FTSE continues to fall

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Friday , July 04, 2008

The FTSE 100 Index was down today (4 July) after more rights issue news from Bradford & Bingley (B&B).

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Earlier in the morning B&B announced that after Texas Pacific Group (TPG) pulled out of buying a 23 per cent share in the company and plans to increase its rights issue to £400m.

Last week the Clive Cowdery owned investment vehicle Resolution pulled out of negotiations to buy up to 30 per cent of the business for £400m, after B&B refused to offer due diligence.

Absorbing the news by 3.30pm the FTSE 100 was down to 5,395 points after opening at 5,468 points.

Friends Provident was also one of the biggest fallers on the Index dropping around 6.11 per cent to 95.30p.

This week has seen the FTSE take a number of blows as markets continue to dogged by the credit crunch.



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