FTSE 100 movers: DS Smith up on bid move; Smurfit folds
DS Smith shares rose as the company said it was buying Spanish packaging firm Europac for €1.67bn (£1.45bn). The acquisition, transaction expenses and the refinancing of Europac debt will be financed from a £1bn rights issue and a new committed debt facility of €740m (£645m), the company added.
The news of further consolidation in the sector hit shares in Smurfit Kappa which slid as much as 6% as hopes faded that a third bid from International Paper of the US would materialise.
Smurfit has already rejected two bids this year, saying they do not offer enough value.
Shares in BT Group were higher too as investor support for chief executive Gavin Patterson was reported to be "crumbling", by the Financial Times, with several top-20 shareholders warning they are running out of patience.
Rolls-Royce shares rose as the firm confirmed that it has completed the sale of its fuel injector business, L'Orange, for net proceeds of €673m after costs.
Market Movers
FTSE 100 (UKX) 7,749.34 0.62%
FTSE 250 (MCX) 21,080.88 0.46%
techMARK (TASX) 3,561.52 0.46%
FTSE 100 - Risers
easyJet (EZJ) 1,764.50p 2.98%
United Utilities Group (UU.) 803.40p 2.89%
International Consolidated Airlines Group SA (CDI) (IAG) 704.20p 2.68%
Severn Trent (SVT) 2,034.00p 2.42%
Fresnillo (FRES) 1,338.00p 2.25%
National Grid (NG.) 845.30p 2.04%
Micro Focus International (MCRO) 1,358.03p 1.99%
Smith (DS) (SMDS) 572.60p 1.81%
WPP (WPP) 1,264.00p 1.81%
Johnson Matthey (JMAT) 3,720.00p 1.78%
FTSE 100 - Fallers
Smurfit Kappa Group (SKG) 2,888.00p -6.90%
Shire Plc (SHP) 3,963.50p -1.77%
Paddy Power Betfair (PPB) 8,945.00p -1.00%
Evraz (EVR) 518.20p -0.84%
Persimmon (PSN) 2,849.00p -0.56%
Mediclinic International (MDC) 605.00p -0.43%
Royal Dutch Shell 'B' (RDSB) 2,693.50p -0.17%
RSA Insurance Group (RSA) 660.40p -0.15%
Imperial Brands (IMB) 2,709.00p -0.11%
Ashtead Group (AHT) 2,350.00p 0.00%