Vodafone shares sink as it rejects merger bid
TELECOMS giant Vodafone sank into the red after it snubbed the latest attempt by a French firm to merge their Italian businesses.
The FTSE 100 group was approached by Iliad in December last year over a tie-up.
Yesterday, the French firm, which has a 2.5pc stake in Vodafone, offered more favourable terms to get the deal over the line. After Vodafone rejected its latest offer, Iliad said it will press on with its stand-alone strategy.
Vodafone, which fell 2.1 pc, or 1.43p, to 67.32p, said: ‘We said in December that we are exploring options with several parties in Italy. We are no longer in talks with Iliad but discussions with others continue.’
The FTSE 100 dipped 0.47 pc, or 35.74 points, to 7630.57 while the FTSE 250 inched up 0.04pc, or 8.45 points, to 19,357.95.
mining giant Antofagasta made gains as analysts at citigroup remained upbeat over its growth prospects following last month’s approval to expand its copper mine centinela. shares added 1.7pc, or 29p, to 1735p. There was also good news for
Anglo American – up 0.3pc, or 4.8p, to 1896.6p – after the miner’s diamond arm flagged up a surge in demand following strong trading in the Us over christmas, India restarting imports and prices rising once again.
De Beers, which mines in Botswana, canada, Namibia and south Africa, estimated it sold £290 m of diamonds from December 20 to January 30, more than double the amount between November 9 and December 19. safety barrier maker Hill &
Smith received a vote of confidence from analysts at Jefferies who urged clients to buy, as they believe it can rise even higher.
The investment bank said the group is doing its best to capitalise on the ‘generational infrastructure investments’ in the Us, such as the Inflation Reduction Act, which should drive growth over the next few years. shares rose 1.3pc, or 24p, to 1874p. There was less to cheer for Harbour Energy following a downgrade from Goldman sachs. It dropped 5.4pc, or 16p, to 278.8p.
An update on James Halstead’s first-half trading was a mixed bag after the flooring firm said its profits will be up to 20pc higher than the same period last year even though sales slowed in some european markets. shares fell 2pc, or 4p, to 198p.
Inspiration Healthcare, which makes medical products such as ventilators for newborn babies in hospitals, said it made revenues of £37m in the 12 months to the end of January.
This was below market forecasts and shares tumbled 29.9pc, or 16p, to 37.5p. The former chief executive of video games publisher Devolver Digital has returned to the job.
Harry miller, who helped to set the company up and is chairman, replaced Douglas morin after he stepped down following three years at the helm.
Graeme struthers, another cofounder who has been chief operating officer since 2022, has also joined the board.
The boardroom reshuffle came as Devolver swung back into profit in the second half of 2023. shares rose 2.6pc, or 0.5p, to 19.5p.
An online gaming company backed by David Beckham remained upbeat over its future following a solid set of results and new sponsorship deals with brands such as sky Glass.
Guild Esports said revenues rose 24pc to £5.53m in the year to the end of september while its losses nearly halved to £4.5m.
Beckham, the former captain of the england football team, holds a 3.33pc stake. The stock fell 3.9pc, or 0.02p, to 0.63p.