Corporate activity dominates this morning's brief, headlined by an escalating takeover battle for one of the UK's largest warehouse landlords. Elsewhere, a major miner reshapes its portfolio with a multi-billion-dollar disposal, a vaccine label expansion clears a regulatory hurdle, and first-quarter updates from Ryanair and Big Yellow offer contrasting reads on consumer and business demand.
Prologis escalates Segro takeover pursuit
Segro (SGRO) is the subject of a third proposal from Prologis, which has now added a partial cash alternative to its offer as it presses its case for the UK warehouse landlord. The two sides remain at odds over valuation, with the exchanges between the companies growing increasingly pointed as Prologis seeks to persuade Segro's board that its latest terms reflect fair value for the business.
South32 to sell aluminium chain to Alcoa
South32 Di (S32) has agreed to sell its aluminium value chain, excluding Mozal Aluminium, to Alcoa Corporation, marking a decisive pivot in the miner's portfolio strategy toward base and precious metals. The move comes alongside confirmation that South32 is on track to exceed its full-year production guidance, underscoring operational momentum even as the group reshapes its asset base.
GSK's Bexsero booster filing accepted by EMA
The European Medicines Agency has accepted for review a label update filing from GSK (GSK) that would allow a single Bexsero booster dose for people aged 10 and over who were previously vaccinated against meningitis B. Approval would extend the label of one of GSK's key vaccine franchises to cover long-term booster protection in adolescents and adults.
Ryanair profit falls 34% on jet-fuel spike
Ryanair (0RYA) reported first-quarter profit of €538m, down 34%, as unhedged fuel costs doubled year-on-year and average fares fell 6%. Passenger traffic continued to climb over the period, and the airline confirmed it has cleared its final outstanding debt, leaving a cleaner balance sheet despite the margin pressure from fuel costs.
Big Yellow occupancy gains accelerate
Big Yellow Group (BYG) reported first-quarter revenue up 3% to £53.2m, with occupancy growth accelerating ahead of the prior year's pace. Management struck a cautious note on the broader economic backdrop even as the storage operator's underlying demand trends continued to firm.
