Pound Falls to 2024 Low Amid Oil Price Drop and US Market Volatility

Rolling coverage of the latest economic and financial news, as drops in SpaceX and Tesla’s shares eat into Musk’s wealthSegro have confirmed they have “unequivocally” rejected a takeover proposal from US rival Prologis, saying the £12.6bn bid falls “a long way short” of its true value. In a statement to the City, Segro say:The Board of SEGRO considered the Proposal together with its advisers and believed that the Proposal was opportunistically timed and sought to take advantage of the clear dislocation between SEGRO’s current share price and its highly attractive underlying business and strong prospects. This has been accentuated by major geopolitical issues which have adversely impacted trading valuations across the UK and European real estate sectors relative to the US REIT sector. SEGRO has a clear strategy, supported by a strong balance sheet and a proven operating platform. Momentum is building in SEGRO’s occupational markets and the Company has a large and attractive development pipeline, including an exceptional data centre platform, as well as a long track record of delivery. Continue reading...