Three developing stories at the UK stock market open.
1. Sale of Anglo American’s nickel business agreed as portfolio focus continues
After yesterday’s update on the planned demerger of Anglo American LON:AAL Platinum, the company has this morning announced that it has agreed the sale of its nickel business for up to $500m. That’s a $350m upfront payment followed by two potential additional tranches and continues the company’s path of disposals to provide a more focused portfolio and better investor proposition. The transaction is still subject to approvals but is planned to complete by Q3 ’25.
2. IHG full year results highlight next round of share buyback
Intercontinental Hotels Group LON:IHG, the brand behind names like Holiday Inn, has this morning issued full year numbers. Revenues are up 7%, adjusted EPS is 15% higher and shareholders are on course for a 10% uptick in the dividend. A new share buyback program for $900m has been announced, although it’s worth noting that this is being fuelled in part by expanding debt – last year saw this metric grow by $510m, which was attributed in part to the $1bn+ of shareholder returns.
3. Assura board confirm rejection of takeover bid
Assura LON:AGR has issued an update on the company’s position in response to the bid to buy out the company that went formal on Friday night. As had been reported in the media already, management are rebutting the deal, stating that it materially undervalues the business and noting that the company can continue to deliver shareholder value from here.
