FTSE 250 movers: Britvic, AG Barr surge on merger speculation
Wed 05 Sep 2012
LONDON (SHARECAST) - Investors of Britvic and AG Barr today celebrated the news that the companies are in discussions about an all-share merger which would create ‘one of the leading soft drinks companies in Europe’.
"The combination would have compelling industrial logic and represents an opportunity for both companies to enhance their industry position, and achieve significant synergies and shareholder value," the companies said. At today's prices, the market cap of the combined group would be around £1.4bn.
Heading the other way was diversified miner Bumi. Shares have lost 17% in the past week since the company announced that its 29.2% associate PT Bumi Resources did not receive a $231m payment from investment fund manager PT Recapital Asset Management. The parties were said to be discussing a new repayment schedule.
Sector peer Lonmin also dropped on reports that around 1,000 miners at its Marikana site are staging a protest march as the stand-off over pay which led to the death of 34 workers continues.
Tons of FTSE 250 stocks were trading lower after going ex-dividend today, including Amlin, AZ Electronic Materials, Betfair, Cape, Carillion, Elementis, Greggs, International Personal Finance, Jardine Lloyd Thompson, Michael Page, National Express, New World Resources, Phoenix Group, Regus, SEGRO and TUI Travel.
Sporting goods retailer Sports Direct gained after saying total sales for the 13 weeks ending July 29th were up 25.3% after sales were "boosted by the tremendous performance of Team GB at the London Olympics."
Investors of airline easyJet celebrated the group's plans to give up the 'no reserved seats' format it pioneered after customers said they would rather avoid the scramble traditionally associated with boarding a low cost flight.
FTSE 250 - Risers
Britvic (BVIC) 369.80p +12.54%
Barr (A.G.) (BAG) 455.00p +9.48%
Moneysupermarket.com Group (MONY) 142.20p +5.33%
Taylor Wimpey (TW.) 54.10p +3.74%
Dechra Pharmaceuticals (DPH) 524.00p +3.66%
Sports Direct International (SPD) 325.20p +3.57%
Heritage Oil (HOIL) 200.00p +3.09%
Persimmon (PSN) 756.00p +3.00%
easyJet (EZJ) 545.50p +2.92%
Halfords Group (HFD) 242.40p +2.67%
FTSE 250 - Fallers
Bumi (BUMI) 268.50p -6.77%
Cape (CIU) 224.80p -5.23%
Lonmin (LMI) 536.00p -5.05%
Phoenix Group Holdings (DI) (PHNX) 482.90p -5.03%
Kenmare Resources (KMR) 38.52p -3.34%
John Laing Infrastructure Fund Ltd (JLIF) 107.90p -3.05%
Soco International (SIA) 334.00p -2.94%
Hochschild Mining (HOC) 425.00p -2.72%
Centamin (DI) (CEY) 77.15p -2.65%
Michael Page International (MPI) 352.60p -2.60%