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    August 31, 2007

    Rio Tinto gains on takeover approval

    Filed under: Companies, Schroders, Rio Tinto, Wm Morrison, Vedanta Resources, Tate & Lyle, Mitchells & Butlers, Imperial Tobacco, Persimmon, Home Retail, John Wood Group, Melrose, Euromoney Institutional Investor, Pendragon

    London equities markets saw gains Friday.

    The FTSE 100 was 1.47 percent higher to 6,303.3 and the FTSE 250 was up 1.89 percent to 11,309.2.

    Miners were higher as metals prices advanced.

    Vedanta Resources had the best day on the 100, adding 4.38 percent to £17.63.

    Rio Tinto (LSE: RIO; ASX: RIO) was right behind with a gain of 3.72 percent to £34.30 after it gained approval from the Canadian government to proceed with its takeover of Alcan (TSX: AL; NYSE: AL).

    Other gainers on the 100 included Imperial Tobacco (LSE: IMT), which added 3.22 percent to £22.41.

    Supermarket chain Wm Morrison (LSE: MRW) gained 3.15 percent to 286.25p, while food processor Tate & Lyle (LSE: TATE) was 3.11 percent higher to 564.5p.

    Engineering group Melrose (LSE: MRO) was the best performer on the 250, adding 9.97 percent to 190.25p.

    Consumer goods retailer Home Retail (LSE: HOME) had the worst day on the 100, dropping 1.07 percent to 414.25p, while publisher Euromoney Institutional Investor (LSE: ERM) saw the biggest decline on the 250, falling 4.34 percent to 540p.

    Also on the 250, auto sales group Pendragon (LSE: PDG) dropped 2.26 percent to 75.75p, while builder John Wood Group (LSE: WG.) fell 1.09 percent to 361.5p.

    Back on the 100, non-voting shares in investment manager Schorders (LSE: SDRt.L) were 0.26 percent lower to £11.43, while house builder Persimmon (LSE: PSN) dropped 0.52 percent to £11.57 and pubs operator Mitchells and Butlers (LSE: MAB) was down 0.77 percent to 712.5p.





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