Shares close in on 7-year high2007-07-13 17:05:14

Barclays gained 7 to 725.50 - the Dutch Supreme Court ruling that ABN AMRO can proceed with the sale of its U.S. unit LaSalle, without consulting shareholders.

The move - seen as a boost for Barclays' proposed £44 billion takeover of ABN AMRO - will mean a radical rethink for the rival bid from the Royal Bank of Scotland-led consortium.

RBS CEO, Fred 'The Shred' Goodwin, had been banking on the Dutch Supreme Court giving the thumbs down to the sale of LaSalle - a unit he has long had his eyes set on.

Goodwin can now either walk away from the deal altogether or construct a new one - with LaSalle not included - ahead of a deadline due in 10 days time.

Ladbrokes put on 10.75 to 448.50 - Deutsche Bank raising its recommendation on the gaming outfit from 'hold' to 'buy'

The investment bank says the benefits of U.K. deregulation are not, in the main, factored into market forecasts, at present. Nor indeed are the benefits from deregulation in continental Europe.

Emap rose 11 to 838 - the media group reportedly in talks to offload 50% of its television music stations to Channel 4 for about £30 million.

The story isn't new, given rumours have been rife in the market for the best part of a year now. Indeed, only last February the Daily Mail claimed Emap was close to selling its radio stations to Channel 4 in an £80 million deal.

EMI added 1.50 to 270.25 - private equity firm Terra Firma extending the offer period for its £2.4 billion agreed takeover of the music publisher by 1 week to July 19th.

Terra Firma said it has received acceptances for its offer from shareholders owning 3.82% of EMI. But many shareholders continue to sit on the fence pending a potential rival offer from Warner Music, which only last month said it was considering a bid.

Electrocomponents gave up 4.25 to 263.50 - the electrical products distributor reporting in a Q1 trading update that sales grew by around 7% for the Group, comprising 11% in International, 2% in the UK.

Within International, which represents some 60% of Group turnover, sales rose by around 8% in Europe, 16% in North America and 14% in Asia Pacific.

Meanwhile, gross margin of the Group was around 50.1% - in line with plan.

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2007-07-13 17:05:14 © Moneyextra.com