© Reuters. FTSE 100 Live: London climbs with Wall Street called higher
Proactive Investors –
- up 14 points at 7,476
- Compass buys CH&CO for £475 million
- S4 Capital reports in line fourth quarter trading
Bodycote buyback should be taken well
Bodycote is the top performer in the , up 4.9%, after announcing a £60 million share buyback.
The returns to shareholders came after the firm said it had agreed with Stack Metallurgical Group not to complete the acquisition of the business due to a failure to satisfy all closing conditions to the agreement.
Bodycote said it was making the buyback in light of the lower than anticipated acquisition spend.
Analysts at Jefferies said: “We are relaxed about this morning’s update, and while the decision to not complete the SMG acquisition throws up a few questions and calculating the impact on profits/earnings is not straightforward, there is nothing untoward here, and the decision to…
