Merger partners Carphone Warehouse and Dixons Retail were both gaining around 5% on Friday afternoon after shareholders overwhelmingly voted in favour of the £3.7bn tie-up yesterday.
1630:(Close) The FTSE 100 ended 20.41 lower to 6718.04 as investors awaited the release of the US Federal Reserve's meeting minutes and weighed UK data. After the close the Fed will unveil its notes from its June 17-18th meeting, when the central bank cut monthly bond purchases by $10bn to $35bn. Back in the UK, reports today showed the housing market cooled and retail prices fell. Insurers led stocks lower after after both Admiral and Aviva dropped, taking the rest of the sector with it.
UK stocks were heading for their worst finish in over two and a half months on Wednesday as investors showed caution ahead of minutes of the latest Federal Reserve meeting.
UK stocks fell for a third straight day on Wednesday as investors continued to show caution after the recent rally, with the focus on minutes of the latest Federal Reserve meeting due out this evening.
Telecoms retailer Carphone Warehouse has signed an agreement to sell Virgin Mobile France, its joint venture network operator co-owned with Virgin Group.
FTSE 250-mobile phone giant Carphone Warehouse unveiled a robust set of full-year figures, upped its dividend payment by 20% and gave a positive outlook a day after its merger with Dixons received EU approval.
The upcoming merger between Carphone Warehouse Group and Dixons Retail has received clearance from the European Commission (EC), it was announced on Wednesday afternoon.
Thursday sees simultaneous final results from merging electronics retailers Carphone Warehouse and Dixons Retail, which are planning to become Dixons Carphone.
Analysts like hedge-fund manager Man Group´s drive to diversify away from its flagship AHL fund - the core of the new managemeant team´s strategy. The best example of this better balance are the successful negotiations with regulators so as to be better able to employ the group´s cash reserves now that its assets under management have decreased. Since it simply does not need as many it is using them for some strategic purchases. If late last month it acquired Boston-based rival Numeric, with $12.5bn under management, yesterday it was the turn of Pine Grove Asset Management, which sits on top of another $1bn. Just as important, the firm has also stopped haemorrhaging investors' cash at its other units, all the while slashing costs and restructuring the business.
Lloyds Banking Group will price TSB at up to £1.44bn when it floats the new bank on the stock market - 10% below the new bank's book value, the Sunday Telegraph said. The valuation is designed to ensure a smooth reception for the initial public offering, making the bank priced "to go". Lloyds thinks selling the first 25% at below book value will help create demand for later tranches of the shares.
The City ended today's session on a downbeat note, weighed by the outlook for the Eurozone's economic growth, a mixed bag on the corporate earnings front, and traders looking to take profits after the 14-year high achieved by the benchmark FTSE 100 earlier in the week.
Telecoms were trading with steep losses on Thursday with heavyweights Vodafone, TalkTalk and Carphone Warehouse pulling the sector lower.
Infinis rose strongly after Deutsche Bank upgraded the stock to 'buy' with a target price of 220p.
Numis Securities has upgraded bourses operator London Stock Exchange from 'hold' to 'add' after the company identified more cost savings from its recent acquisition of LCH.Clearnet.
Oriel Securities has reiterated a 'buy' rating for Dixons Retail, saying that the announced all-share merger with Carphone Warehouse should be seen as a positive for shareholders.
UK stocks were fluctuating at 14-year highs on Thursday morning as investors paused for breath amid a flurry of corporate earnings and some mixed economic data.
LSE leads financial stocks higher; Dixons and Carphone announce 3.8bn-pound merger; Data-heavy session ahead; Japanese GDP surges in first quarter.
Currys and PC World owner Dixons Retail, which is to merge with Carphone Warehouse, said it experienced 'another excellent year' as it updated the market on strong trading in the fourth quarter.
After months of talks, Currys and PC World owner Dixons Retail and mobile phone group Carphone Warehouse have agreed on an all-share merger valuing the combined entity at 3.8bn pounds.
Pro-Russian separatists in eastern Ukraine declared victory in a secession referendum Sunday, ratcheting up tensions between the West and Moscow, which by recognizing the results could push the country toward a breakup. Ukraine called the vote illegal and riddled with irregularities, and part of a wider campaign by Moscow to punish Kiev for pursuing closer relations with Europe. - The Wall Street Journal Europe