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Reports UK

UK stock market morning note (July 14, 2014)

July 14, 2014, Monday, 09:46 GMT | 04:46 EST | 13:16 IST | 15:46 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following the steadier performances on Wall Street and in Asia overnight following the decline late last week over concerns about Espirito Santo in Portugal. There is no major economic data due for release today although the ECB President Mario Draghi is due to give a speech 6.00pm UK time. Commodity prices are flat to lower and on the foreign exchanges, the dollar is slightly higher against the pound, euro and yen but all are within narrow trading ranges.


Company Announcements

Shire

Following discussions with AbbVie, Shire has confirmed that it received a further revised proposal from AbbVie on 13 July 2014. This comprises GBP24.44 in cash and 0.8960 shares of new AbbVie per Shire share, which based on AbbVie's share price on 11 July gives an indicative value of GBP53.20 per Shire share. Shire's board has now indicated it is willing to recommend an offer at this revised level subject to satisfactory resolution of other offer terms. Both companies are in detailed discussions in relation to these terms with Shire adding that there can be no certainty that a firm offer will be made and a further update will be provided when appropriate.

Sports Direct

It has confirmed weekend press reports of its plans to launch in Australia and New Zealand by forming an online partnership with OzSale.com.au, part of the MySale Group. Sports Direct also intends to open three stores in Australia and one in New Zealand, replicating its UK retail model, as well as hosting an OzSale.com.au outlet within each store. It added that it will announce a deal with a 'leading Australian retail partner shortly'.

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