UK SMALLCAP ROUNDUP: Chloride Recommends Emerson's GBP997M Offer

2nd Jul 2010 09:30

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps CHLORIDE GROUP PLC (CHLD.LN), a maker of secure power systems, recommended shareholders accept a GBP997 million takeover offer from U.S. power and industrial-automation company Emerson Electric Co. (EMR). The Chloride board's recommendation follows the withdrawal of Swiss engineer ABB Ltd. (ABBN.VX) from a hard-fought bid battle. At 0759 GMT, shares +0.3 pence or 0.1% at 370.4 pence. MEDITERRANEAN OIL & GAS PLC (MOG.LN), an oil and gas company, Friday said a proposed ban on drilling within five miles of Italy's coastline will hit its flagship Ombrina Mare project. Mediterranean Oil & Gas added it is examining the possibility of accessing the reservoir using wells outside the exclusion zone. At 0800 GMT, shares -7 pence or 25% ay 21.5 pence. NORTHERN PETROLEUM PLC (NOP.LN), an oil and gas company, said it won't be seriously hurt by a proposed drilling ban within five miles of Italy's shore. The proposals won't affect revenue from Northern's Italian operations or its exploration prospects in the southern Adriatic, the company said. However, it added interests in the Ionian Sea, where it has received preliminary license awards and is applying for two more, might be affected. The Ionian Sea isn't a significant core area, Northern Petroleum said. At 0800 GMT, shares +1.75 pence or 2% at 90.75 pence. MARSHALLS PLC (MSLH.LN), maker of garden and landscaping products, said demand for its products is stable and first-half revenue was in line with expectations at GBP170 million. Marshalls said it remains cautious. The company, which makes landscaping and garden products used by homeowners and the public sector, said future demand will be determined by consumer confidence and the effects of government spending cuts. At 0759 GMT, shares +1.75 pence or 2.2% at 81.5 pence. MORGAN SINDALL GROUP PLC (MGNS.LN), a construction company, said it has GBP3.5 billion of orders and that it is pursuing a healthy pipeline of infrastructure opportunities. Morgan Sindall said orders increased to GBP3.5 billion from GBP3.2 billion at the beginning of the year and the outlook for its infrastructure and construction businesses is "robust," despite delays to some projects and wider concerns about the impact of U.K. public spending cuts on major public works. At 0758 GMT, shares flat at 491 pence. MARIANA RESOURCES LTD. (MARL.LN), a gold, silver and copper explorer, said it has entered a joint venture with Cliffs Natural Resources Inc. (CLF) to explore for iron oxide, copper and gold deposits over 92,000 square kilometers in Chile. The two companies first talked about a deal in April, and the formal joint venture agreement follows several months of due diligence. At 0758 GMT, shares +0.5 pence or 2% at 26 pence. DJ UK Smaller Cos +0.3% AIM +0.5% -By Jason Douglas, Hannah Benjamin and Rachael Gormley, Dow Jones Newswires; +44 (0) 20 7842 9272; [email protected] (END) Dow Jones Newswires July 02, 2010 04:30 ET (08:30 GMT)