MARKET REPORT: North Sea giant Harbour closes in on £9bn German deal

British companies, one by one, are being plucked off the London stock market by foreign predators.

But two deals suggest the siege is not all one-way traffic.

North Sea producer Harbour Energy is closing in on a near-£9billion takeover in a swoop on most of the oil and gas assets owned by Germany’s Wintershall Dea.

The acquisition, which was announced in December, has now been approved by Germany and Norway and should be completed in the final three months of 2024.

Harbour also said it expects production to double after the deal, making it a major global player. Shares soared 7.7 per cent, or 21.5p, to 301.1p.

North Sea producer Harbour Energy is closing in on a near-£9bn takeover in a swoop on most of the oil and gas assets owned by Germany’s Wintershall Dea

At the same time, Rolex seller Watches of Switzerland bought the Italian jewellery brand Roberto Coin for £104million.

The group, which is the owner of the Goldsmiths and Mayors jewellery chains, added 3.6 per cent, or 11.8p, to 336.8p.

But US private equity looks to have won the battle for Hipgnosis Songs Fund after a rival pulled out. 

Apollo-backed Concord will not raise its £1.2billion bid for the music rights owner, paving the way for Blackstone’s £1.3billion takeover bid to go ahead. Hipgnosis fell 2.5 per cent, or 2.6p, to 102p.

The FTSE 100 rose 0.3 per cent, or 27.30 points, to 8381.35 and the FTSE 250 was up 0.2 per cent, or 39.31 points, to 20,531.30. 

Life for the Cambridge chip designer Arm is proving a little tougher than appeared just a few months ago.

Stock Watch – Robinson

Robinson, which makes plastic bottles, tubs and containers, soared 12.5 per cent, or 12.5p, to 112.5p after it raised its annual forecasts following a strong start to the year.

The firm, whose customers include Reckitt Benckiser, Unilever and Fortnum & Mason, said revenues in 2024 should be higher than last year and profits are likely to be about £3million – up on 2023’s £2.2million. 

In the first four months of the year, revenue was up 8pc year-on-year.

Around £6billion was wiped off its value in early trading after an update from the Nasdaq-listed firm left investors disappointed.

It expects revenues of between £3billion and £3.3billion for the year to March 2025. The shares are down 40 per cent since peaking in February.

But they remain up 75 per cent since it made its debut on the New York stock market in September, a switch described by analysts as ‘another kick in the teeth’ for the Square Mile.

Back in London, Frontier Developments fell 0.3 per cent. or 1p, to 299p after it landed a deal to make a third Jurassic World game.

Private equity group 3i reported a slump in returns and higher costs as it warned that continuing economic pressures and geopolitical tensions are likely to affect market confidence. Shares fell 5.2 per cent, or 154p, to 2820p.

BAE Systems said the US aid for Ukraine and extra UK defence spending will add ‘further momentum’ to already high demand, lifting it 0.8 per cent, or 10.5p, to 1392p.

Avon Protection won a £38million contract to supply gas masks to the Ministry of Defence, and gained 4.2 per cent, or 52p, to 1286p.

Wealth manager Rathbones said funds under management and administration rose 2.1 per cent to £107.6billion in the first quarter to the end of March.

Its shares gained 0.6 per cent, or 10p, to 1776p.

Engineer IMI’s revenues are up 4 per cent between January and March, lifting the stock 0.3 per cent, or 5p, to 1851p. 

Infrastructure group Balfour Beatty is cashing in on projects for BP and Rolls-Royce and expects annual profits to rise. It rose 0.6 per cent, or 2.4p, to 384.4p.