18th May 2026 07:53
(Alliance News) - Anglo American has agreed a near USD4 billion to sell a portfolio steelmaking coal mines, Prudential has acquired a majority stake in an Indian life insurer, while Kainos reports an increase in annual earnings.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.6% at 10,139.77
GBP: higher at USD1.3349 (USD1.3319 at previous London equities close)
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ECONOMICS
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Finance ministers from the Group of Seven leading industrialised nations are set to meet in Paris from Monday to discuss the economic impact of the Iran war and the blockade of the Strait of Hormuz. The talks, which run until Tuesday, will also cover imbalances in global trade, the supply of critical raw materials, financing for developing countries and efforts to combat the financing of terrorism and organized crime. Support for Ukraine is also on the agenda. The G7 is an informal alliance of major industrialised nations comprising Germany, France, the UK, Italy, Japan, Canada and the US. Central bank representatives from member states are also expected to attend. France holds the G7 presidency this year.
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BROKER RATINGS
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Morgan Stanley raises Burberry to 'overweight' - price target 1,350 pence
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COMPANIES - FTSE 100
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Anglo American has struck a deal to sell its portfolio of steelmaking coal mines in Australia to Dhilmar for up to USD3.88 billion in cash. Dhilmar will pay the miner USD2.3 billion upfront, and the deal has a price-linked earnout of up to USD1.58 billion. "Our agreement for Dhilmar to acquire our steelmaking coal business in Australia is testament to the high quality of these assets and our people. Dhilmar's leadership brings considerable experience of operating major mining assets, including in steelmaking coal, in Southeast Asia and Canada," Anglo American Chief Executive Officer Duncan Wanblad says. "This agreement represents another major step in the simplification of our portfolio ahead of completing our merger with Teck. Through this transaction, we will complete our exit from steelmaking coal, delivering aggregate cash proceeds of up to USD4.9 billion, given the prior completion of the sale of our interest in the Jellinbah mine for approximately USD1 billion." Dhilmar is a privately-held mining company whose assets include the Eleonore gold mine in Canada, acquired from Newmont last year.
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Separately, Anglo American notes a Chile tribunal which appears to overturn a 2021 environmental authorisation at the Collahuasi copper min. Anglo owns 44% of the asset. Glencore, which also owns 44%, similarly notes verdict from the Second Environmental Tribunal in Chile. The duo say the ruling is "limited to two specific aspects relating to analysis on the effects on a local community and on the marine environment". Neither expect "any immediate impact on production". "Collahuasi has stated that it will continue to work in coordination with the relevant authorities and stakeholders, acting responsibly and in accordance with the legal framework, in order to determine the appropriate next steps," the miners add. Mitsui & Co owns the remaining 12% of the asset.
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Prudential has acquired a 75% stake in Bharti Life Insurance, increasing its presence in the "strategically important and exciting" Indian market. It has acquired the stake in the life insurer from Indian life insurer, from Bharti Life Ventures and 360 ONE Asset Management. The Asia-focused insurer will pay an initial USD389 million. The deal has an additional consideration of USD78 million, "dependent on the fulfilment of certain conditions". Prudential says: "Regulatory approvals for the transaction are expected to require Prudential to reduce its shareholding in ICICIPru Life to under 10%. Prudential is engaging with the relevant regulatory authorities on this process and will seek an appropriate timeframe for the divestment that may be required, in the interests of its shareholders." CEO Anil Wadhwani adds: "India is a strategically important and exciting market for Prudential. By acquiring a controlling stake in Bharti Life, we are bringing together Prudential's nearly 180 years of global insurance expertise and Bharti's strong and growing local presence to serve the savings and protection needs of Indian consumers."
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COMPANIES - FTSE 250
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Kainos reports an increase in annual profit, hailing a "positive year". The Workday partner and provider of IT services to public sector, commercial, and healthcare customers says pretax profit in the year to March 31 increased 19% to GBP58.1 million from GBP48.6 million. Revenue was 17% higher at GBP431.1 million from GBP367.2 million. "This was a positive year for Kainos, with excellent revenue growth. Our strong customer relationships and significant contracted backlog position us well for further progress in the year ahead," CEO Brendan Mooney says. "Workday Products remains a key growth driver. We are on track to surpass GBP100 million of annual recurring revenue by the end of 2026 and reach GBP200 million of ARR by 2030. Our investment in product development is delivering results and we have further strengthened our relationship with Workday through our exclusive arrangement for it to resell our new Pay Transparency product to its customers." Kainos announces a 19.8p per share final dividend, with its total payout up to 29.6p from 28.4p.
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OTHER COMPANIES
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Advanced Medical Solutions says it "remains confident" in its prospects, after a suitor ruled out making a bid for the surgical dressings company. TA Associates on Friday said it "does not intend to make an offer for AMS". In response, AMS says: "The board of AMS remains confident in AMS' standalone prospects and strategy which it believes will continue to deliver sustainable growth and value creation for shareholders." Last month, AMS confirmed talks with TA Associates, but stressed there can be no certainty that a firm offer will be made, nor as to the terms on which it might be made. Sky News has last month reported TA Associates was preparing an offer for AMS worth around 280 pence per share, or GBP600 million in total.
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Alternative Income REIT says it is not in a position to "form a view on the merits or otherwise" of a takeover proposal from shareholder Glenstone. Glenstone on Friday said considering an all-cash takeover of the commercial property investor. Glenstone owns around 24% of Alternative Income REIT. Alternative Income REIT says: "The independent directors, who engaged with Glenstone and its advisers prior to its announcement, note that the possible offer does not include any offer price or range of prices, nor the terms and conditions on which any possible offer might be made. As a result, the independent directors have concluded that the proposal made to them by Glenstone does not include terms capable of detailed evaluation and accordingly the independent directors are not currently in a position to form a view on the merits or otherwise of the possible offer." Alternative Income notes that this is not the first time Glenstone has sized up a bid. In November, it made an indicative cash proposal at 66.5 pence per share, around GBP53.5 million in total, "without evidence of funding". That tilt was an 11% discount to its closing share price of 75p a day earlier. Shares in the company closed at 72.40p on Friday, for a roughly GBP58 million market capitalisation. The firm adds: "Whilst the independent directors recognise that the company's market capitalisation is at the smaller end of the REIT market, the independent directors remain confident in the company's portfolio and its prospects."
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Budget carrier Ryanair says its outlook is "heavily exposed to adverse external developments", including the conflict in the Middle East. In the year to March 31, revenue increased 11% to EUR15.54 billion from EUR13.95 billion, Ryanair says, with pretax profit rising 36% to EUR2.42 billion from EUR1.78 billion. The firm adds: "The conflict in the Middle East has created economic uncertainty and we still don't know when the Strait of Hormuz will reopen. Despite this, Europe remains relatively well supplied with jet-fuel, with significant volumes sourced from West Africa, the Americas and Norway. Global jet-fuel spot prices have, however, spiked to over USD150bbl and are expected to remain elevated versus pre-conflict levels for some months. Ryanair's conservative jet-fuel hedging strategy will insulate group earnings in the current very volatile oil markets and widen the cost advantage over EU competitors for the remainder of FY27."
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By Eric Cunha, Alliance News news editor
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Related Shares:
BurberryRYA.LAlternative IncAdvanced Medical Solutions GroupKainos GroupPrudentialAnglo AmericanGlencore