FTSE 100 Live: London Takeover Targets Getting Bids at Huge Premiums
UK assets have struggled for direction, leaving much of the focus on two takeover offers in London and the questions they raise about the health of the market.
Here's what happened today:
Semiconductor firm Alphawave agreed to be bought by US chip giant Qualcomm, and precision instruments maker Spectris has received an approach from private equity house Advent.
Both of the deals are pitched at massive premiums, indicating that a chasm remains between how much a potential buyer thinks a London-listed company is worth and the value the market ascribes to it.
The Alphawave deal also means yet another tech stock will disappear from London. A dearth of high-growth names is a big reason that investors have struggled to build enthusiasm for the UK's benchmarks. And those domestic investors aren't coming back to the UK in the way they are in Europe. Escaping that vicious cycle will be tricky.
Elsewhere, ad giant WPP's CEO will leave at the end of the year, with the group's shares languishing as the worst performers in the FTSE 100 in 2025. Diageo is benefiting from a good mood in European booze stocks. And BP getting bought by a rival looks unlikely right now.
That's all from us for now. Join us here tomorrow for the jobs data and updates from the likes of homebuilder Bellway.
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