Week in review: TSB and ITV’s share prices surge while Morrisons suffers

Week in review: TSB and ITV’s share prices surge while Morrisons suffers

  • Harry Atkins
  • 13th March 2015, 14:24

Research and trading company Galvan rounds up the most notable movers and shakers this week:

**Another great week for ITV**
Following on from last week’s strong gains, ITV’s share price jumped higher again yesterday when it announced it will be acquiring Dutch television producer Talpa Media. ITV will pay around £355 million for the production company as part of its strategy to expand across Europe. It wants to create more international content and Talpa Media have a great track record. Some of the more famous shows they have produced include The Voice, Dating in the Dark and Utopia.
**TSB share price rockets 26% on takeover news**
TSB surged higher yesterday when it confirmed it had received a cash takeover approach from Spain’s Banco Sabadell. The shares shot up by more than 26% in early trading after TSB revealed it would be willing to recommend a preliminary bid of 340p per share. That’s 80p higher than the bank’s IPO price last June. Lloyds, the former parent company of TSB, still owns a 50% stake and will have the deciding vote on any offer. However, the general consensus amongst analysts seems to be that there’s little likelihood of the deal falling through.
**Worst results in eight years at Morrisons hits share price**
Britain’s fourth largest supermarket group published its full-year results this week, posting a pre-tax loss of £792 million. It revealed figures had been hit by a sharp slump in sales and property write-offs to the tune of £1.3 billion. Underlying profit more than halved to £345 million; the company’s worst performance for eight years. Morrisons now plans to close 23 of its M Local stores, with a loss of 380 jobs, after its poorly timed foray into the convenience store market. The figures come just days before new CEO David Potts is due to take up his role.
As of 14:21 GMT, Friday, 13 March, TSB Banking Group PLC share price is 328.15p.

By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.

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