The FTSE 100 is called to open flat this morning following the overnight performances on Wall Street and in Asia with the issue of Greece still acting as a focus on investor sentiment. The economic diary today sees the final day of the G7 meeting and the second reading of US Q1 2015 GDP data and the revised University of Michigan consumer sentiment index. Commodity prices are firmer and on the foreign exchanges, the pound is higher against both the dollar and the euro ahead of these US data releases and any news from the G7 meeting. It is a quiet end to the week for major corporate news.
Company Announcements
Telecity
The data centre provider has confirmed media reports with the announcement of a recommended cash and share offer by Equinix for the company with the previous merger and implementation agreement that Telecity had entered into with Interxion in March terminated. Under the terms of this new deal, the transaction represents a value of 1,145p per Telecity share and a value of £2.35bn for the entire issued and to be issued share capital. Following completion of the deal, Telecity shareholders will hold 10.1% of the combined group and it has been agreed that John Hughes, Executive Chairman of Telecity will join the Board of Equinix. The deal will be implemented by way of a scheme of arrangement. Equinix believes the transaction will allow it to benefit from increased scale and extend the global reach of its platform.
Contributed by SVS Securities
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