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UK shares boosted by ARM takeover bid UK shares boosted by ARM takeover bid
(about 5 hours later)
(Noon): The FTSE 100 was up slightly in midday trade on Monday, as shares in ARM Holdings soared by more than 40%. (Close): The FTSE 100 closed higher on Monday, as shares in ARM Holdings soared by more than 40%.
The Cambridge-based chipmaker has agreed to be taken over by Japan's Softbank for £24bn.The Cambridge-based chipmaker has agreed to be taken over by Japan's Softbank for £24bn.
In midday trade in London the FTSE had gained 23.95 points, or 0.36%, to 6693.19. Other winners were Sage, RBS Group, RSA Group, and Travis Perkins. The FTSE gained 26 points, or 0.39%, to 6,695, to reach a fresh 11-month high. Other winners on the index were RBS Group, Marks & Spencer and Taylor Wimpey.
Miners were among the main losers, with Anglo American, BHP Billiton, and Rio Tinto all down. On the downside was miner BHP Billiton and the oil firm BP.
As well as ARM, other winners on the FTSE included airlines group IAG, Sky, GKN, and ITV.
Meanwhile shares in another UK chip firm, Imagination Technologies were up by 10%.Meanwhile shares in another UK chip firm, Imagination Technologies were up by 10%.
The FTSE 250, which is more weighted towards UK companies, was up by 175 points, or 1%, at 16902.44. The FTSE 250, which is more weighted towards UK companies, was up by 140 points, or 0.84%, at 16,867.
The pound was up 0.36% against the dollar at $1.3231. Against the euro, it was up 0.34% at €1.1976. The pound was up 0.8% against the dollar at $1.3289. Against the euro, it was up 0.5% at €1.1995.