LONDON (ShareCast) - London’s top stocks are due to start relatively flat with traders predicting the FTSE 100 will open down 2 points.

Leisure group Whitbread has conditionally agreed to sell its David Lloyd Leisure business to London & Regional Holdings Limited and Bank of Scotland Corporate for £925m.

The group said the sale price represents a multiple pf 13.4x historic EBITDA. The deal is expected to be completed on 2 August 2007.

Whitbread said it will initially use the proceeds to pay down debt.

Real estate firm Segro said it will sell its life sciences real estate business in the US, Slough Estates USA, to Health Care Property Investors for £1.5bn.

After the deduction of tax and various other costs, the net cash proceeds receivable will be approximately £574m, of which £250m will be returned to shareholders via special dividend and the remainder will be used to reduce debt.

Project management firm AMEC said it has sold its Property Developments and Building and Civil Engineering units to Morgan Sindall.

Morgan Sindall will pay a £55m premium to aggregate net assets as at 30 April 2007, resulting in an expected total net cash consideration of around £26m, said AMEC in a company statement.

Electronic components manufacturer Acal said annual pre-tax profit rose 14% as demand for its electronics and IT solutions products increased.

Pre-tax profit of ongoing activities rose to £9.8m in the year ended 31 March 2007 while sales for the year increased 1.55 to £260.9m.

In the press, the Alliance Boots pension fund trustees are considering legal action to block the £11.1bn acquisition of the health and beauty group by Kohlberg Kravis Roberts, the private equity firm, says the FT.

Southern Water has been put up for sale by its owner Royal Bank of Scotland, with the company, which supplies water to customers in Hampshire, Kent and Sussex, expected to fetch about £4bn, writes the Independent.

British Airways executive directors and members of its leadership team will not receive bonuses for the last financial year, as a result of a fall in operating profit margins and the failure to meet other key objectives, according to the FT.

Lafarge, France’s largest building materials group, is seen as the favourite to approach Anglo American over the sale of its Tarmac division, the £3 billion business synonymous with roadbuilding, writes the Times.

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