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FTSE falls as Shire shares slump FTSE falls as Shire shares slump
(about 3 hours later)
(Open): Shares in Shire plunged 26% after US firm AbbVie said it was reconsidering its takeover offer for the UK pharmaceuticals company. (Noon): Shire pulled the market lower after US firm AbbVie said it was reconsidering its takeover offer for the UK pharmaceuticals company.
AbbVie is rethinking its bid in the light of new US tax rules, which aim to crack down on US firms moving their headquarters abroad to avoid US taxes.AbbVie is rethinking its bid in the light of new US tax rules, which aim to crack down on US firms moving their headquarters abroad to avoid US taxes.
Shares in AstraZeneca, which fought off a takeover bid from US firm Pfizer earlier this year, fell nearly 4%. Shares in Shire dived 25%, and the FTSE 100 fell 58.28 points to 6,334.40.
The FTSE 100 index fell 55.09 points to 6,337.59. Shares in AstraZeneca, which fought off a takeover bid from US firm Pfizer earlier this year, fell 3.4%.
Travel firms staged a recovery on hopes that recent fears over the impact of the Ebola virus had been overplayed. Pfizer had also been intending to move its headquarters to the UK if it had bought AstraZeneca, and there had been speculation that it might come back for a second takeover attempt.
British Airways-owner IAG rose 3.6%, Easyjet climbed 3.4% and Tui Travel was 2.9% higher. BG Group was up 1.9% after the oil and gas producer said it had appointed Statoil's chief executive Helge Lund as its new boss.
In the FTSE 250, shares in UK chipmaker CSR surged 31% to 867.50p after it agreed to be bought for $2.5bn (£1.6bn) by Qualcomm. In the FTSE 250, shares in UK chipmaker CSR surged 31% to 860p after it agreed to be bought for $2.5bn (£1.6bn) by Qualcomm.
Qualcomm, which is the world's biggest mobile chipmaker, will pay 900p a share in cash for CSR.Qualcomm, which is the world's biggest mobile chipmaker, will pay 900p a share in cash for CSR.
Balfour Beatty shares jumped 13% after the company appointed Leo Quinn, head of defence technology firm Qinetiq, as its new chief executive. Balfour Beatty shares jumped 8% after the company appointed Leo Quinn, head of defence technology firm Qinetiq, as its new chief executive.
Balfour has not had a chief executive since May and has issued a number of profit warnings this year.Balfour has not had a chief executive since May and has issued a number of profit warnings this year.
Shares in Qinetiq fell 8.4% on the news. Shares in Qinetiq fell 10% on the news.
Oil prices stabilised having seen sharp falls on Tuesday. Brent crude for November delivery rose 32 cents to $85.36 a barrel while US crude was up 27 cents to $82.11. Oil prices continued to fall, with Brent crude dropping below the $84-a-barrel mark. Brent fell to $83.37 a barrel, before recovering slightly to $84.20. US crude fell to $80.84 a barrel.
On the currency markets, the pound slipped 0.05% against the dollar to $1.5896, and edged up 0.05% against the euro to €1.2570. On the currency markets, the pound rose 0.09% against the dollar to $1.5918, and climbed 0.17% against the euro to €1.2586.