Sausage skin producer gets knockout offer
Macro & Overnight
The US was closed yesterday, as they gave thanks.
With most markets stable and bond yields falling, China’s COVID problem is the most prevalent concern regarding the global economy.
Whether China is a net positive or a net negative to the World economy remains uncertain. Is China locking down for longer or preparing to open up? With continuing lockdowns, factory riots, monetary stimulus, property market stresses and rising COVID cases, it is hard to decipher what is happening.
UK Company News
Broker Finncap has called off its talks with rival Panmure Gordon.
Sausage skin manufacturer Devro has announced an agreed offer from Dutch food producer Saria. The offer values Devro at a 65% premium to where it closed last night, highlighting the latent value in the UK mid-cap market. The company also announced a positive trading update.
Furniture retailer ScS is trading in line, but the critical winter sale period is yet to come.
Building products supplier Breedon is on track to deliver record earnings in 2022. While construction output has softened in the second half, most of our end markets remain resilient, with infrastructure and industrial markets continuing to grow. Consequently, we expect to deliver full-year results in line with expectations as set out with our interim results.
Prognosticator
On this day in 1120, 300 people died, including the only legitimate child of King Henry I of England, when the ‘The White Ship’ capsized off the coast of Normandy. This event led to an English civil war known as the Anarchy, lasting twenty years.
NB Prices are as at the previous day’s close.
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