AUS
NZ
UK
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Monday – August 16
1. Future Plc (LON:FUTR)
Future Plc, a media group based in the UK, entered into a takeover agreement with Dennis Publishing, the publisher of Minecraft World and The Week, for £300 million. The acquisition is the latest in Future’s buying spree. The company spent nearly £600 million for the acquisition of GoCompare in November 2020. The move includes the acquisition of a portfolio encompassing 12 titles including adult and junior versions of current affairs title - The Week in the UK and US, Coach, MoneyWeek, Computer Active, IT Pro, Kiplinger, Science & Nature, and PC Pro.
The brands of Dennis Publishing acquired by Future registered sales of about £105 million in 2020, nearly 56% of which emanated from the US and is in line with Future’s strategy to expand in the US and scale up business coverage. The takeover is slated for completion on 1 October 2021.
Tuesday – August 17
2. Glencore Plc (LON: GLEN)
FTSE 100 listed Glencore, a UK-based mining giant, agreed to purchase a stake in the startup, Britishvolt, for an undisclosed amount. Britishvolt announced plans to invest £4 billion for building the UK’s first large-scale electric vehicle battery manufacturing gigafactory in Northumberland. Glencore’s long-term strategic partnership with Britishvolt would also include supply of cobalt to the facility.
The gigafactory is presently under construction at the decommissioned coal-fired power plant site in Blyth, England. The factory would employ a total of 3,000 people once operational in its full capacity and produce battery cells for nearly 300,000 electric vehicles.
Wednesday – August 18
3. Balfour Beatty Plc (LON: BBY)
UK-based construction company Balfour Beatty recorded losses worth £23 million in H1 2021, due to issues surrounding residential projects in Central London. Disruptions caused by the COVID-19 pandemic and increased costs resulting in delays in supply chains, thereby lengthening project timelines. During the pandemic, the UK’s construction sector was forced to conduct operations intermittently. With the lifting of lockdown restrictions, the sector is currently witnessing pent-up demand in recent months. However, delays in shipping and shortage of heavy goods vehicle drivers in the UK have increased prices and reduced margins.
Balfour Beatty announced a halt on the bidding of fixed-price residential property projects in Central London. However, the group registered profits from its Hong Kong and US divisions. The overall group pre-tax profits in H1 2021 reached £35 million compared to pre-tax losses of £26 million in H1 2020, and revenues for the period reached £4.15 billion compared to £4.12 billion in H1 2020.
Thursday – August 19
4. McBride Plc (LON:MCB)
McBride, Manchester-based contract manufacturer of own brand cleaning products for retailers, agreed to raise prices with retailers. The company, however, forecasts raw material price rise to start later. The company previously highlighted a challenging raw material environment due to high prices and availability. Currently, the group is facing distribution challenges, due to shortage of lorry drivers in Germany and the UK, thereby impacting costs and transport availability. The board changed its guidance for adjusted pre-tax profit from 65% to around 55%, and net debt from 5% to 10%.
Friday – August 20
5. Morrison (WM) Supermarkets Plc (LON: MRW)
Morrison (WM) Supermarkets Plc (LON:MRW), UK’s fourth-largest supermarket chain, accepted a revised takeover bid valued at £7 billion or 285 pence per share from Clayton, Dubilier & Rice (CD&R), an American private equity firm. Morrisons had rejected the equity firm’s earlier offer of £5.5 billion or 230 pence a share in June this year, accusing the equity firm of undervaluing the company and its assets. Regulators gave the equity firm time until 20 August to come back with a revised offer. The new bid is at 60% premium to the supermarket’s share price on 18 June 2021.
