London pre-open: Foster's couldn't give a XXXX for bid

21st Jun 2011 07:38

Blue-chip shares are set to open on a firm note, with the Footsie tipped to move back above the 5700 level, advancing around 30 points from last night's close of 5,693.At the risk of mixing up the advertising slogans of Australian lagers, Aussie brewer Foster's has indicated it could not give a XXXX for the A$4.90 per share proposal from South African brewer SABMiller, saying that the offer "signifcantly undervalues the company".Hotel and restaurant group Whitbread saw like-for-like sales (LFL) rise 1.7% year-on-year in the 12 weeks to 2 June, a tad below the 1.8% increased forecast by Panmure Gordon. The rise was achieved despite a 1.4% decline in the restaurants division.Jupiter Fund Management expects to show a healthy increase in profits at the halfway stage as assets under management (AuM) continue to climb. AuM at the end of May stood at £24,821m, up 3% from £24,078m at the end of 2010. Net inflows of £623m accounted of the rise, with market movements responsible for the rest of the £743m increase. ---jh