(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Pendragon Plc: Takeover talks for the second-hand car retailer have ended after one of its top shareholders refused to engage with the bid.
- Approval of the 29 pence per share cash offer from an unidentified “large international corporate” was contingent the company’s top five shareholders saying they would vote for it
WPP Plc: The advertising conglomerate boosted its sales outlook for the year following strong demand from technology and health-care industries, despite weaker activity in China where lockdowns have hurt its sales outlook.
London Stock Exchange Group Plc: The exchange operator will start a £750 million share buyback after its first half performance beat analyst estimates.
- The bourse’s said it is “managing costs well,” adding that its services solve “critical issues” for its clients, and pointed to its recurring subscription revenues and transaction revenues that benefit from volatility
Hargreaves Lansdown Plc: Low investor confidence and a lack of market stimulus dented the retail investor’s earnings for the year.
- The company expects economic and geopolitical turbulence to continue to impact asset levels and investor confidence
Outside The City
Liz Truss doubled-down on her economic program and said that a recession is not inevitable just hours after the Bank of England extinguished any hope of a political honeymoon for the next British prime minister.
That’s as UK recruitment companies reported the slowest increase in hiring in 17 months as businesses grow more cautious about the outlook for the economy.
In Case You Missed It
The great resignation could soon become the great sacking, as the tide starts to turn in the UK jobs market. Listen to the latest episode of Bloomberg UK’s In the City podcast:
And as the capital’s housing market slows, this borough is continuing to boom.
Earnings season isn’t quite over yet. Among the companies in focus next week are food-delivery service Deliveroo Plc, asset manager Abrdn Plc as well as gambling firms Entain Plc, Flutter Entertainment Plc, and 888 Holdings Plc.
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