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WINNERS & LOSERS: easyJet rebuffs third ‘opportunistic’ Castlelake bid

ALN

The following are the leading risers and fallers among FTSE 100 and 250 index constituents on Monday.

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FTSE 100 winners

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Metlen Energy & Metals PLC, up 2.8% at 4,192 euro cents

3i Group PLC, up 2.1% at 2,249p, bought back 1.9 million shares at average 2,279p last week

International Consolidated Airlines Group SA, up 2.0% at 464.1 pence, Deutsche Bank Research raises price target

Fresnillo PLC, up 1.4% at 3,012p

Pershing Square Holdings Ltd, up 1.3% at 3,927p, dividend payment date

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FTSE 100 losers

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Babcock International Group PLC, down 6.4% at 978.3p, reports full-year results

Burberry Group PLC, down 2.6% at 1,105p

JD Sports Fashion PLC, down 2.3% at 83.41p

Diageo PLC, down 1.9% at 1,500.25p

BT Group PLC, down 1.7% at 192.35p

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FTSE 250 winners

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Ceres Power Holdings PLC, up 4.0% at 680.92 pence

easyJet PLC, up 2.9% at 518.49p, rebuffs third Castlelake takeover proposal

Energean PLC, up 2.3% at 713.00p

Pacific Horizon Investment Trust PLC, up 2.0% at 1,238p

Oakley Capital Investments Ltd, up 2.3% at 499.00p

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FTSE 250 losers

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Saga PLC, down 7.8% at 512.92p

Goodwin PLC, down 4.8% at 15,400.00p

Ocado Group PLC, down 4.4% at 172.80p, confirms seeking new chief executive

SDCL Efficiency Income Trust PLC, down 2.9% at 33.02p

Great Portland Estates PLC, down 2.4% at 314.60p, Berenberg cuts price target

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FTSE 100 & 250 movers in focus:

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International Consolidated Airlines Group SA, up 1.9% at 463.35 pence, 12-month range 465.55p-302.65p. Deutsche Bank Research raises price target to 540p from 460p, maintains ’buy’ rating.

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Babcock International Group PLC, down 4.2% at 1,002.50 pence, 12-month range 934.76p-1,527.00p. Reports final results for the year ended March 31. Revenue increases organically by 8% to £5.18 billion, up from £4.83 billion. Pretax profit, however, decreases to £283.7 million from £329.1 million. Underlying operating profit falls to £293.3 million from £362.9 million after a £140.0 million charge relating to the company’s Type 31 frigate contract. Diluted earnings per share fall to 41.3 pence from 48.0p. Babcock recommends a full-year dividend of 7.5p, up 15% from 6.5p, including a final dividend of 5.0p, up from 4.5p. Says its expectations for financial 2027 are unchanged. Babcock also reiterates its medium-term guidance.

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easyJet PLC, up 2.9% at 518.49 pence, 12-month range 332.60p-548.80p. Confirms that it has rejected three takeover proposals from Castlelake LP, the latest of which valued it at around £4.74 billion. Calls it an ‘opportunistic attempt to acquire easyJet on the cheap’. Minneapolis-based asset manager Castlelake says it made a first cash bid for the budget airline of 560 pence per share on June 12. A second tilt of 600p per share followed on June 17, before a third of 625p per share last Saturday. Castlelake says easyJet rejected the latest proposal on Sunday, after earlier rebuffing the prior two plans. Claims that easyJet’s board has shown an ‘unwillingness to engage meaningfully’ and that it is releasing the proposal to enable easyJet shareholders to consider its ‘merits’ ahead of the ’put-up’ or ’shut-up’ deadline on Friday.

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Ocado Group PLC, down 4.4% at 172.80 pence, 12-month range 165.85p-397.90p. The grocer and warehouse technology firm confirms that Chief Executive Officer Tim Steiner and the board ‘continually engage in long-term succession planning and regularly engage with potential candidates.’ Ocado is responding to a Sky News report that says Ocado is preparing to appoint a successor to Steiner, the company’s founding CEO.

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Great Portland Estates PLC, down 2.4% at 314.60 pence, 12-month range 270.00p-377.00p. Berenberg cuts price target to 360p from 377p, maintains ’hold’ rating. Also, the office space developer and landlord announces the pre-letting of 30 Duke Street, St James’s, London. Australian menswear brand MJ Bale has taken 2,636 square feet of space on the Jermyn Street frontage. Great Portland says that in total, 30 Duke Street has secured lettings at rents on average 6.7% ahead of estimated rental value, worth £186 per sq ft, or £12.6 million of total annual rent.

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