3rd Aug 2026 07:58
(Alliance News) - National Grid unveiled a streamlined operating model aimed at improving execution, while easyJet extended the deadline for rival bidder Castlelake to make a takeover offer. AstraZeneca was also linked to a potential USD400 billion merger with US peer Bristol Myers Squibb, according to a media report.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.2% at 10,891.95
GBP: lower at USD1.3460 (USD1.3463 at previous London equities close)
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BROKER RATINGS
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Jefferies cuts Severn Trent to 'hold' (buy) - price target 3,220 pence
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RBC cuts JD Sports Fashion to 'sector perform' (outperform) - price target 100 pence
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COMPANIES - FTSE 100
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National Grid says it will simplify its operating model from September 1 to sharpen execution, improve performance and increase accountability across the business. The London-based electricity and gas utility, which operates the UK's electricity transmission network, will reduce its group executive committee to eight members from 13 and combine leadership of its operations under new UK and US presidents. Cordi O'Hara is appointed president of the UK business, while Sally Librera becomes interim president of the US operations pending a permanent appointment. Carl Trowell will lead a new Global Capital team overseeing the group's investment programme, while Alice Delahunty becomes chief technology and innovation officer. National Grid says there will be no change to its financial reporting structure, with UK Electricity Transmission, UK Electricity Distribution, New York, New England and National Grid Ventures continuing to report separately. Chief Executive Zoe Yujnovich says: "National Grid is delivering the largest investment programme in its history, committing at least GBP70 billion to modernise and expand the energy networks across the UK and the US Northeast to support electrification. This demands an organisation with absolute clarity of accountability and a relentless focus on performance. By empowering dedicated geographic leaders to focus on business performance, supported by clear owners of both Global Capital delivery, and Technology and Innovation, we are better positioned to continuously improve performance, deliver our capital programme with precision, and achieve the big shifts we have defined in our strategy - at pace."
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AstraZeneca and New Jersey-based peer Bristol Myers Squibb have held talks about a potential merger that could value the combined group at around USD400 billion, the Financial Times reports, citing people familiar with the matter. The report says a deal could materialise in the near future, although there is no certainty it will proceed. If completed, the combination would create the world's fourth-largest pharmaceutical company. The report follows AstraZeneca's direct listing in New York in June, which fuelled speculation about a possible shift in the drugmaker's US strategy.
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BP has completed the sale of its Gelsenkirchen refinery and related businesses in Germany to Klesch Group, as part of its strategy to simplify its portfolio and strengthen its balance sheet. The oil major says the disposal is expected to reduce underlying operating expenditure by around USD1 billion and is free cash flow accretive based on the asset's historical performance. The transaction transfers the refinery's assets, liabilities and employees to Klesch Group. BP says it retains five refineries across the US and Europe and will continue serving customers in Germany through its other businesses, including Aral.
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JD Sports Fashion has launched the second GBP100 million tranche of its GBP200 million share buyback programme. The retailer says the second tranche begins immediately and is expected to be completed by the end of the financial year on January 31, 2027. Under an irrevocable agreement, Peel Hunt will conduct the buyback independently on the company's behalf.
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COMPANIES - FTSE 250
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easyJet has extended the deadline for Castlelake to announce a firm takeover offer until Friday, aligning it with Apollo Management X's deadline under the UK Takeover Code. The airline says the UK Takeover Panel has approved moving Castlelake's “put up or shut up” deadline from Monday to Friday. Last month, easyJet agreed in principle to recommend Apollo's 715 pence-per-share cash proposal, valuing the airline at around GBP5.7 billion, and said it was no longer minded to support Castlelake's lower 690p-per-share proposal.
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HICL Infrastructure says portfolio performance between April 1 and July 31 was in line with expectations, with growth assets continuing to deliver Ebitda growth and resilient cash generation. The infrastructure investor reiterates its target dividend of 8.50 pence per share for the year ending March 2027 and introduces guidance for an 8.65p dividend for financial 2028. HICL says it continues to advance its strategic evolution following its July capital markets seminar, targeting medium-term total returns of more than 10% while maintaining its focus on core infrastructure and progressive dividends. During the period, it completed the GBP52 million acquisition of an additional 6.65% stake in Cross London Trains, increasing its holding to 13.13%, and says it remains well placed to capitalise on significant opportunities in the evolving infrastructure market, supported by a resilient portfolio and strong balance sheet.
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Savills has completed its acquisition of global real estate investment bank Eastdil Secured, following the announcement of the proposed deal in March. The property adviser says the transaction closed on July 31 and was funded through debt and the issue of 27.7 million new shares, representing around 16% of its enlarged share capital, to Eastdil Secured's equity holders. The new shares are expected to be admitted to trading on Tuesday. Savills says it will provide further details on the acquisition alongside its first-half results on August 13.
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Plus500 has launched Single Stock Futures in the US, expanding customer access to CME Group-listed contracts. The fintech trading platform says the new offering includes Micro Single Stock Futures, allowing customers to gain exposure to leading US stocks through futures contracts with lower initial margin requirements, leverage and the ability to trade outside standard market hours. Plus500 says it plans to broaden the range of contracts over time based on customer demand, liquidity and market conditions as it continues to expand its US business.
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OTHER COMPANIES
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Capita has secured a five-year extension to its road user charging contracts with Transport for London, with the agreements running to September 2031 and including options to extend for a further two years to September 2033. The outsourcing firm says the extensions, which include enforcement operations supporting London's Ultra Low Emission Zone, have a combined expected value of around GBP424.6 million over the initial five-year term. Separately, Capita says it has completed the sale of its private sector contact centre business to Inspirit Capital, in line with terms announced in March. The company remains eligible for contingent consideration of up to GBP61.5 million between 2027 and 2030, subject to performance conditions, and says the disposal supports its strategy to simplify the business and focus on higher-value services.
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accesso Technology says trading in the first half was in line with expectations and it remains on track to deliver full-year revenue of around USD146 million and cash Ebitda of approximately USD20 million. The Berkshire, England-based provider of software for the leisure, entertainment and cultural sector says an IT security incident involving temporary unauthorised access to a limited part of its systems caused no downtime or major operational disruption and is expected to have a low risk of financial exposure, with no impact on its outlook. The affected systems contained internal business information, and the investigation remains ongoing. Accesso expects to report its full half-year results on September 15.
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By Eva Castanedo, Alliance News senior economics reporter
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Related Shares:
National GridJD SportseasyJetBPSavillsPlus500CapitaHICL InfrastructureAccesso Technology GroupSevern Trent