Shares down as miners again retreat2007-05-14 16:52:39

Centrica gained 7.50 to 392.50 - the domestic energy supplier reporting that it may beat full year profit forecasts after its British Gas division showed a pickup in customer numbers - having shed one million last year when it raised gas and electricity prices.

The firm has since cut prices twice in the space of 4 months as it passed on a fall in wholesale gas prices to customers.

WM Morrison added 1.25 to 329 - private equity firm CVC denying a Sunday Express report that it's considering launching a bid for the food retailing giant.

Speculation that Britain's 4th largest supermarket chain was on the radar of CVC grew after the latter recently decided not to proceed with a bid for J. Sainsbury.

Reuters eased 5.25 to 607.75 - weekend press reports suggesting that the Reuters Founders Share Company, which upholds the editorial independence of Reuters, is to back a proposed takeover of the media group by Canada's Thomson Corp.

A formal announcement by Thomson and Reuters could be made as early as this week, according to the same reports.

Compass Group softened 0.50 to 358 - the catering firm announcing it has agreed to sell its European vending business, Selecta, to a company managed by Allianz Capital Partners, for £772.5 million on a debt and cash free basis.

In a separate but related development, Compass said it intends to return £500 million of the proceeds to its shareholders by way of a share buy-back programme over the next 12-18 months.

This is in addition to the return of £500 million to shareholders, following the sale of SSP and Moto in 2006, taking the total share buy-back to £1 billion.

Britvic put on 16 to 371 - the soft drinks producer confirming it's to acquire the soft drinks and distribution businesses of C&C Group plc for 249.2 million euros £169.5 million in cash.

C&C owns a number of leading brands in the Republic of Ireland and Northern Ireland, including Club, Ballygowan Water, Britvic, Cidona, MiWadi, and Energise Sport, as well as the rights to Pepsi and 7Up brands through local bottling agreements with PepsiCo.

Misys

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2007-05-14 16:52:39 © Moneyextra.com