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Imperial Tobacco leads FTSE 100 higher Imperial Tobacco bolsters FTSE 100
(about 3 hours later)
(Open): Shares in Imperial Tobacco led the FTSE 100 higher after the firm moved closer to the purchase of four cigarette brands. (Noon): Shares in Imperial Tobacco rose 2.3% after the firm moved closer to the purchase of four US cigarette brands.
US firm Reynolds American's takeover of rival Lorillard was cleared by regulators on Tuesday, on condition that the firms sells the Winston, Kool, Salem and Maverick brands. Imperial is set to buy the Winston, Kool, Salem and Maverick brands, following US firm Reynolds American's takeover of rival Lorillard.
Imperial Tobacco is set to buy the brands, and its shares rose 2.4%. The takeover has been cleared by regulators on condition that the two US firms sell the four brands.
The FTSE 100 index was up 32.56 points at 6,981.55. By midday, the benchmark FTSE 100 index was up 37.99 points, or 0.55%, at 6,986.98.
Shares in British Airways owner IAG rose 1.6% as the airline group closed in on a takeover of Irish carrier Aer Lingus. Irish cement company CRH rose 2.4% after it was announced the firm will buy assets from France's Lafarge and Switzerland's Holcim following the merger between the two.
Shares in British Airways owner IAG rose 0.7% as the airline group closed in on a takeover of Irish carrier Aer Lingus.
On Tuesday, the Irish government agreed to sell its 25% stake in Aer Lingus to IAG, removing a major hurdle to the deal.On Tuesday, the Irish government agreed to sell its 25% stake in Aer Lingus to IAG, removing a major hurdle to the deal.
In the FTSE 250, shares in De La Rue dived 8.8% after the banknote printer reported a drop in profits and slashed its dividend. In the FTSE 250, shares in De La Rue fell 8.7% after the banknote printer reported a drop in profits and slashed its dividend.
Underlying operating profit for the year to 28 March fell to £69.5m from £89.3m a year earlier, and the banknote printer cut its dividend by 40%.Underlying operating profit for the year to 28 March fell to £69.5m from £89.3m a year earlier, and the banknote printer cut its dividend by 40%.
On the currency markets, the pound rose 0.19% against the dollar to $1.5414, but fell 0.09% against the euro to €1.4130. On the currency markets, the pound was flat against the dollar at $1.5387, and was up just 0.04% against the euro to €1.4149.