.png?source=invchron&width=608)
Canal+ (CAN), Entain (ENT), Saga (SAGA), UK house prices and Metlen Energy and Metals (GR:MYTIL)
Shares in French pay-TV group Canal+ (CAN) fell by 14 per cent on their debut on the London Stock Exchange.
The company, which was spun out of entertainment group Vivendi (FR:VIV) just last week, listed its shares at 290p but they fell below 250p shortly after admission, giving it a market capitalisation of just below £2.5bn.
Canal+ made an operating profit of €426mn (£353mn) on revenue of €6.2bn last year. Just over 30 per cent of its shares are owned by the Bolloré family. MF
Entain sued by Australian government
Gambling group Entain (ENT) is being sued by the Australian government for alleged “serious and systemic non-compliance” with anti-money laundering rules.
The Ladbrokes owner failed to “develop and maintain a compliant anti-money laundering program”, which left it at serious risk of criminal exploitation, Australia’s government alleges in the first civil proceedings it has brought against an online betting company.
Entain said it has fully co-operated with the government’s investigation and began a programme of improvements to its anti-money laundering and counter terrorism financing processes two years ago. This process is ongoing and is due to complete next summer, it added. “We are committed to keeping financial crime out of gambling,” said chief executive Gavin Isaacs. The company’s shares dropped by 5 per cent. MF
Saga sells underwriting arm
Saga (SAGA) has agreed the sale of its insurance underwriting arm to Belgian insurer Ageas (BE:AGS).
The sale, for £65mn upfront plus a further £2.5mn on completion (expected by the end of next year), is part of a 20-year deal between the pair through which Ageas will operate Saga’s motor and home insurance businesses. Saga chief executive Mike Hazell said it would also help Saga to pay down its debt and “target long-term sustainable growth”. The company’s share rose by 9 per cent. MF
Read more: Why European insurers are targeting their British rivals
Houses rise by just 1.4 per cent this year
House prices have ended the year 1.4 per cent above the level recorded in December 2023, according to data published by Rightmove (RMV). The Consumer Price Index rose by 3.2 per cent in the 12 months to October 2024, according to the most recent release.
New seller prices dropped this month by a seasonal 1.7 per cent. This is in line with the usual December fall. Rightmove said that new sellers generally come to the market with “some of the most competitive prices” in December in order to motivate “festivity-distracted buyers to act”.
Activity is stronger, with the number of sales agreed up by 22 per cent, while buyer demand is up 13 per cent. Rightmove predicts that new seller asking prices will rise by 4 per cent next year. NV
Read more: What UK house prices will do in 2025
New London listing from €5bn power and metals company
A rare addition to the London Stock Exchange is on the way: Athens-listed Metlen Energy and Metals (GR:MYTIL) will move its primary listing to the UK. The company is currently valued at almost €5bn (£4.15bn), and reported sales of €4.2bn in the nine months to 30 September. The listing will take place next year, after the company filed a draft listing prospectus with the Financial Conduct Authority.
Metlen, recently renamed from Mytilineos, owns gas, renewable and coal power plants, and produces aluminium. Its energy unit provides the lion’s share of sales, with the company aiming to provide 30 per cent of Greece’s electricity needs. It reported 6.4 terawatt hours (TWh) of output from its thermal plants (gas and coal) in the nine months to 30 September, and 0.47TWh from renewable sources. AH
.png?source=invchron&width=600)
.png?source=invchron&width=600)
.jpg?source=invchron&width=600)
