48 Daily Express Tuesday, July 30, 2019
DX1ST£8bn Just Eat merger
sends shares soaring
By David ShandLOWER fares and higher
fuel costs sent Ryanair’s
first-quarter profit
nosediving 21 per cent
to 243million euros
(£220million).
But the budget airline
has offset some of the
turbulence by charging
more for upgrades.
The average fare fell
6 per cent, but revenue
climbed 11 per cent to
2.31billion euros as
passenger numbers
rose 11 per cent.
Ryanair has cut its
expected growth rate for
summer 2020 from 7 per
cent to 3 per cent amid a
delay in deliveries of the
Boeing 737 Max aircraft.
It was to have 58 of
the planes by then, but
now expects just 30.THE chief executive of
the company that owns
the Daily Express and
Daily Mirror, is to step
down after seven years.
Simon Fox, 58, will
leave Reach next month
to be replaced by former
Ladbrokes Coral boss
Jim Mullen.
Fox, formerly chief of
HMV, is targeting “one
more executive role”
after unveiling “really
strong” half-year results
including adjusted
pre-tax profit up 8 per
cent to £69.9million.
Revenue was down 0.3
per cent to £352.6million.
Shares rose 2¼p to 88p.
He said: “Digital
growth is accelerating
and our trading and cash
position are strong.”Ryanair’s
profits dive
All change
at Reach
TASTY DEAL:
Takeaway.com
and Just Eat
could combine
forcesWoodford fund stays locked Banks sued in £1bn action
MARKET REPORT
LONDON Stock Exchange
jumped 870p to a 6542p high after
it confirmed talks over a possible
$27billion deal to buy financial
data firm Refinitiv.
Property giant Hammerson fell
19½p to 251p as it counted the
cost of retail industry woes with
half-year like-for-like net rental
income down 6.8 per cent.
It has also struck a deal to
offload a major stake in Parisian
shopping destination Italie Deux
for £423million.
Sports Direct fell 15p to 214¾p
in the fall-out from last Friday’s
delayed results, which included a
potential £605million tax demand
from the Belgian authorities.
Food producer Cranswick was
204p tastier at 2780p as it
announced the acquisition of
Mediterranean food products
business Katsouris Brothers,
alongside quarterly figures
showing a 1.5 per cent rise in
revenue reflecting strong demand
from the Far East.JUST Eat shares soared by over a fifth
yesterday as it lined up an £8.2billion
merger with Dutch rival Takeaway.com,
which could trigger a bidding war.
The firms have agreed in principle the
key terms of an all-share deal that would
create one of the world’s biggest online
food delivery groups.
Just Eat investors would own about
52.2 per cent, with Takeaway.com share-
holders holding 47.8 per cent.
The potential move values Just Eat’s
shares at 731p, 15 per cent over their
previous close. But the prospect of
another firm like Delivery Hero or Uber
gatecrashing the deal sent shares in the
FTSE 100 group 144½p higher to 780p.
Just Eat and Takeaway.com said join-
ing forces would create a food delivery
platform with 360 million orders worth
7.3 billion euros (£6.6billion), as well as
strong market positions in the UK,
Germany, the Netherlands and Canada.
Talks over the other terms for a tie-up
are at an advanced stage.
Just Eat has been under pressure from
2.5 per cent investor Cat Rock to merge
with a rival after the departure of chief
executive, Peter Plumb, in January.
Alex Captain, founder of Cat Rock,which also owns 4 per cent of Takeaway.
com, said: “We would like to commend
chairman Mike Evans and the board for
taking clear and decisive action to real-
ise Just Eat’s great potential, particularly
in a structure that allows long-term
shareholders to participate meaningfully
in future value creation.”
Evans would remain as chairman of
the combined group, with Takeaway.comchief executive, Jitse Groen, becoming
CEO. Just Eat finance chief, Paul
Harrison would be chief financial officer.
Neil Wilson, chief market analyst at
Markets.com, said: “The deal gives Just
Eat and its interim CEO the perfect exit,
while also creating a company with the
scale and strength to take on Deliveroo,
Uber Eats and Amazon. It could open up
a bidding war.”FIVE banks are being sued
by investors over claims they
rigged the global foreign
exchange market.
Barclays, RBS, JP Morgan,
UBS and Citigroup are
named in the £1billion civil
action filed at the
Competition Appeal TribunalNEIL Woodford’s flagship
investment fund is likely to
stay locked to investors until
early December.
The former star stock-
picker suspended the
Woodford Equity Income
fund last month after being
unable to meet redemptionin London. Michael
O’Higgins, ex-chairman of
the Pensions Regulator, who
is leading the move, said:
“Our legal action will seek to
return hundreds of millions
of pounds to pension funds
and other corporates who
were targeted by the cartel.”requests. The move sparked
outrage among investors.
