Intertek rejects EQT's sweetened offer, IAG warns on FY profits
By Iain Gilbert
Date: Friday 08 May 2026
(Sharecast News) - LONDON PRE-OPEN
The FTSE 100 was expected to open 82.1 points lower ahead of the bell on Friday, after wrapping up the previous session 1.55% weaker at 10,276.95.
STOCKS TO WATCH
Intertek rejected private equity group EQT's sweetened offer of £58 a share on Friday, saying it "significantly undervalues" the company and its future prospects, adding that there was major execution risk given its conditional nature. Intertek said it still believed that a potential separation, either through a sale or demerger, of its energy and infrastructure division from its testing and assurance operations presented a "significant value creation opportunity for shareholders".
Telecommunications provider Airtel Africa posted a strong set of full‑year results on Friday, with revenues, margins and earnings all rising sharply as the group benefited from robust customer growth, higher data usage and continued momentum in its mobile money business. Airtel Africa said reported revenues jumped 29.5% to $6.42bn for the year ended 31 March, driven by broad‑based growth across its markets and supported by tariff adjustments in Nigeria. Underlying earnings rose 37.2% to $3.16bn, with margins improving to 49.3% from 46.5% a year earlier. Operating profits increased 45.1% to $2.12bn, while pre-tax profits more than doubled to $1.42bn.
British Airways and Iberia owner IAG warned on Friday that annual profits would come in lower than previously expected at the beginning of the year, with the Middle East conflict set to have a more substantial impact throughout the rest of the year as the increase in fuel costs "starts to manifest itself".
NEWSPAPER ROUND-UP
Meta has launched a legal challenge against the UK's media regulator over the fees and fines regime it is enforcing under landmark digital safety legislation. The Facebook and Instagram owner is claiming that Ofcom's methodology for calculating the charges is flawed and should not be based on a company's global revenue. Breaches of the Online Safety Act can be punished by fines of up to 10% of qualifying worldwide revenue or £18m - whichever is higher. - Guardian
The investment company that owns the former WH Smith high street stores is charging the retailer millions of pounds in licence fees for the right to use its widely derided TG Jones name, the Guardian can reveal. Modella Capital, which bought the chain from WH Smith's parent company last year, on Wednesday blamed weak consumer spending as it laid out a restructuring plan that could shut 150 of its 450 shops. It also said "the forced name change from WH Smith has also negatively impacted consumer awareness". - Guardian
Labour has been accused of creating a "hellscape" of red tape for housebuilders after drawing up stringent new rules for tower blocks. The housing department has proposed legislation requiring builders to install at least two evacuation lifts big enough to contain a wheelchair and an accompanying person in buildings taller than six storeys. - Telegraph
A pack of buyout firms has begun circling Network Plus, one of Britain's biggest utility services providers, as its Canadian owners eye a £1bn sale bonanza. Sky News understands that private equity firms, including Bain Capital and Bridgepoint, are among the prospective bidders exploring offers for Network Plus, which works with key infrastructure groups in sectors including water, gas and transport. - Sky News
US CLOSE
US markets closed lower on Thursday as major indices gave back some of the previous session's wins, with geopolitical developments and fresh earnings updates in focus.
At the close, the Dow Jones Industrial Average was down 0.63% at 49,596.97, while the S&P 500 shed 0.38% to 7,337.11 and the Nasdaq Composite saw out the session 0.13% softer at 25,806.20.
Reporting by Iain Gilbert at Sharecast.com
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