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London Market Report | London Market Report |
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(Close): Drugs shares pulled the market down sharply after new US tax rules were seen as making several UK firms less desirable for takeovers. | |
The US has reduced the benefits to companies who strike what are known as "tax inversion" deals. | The US has reduced the benefits to companies who strike what are known as "tax inversion" deals. |
Shares in Shire sank 2.5% on fears the changes could threaten its agreement to be bought by AbbVie. | |
AstraZeneca - which was a takeover target for Pfizer earlier this year - dropped 3.57%. | |
The FTSE 100 index closed down 97.55 points, or 1.44%, at 6676.08. | |
There was further misery for Tesco, a day after its shares plunged 11% on news it had overstated profits guidance by £250m. | There was further misery for Tesco, a day after its shares plunged 11% on news it had overstated profits guidance by £250m. |
Its shares fell a further 4.2% to 194.5p, despite it announcing that its new chief financial officer, Alan Stewart, was joining the company immediately, more than two months earlier than originally planned. | |
Sugar company Tate & Lyle fell 16.7%, after the company warned that profits would be dented by significant disruption to its supply chain. | |
On the currency markets, the pound rose 0.05% against the dollar to $1.6369 and fell 0.04% against the euro to 1.2728 euros. | |