FTSE 250 movers: Trig falls, HICL gains as merger plans ditched

(Sharecast News) - FTSE 250 (MCX) 21,986.77 -0.80% The multi-billion merger of HICL Infrastructure and The Renewables Infrastructure Group has been abandoned, it was announced on Monday, after widespread opposition from shareholders.

In a brief statement, HICL confirmed that the proposed combination - first announced in mid-November - "will not proceed".

It continued: "Both boards remain convinced of the strategic rationale for the combination.

"However, following broad engagement with shareholders, the HICL board determined that it cannot progress the transaction without a substantial majority of support from its own investors."

The deal would have brought together HICL's infrastructure assets - which range from utilities to transport - and Trig's renewables portfolio, which covers solar, wind and battery storage.

The merged company would have been worth around £3.98bn with net assets exceeding £5.3bn, making it the largest listed UK infrastructure investment firm.

However, a number of shareholders argued that the structure of the deal disproportionately favoured both Trig shareholders and InfraRed, the manager of both trusts.

A number, including TrintyBridge, which holds a 3.8% stake, and Hawksmoor Investment Management, said they would vote against the deal, and urged HICL to abandon it.

Trig said it regretted that investors would not have the opportunity to vote on the tie-up.

Richard Morse, Trig chair, added: "Our focus now returns to delivering Trig's attractive standalone strategy.

"We are uniquely placed to capitalise on the demand growth for low carbon, reliable power and to capture the commercial opportunities as economies across the UK and Europe electrify and decarbonise."

Hochschild Mining and Endeavour shone as gold and silver prices rose as investors sought safe havens.

Harbour Energy edged ahead as oil prices ticked higher amid tensions caused by US President Donald Trump's threats against Venezuela and potential military action. Crude prices also lifted as the producers' cartel OPEC+ stuck to its plan of pausing increases in oil output.

Fintech firm Plus500 said on Monday that it had been appointed clearing partner for CME Group and FanDuel's new event‑based contracts platform.

Plus 500 will provide brokerage execution and clearing services for FanDuel Prediction Markets, a non‑clearing Futures Commission Merchant and joint venture between CME and FanDuel, part of Flutter Entertainment.

The FTSE 250-listed firm said the arrangement would allow it to leverage its institutional‑grade infrastructure to deliver secure and scalable access for clients. It also said its proprietary technology, regulatory expertise and institutional‑grade systems positioned it well to support future products and trading markets worldwide, enabling scalable access for institutional and platform‑based clients as demand for event‑based instruments grows.

Chief executive David Zruia said: "Being chosen to clear for this groundbreaking initiative is a historic milestone for Plus500. It reflects our capabilities as an accredited, trusted market infrastructure provider, built on proprietary technology, regulatory expertise, and a focus on institutional collaboration.

"It also demonstrates the superiority of our operational processes and status as a global multi-asset fintech group on the international stage. We are proud to work with the CME and FanDuel to broaden global market access for millions of new customers."

FTSE 250 - Risers

Plus500 Ltd (DI) (PLUS) 3,340.00p 5.23% Hochschild Mining (HOC) 423.60p 5.11% Greggs (GRG) 1,634.00p 4.74% HICL Infrastructure (HICL) 117.40p 3.71% Endeavour Mining (EDV) 3,570.00p 2.29% Pinewood Technologies Group (PINE) 363.00p 1.97% Discoverie Group (DSCV) 602.00p 1.69% Wetherspoon (J.D.) (JDW) 697.50p 1.60% BlackRock World Mining Trust (BRWM) 712.00p 1.28% Harbour Energy (HBR) 211.00p 1.25%

FTSE 250 - Fallers

PPHE Hotel Group Ltd (PPH) 1,846.00p -4.15% The Renewables Infrastructure Group Limited (TRIG) 71.50p -3.64% Investec (INVP) 528.00p -3.39% Baltic Classifieds Group (BCG) 228.50p -3.38% Ceres Power Holdings (CWR) 358.80p -3.24% Quilter (QLT) 185.00p -3.14% Bridgepoint Group (Reg S) (BPT) 274.60p -2.97% Ocado Group (OCDO) 178.90p -2.96% IP Group (IPO) 62.70p -2.94% PayPoint (PAY) 474.50p -2.87%