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July 30, 2011 5:36 am
Takeover approaches provided the week’s biggest risers.
Hansen Transmissions soared by 91 per cent after German engineer ZF Friedrichshafen made a bid that valued it at £444.8m ($730.3m) – nearly double its previous valuation.
“We believe Hansen provides strategic value to ZF that other potential bidders would struggle to justify, and therefore we see a high probability that ZF’s offer will be successfully executed,” said UBS.
Mecom rose 7.3 per cent after announcing a planned interim dividend. Cost savings helped the pan-European newspaper publisher report narrowed interim losses and management was hopeful of an upturn in advertising revenue.
AssetCo proved to be the week’s biggest gainer, up 133 per cent. The troubled company, which supplies London’s fire engines, bounced after shareholders said they were prepared to inject £10m as part of a plan that would allow it to retain its Aim quote.
Among the fallers, Armour Group slumped 46.9 per cent after the audio-visual specialist cut full-year guidance due to “challenging trading conditions”.
Sound chipmaker Wolfson Microelectronics also delivered a cut to guidance, which sent the shares down 7.4 per cent.
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