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City news in brief: Regal, BHP, Marshalls, Wiseman

By This Is Money
Updated: 11:53 EDT, 3 July 2008

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The Evening Standard's City staff present an at-a-glance sector-by-sector briefing on the latest stock market news

City news: A round-up of the day's stories

Regal to raise £20m and target Ukraine

Contraversial explorer Regal Petroleum is to raise up to £20m via a placing of new shares through Merrill Lynch.

The company, founded by Frank Timis, is reinventing itself as a Ukrainian gas play after years of yo-yoing share prices and management clearouts.

It today said it is placing 8.4m new shares, equivalent to around 4% of its total share capital, with new and existing shareholders.

US gives all-clear to BHP bid for Rio Tinto

Mining giant BHP Billiton got the green light from US competition authorities today for its $170bn (£535bn) takeover bid for Rio Tinto.

The Department of Justice said it had completed a review of the deal and the waiting period under the Hart-Scott-Rodino Act has been lifted.

The EU is threatening a longer-term probe into the takeover, looking at effects up to seven years ahead.

Marshalls sheds 140 as two sites close

Paving-stone maker Marshalls is cutting 140 jobs by closing two concrete-manufacturing sites as it weathers a downturn in demand for front drives and patios.

But the firm said orders in its public sector and commercial market, which accounts for 55% of revenues, are up 9%.

It added that the dividend will be at least the same as last year. But the outlook was better than some had feared, and the shares rose 9¾p to 141¼p.

Goals keeps scoring despite downturn

Young British men may be feeling the pinch, but that is not stopping them shelling out subs for the weekly five-a-side game at Goals Soccer Centres.

The company, which has several sites in London, said there is no sign of falling demand, and claims the business is 'resilient to any wider consumer spending downturn'.

It will continue with plans to open at least six new centres a year.

Wiseman warns of higher milk prices

The price of a pint of milk is set to rise again because of the rocketing cost of diesel used by dairy lorries.

Robert Wiseman Dairies said that the company would be pursuing 'cost recovery from customers' in the coming year - jargon for putting up its prices.

Trading conditions were among the most difficult the company had faced in its 60-year history, it said.

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