Apax disappoints London
by Brian Turner
The London markets were down by mid-afternoon Thursday, with the FTSE 100 down 0.1 percent to 4,955.3 and the FTSE 250 falling 0.8 percent to sit at 7,182.9.
The losses were primarily due to weakness in the mining and oil sectors and the fact that Apax Partners had dropped its bid to take over Woolworth’s.
Woolworth’s shares were down 29.1 percent to 39 p after Apax abandoned its takeover offer, estimated to be around £837 million.
This withdrawal by Apax was seen as bad news for the retail sector generally.
There was also speculation that Apax really only wanted Woolworth’s Entertainment Division and decided that buying the whole package was too risky.
Meanwhile in the oil sector, Shell was down 0.6 percent and BP fell 1.2 percent. The mining sector was generally down for the second straight day.
In pharmaceuticals, AstraZeneca rose by 1.9 percent and GlaxoSmithKline was up 2 percent.
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