MARKET REPORT: ITV shares rise as it is targeted for takeover
Shares in ITV rose on reports it has become a takeover target. The stock rose 8.6 percent, or 5.65p, to 71.15p, although it has fallen more than 70 percent since its peak almost a decade ago.
The company, which is home to shows including Coronation Street and Love Island, and whose production arm ITV Studios is behind recent hits such as Rivals for Disney+, is now valued at £2.5 billion.
Its shares have fallen in recent years on concerns about ad spend and the profitability of its streaming service ITV X.
This has led to speculation that the company could be sold or split up, with the Studios production division spun off from the broadcasting division.
Sky News said last weekend that private equity giant CVC Capital Partners was interested in a deal.
According to the report, CVC planned to partner with a European broadcaster such as France’s Groupe TF1, and the pair would then split the company, with CVC Studios taking over and the broadcasting arm moving to TF1.
Takeover target: ITV, whose production arm ITV Studios is behind recent hits such as Rivals for Disney+, is now valued at £2.5 billion
All3Media, owned by RedBird Capital, and Mediawan, backed by private equity giant KKR, are also said to be interested in ITV Studios.
Global stock markets rose and US borrowing costs fell as investors welcomed Donald Trump’s decision to pick fund manager Scott Bessent as US Treasury Secretary when he returns to the White House.
Jefferies economist Mohit Kumar described Bessent as “pro-growth but also fiscally conservative” and added: “Trump’s choice supports our view that concerns about mass
The budget expansions under Trump are exaggerated.”
The FTSE 100 rose 0.4 percent, or 29.6p, to 8,291.68 and the FTSE 250 was up 0.8 percent, or 167.57 points, at 20749.26.
JD Sports shares rose 10 per cent, or 9.34p, to 102.8p after Deutsche Bank analysts upgraded their rating on the self-styled ‘King of Trainers’ from ‘sell’ to ‘hold’ – a sign they believe the share has risen. fallen far enough.
JD fell more than 15 percent in one session last week as it warned it may not hit the £1 billion profit milestone this year due to weaker-than-expected trading.
Even after yesterday’s mini-recovery, shares are down nearly 40 percent since mid-September. And while Deutsche’s upgrade was welcome, UBS analysts cut their price target for the share from 178p to 155p.
Mining giant Anglo American has completed the first phase of its demerger with the £3 billion sale of its Australian coal operations to US company Peabody Energy.
The deal is part of a major restructuring plan launched after the London-listed company fought off a £39 billion takeover attempt from rival BHP (up 0.4 percent, or 9p, to 2086p) earlier this year. Anglo shares added 1.4 percent, or 32p, to 2391p
Pest control group Rentokil Initial shares rose 1.5 per cent, or 6.2p, to 412.9p following the appointment of former Flutter chief executive Paul Edgecliffe-Johnson as chief financial officer.
Pharmaceutical giant AstraZeneca published optimistic data on a trace of its cancer drug Truqap. Shares were flat at 10474p.
Stock Watch – Benchmark Positions
Shares in Benchmark Holdings rose 6.7 per cent, or 2.35p, to 37.7p, after selling its genetics business for £260m.
The company, which specializes in farming and harvesting fish and shellfish, says Novo Holdings will pay £230 million upfront plus £30 million in the future, depending on performance.
Novo Holdings is the controlling shareholder of Ozempic maker Novo Nordisk.
Benchmark plans to focus on its advanced interests in nutrition and health.
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