Ladbrokes and Coral will be able to complete their merger "in the very near future" after the competition regulator gave its final approval on Wednesday.
FTSE 250 betting and gambling company Ladbrokes reported growth for a fourth successive quarter for revenue as it remains confident of delivering full year results in line with expectations.
Investors dumped UK government bonds yesterday in one of the heaviest sell-offs since the Brexit vote as international demand for sterling assets declined rapidly. Overseas investors are becoming increasingly worried that inflation and a move by the Conservative government towards a "hard" Brexit will lead to a downgrade in the UK's creditworthiness. The pound's fall has also reduced expectations that the Bank of England will cut interest rates further this year. - The Times
Bookmaker Ladbrokes announced on Monday that subsidiaries of both itself and merger partner Gala Coral Group have agreed to sell a total of 359 licensed betting offices to Done Brothers Cash Betting - trading as Betfred - and StanJames Abingdon - trading as Stan James.
Britain would continue to pay billions of pounds into the EU budget after Brexit to maintain cherished single-market access for the City of London and other sectors under plans being discussed by Theresa May's cabinet. The prime minister's demand that Britain controls its borders and throws off the jurisdiction of EU judges has led many in London and Brussels to conclude that British-based banks and insurers would inevitably lose the "passporting" rights that allows them to trade freely in Europe. - Financial Times
Theresa May will canvass leading Wall Street banks over how Britain should structure its departure from the EU to reassure them that Brexit will not damage their UK business. Mrs May will meet "mostly" chief executives from the finance sector along with figures from the technology and entertainment sectors at the mid-town residence of the British consul-general in New York on Monday. - Financial Times
Ladbrokes said on Wednesday that revenue at Gala Coral, with which it has agreed to merge, rose in the third quarter, but the bookmaker's loss widened due to exceptional costs.
Berenberg has raised its rating on Ladbrokes to 'buy' from 'hold' and lifted its target price to 185p from 130p, saying the company is its second favourite stock in gaming after Playtech.
GKN: Goldman Sachs reiterates neutral with a target price of 311p.
Bookmaker Ladbrokes first-half profits beat management and City forecasts by a length as favourable results from the sporting gods put an extra sheen on the progress being made after last year's strategic rejig.
The Competition and Markets Authority has confirmed that bookmakers Ladbrokes and Gala Coral will have to sell 350 to 400 shops in order to obtain clearance for their proposed merger.
Bookmaker Gala Coral Group swung to a loss in the first half of the year, it reported on Wednesday, posting a loss of £49.8m in the face of rising revenues.
Britain's high-street bookies are slashing the odds of the UK voting to remain in the EU, with an overwhelming number of punters now betting a Brexit will not happen, a report says.
Investors were seemingly pleased with the provisional findings of the Competition and Markets Authority into the merger between bookmakers Ladbrokes and Gala Coral, with a smaller number of outlets needed to be sold than anticipated.
London stocks were expected to open in the black on Friday, bouncing back from the Fed-fuelled losses of the previous session.
The merger between Ladbrokes and Coral could be blocked, analysts have suggested, citing the blocking last week of the proposed merger between O2 and Three by Europe's competition commission on the ground that it would have cut the number of big players from four to three, an argument supported by the UK's regulator. Industry experts suggest the merger could be undermined by data showing that about three quarters of retail punters place bets only in shops. - The Times
Royal Bank of Scotland is examining a range of radical options to help speed the long-delayed separation and flotation of its Williams & Glyn subsidiary, including a potential divestment of its NatWest brand. Banking sources have indicated to the Sunday Telegraph that RBS and its advisers have brainstormed ideas to save time and money on the £1.5bn spin-off project, which have been hamstrung by current plans to 'clone' the dual IT system.
Unlike some of its rivals, Ladbrokes got off to a flier in the first quarter, with encouraging sales growth indicating new chief executive Jim Mullen's turnaround plan is working but also helped by a tailwind of favourable sporting results.
London stocks were expected to open in the black on Thursday, taking their cue from positive US and Asian sessions as oil prices edged higher.
Credit Suisse initiated coverage of Paddy Power Betfair at 'underperform' with a 8,650p price target, saying the merger benefits were being overplayed, with the cost synergies and scale failing to justify the share price.