Details of Philip Green's bid for Marks & Spencer were released this morning, sending shares in the retailer down, and helping the FTSE 100 index shed about 20 points to 4,402.
A warning from analysts that chipmaker Intel may have to lower its own production forecasts as well as continued nervousness over oil prices also acted to push shares down. M&S is off by 16.75p to 349.25p after investors indicated their dislike of Green’s proposed bid, which would see a deal financed by the issue of bonds and loans from investment banks. Mining groups were hammered by analyst notes forecasting an easing of commodities prices. Johnson Matthey, the chemicals specialist and largest provider of platinum for car exhaust catalytsts, is down 14.5p to 880p. Rio Tinto is...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes