London pre-open: Small rise expected in early trading

Date: Friday 25 May 2012

City sources predict the FTSE 100 will open up three points from yesterday's close of 5,350, holding onto strong gains made in Thursday's session, buoyed by good gains made in the US.

Support services and construction group Interserve has unveiled two new contract wins. The first is a £50m contract to provide facilities management services in the new Alder Hey Children's Hospital to be created in Liverpool. The second is a £150m private finance initiative contract, where Interserve is part of a consortium chosen to design, build, finance and operate two new divisional headquarters, custody suites and a specialist operational training facility for the West Yorkshire police.

International Public Partnerships (IPP), the infrastructure investment company, is tapping the market for funds to pay down its debt and stock up its war-chest. The company is raising £180m through an open offer of shares to be issued at 116.25p each, with any unsold new shares being disposed of via a subscription offer and a placing.

Holiday Inn and Crowne Plaza owner InterContinental Hotels Group (IHG) has announced that its Chairman of over eight year is to retire at the end of 2012.
David Webster has been IHG's Chairman since January 2004 and a member of the board since April 2003. When he leaves the group on December 31st, he will be replaced by Patrick Cescau, former Finance Director and Chief Executive Officer of IHG's Foods Division.

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