FTSE 100 movers: Segro surges after rejecting £12.6bn approach; Fresnillo slumps

(Sharecast News) - London's FTSE 100 was up 0.3% at 10,461.36 in afternoon trade on Wednesday. Segro surged to the top of the index after rebuffing a £12.6bn takeover approach from US real estate giant Prologis.

San Francisco-based Prologis, a specialist in logistics facilities, confirmed it had approached Segro earlier in June with an indicative all-share proposal.

Under the terms of the proposed combination, Segro shareholders would receive 0.084 new Prologis shares for every Segro share they hold. Based on the closing price of 23 June, the deal implies a value of 925p for each Segro share. Following completion, Segro shareholders would hold around 10.5% of Prologis' issued share capital.

However, Segro said the board had "unanimously and unequivocally" rejected the proposal, arguing that it fell "a long way short" in terms of valuation.

Land Securities, British Land and LondonMetric also gained.

On the downside, precious metals miner Fresnillo was the worst performer on the index as gold prices fell below $4,000 an ounce for the first time since November 2025.

Miners Glencore, Anglo American and Antofagasta were also in the red as copper prices retreated.

Defence firm Babcock fell after Germany scrapped a multibillion-euro project to build the biggest warship commissioned by the navy since the second world war.

FTSE 100 - Risers

SEGRO (SGRO) 880.20p 19.16% Games Workshop Group (GAW) 21,380.00p 5.21% Land Securities Group (LAND) 651.00p 4.40% Barratt Redrow (BTRW) 273.90p 4.40% British Land Company (BLND) 417.20p 4.18% Persimmon (PSN) 1,069.00p 4.12% Haleon (HLN) 345.90p 3.60% LondonMetric Property (LMP) 188.40p 3.28% Whitbread (WTB) 2,521.00p 2.85% St James's Place (STJ) 1,174.50p 2.70%

FTSE 100 - Fallers

Fresnillo (FRES) 2,685.00p -5.71% Airtel Africa (AAF) 332.40p -4.08% Glencore (GLEN) 509.10p -3.88% Anglo American (AAL) 3,578.00p -3.05% Lion Finance Group (BGEO) 11,140.00p -2.95% Flutter Entertainment (DI) (FLTR) 7,370.00p -2.74% BP (BP.) 484.55p -2.70% Antofagasta (ANTO) 3,607.00p -2.63% Babcock International Group (BAB) 980.60p -2.46% Metlen Energy & Metals (MTLN) 41.60p -2.39%