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Lab testing group Intertek to back £10.6bn takeover by Swedish firm EQT

about 18 hours ago
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The laboratory testing company Intertek has become the latest FTSE 100 business to agree to a takeover, backing a £10.6bn approach from a private equity firm owned by Sweden’s billionaire Wallenberg family.After rebuffing three previous approaches, Intertek’s board said it was “minded to recommend” the £60-a-share tilt from the Swedish buyout firm EQT to shareholders, if there was a firm offer.The deal is worth £10.6bn including debt, or £9.

4bn without.The previous bids were pegged at £58, £54 and £51 a share.Intertek shares jumped almost 7% to £56.65 on Wednesday.Other FTSE 100 companies to have accepted multibillion-pound offers this year include the insurer Beazley and the fund manager Schroders.

EQT was founded in 1994 as a spinout from Investor AB, the industrial holding company of the Wallenberg family.Its motto is “More than capital”, reflecting the Wallenbergs’ declared philosophy of responsible ownership.Their business empire has been estimated to be worth $40bn (£29.6bn), Bloomberg reported.Intertek, which tests and certifies products before they go to market, had kicked off a review of its business a month ago.

It said its board remained “highly confident in Intertek’s standalone strategy and the value-creation opportunity outlined in the strategic review”.It added that, after evaluating the offer and speaking to investors, it would be minded to recommend the deal, which will then be voted on by shareholders.Intertek, headquartered in London, dates back to the late 19th century when three pioneering businesses in the UK, Canada and the US combined.In 1885, it began testing and certifying grain cargoes before they were put to sea.Intertek listed on the London Stock Exchange in 2002 and joined the FTSE 100 index in 2009.

It has 45,000 employees and more than 1,000 labs worldwide.The company, led by the chief executive, André Lacroix, had come under mounting pressure from some investors to sell up, including Matt Peltz, the son of the billionaire activist investor Nelson Peltz.Matt Peltz had called on Intertek to accept the latest offer.The fund Lost Coast Collective, which owns 1.2% of Intertek and is managed by Peltz, told Intertek in a letter on Tuesday: “While the board and management may have confidence in a partial sale and an operational fix, the market clearly does not believe in the team’s ability to execute.

If it did, the stock would be much higher.“It is time to recognise the merits of EQT’s proposal and engage in good faith to complete a transaction.”Investors have clashed over the takeover, with Palliser Capital, Harris Associates and PrimeStone Capital urging the Intertek board to engage with EQT, while others had asked the board to hold firm.Marathon Asset Management has said “fair value is over £60 a share”.The final proposal from EQT is subject to preconditions, including completion of due diligence, Intertek said, adding that it had paused work on the strategic review.

Intertek had started to evaluate the potential separation, through a sale or demerger, of its energy and infrastructure arm.The division, which provides services to windfarms and others, and generates £1.6bn in annual revenues, would separate from its more consumer-facing product-testing business, which evaluates goods ranging from toys to food and footwear, and brings in a £1.9bn revenue.Dan Coatsworth, the head of markets at the investment platform AJ Bell, said: “One by one companies are being picked off the UK stock market, with Gamma Communications also looking like it could join the queue soon.

”The FTSE-250-listed telecommunication services company said on Wednesday that the US private equity firm Providence Equity Partners was among its suitors, with discussions at a preliminary stage.Investor AB was founded by the Wallenbergs in 1916 but the family’s business interests date back to 1856 when André Oscar Wallenberg created Stockholms Enskilda Bank, known as SEB today.Marcus Wallenberg wrote to his brother Jacob in 1946 that “to move from the old to what is about to come is the only tradition worth keeping”, as he sought to convince him to switch from the family’s business interests in the railroad industry to the founding of the airline SAS.
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‘We have the same monster’: three women brought down their rapist – this is what happened next

In 2023, the Guardian profiled a group of women who had formed an unshakeable bond after they saw their attacker convicted and decided to waive their anonymity. That interview has now led to a documentaryThe three women refer to each other as “the girls”, even though they are in their 40s and 50s, long past girlhood. They have a WhatsApp group called Sister Solidarity, even though they are biologically unrelated.The unshakeable bond between Laura Hughes and Lauren Preston, both 45, and Mary Sharp, 58, came about for the saddest reason – all three were raped and abused by Martin Butler, a manipulative drug dealer on their estate in London who groomed and coerced them decades ago.Butler is now serving a lengthy sentence for the rape and buggery of Sharp in 1988

about 18 hours ago
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Did breakthrough in US fentanyl crisis start in China?

