International Paper Scraps Smurfit Bid

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Wednesday, 6 June: The FTSE began around a quarter percent higher today and remained relatively unchanged through to the close where it settled +0.33% higher at 7712.37. The index was lifted from mining shares which were helped from a brief recovery in the price of oil and base metals. Rio Tinto finished the day at the top of the index, up 3.3%, followed closely by the likes of Antofagasta, Anglo, Glencore and BHP. Smurfit Kappa spent the majority of the morning session at the summit of the FTSE after rival International Paper eventually gave up its pursuit of the Irish firm. They blamed a lack of engagement from Smurfit’s board behind the reason for winding-up the €8.9m bid. Shares in Smurfit eventually closed 0.55% higher.

Once again technology stocks continued their recent run of form to help markets tick higher and drive the NASDAQ into record high territory. As we write the index looks to make it three days of consecutive record closing highs.

Poundworld’s rescue took a huge blow today after the main contender in the bid to buy the chain pulled out of talks. Alteri Investors who specialise in situations like Poundworld’s was in advanced talks and therefore leaves it’s high street presence in huge jeopardy.

 

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