THE DAILY BRIEFING

LSE BACKING

An activist hedge fund boss has become the first London Stock Exchange shareholder to publicly back a German takeover of the 215-year-old institution.

Deutsche Boerse is seeking to acquire the LSE in a £21bn deal both insist would be a ‘merger of equals’.

There are fears it could damage Britain’s national interest but Christopher Hohn of the Children’s Investment Fund said he backs the bid.

DEAL DONE

The world’s largest brewer Anheuser-Busch InBev has got the go-ahead from South Africa’s Competition Commission for its £70bn SAB Miller takeover.

The deal gained conditional approval yesterday with conditions attached including that no South African employees be laid off. Last week it received the approval from competition watchdogs in the EU.

FRENCH FLOP

The Euro 2016 football championships – which kick off in France this month – will only give the French economy a ‘small and short-lived’ boost, say experts.

Bloomberg Intelligence economists Jamie Murray and Maxime Sbaihi said spending on tickets and infrastructure has already taken place.

UK STEADY

Britain’s private sector is expected to clock up ‘modest’ growth in the months ahead, according to the CBI.

But the pro-Brussels lobby group warned of ‘clear signs that uncertainty around the global economy and the outcome of the EU referendum are concerning businesses’.

INDIAN TONIC

India has confirmed its status as the world’s fastest growing major economy as it leaves China trailing in its wake.

Official figures showed the Indian economy grew by 7.9pc year on year in the first quarter of the year – up from 7.2pc the previous quarter and faster than the 7.5pc expected.

STRONG START

Property firm St Modwen reported a strong start to the year.

In its half-year update it said it has been focused on the North West but will also embark on developments in Chippenham, Wiltshire and in London in Greenwich and Woolwich. Shares fell 0.88pc or 2.9p to 326.1p.

BID BATTLE

The battle for former Comet owner Darty looks set to have been won by French retailer Fnac.

Darty’s board unanimously recommended shareholders accept the £914m cash offer from the firm.

Shares fell 0.24pc or 0.4p to 168.1p.

GADGET BOOST

Seeing Machines is set for higher revenues this year thanks to a licensing deal. The firm that makes gadgets which detect when drivers are tired said its £10.8m contract with Caterpillar will drive up sales but takings from other parts of the business are expected to fall.