Wednesday, April 9, 2008

Takeover bids spark FTSE leap

After flirting with it yesterday, the FTSE 100 finally breached the "psychologically important" 6,000-point level this morning. The last time the blue chip index traded above this level was back in 2001, writes Neil Hume, the Guardian's stock market reporter.

In the end all it took were a couple more takeover bids/approaches - L'Oreal has just revealed plans to buy Body Shop for £650m and Luminar, the UK's biggest nightclub operator, has received a takeover approach from Sarcens boss Nigel Wray. There was also news from Vodafone that it plans to return £6bn to its shareholders once it has completed the sale of its troubled Japanese business.

The big question now in the Square Mile is whether it can keep going.

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