(Bloomberg) — Here’s the key business news from London-listed companies this morning.
BT Group: The UK will review French telecom tycoon Patrick Drahi’s increased stake in the British telecommunications company under the National Security and Investment Act 2021, after Business Secretary Kwasi Kwarteng exercised his “call-in power”.
- It is the second case of this power being used in as many days, with Nexperia’s deal to buy British semiconductor plant Newport Wafer Fab being called in by Kwarteng on Wednesday
Serco Group Plc: The outsourcing provider boosted its full year expectations despite its lucrative Test & Trace revenues dropping off.
- The company said it replaced Test & Trace sales with contracts in Immigration and other work around the world, meaning its underlying trading profit will be “significantly ahead” of the expectations it set out in February
Johnson Matthey Plc: The specialty chemicals provider agreed a sale of part of its battery materials business to EV Metals Group for £50 million cash.
- The company chose to exit the competitive battery making industry due to “insufficient returns” as well as the need for “very high capital investments to remain competitive,” the CEO said
Outside The City
Boris Johnson’s government will today set out fresh support for Britons struggling with a record squeeze on living standards, which may prove more threatening to the prime minister’s political future than the damning Partygate report.
Meanwhile, public support for the Northern Ireland Protocol has more than doubled from a year ago, a new survey showed.
In Case You Missed It
Almost a decade after playing home to Europe’s first mass-produced electric car, the UK is at risk of becoming a footnote in the global auto industry’s shift to battery-powered vehicles.
And HSBC Holdings Plc has been examining an initial public offering of its Indonesian business to tap buoyant investor demand in the world’s fourth-most populous country.
Also, the latest episode of ‘In The City’ is out this morning. Listen to Roger Mitchell, founder of sports consulting firm Albachiara, explain how American money will change European football, after Todd Boehly’s deal for Chelsea FC was approved.
Looking Ahead
Next week, Dr. Martens Plc and Russian gold miner Petropavlovsk Plc are among the few London-listed companies due to report ahead of the long Jubilee Weekend.
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