluated the final proposal and following "significant" engagement with shareholders, it said the board would be minded to recommend it should a firm offer be made.
Miners Antofagasta, Anglo American, Rio Tinto and Glencore all gained as copper prices rose.
On the downside, Airtel Africa tumbled after majority shareholder Bharti Airtel said its board had approved the issuance of up to 146.7m shares to Indian Continent Investment (ICIL) in exchange for up to 16.3% of Airtel Africa shares.
ICIL is an investment firm owned by the family of billionaire Sunil Bharti Mittal. It operates as an investment arm for the family's holding company, Bharti Global.
Bharti Airtel, which has a 63% stake in Airtel Africa, said in a filing that the shares will be issued at 1,923 rupees each - a premium of about 9.5% to the last closing share price - which totals up to 282.2bn rupees. The corresponding shares of Airtel Africa will be acquired at a discount of around 11.6% to the last closing price.
Bharti Aitel said the transaction is in line with its objective of "consolidating/ strengthening its shareholding in a strategic subsidiary".
Spirax was also in the red as it reiterated full-year guidance despite "the weak industrial production environment".
FTSE 100 - Risers
Intertek Group (ITRK) 5,630.00p 6.32% Metlen Energy & Metals (MTLN) 39.32p 4.94% Antofagasta (ANTO) 4,125.00p 4.07% Anglo American (AAL) 4,044.00p 3.57% Rio Tinto (RIO) 8,145.00p 2.85% Glencore (GLEN) 584.90p 1.94% British American Tobacco (BATS) 4,719.00p 1.73% Prudential (PRU) 1,143.50p 1.64% Smurfit Westrock (DI) (SWR) 2,997.00p 1.56% Standard Chartered (STAN) 1,865.00p 1.44%
FTSE 100 - Fallers
Airtel Africa (AAF) 394.40p -3.72% Spirax Group (SPX) 6,985.00p -2.44% Flutter Entertainment (DI) (FLTR) 7,118.00p -2.36% Relx plc (REL) 2,394.00p -2.32% SSE (SSE) 2,431.00p -2.02% BAE Systems (BA.) 1,891.50p -1.95% JD Sports Fashion (JD.) 68.32p -1.90% IMI (IMI) 2,682.00p -1.76% Experian (EXPN) 2,605.00p -1.74% Barratt Redrow (BTRW) 248.90p -1.54%
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