Yesterday’s update came
from the fund’s authorised
corporate director, Link
Fund Solutions, which said
the suspension would give
the manager time to reposi-
tion the fund’s portfolio.Edited by DAVID SHAND
email: [email protected]
Visit City & Business pages online at
http://www.express.co.uk/city
Tel: 020 8612 7156 City&Business
++ THE FTSE 100 THE FTSE 100 THE FTSE 100 ++
52 WEEK
COMPANY CLOSE +/- HIGH LOW52 WEEK
COMPANY CLOSE +/- HIGH LOW52 WEEK
COMPANY CLOSE +/- HIGH LOW
3i Group .........................................1139 +27½ 1164½ 756¼
A.B. Foods .....................................2446 +52 2638 2041
Admiral Group ............................2235 +8 2300 1897
Anglo American.........................2113 +15 2266 1464½
Antofagasta ................................... 942 +3½ 1022½ 727¼
Ashtead Group ...........................2304 +14 2438 1586½
AstraZeneca .................................7180 +275 7228 5325
Aveva Group ............................ 4044# +14 4170 2284
Aviva .............................................. 412¾ +2¼ 502¾ 364½
BAE Systems .............................. 539¾ +6 654½ 444
Barclays ........................................ 160¾ +¾ 194 146
Barratt Development ................ 663 +1 668½ 434
Berkeley Grp Hldgs ..................3962 +17 3981 3226
BHP Billiton ..............................1993¾ +38¾ 2049 1490½
BP ........................................................ 527 +4 598¼ 485¾
British Amer.Tob ..................... 3106# +87 4222½ 2375
British Land ..............................536½# +1 660¼ 523
BT Group ..................................... 194½ +2½ 264¾ 187
Bunzl................................................2145 -13 2551 2059
Burberry Group ....................... 2309# +14 2345 1623½
Carnival ..........................................3689 +48 5000 3412
Centrica ........................................... 90¾ +3¼ 155½ 86¼
Coca-Cola HBC ........................ 2859# +35 3074 2244
Compass Group ...................... 2082# +43 2091 1483
CRH ..................................................2725 +18 2742 1971½
Croda International ..................4760 +86 5447¾ 4576
DCC ..................................................7142 +168 7390 5555
Diageo ............................................3412 +89 3482½ 2523½
Direct Line Insurance ............ 329¼ +3½ 366½ 305
DS Smith ...................................... 369¼ -6¼ 513½ 292¼
Evraz .................................................. 665 +11 709½ 442
Experian Group ..........................2520 +38 2526 1728½
Ferguson .......................................6300 +142 6556 4749
Fresnillo ........................................ 794½ +8½ 1039 724¾
GlaxoSmithKline ........................1730 +44¼ 1735 1418
Glencore ...................................... 275¼ +3 341½ 254¾
Halma........................................... 2009# +15½ 2094 1237Hargreaves Lansdown ............2120 +15 2433 1633
Hiscox .............................................1770 -2 1777 1418
HSBC Holdings ......................... 666½ +4 730½ 600¾
Imperial Brands ......................2190½ +50½ 2987½ 1846¾
Informa............................................. 892 +8¾ 900¾ 605¾
InterContinental Htl .................5692 +105 5739 3958½
Intertek Group ............................5740 +40 5988 4387
Intl Consolidated Airlines .... 438½ +½ 711½ 436¾
ITV ................................................... 113½ +¾ 170 104¾
John David Group ................637½# +7½ 643¾ 318½
Johnson Matthey ................... 3249# +54 3760 2620
Kingfisher ........................................ 226 +2½ 309¼ 202¼
Land Securities ......................... 845¼ +4¼ 943½ 791¾
Legal & General ............................ 271 +1 291¼ 223¾
Lloyds Banking Grp................... 56¼ +¼ 66½ 50
London Stock Ex........................6542 +870 6600 3867
Marks & Spencer ..................... 212¼ +2¾ 299 204¼
Melrose ........................................ 194½ +¼ 234 146¼
Micro Focus ..............................1720¾ -3 2491½ 1434½
Mondi .............................................1846 +21 2236 1584
Morrison (Wm) ............................. 201 +2¾ 269½ 195¼
