The FTSE 100 index fell 0.1% to 7,598.9 as broad declines offset gains in miners and the oil sector. Melrose Industries led the index with a 3.1% increase, followed by Rio Tinto, up 2.3%. Among the biggest droppers, JD Sports Fashion fell 3.9% after the UK regulator provisionally found it breached competition laws. “A cut in the World Bank’s growth forecast reminded investors of broader issues, even as some of the more gloomy forecasts are under control,” said Chris Beauchamp, chief market analyst at IG. Beauchamp notes that the immediate impact appears to be priced in already, but says bullish valuations could be under pressure by August as the next U.S. reporting season begins.

 
Companies News: 

Ted Baker says favorite part for sale drops bid

Ted Baker PLC said on Tuesday it had been informed that its undisclosed preferred counterparty was no longer participating in its sale process and was considering other proposals.

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Pearson to sell courseware business in Italy and Germany for £163m

Pearson PLC announced on Tuesday that it has agreed to sell its local K12 courseware business in Italy and Germany to Sanoma Corp. for 163 million pounds ($204.3 million) as part of its strategic review.

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Photo-Me International Improves Fiscal 2022 Earnings Views After 1H Stronger Than Expected

Photo-Me International PLC said on Tuesday it performed better than expected in the first half of fiscal 2022, leading to a significant increase in revenue and profit for the period and the year as a whole.

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Biffa Receives $1.7 Billion Takeover Offer From Energy Capital Partners

Biffa PLC said on Tuesday it had received a takeover proposal from private equity firm Energy Capital Partners, LLC, which values ​​the company at 1.36 billion pounds ($1.70 billion).

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EQT Private Equity and Mubadala acquire Envirotainer

Swedish private equity firm EQT AB announced on Tuesday that its EQT Private Equity unit and Mubadala Investment Co. will acquire Sweden’s Envirotainer from Cinven Group Ltd. and Novo Holdings, in a deal with an enterprise value of approximately 2.8 billion euros ($2.99 ​​billion). .

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LoopUp moved to 2021 pretax loss after tough pandemic comparisons

LoopUp Group PLC said on Tuesday it turned to a pre-tax loss for 2021 after the previous year benefited from a significant spike in remote meeting activity at the start of the Covid-19 pandemic.

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Biffa is being investigated by HMRC over tax issues

Biffa PLC said on Tuesday it was being investigated by the UK Department of Revenue and Customs over possible industry misclassification of waste and landfill tax compliance.

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National Express Group Says 2022 Revenue Tracking Near 2019 Levels

National Express Group PLC said on Tuesday that its revenue for 2022 continued to be close to 2019 levels and reinstated its short-term guidance.

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MyHealthChecked Changed to 2021 Net Profit; Revenues have skyrocketed

MyHealthChecked PLC announced on Tuesday that it had moved to net profit in 2021, becoming cash-generating for the first time.

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Haydale Graphene Industries Sees Fiscal 2022 Revenues Ahead of Market Expectations

Haydale Graphene Industries PLC said on Tuesday it expects to report fiscal 2022 revenue ahead of market expectations thanks to the strong launch of Hi-Therm and a positive settlement reached in a contract dispute with a US group. .

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Gooch & Housego’s first-half pre-tax profit increased despite lower revenue

Gooch & Housego PLC said on Tuesday that pre-tax profit for the first half of fiscal 2022 increased despite lower revenue due to pandemic-related factors.

 
Market Talk: 

Biffa is an attractive target for takeovers

0924 GMT – It’s easy to see why private equity would want to own Biffa, AJ Bell’s Russ Mold says in a note after the FTSE 250 waste management company received a takeover bid from Energy Capital Partners. Its services are in demand regardless of the economic climate and many inflationary pressures can be passed on to clients, thanks to inflation-indexed pricing structures for many of its contracts, he says. “Regular income, an opportunity to increase scale and an undemanding equity valuation are all key enticements for private equity and Biffa ticks those boxes,” Mold said. ([email protected])

Biffa’s potential takeover bid looks weak

0924 GMT – Waste management company Biffa has received an unsolicited offer at 445p a share, which it is understood to recommend to shareholders. This is a weak proposition for the quality and potential of the business, but one that risk-averse investors might choose to accept given the significant potential tax dispute between Biffa and the UK government, says Andrew Shepherd -Barron de Peel Hunt in a footnote. Investors could have hoped for more, as the price is only 10% higher than the shares traded in the second half of 2021, and the valuation multiple to Ebitda is down for acquisitions in the industry, he said. “We would consider 500 pence justifiable,” the analyst says. ([email protected])

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

June 07, 2022 12:52 p.m. ET (4:52 p.m. GMT)

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