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April 7: Ferrovial has launched a hostile takeover bid for BAA at 810p a share in cash – the same price it put forward last month. BAA rejected 810p last time; it will do so again. The price is some way below the 853p at which BAA shares were trading earlier today and values the airports group at £8.75bn. Now that there is a formal offer on the table, it may be easier for Ferrovial to have the conversations its needs to have with BAA pension scheme trustees.

The other big story today is a spill over from last night: BAE has confirmed it wants to sell its 20 per cent stake in Airbus. We are planning a big package on this but you can catch up on the latest on FT.com. The stock market, however, is unmoved: the shares are unchanged.

Baugur has confirmed it has 9.5 per cent of House of Fraser. We’ll do a bit more on this in the paper tonight.

Shares in Renovo are off to a good start. Having tried to float last year, the biopharmaceuticals group has returned at a lower valuation. Today, its shares rose from the 87p they were priced at to 105½p. The couple behind this company are interesting, so we’ll do something on them for the paper.

Isoft shares, which had a wild time yesterday, are off another 9 per cent today. Clearly, not everybody was reassured by the company’s statement yesterday that it was in sound financial health.

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