Hammerson in talks to sell Silverburn, Reliance eyeing up BT Group

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The FTSE 100 was set to open 64 points higher on Monday at 7,108, having tumbled 3.6% on Friday.

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Property company Hammerson on Monday confirmed it is in talks on a potential sale of the Silverburn shopping centre near Glasgow, Scotland, which is held in a 50/50 joint venture with CPPIB. It also confirmed that pricing under discussion is £140m and added “there can be no certainty that a transaction will take place”. Hammerson is looking to sell non-core assets to boost its balance sheet in the aftermath of the Covid pandemic.

Venture capital tech specialist Molten Ventures on Monday reported a rise in net asset value (NAV) for the six months to September 30 on the back of a sharp rise in cash investments. The company, formerly known as Draper Esprit, said NAV rose to 887p from 743p a year ago as gross portfolio value increased to £1.35bn from £984m. Molten invested £165m in the period compared with £32m last year.

India’s Reliance Industries is reportedly considering making an offer for London-listed BT Group. The Economic Times cited sources familiar with the matter as saying that billionaire Mukesh Ambani's Reliance might make an unsolicited offer or try to get a controlling stake in the company. It said the firm may also suggest partnering with BT's fibre optic arm Openreach and funding its expansion plans.

Newspaper round-up

Britain’s manufacturers are facing a “perfect storm” crisis of rapidly rising costs and towering debts that many fear could push them over the brink, according to a new survey. The leading industry trade body on Monday urged the government to introduce payment holidays on loans, warning that thousands of firms faced a “tipping point” that could make their business models unviable. - Guardian

It began with a sheepskin slipper in 1825, but Clarks is moving out of its comfort zone in a battle for survival under new Chinese leadership. The British footwear institution, founded by Quaker brothers Cyrus and James Clark, shifted from comfort to fashion after the desert boot inspired by James’ great grandson Nathan Clark’s time in Burma in the 1940s became the footwear of choice for the Beatles, Oasis and generations of reggae artists. - Guardian

The eurozone’s most powerful banking groups have demanded long-term access to London’s multi-trillion dollar derivatives trading market in a fresh blow for Brussels’ plans to seize business from the City. In a joint letter, finance trade bodies said that the bloc faces a “cliff edge” unless it extends exemptions that allow trades by European Union institutions to take place in the UK and other major markets. - Telegraph

Hambro Perks has given staff almost four weeks of extra holiday to tackle pandemic burnout as finance firms race to pull in talent with fresh benefits. Workers at the boutique investment firm, co-founded by the late finance heir Rupert Hambro and Dominic Perks, a former McKinsey consultant, will get two extra weeks leave for Christmas to tackle burnout after being handed a fortnight in August for the same reason. - Telegraph

Motorway, an online used-car marketplace, has joined the ranks of the UK’s “unicorn” businesses after securing a $190 million funding round that values it at more than $1 billion. It brings the number of active British unicorns — a private company valued at $1 billion or more — to 37. - The Times

US close

Wall Street stocks fell through the floor on Friday on the back of concerns surrounding the ‘Omicron’ variant, with the Dow Jones Industrial Average down 2.53% at 34,899.34.

The S&P 500 fell 2.53% to 34,899.34, and the Nasdaq Composite was off 2.27% at 4,594.62.