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Spire shares hit as takeover talks end Spire shares hit as takeover talks end
(about 4 hours later)
Shares in private hospital group Spire dropped sharply after Mediclinic scrapped a bid for the company.Shares in private hospital group Spire dropped sharply after Mediclinic scrapped a bid for the company.
Spire had rejected a revised bid that valued its shares at 315.5p each, saying the offer "undervalued Spire and its prospects".Spire had rejected a revised bid that valued its shares at 315.5p each, saying the offer "undervalued Spire and its prospects".
Shares in the FTSE 250-listed Spire fell more than 7% on the news, while Mediclinic - a FTSE 100 member - dropped 3.7%. Shares in the FTSE 250-listed Spire fell 6.9% on the news, while Mediclinic - a FTSE 100 member - dropped 3.2%.
The FTSE 100 index was down 26.11 points at 7,354.57 in early trade. After opening lower, the FTSE 100 index recovered as the morning progressed.
Shares in Thomas Cook were up more than 5% following some upbeat broker comment. Panmure raised its rating on the travel company to "hold" from "sell", while HSBC gave the firm a "buy" rating. Shortly after midday, the benchmark share index was up 13.79 points at 7,394.46.
On the currency markets, the pound rose 0.3% against the dollar to $1.3262 and was 0.2% higher against the euro at €1.1233. Shares in Thomas Cook rose nearly 5% following some upbeat broker comment. Panmure raised its rating on the travel company to "hold" from "sell", while HSBC gave the firm a "buy" rating.
On the currency markets, the pound rose 0.2% against the dollar to $1.3240 and was 0.3% higher against the euro at €1.1241.
The euro had fallen sharply in early trade after talks on forming a coalition government in Germany collapsed.
However, after falling by as much as 0.6% against the dollar, the euro then recovered to stand little changed against the US currency at $1.1785.