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FTSE rises as Tesco surges on Booker deal 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 205.90p, while shares in Booker were up 15% at 210.50p. Tesco shares jumped 9% to 205.75p, while shares in Booker were up 16.7% at 213.70p.
Tesco was the biggest riser on the FTSE 100, with the benchmark share index up 4.89 points at 7,166.38. 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 edged up 0.5%. The telecoms firm reported a sharp fall in third-quarter profits, down 37%, as it comes to terms with its Italian accounting scandal. 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 0.5% against the dollar to $1.2535, and dropped 0.4% against the euro to 1.1747 euros. 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.