City AM – Empire Building
The front page of the London business newspaper City AM reports on the Barratt-Redrow merger. The paper says the £2.5bn merger of two of the UK’s largest housebuilders sent shockwaves through the market.
The paper says shares in major FTSE 100 and 250 housebuilders suffered a mixed day on the London market, as the surprise merger highlighted investors’ skewed opinions on the state of UK housing.
Barratt was one of the biggest fallers with its share price cratering over nine per cent this morning, as its move to create the UK’s biggest housebuilders failed to impress.
Meanwhile, shares in Redrow shot up over 14 per cent.
Elsewhere, the paper reports a restaurant group – Rare Restaurants – saw double-digit profits in 2023.
