FT Alphaville’s Lunch Wrap is a round up of the top news and views on FT Alphaville and FT.com as at about noon, London time.
On FT Alphaville this morning,
- After so many months of rumour, speculation and pure guess work, Dutch conglomerate Akzo Nobel issued a statement on Monday confirming its interest in taking over Imperial Chemical Industries. While ICI rejected the approach over the weekend, pension trustees at the former British “bell-weather” are already noisily demanding a central role in any ensuing discussions.
- Everyone became friends again in the world of healthcare IT on Monday, as Isoft announced its American contractor CSC had given the green light for Isoft’s takeover by Australian software firm IBA.
- Dubai, the land of slightly insane trophy schemes, is going to have a new arrival. Next up is a floating hotel. And not just in any vessel. The state-owned private equity group Istithmar has agreed to buy the Queen Elizabeth II for $100m to turn the famous ship into a floating hotel off one set of man-made islands, the Palm Jumeirah, off the coast.
- The latest moves by Moody’s represent a tiny fraction of the more than $400bn in subprime bonds issued in 2006 – but constitutes the most decisive move yet on the part of the ratings agency to redress its assessment of credit in the subprime market.
On FT.com this morning,
- Yen weakness and strong rises in property and shipping stocks helped push the Nikkei up to its highest closing level in almost four months on Monday. The Nikkei 225 rose 1 per cent to 18,149.52. The broader Topix advanced 0.9 per cent to 1,788.39.
- The news of ICI’s rejection of an offer from Akzo Nobel stoked hopes for wider consolidation in the sector, helping other speciality chemicals companies higher. Croda was 1.7 per cent stronger at 697p, Elementis gained 2.4 per cent to 96¼p and Johnson Matthey rose 1.5 per cent to £17.84.
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