FTSE 100 movers: Segro surges on final Prologis offer; Babcock gains

(Sharecast News) - London's FTSE 100 was 1.5% higher at 10,744.89 in afternoon trade on Wednesday. Segro surged after persistent suitor Prologis made a last-gasp "best and final" offer of £14bn for the British landlord.

The US logistics giant said it was now offering 0.092p new Prologis shares for each Segro share, a 9.5% hike on its first proposal made in June, with a partial cash alternative of up to £3.5bn, representing 25% of the total consideration. It also confirmed that it would explore the feasibility of a secondary listing in London in connection with the possible merger.

It has also requested Segro seeks an extension of the current 'put up or shut up' deadline, which is due to expire at 1700 BST, although it noted the offer would not be increased.

Babcock was also in the black again, having rallied on Tuesday on news of former Defence Secretary John Healy's appointment as chancellor.

FTSE 100 - Risers

Prudential (PRU) 1,111.00p 3.93% SEGRO (SGRO) 903.80p 3.86% Persimmon (PSN) 1,096.00p 3.64% Weir Group (WEIR) 2,534.00p 3.43% Reckitt Benckiser Group (RKT) 5,096.00p 3.21% Airtel Africa (AAF) 346.20p 3.16% SSE (SSE) 2,525.00p 3.10% Babcock International Group (BAB) 1,118.00p 3.09% Barratt Redrow (BTRW) 294.80p 3.08% Experian (EXPN) 2,785.00p 2.70%

FTSE 100 - Fallers

Burberry Group (BRBY) 1,053.00p -2.72% Flutter Entertainment (DI) (FLTR) 7,566.00p -2.20% IG Group Holdings (IGG) 1,718.00p -1.26% Metlen Energy & Metals (MTLN) 43.57p -0.98% International Consolidated Airlines Group SA (CDI) (IAG) 438.20p -0.90% Entain (ENT) 549.00p -0.83% British American Tobacco (BATS) 4,589.00p -0.82% Halma (HLMA) 3,594.00p -0.66% Scottish Mortgage Inv Trust (SMT) 1,348.50p -0.59% Next (NXT) 14,875.00p -0.54%