Rio Tinto Makes Offer to Buy Out Turquoise Hill: The London Rush
(Bloomberg) — Here’s the key business news from London-listed companies this morning:
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Rio Tinto Plc: The mining behemoth has made an offer to buy the about 49% of miner Turquoise Hill Resources Ltd that it doesn’t already own, a stake valued at about $2.7 billion.
Bodycote Plc: The thermal processing company’s fourth quarter results were negatively impacted by significantly higher energy prices, an expense which historically takes up about 10% of its revenues.
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It expects this impact to continue into the first part of 2022, but it says in the mid-to-long term, its more energy efficient furnaces can encourage customers to outsource to the company
Alphawave IP Group Plc: The communication infrastructure provider has agreed to buy OpenFive for $210 million in cash, adding the company’s high-speed connectivity system-on-chip IP portfolio to its semiconductor business.
Outside The City
Negotiators from Russia and Ukraine are set to hold further talks today, after a weekend where Moscow increased its aerial attacks on western areas closer to Ukraine’s border with Poland.
From today, households in the U.K. will be able to register their interest to host refugees from Ukraine. It is part of a renewed humanitarian response by the government, after weeks of criticism for not doing enough to help the more than 2.5 million people estimated to have fled the war.
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Yesterday, Chancellor of the Exchequer Rishi Sunak called on British firms to stop investing in Russia. On Friday, British American Tobacco Plc, the maker of Lucky Strike cigarettes, said it would pull out of the country, cutting its financial guidance in the process.
Later this week, the U.K. will outline a two-step process to support Britons through a cost of living crisis, after Sunak had a change in heart in the wake of the fallout of the war in Ukraine, The Telegraph reported yesterday. Last week, Bloomberg reported that the government is considering boosting aid for households facing a surge in energy costs.
Looking Ahead
Later this week, the Bank of England could announce a rate hike, giving an insight into how central banks will respond to the war. Meanwhile, unemployment data for February will indicate whether the U.K.’s labor shortages continued to ease last month.
Plumbing and heating products distributor Ferguson Plc and Close Brothers Group Plc are among companies expected to disclose earnings tomorrow.
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