S&N shares react to takeovers
Apr 2 2008 by Graeme King, The Journal
THE FTSE 100 index ended the day 150.5 points higher at 5852.60, banks having dominated its leaderboard.
On Monday, the shareholders of Scottish & Newcastle voted overwhelmingly in favour of the £10bn takeovers by Carlsberg and Heineken.
This decision has ended more than 250 years of history for the brewer. Under the terms of the agreement, S&N’s UK operations are expected to be handed to Heineken.
S&N shares ended the day at 789.5p, which is within a whisker of the 800p takeover price.
Immunodiagnostic Systems said trading this year was 90% up on than the same time last year. The company announced that it had signed an agreement with Hyphen Biomed, of France, to provide automated coagulation testing kits.
Immunodiagnostic Systems is a developer and manufacturer of diagnostic kits. Its shares were 3.17% higher at 179p. Elsewhere, researchers noted GlaxoSmithKline’s diabetes drug Avandia might not benefit from positive data from its rival drug Actos.
In addition, the European Court ruled that GlaxoSmithKline must not refuse wholesale orders from Greece.
“Parallel trading” has been used by wholesalers profiting from price differential between two countries. Shares in GSK closed 4.6% higher at 1115p.
The region’s largest riser was Northgate, up 7.3%, and most notable faller was Blacks Leisure, down 2.72%. There were no announcements from either company.
Ken Oiwa, Ken.oiwa@brewin.co.uk