As Donald Trump travels to Beijing this week, fentanyl – and China’s role in its supply chain – remains an enduring point of acrimony in bilateral relations.At a UN meeting in March, the US again accused China of failing to stop its chemical industry selling the precursors required to make the potent synthetic opioid, while China suggested the US was shifting the blame for its domestic drug problem.Yet there are growing signs that the US fentanyl crisis has turned a corner – and some experts believe that interventions made in China have played a key role.“There was a supply shock: the purity of fentanyl fell,” said Keith Humphreys, a professor at Stanford University. “The question is why was there a supply shock

about 23 hours ago
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Getting children to eat their vegetables starts in the womb, researchers suggest

Rather than bribery, or hiding carrots under ketchup, the key may be to expose foetuses to healthy flavoursIt is an age-old battle with small children that most parents will recognise: please, please, eat your vegetables.Some will read them books with titles such as The Boy Who Loved Broccoli. Others have been known to smother veg in tomato ketchup, or mix avocado and fruit with Greek yoghurt and call it icecream. Or resort to plain bribery.Now, a study suggests there may be a more effective approach – but mothers need to start early

1 day ago
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Older people risk mental decline if they do long hours of caring, UK study shows

The stresses and strains of caring for someone for 50 hours or more a week leads to “accelerated cognitive decline” in middle-aged and older people, research shows.However, providing care for only five to nine hours a week has the opposite effect, boosting brain health so much that the benefits last until older age.Carers UK called the findings “extremely worrying” and said they highlight how long hours spent providing care raises the risk of social isolation and burnout.Dr Baowen Xue, an academic at University College London and the lead author of the paper, said: “Our study shows that the caring responsibilities many people take on in later life can be a double-edged sword.“On the one hand, lighter caring responsibilities can be good for you by providing mental stimulation from interacting with loved ones or others you’re helping and a sense of purpose and usefulness

1 day ago
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Capacity of lifts not kept up with UK obesity levels, study shows

Lifts are no longer big enough to fit the UK’s larger citizens, according to researchers.A study of maximum capacity in elevators in the UK and mainland Europe found lifts have not kept up with increasing obesity levels, raising concerns about safety and equity.The research, presented at the European Congress on Obesity in Istanbul, Turkey, used photos of weight limits for 112 lifts manufactured between 1972 and 2024 in the UK, France, Germany, Italy, Spain, Austria and Finland.Prof Nick Finer, the president and chair of the International Prader-Willi Syndrome Organisation and lead author of the study, compared the average maximum weight allowance (total weight allowance divided by maximum passenger limits) with the average adult weight in the year the lift was manufactured.The research found that despite adults’ continued growing weight, total lift limits have not increased since about 2004

1 day ago
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More than 6,000 children treated at obesity clinics in England, figures show

More than 6,000 children living with obesity, including hundreds as young as four, have required treatment at specialist NHS weight-loss clinics, new figures reveal.NHS England data, published for the first time, underlines the scale of the growing childhood obesity crisis.Since the first Complications from Excess Weight clinic (CEW) opened in 2021, the NHS has treated 6,497 children and teenagers. Of these, 423 were four years old, 1,088 were aged between five and eight, 1,791 were aged nine to 12 and 3,137 were aged between 13 and 17. The age of a further 58 is unknown

2 days ago
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Australian workers have been hard done by and tax reforms in the budget only begin to return some fairness | Greg Jericho

about 7 hours ago
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US Senate confirms Kevin Warsh as Federal Reserve chair, replacing Jerome Powell

about 9 hours ago
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Sam Altman defends OpenAI in courtroom showdown with Elon Musk

1 day ago
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Florida students boo graduation speaker who called AI ‘next Industrial Revolution’

1 day ago
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Jim Furyk tells US players they need to make Ryder Cup more of a priority

about 13 hours ago
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England v New Zealand: second women’s cricket ODI abandoned – as it happened

about 13 hours ago