Rights issues and acquisitions still dominate market

The Financial Mail was reporting that JJB Sports has agreed a £50m rights issue after holding extensive talks with their major institutional investor groups.

Chris Bradshaw
shareprices.com - Monday, October 05, 2009

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The troubled retailer has held talks within the last two weeks with Harris Associates and Crystal Amber who together hold 28% of the company's stock.

An announcement is expected within weeks and the proceeds will be used to complete store refurbishments and increase stock levels in preparation for the important Christmas selling period.

Time is still ticking for shareholders in miners Anglo American and Xstrata as there is speculation that the latter may make an offer for the former. Xstrata have until October 20th to decide their tactics and make a bid or back off for a period of six months. This follows Anglo's request to the Takeover Panel for them to impose a deadline on the offer in a bid to bring an end to the uncertainty.

Both the Sunday Telegraph and Sunday Times reported that BAE Systems rejected a £300m settlement offer on their Serious Fraud Office investigation. An inside source told the Sunday Times that by accepting the offer they feared leaving themselves open to allegations of misuse of shareholder funds. The approval of a plea bargain would avoid the necessity of a trial without BAE having to admit liability in the alleged bribery and corruption charges.

Barclays Bank is getting into acquisition mode as it is speculated that they will enter into talks with Standard Life to buy their banking operation. The deal could be worth up to £250m, according to the Financial Mail.

 

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