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Unilever fall leaves FTSE 100 struggling Unilever fall leaves FTSE 100 struggling
(about 5 hours later)
(Noon): The FTSE 100 struggled on Monday morning as Unilever shares fell 7.2% after Kraft Heinz abandoned its proposed merger. (Close): The FTSE 100 struggled on Monday as Unilever shares fell 6.6% after Kraft Heinz abandoned its proposed merger.
By lunchtime, the blue-chip index was down 0.04% at 7,297 points. At the end of the day, the index was fractionally down at 7,299.86.
Shares in the Anglo-Dutch food giant surged by 13% on Friday when the bid was announced.Shares in the Anglo-Dutch food giant surged by 13% on Friday when the bid was announced.
Possible UK government opposition to the deal may have been one factor that dissuaded Kraft Heinz from increasing its offer.Possible UK government opposition to the deal may have been one factor that dissuaded Kraft Heinz from increasing its offer.
"Kraft Heinz evidently didn't feel up to the mergers and acquisitions battle this rejection suggested," said Connor Campbell of SpreadEx."Kraft Heinz evidently didn't feel up to the mergers and acquisitions battle this rejection suggested," said Connor Campbell of SpreadEx.
Housebuilder Bovis fell 9.8% after it said annual profits were hit by setting aside £7m to compensate customers who had complained about poor workmanship, and to improve customer service. Housebuilder Bovis fell 10.2% after it said annual profits were hit by setting aside £7m to compensate customers who had complained about poor workmanship, and to improve customer service.
Royal Bank of Scotland rose 6.4% after saying on Friday that it may no longer seek to sell its Williams and Glyn subsidiary. Royal Bank of Scotland rose 6.8% after saying on Friday that it may no longer seek to sell its Williams and Glyn subsidiary.
The European Commission had ordered the bank to sell the division to address competition concerns, but RBS has struggled to find a buyer.The European Commission had ordered the bank to sell the division to address competition concerns, but RBS has struggled to find a buyer.
Analysts at Morgan Stanley said the move could add 10% to profits by 2019.Analysts at Morgan Stanley said the move could add 10% to profits by 2019.
RBS is expected to report a ninth consecutive annual loss on Friday, although Ross McEwan, chief executive, said the bank would return to the black next year.RBS is expected to report a ninth consecutive annual loss on Friday, although Ross McEwan, chief executive, said the bank would return to the black next year.
Rolls Royce rose more than 5% after Goldman Sachs uprated the stock from neutral to buy. Rolls Royce rose 6.3% after Goldman Sachs uprated the stock from neutral to buy.
Shopping centre owner Hammerson enjoyed a 3% rise in its shares, despite reporting a 56% fall in annual profits. Shopping centre owner Hammerson enjoyed a 4.25% rise in its shares, despite reporting a 56% fall in annual profits.
It said the valuation of its shopping centres, including Birmingham's Bullring, had dropped by £6m, with the value of its retail parks down £39m.It said the valuation of its shopping centres, including Birmingham's Bullring, had dropped by £6m, with the value of its retail parks down £39m.
On the currency markets, the pound was up 0.37% against the US dollar at $1.2457 and 0.33% higher against the euro at 1.1735 euros. On the currency markets, the pound was up 0.4% against the US dollar at $1.2461 and 0.33% higher against the euro at 1.1735 euros.