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FTSE flat despite Tesco surge | |
(about 4 hours later) | |
Shares in supermarket giant Tesco soared after it agreed to buy food wholesaler Booker Group. | Shares in supermarket giant Tesco soared after it agreed to buy food wholesaler Booker Group. |
The retailer surprised the markets with its £3.7bn deal, which will result in Booker shareholders holding 16% of the combined company. | The retailer surprised the markets with its £3.7bn deal, which will result in Booker shareholders holding 16% of the combined company. |
Tesco shares jumped 9% to 205.75p, while shares in Booker were up 16.7% at 213.70p. | |
Despite Tesco's rise, the wider market was little changed, with the FTSE 100 down 2.39 points at 7,159.10 by midday. | |
Shares in BT were unchanged after the telecoms firm reported a sharp fall in third-quarter profits, down 37%, as it comes to terms with its Italian accounting scandal. | |
The company also confirmed that Corrado Sciolla, head of continental Europe, would step down over the affair. | The company also confirmed that Corrado Sciolla, head of continental Europe, would step down over the affair. |
On the currency markets, the pound fell 0.4% against the dollar to $1.2541, and dropped 0.6% against the euro to 1.1729 euros. |
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