Bloomberg News

U.K. Stocks Advance; Resolution, Mitchells & Butlers Increase

June 07, 2011

June 7 (Bloomberg) -- U.K. stocks advanced as a group of investors were said to be preparing to bid for Mitchells & Butlers Plc, and Resolution Ltd. unveiled a share buyback.

Mitchells & Butlers jumped 3.4 percent after the Daily Mail said the pub owner may receive a bid worth 1.7 billion pounds ($2.8 billion). Resolution advanced 3.5 percent as the insurance buyout firm said it plans to buy back 250 million pounds of its shares.

The benchmark FTSE 100 Index increased 21.4, or 0.4 percent, to 5,884.56 at 3:50 p.m. in London. The FTSE All-Share Index also rose 0.4 percent, while Ireland’s ISEQ Index slid 0.4 percent after being closed yesterday for a public holiday.

To contact the editor responsible for this story: Will Hadfield at whadfield@bloomberg.net


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