Good morning. Jan du Plessis, SABMiller’s combative chairman, knows a thing or two about bids: last year he saw off an unsolicited approach from Glencore for Rio Tinto, where the South African-born grandee is also chairman.
Two weeks after rival brewer AB InBev made a preliminary takeover approach for SABMiller, the Peroni owner has updated investors on current trading. “Growth accelerated in the second quarter of the year, underpinned by our unmatched footprint in the growing beer markets of the world,” says SABMiller this morning.
No doubt AB InBev’s advisers will pick over the trading statement - and in particular the hit from currency movements. But arbitrage traders betting on what would be Britain's biggest-ever takeover of a UK company - with a price tag of at least £70 billion - will be unnerved by the decision to bring forward the trading update. What does it tell us about the prospects of a deal getting done?
For the latest on the market reaction log on to our Business Now live blog.
Elsewhere, John Wood Group has appointed a new chief executive. Robin Watson, currently chief operating officer at the the Scottish oil industry services company, will take the helm on January 1, replacing Bob Keiller who has “decided to retire”.
Despite a slight slowdown in like-for-like sales at Greggs in the third quarter, the 4.9 per cent growth was “slightly ahead of expectations”, the UK bakery chain said. As the cold weather sets in, the retailer says it has benefitted from relaunching its hot food menu.
There are also updates from UK Mail, which says its first half performance is in line with its revised expectations in August when it issued a profit warning. Ted Baker has reported a 25 per cent jump in sales, boosted by strong sales growth in the US.
The great and the good will gather today at the Royal Albert Hall for the Institute of Directors annual convention. The speakers include Lord Mandelson, Lord Lawson, Lloyds chief executive Antonio Horta-Osorio, BAE Systems’ Sir Roger Carr and Sir Charlie Mayfield, chairman of John Lewis.
But the most timely (and closely) watched session comes at midday: What can Rugby and Business learn from each other? No doubt when Ian Ritchie, chief executive of the Rugby Football Union accepted the invitation he hadn’t even considered that England might already have crashed out of its World Cup.
Harry Wilson, our city editor (and England rugby fan) will be there. He’ll be filing regular updates to our Business Now live blog and Twitter @harrynwilson.
On the economics front we get the latest global economic forecasts from the International Monetary Fund this afternoon - brace yourselves for downgrades. Ahead of that the Halifax House Price Index for September 2015 will be released shortly. We get monthly car registration data from the Society of Motor Manufacturers and Traders Society for September at 9.00am. The new car market recorded its 42nd consecutive month of growth in August. Can the industry deliver a 43rd? Or is this extraordinary run about to come to an end?
Please do keep sending me any thoughts or observations about The Times business coverage - richard.fletcher@thetimes.co.uk and don't forget you can also follow me on Twitter for updates throughout the day - @fletcherr.
Have a great day.
Richard Fletcher
Business editor
The Times
richard.fletcher@thetimes.co.uk
|