UK Intervenes in Veolia’s Deal for Suez: The London Rush

Here’s the key business news from London-listed companies this morning. Author of the article: Bloomberg News Charles Capel and Victoria Wakely (Bloomberg) — Here’s the key business news from London-listed companies this morning. Competition and Markets Authority: The UK’s markets regulator will unwind Veolia Environnement’s deal for Suez in the UK, asking the waste and water…
UK Intervenes in Veolia’s Deal for Suez: The London Rush

Here’s the key business news from London-listed companies this morning.

Author of the article:

Bloomberg News

Charles Capel and Victoria Wakely

(Bloomberg) — Here’s the key business news from London-listed companies this morning.

Competition and Markets Authority: The UK’s markets regulator will unwind Veolia Environnement’s deal for Suez in the UK, asking the waste and water management company to sell three businesses. 

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  • The CMA said the sales will protect councils and businesses from probable higher prices and lower-quality services 

CRH Plc: The building materials company managed to improve its earnings and margins in the first half of the year, despite what they called a “challenging and volatile cost environment.”

  • The company expects its European operations to continue to be impacted by inflation and macroeconomic uncertainty, but despite this expects full-year Ebitda higher than last year 

Hays Plc: Strong labour markets and wage inflation have buoyed the recruiting company’s full-year results, delivering what it says are record fees and “material” profit growth. ​​​​​​

Outside The City

Boris Johnson announced a £54 million support package for Ukraine, on his third visit to Kyiv since Russia launched its full scale invasion of the country. Johnson promised to provide thousands of drones and missile systems, taking the total military and financial aid provided by the UK since February to £2.3 billion. Elsewhere, The Resolution Foundation and British Chambers of Commerce called for Covid-style emergency support from the UK government to deal with high energy costs in two separate proposals.

In Case You Missed It 

Fertilizer producer CF Industries Holdings Inc. will halt ammonia production at its remaining UK plant in response to soaring natural gas prices, a move that could reduce carbon dioxide supply crucial to the food industry.

Schneider Electric SE said it’s considering a bid to buy out minority shareholders of industrial software developer Aveva Group Plc. Meanwhile,  Rio Tinto Plc boosted its offer for miner Turquoise Hill Resources Ltd to $3.1 billion as it moves to gain more control of a giant copper mine in Mongolia. Shares for both target companies jumped in trading yesterday.

Looking Ahead

Energy regulator Ofgem will announce its price cap on Friday, finally providing clarity to millions of households worried about the cost of their energy bills this winter. The news is expected to be grim, piling pressure on whoever will be the next prime minister to take swift action to ease the burden.

At least the country has the August bank holiday to look forward to, albeit with travel disruption hitting London’s Notting Hill Carnival. 

The Readout with Allegra Stratton will be back from its summer break on Aug. 30. In the meantime, here’s what Bloomberg journalists are reading this summer. 

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