London pre-open: Stocks seen lower

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Date: Thursday 03 Jul 2008

LONDON (ShareCast) - London’s top stocks are set to start lower with traders predicting the FTSE 100 will open down 44 points.

Advertising firm WPP revised £1.078bn bid proposal for Taylor Nelson has been rejected. The terms of the offer was 173p in cash and 0.1889 of a WPP share for each Taylor Nelson share. But Taylor Nelson said it has "unanimously rejected" the proposal, which it believes "again substantially undervalues" the group..

Engineering and project management firm AMEC said it continues to make "excellent progress" as it raises its margin expectation to 6.5% for 2008. Previous expectations were of a 6% rise.

Computer games retailer Game said it is performing slightly ahead of its expectations for the first half of the year as the PC and video games market has continued to grow strongly in period. “We look forward to the second half of the year and, although the quality of the first half release schedule is unprecedented, we remain confident about the key Christmas trading season,” it said.

Greene King announced underlying pre-tax profits of £142m for the 53 weeks to 4 May, up 2% on last year and slightly ahead of market expectations. Revenue was up 5% at £960.5m, with strong growth in food sales, which now account for 34% of sales. The full year dividend has been upped 14% to 26p.

In the Press, American Airlines, British Airways and Spain’s Iberia are close to applying for antitrust immunity to form a joint venture that would be one of the most powerful forces in the transatlantic aviation market, adds the FT.

Russian officials said they would speed visa and work permit renewals for foreign managers at TNK-BP, in an unexpected boost for BP in its battle to retain its role in the Russian oil venture, reports the FT.

Reed Elsevier has been forced to offer a loan to would-be buyers of its £1billion-plus business magazines division in an attempt to kick-start an auction of the unit behind Farmers Weekly and Flight International, reports the Times.

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