UK market update – Cevian increases Aviva stake, Augean agrees to buyout offer

imageStock Markets11 hours ago (Aug 25, 2021 08:33)

© Reuters.

By Samuel Indyk – At 08:31BST, the FTSE 100 is trading higher by 0.2% at 7,138. The midcap FTSE 250 is trading higher by 0.3% at 23,956.

In FX markets, GBP/USD is trading at 1.3721, EUR/GBP is trading at 0.8557. The US Dollar Index is +0.1%.

Today’s calendar highlights include the German Ifo business climate and US Durable Goods Orders.  

Aviva (LON:AV) – Activist investment firm Cevian Capital has increased stake in the company to above 5%.

Augean (LON:AUG) – Agreed to be taken over by Eleia Limited for 325 pence per share in cash.

AstraZeneca PLC (LON:AZN) – UK deal with Pfizer (NYSE:PFE)/BioNTech (NASDAQ:BNTX) for 35 million Covid booster shots could see reduced role for AstraZeneca. (Telegraph)

Rank Group (LON:RNK) – Notes decision by HMRC not to appeal decision handed down by the First-tier Tribunal on 30 June 2021 regarding VAT paid on slot machine income. Rank still expects quantum of the claim to be circa £80 million.

BAE Systems (LON:BAES) – Awarded $843.89 million modification contract by the US Army.

Great Portland Estates (LON:GPOR) – Announced has pre-let 121,800 sq ft at Finsbury Square, London to Inmarsat (LON:ISA).

Grafton Group (LON:GFTU_u) – H1 revenue up 46.1% to £1.028 billion. Adjusted operating profit up 236.2% to £157.8 million. CEO says overall outlook is positive given the strength of current market positions, geographic diversity, strong balance sheet and investment pipeline.

Admiral (LON:ADML) – Initiated with an Underperform rating at Jefferies

Direct Line (LON:DLGD) – Initiated with a Buy rating at Jefferies

AB Foods (LON:ABF) – Initiated with a Hold rating at Deutsche Bank

British Land (LON:BLND) – Upgraded to Buy from Hold at Liberum

Marks and Spencer (LON:MKS) – Initiated with a Buy at Deutsche Bank (DE:DBKGn)

UK market update – Cevian increases Aviva stake, Augean agrees to buyout offer

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