LONDON MARKETS: LSE Surges As Merger Buzz Lifts London Stocks

Fecha : 29/07/2019 @ 05:29
Fuente : Noticias Dow Jones
Emisora : Vodafone Group Plc (VOD)
Cotización : 159.58  -5.46 (-3.31%) @ 10:35
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LONDON MARKETS: LSE Surges As Merger Buzz Lifts London Stocks

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By Steve Goldstein, MarketWatch

The London Stock Exchange Group surged Monday after the exchange operator announced merger talks, with the takeover chatter buoying the broader market.

The FTSE 100 rallied 1.22% to 7641.33, the best gain of the major European stock markets (http://www.marketwatch.com/story/europe-stocks-nudge-up-on-ma-and-earnings-news-as-lse-surges-while-heineken-fizzles-2019-07-29). Heavyweight Vodafone Group (VOD.LN) (VOD.LN) extended last week's gains from announcing it may sell its European towers business, with shares rising another 4% on Monday.

The M&A news didn't inspire the action across the Atlantic as U.S. stock futures pointed to a flat start for the Dow Jones Industrial Average . The U.S. Federal Reserve is due to cut interest rates on Wednesday, with the markets unsure whether the rate cut will be a quarter-point or a half-point.

In its first major deal since ex-Goldman Sachs executive David Schwimmer took the reins as CEO, the London Stock Exchange Group (LSE.LN) shares jumped 15% as the exchange operator said it's in talks to buy Refinitiv, owned by Blackstone (BX) and Thomson Reuters (TRI), in a $27 billion deal to bulk up its offerings of financial data and infrastructure.

Analysts at UBS, who rate LSE at neutral, said the deal would lift LSE earnings by 8% in its first year and by 20% in year three, excluding any refinancing benefits.

Just Eat(JE.LN) jumped 25% to 795 pence after it and Takeaway.com (TKWY.AE) announced merger talks, in a deal where the Dutch-listed group would buy the U.K.-listed company in a stock swap valuing Just Eat, using Friday's closing prices, at 731 pence a share. Activist investor Cat Rock has stakes in both food delivery companies and has been reported to be pushing for a deal.

Ferguson shares (FERG.LN) rose 2% as Sky News reported that Nelson Peltz's Trian (https://news.sky.com/story/activist-peltz-wants-plumber-ferguson-to-sell-uk-business-11772459) has urged the plumbing products distributor to sell its U.K. business.

 

(END) Dow Jones Newswires

July 29, 2019 06:14 ET (10:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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