BUSINESS CLOSE: FTSE 100 dips; LV= members reject Bain takeover

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BUSINESS CLOSE: FTSE 100 dips; LV= members reject Bain takeover; US inflation hits 39-year high; Britain records lacklustre GDP growth

By Mike Sheen For This Is Money

Published: | Updated:


The FTSE 100 has ended the day 0.4 per cent lower at 7,291.8, while the FTSE 250 closed down almost 1 per cent to 22,927.7.

In company news, members of 178-year-old life mutual LV= have rejected a controversial £530million takeover by US private equity shark Bain Capital.

And rival mutual Royal London said it has offered to enter into immediate and exclusive discussions with LV to agree a mutual merger. 

Elsewhere, Britain’s economy grew by just 0.1 per cent in October, well below the 0.4 per cent forecast by economists, Office for National Statistics figures show. 

In the US, inflation rate hit its highest level in nearly 40 years, adding woes for consumers and compounding the issue as a political liability for President Joe Biden. 

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Weak October growth adds to expectations the Bank of England will keep interest rates on hold once again at its 16 December MPC meeting 

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