National Grid ...........................856½# +10¼ 889¼ 748¾Next .............................................. 5730# +18 5936 3991
Ocado .........................................1258½ +18½ 1435 749¾
Paddy Power Betfair ................6850 -36 8290 5525
Pearson ........................................ 922¼ -4¾ 1027½ 769¼
Persimmon ...................................2094 2501 1859½
Phoenix Group ......................... 712½ +3½ 724¾ 544
Prudential .....................................1704 +11½ 1824 1340
Reckitt Benckiser .......................6670 +189 7155 5593
Reed Elsevier ...............................1978 +43½ 1983 1491½
Rentokil Initial ........................... 413¼ +1½ 424½ 284¾
Rightmove .................................. 533½ +8½ 585 421
Rio Tinto .....................................4681½ +76 4976½ 3486
Rolls-Royce Group ...................... 887 +18½ 1094 759¼
Royal Bank Of Scot ................. 229½ +1½ 270½ 203
RSA Insurance Grp...................... 585 +7¼ 644¼ 496½
Ryl Dutch Shell ‘A’ ..................2602½ +54½ 2666 2213
Ryl Dutch Shell ‘B’ ......................2609 +55 2705½ 2227
Sage Group ................................ 735½ -6¾ 820½ 525½
Sainsbury (J) .............................. 200¾ +2 341½ 188
Schroders ......................................3052 +51 3210 2334
Scottish Mortgage...................... 561 +7 568¼ 441¼
SEGRO............................................... 789 +20½ 792¾ 585¼
Severn Trent .................................2061 +23 2153 1770
Smith & Nephew .......................1848 +51½ 1848 1258
Smiths Group ..............................1666 +26½ 1670½ 1279½
Spirax-Sarco .................................8975 +95 9400 5900
SSE ................................................. 1109# +15½ 1280 1008
St James’s Place ..........................1061 -2 1216½ 914
Standard Chartered ............... 690¼ 736¾ 519¾
Standard Life ............................. 306½ +2 378¾ 224¾
Taylor Wimpey .......................... 174¼ +¾ 192¼ 129¼
Tesco.............................................. 226¾ +¾ 266¼ 189½
TUI AG ........................................... 845½ -1½ 1631 698
Unilever ..........................................5013 +114 5091 3931
United Utilities ............................805# +13½ 873½ 682½
Vodafone Group ....................152¼# +6¼ 186¾ 123¼
Whitbread .....................................4647 +93 5114 3883
WPP Group..................................... 973 +14¾ 1301 800½Australia 1.74 dollar
Canada 1.57 dollar
China 7.93 renminbi
Czech Rep. 26.57 koruna
Denmark 7.69 krone
Eurozone 1.08 euro
Hong Kong 9.29 dollar
Hungary 332.48 forint
Israel 4.09 shekel
Japan 127.77 yen
Kenya 118.98 shilling
Mexico 22.02 peso
New Zealand 1.73 dollar
Norway 10.36 krone
Poland 4.40 zloty
Saudi Arabia 4.43 riyal
South Africa 16.88 rand
Sweden 11.31 krona
Switzerland 1.19 franc
Thailand 35.97 baht
Turkey 6.53 lira
United States 1.21 dollarTOURIST’S POUNDSTOCK MARKETWORLD MARKETSSTERLING VALUECOMMODITIESDOLLAR VALUEFTSE 100 7686.6 +137.5
FTSE 250 19886.7 +28.8
FTSE ALL SHARE 4186.2 +62.1
Shares Traded 3780.1 millionWALL STREET
TOKYO 21616.8 -41.3
HONG KONG 28106.4 -291.3
GERMANY 12417.5 -2.4
FRANCE 5601.1 -8.9Dollar 1.224 -0.015
Yen 133.145 -1.440
Euro 1.098 -0.015Dollar/Yen 108.819 +0.1290
Dollar/Euro 0.897 -0.0015GOLD($) 1419.90
KRUGERRAND(£) 1163.27
SILVER(pence) 1323.02
BRENT CRUDE($) 63.56POPULAR SHARES ON THE RISE
AstraZeneca 7180 +275
Aviva 412¾ +2¼
BAE Systems 539¾ +6
Barclays 160¾ +¾
BP 527 +4
BT Group 194½ +2½
Centrica 90¾ +3¼
GlaxoSmithKline 1730 +44¼
HSBC Holdings 666½ +4
Int Consolidated Airlines 438½ +½
Lloyds Banking Group 56¼ +¼
Marks & Spencer Group 212¼ +2¾
National Grid 856½ +10¼
Rolls-Royce Holdings 887 +18½
Royal Bank of Scotland 229½ +1½
Royal Dutch Shell 'B' 2609 +55
Royal Mail 209 +1
Sainsbury (J) 200¾ +2
Standard Life Aberdeen 306½ +2
Tesco 226¾ +¾
Unilever 5013 +114
Vodafone Group 152¼ +6¼
Whitbread 4647 +93POPULAR SHARES ON THE SLIDE
Saga 45¾ -3¼AT A GLANCE
Base rate 0.75%
Halifax mortgage rate 3.99%
Retail Price Index +2.9% (CPI +2.0%)
House price Index +1.4%
Unemployment 1,300,000OTHER INDICATORS27,221.3 +28.9▲