Britvic (BVIC), Carlsberg (DK:CARL), Prudential (PRU), THG (THG) and Frasers Group (FRAS)
Britvic (BVIC) shares rose 8 per cent in early trading after Carlsberg (DK:CARL) took a firm step forward in its pursuit of the business by removing a potential acquisition stumbling block. Carlsberg said it had agreed with PepsiCo (US:PEP) that the US giant would “waive the change of control clause in the bottling arrangements it has with Britvic”. PepsiCo could have terminated the arrangements, making Britvic a less appealing takeover target.
Britvic has turned down two takeover approaches from Carlsberg so far. The Danish brewer now has a deadline of 19 July to confirm it intends to make an offer. CA
Read more: Britvic shares have plenty of fizz
Pru buyback sends shares soaring
Prudential (PRU) has announced a larger than expected buyback, sending its shares to the top of the FTSE 100 leaderboard. The insurer will buy back $2bn of shares over the next two years, twice the amount forecast by some analysts. Prudential added that it continues to expect its 2024 annual dividend to rise by 7 to 9 per cent year on year.
“Progress towards our financial objectives will increase the potential for further cash returns to shareholders,” chief executive Anil Wadhwani said.
Given our focus on quality growth in both value and cash and on account of the progress on execution of our strategy, we have confidence in our FY2024 new business growth and in achieving our 2027 financial and strategic objectives."
Prudential shares were up 5.4 per cent by mid-morning. DJ
