Nelson Peltz’s Trian Partners has secured a seat on Rentokil Initial’s board, following a profit warning that caused shares to drop. Today, shares rose by 2.9% as Trian, an activist investor with a 2.3% stake in Rentokil, announced its presence. Trian’s head of research, Brian Baldwin, will join Rentokil’s board as a non-executive director, focusing on integrating Terminix and boosting North America operations.
Meanwhile, the Co-op Group, boasting growth in membership and its quick commerce business, returned to profit. The group plans to open 120 new food stores and continues to post impressive revenue growth in legal services. In other news, the dollar weakened as Chinese stimulus boosted commodity markets and emerging market currencies.
Heading into global markets, British online property portal Rightmove rejected an improved £6.1bn takeover offer from Rupert Murdoch’s REA Group, citing undervaluation. Chinese stocks continued their rally amid Beijing’s stimulus measures, while Asia’s other markets saw mixed performances. The People’s Bank of China’s stimulus efforts have garnered global attention, with Wall Street celebrating its 41st record high.
Looking ahead, the market awaits Sweden Riskbank’s interest rate decision, US MBA Mortgage applications, and US New Home sales for August. Despite short-term gains, analysts remain cautious about the long-term impact of China’s stimulus efforts on global currencies and economies.
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