Powergen, the UK electricity generator, is the subject of a takeover bid by Germany's second largest...
Powergen, the UK electricity generator, is the subject of a takeover bid by Germany's second largest electricity group Eon of up to £10bn. Eon's offer values the company at £10bn. Powergen shares moved up 16.5p to 722.5p at open, but had fallen back to 716 by midday.
In early trading, the FTSE 100 drifted 10.4 points lower to 5,591.1 and the Techmark 100 index gave up 6.1 points to 1,774.
Shares in the UK's largest telecoms equipment maker Marconi dipped 21.5p, or 6.6%, to 303.5p. It follows unfavourable press coverage in the Sunday Business which reported planned job cuts of 3,000 globally, and in the FT where doubts about the timing of its US acquisitions were aired.
Following reports in the Guardian, which has puiblished leaked documents from Marks & Spencer's management, the outlook for the UK retailer appears even bleaker than analysts had suspected. The paper revealed that M&S UK operations are showing the sharpest decline in sales, although it is the overseas divisions that are being closed down by M&S. In early trading the shares had fallen by 9.75p to 253.25p.
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