Sector movers: Imperial lifts tobacco stocks
The tobacco sector was doing well after being in the doldrums the last few days. Imperial Tobacco said it would launch a tender offer for the remaining shares of Altadis' Logista at €52.50 per but said it would back down if a rival bidder offered more.
The group said the offer for the remaining 40% stake of Logista, which Altadis does not own, will total €910m.
The acquisition of Altadis, which went unconditional earlier in the week, will be financed through new bank facilities and an underwritten rights issue, which it currently estimates will be no more than £5bn. It is expected to be completed by 18 July 2008.
General retailers were lower after Kingfisher announced that Ian Cheshire will be the DIY retailer's new chief executive as of next Monday, replacing the outgoing Gerry Murphy who flagged his departure last November.
China-based mobile phone retailer EBT Mobile's revenues for the year to end December will be about 11% below the house broker's forecasts. Technology and hardware sector was down.
Top performing sectors so far today
Mobile Telecommunications 4,011.90 +3.12%
Tobacco 23,170.90 +2.11%
Technology Hardware & Equipment 256.30 +1.91%
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Automobiles & Parts 4,225.20 +1.90%
Electricity 7,157.60 +1.74%
Bottom performing sectors so far today
Health Care Equipment & Services 3,776.50 -2.35%
General Retailers 1,671.90 -1.95%
Insurance (non-life) 1,208.50 -1.70%
Real Estate 3,682.70 -1.66%
Chemicals 4,649.00 -1.43%
