Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. Bid from Apollo set to launch easyJet shares higher still
Now it gets interesting… With the easyJet [LON:EZJ] board having pushed Castlelake to increase their offer for easyJet, Apollo Capital Management has today announced that it has also reached an agreement in principle to table a £7.15 per share deal to buy the airline. That’s a 25p per share premium over the Castlelake proposal and equates to an 80% uplift from before the first bid was made public.
2. E& sells Vodafone stake to French telecoms tycoon
The mobile telecoms operator Vodafone [LON:VOD] has this morning announced that UAE based E& has sold its 16% holding in the company to the Neil family, who own a number of French telecoms operators. Reuters reports that transaction went through at a 15% premium to last night’s closing price.
3. Cost-cutting at Hays delivering, FY outlook improves
There’s a Q4 update out from the recruiter Hays [LON:HAS], noting that the business continues to struggle. Group revenues are 5% lower although volumes are reported to be stabilising and the note reports an 11th consecutive quarter of consultant net fee productivity growth, as the quest for efficiencies continues. As a result of this management expect operating profits to land at the top end of the consensus range, although a series of one off costs relating to streamlining the business will be incurred.
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In case you missed it
We start with encouraging news via a report from Vanguard that suggests a new wave of younger investors, led by Gen Z, is driving a shift in the UK from saving to investing over the last two years.
In equities news, Aptamer is launching rapid diagnostics for the Ebola virus which is currently ravaging parts of the Congo and Uganda.
