Sports Direct Share News (SPD)

LONDON (Alliance News) - Stock prices in London are seen opening in the red on Monday, tracking Asian equity markets lower following heavy losses in the US on Friday, amid fears of an impending US recession.In early UK company news, Inmarsat has agreed to a USD3.4 billion takeover offer from Apax Partners, Majestic Wine announced a restructuring plan, ConvaTec appointed a new chief executive, and Provident Financial and Non-Standard Finance traded barbs. IG futures indicate the FTSE 100 index is to open 33.69 points lower at 7,173.90. The blue chip index closed down 147.72 points, or 2.0%, at 7,207.59 on Friday.The Japanese Nikkei 225 index ended down 3.0%. In China, the Shanghai Composite closed down 1.4%, while the Hang Seng index in Hong Kong is down 2.0%.In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 1.8%, S&P 500 down 1.9% Nasdaq Composite down 2.5%.US equities tumbled on Friday after the spread between three-month Treasury bills and 10-year note yields inverted for the first time since 2007. Historically, an inverted yield curve - where long-term rates fall below short-term - has signalled an imminent recession.FTSE 250 satellite firm Inmarsat said it has accepted a USD3.4 billion takeover offer from Apax Partners. An Apax-led consortium will pay USD7.21 per share in cash, including Inmarsat's final dividend. The price matched the one indicated in a disclosure last week.Wine retailer Majestic Wine announced a 'Group Transformation Plan' to revitalise the business by placing increased focus on its Naked Wines acquisition, whose name it will take on. Majestic Wine expects to achieve GBP500 million sales target for its 2019 financial year, with adjusted pretax profit for the year expected to be around the current consensus level. Moreover, it will accelerate new customer investment in Naked by an additional GBP6 million per annum to GBP26 million in financial 2020, up from the current level of GBP20 million.The company said it expects to recognise largely non-cash restructuring charges of up to GBP10 million in financial 2019.Majestic Wine said it is to rename itself as Naked Wines to focus on a single brand and business model."It is clear that Naked Wines has the potential for strong sustainable growth, and we will deliver the best results for our shareholders, customers, people and suppliers by focusing all our energies on delivering that potential. We also believe that a transformed Majestic business does have the potential to be a long-term winner, but that we risk not maximising the potential of Naked if we try to do both. Where we have no choice but to close stores we will aim to minimise job losses by migration into Naked," CEO Rowan Gormley said. Water utility Pennon Group will take a GBP16 million hit due to financial problems at partner Interserve, Pennon said Monday.Pennon, whose financial year ends on Sunday, had booked a provision of GBP8 million related to its exposure to Interserve, but this has now been increased. Interserve is now in administration, and Pennon "is seeking further clarification" on Interserve's situation, meaning the provision could increase."We will continue to pursue recovery of all amounts due from the operating subsidiary Interserve Construction Ltd and will take all the necessary legal and procedural steps to achieve this," said Pennon.On the trading front, South West Water continues to perform strongly, Pennon said, with its return on retained earnings expected around 12%, an outperformance. Wound dressings maker ConvaTec Group said it has appointed Genus Chief Executive Karim Bitar as its new CEO starting September 30. Genus said it has commenced the search for a replacement. In addition, ConvaTec Chair Christopher Gent is to retire at the annual general meeting in May. Interim CEO Rick Anderson has agreed to temporarily serve as executive chair until a new chair has been appointed, the company added.Subprime lender Provident Financial reiterated its stance that the offer from Non-Standard Finance is not in the best interests of its shareholders. Non-Standard Finance hit back saying Provident Financial's formal response "changes nothing". Non-Standard Finance urged Provident shareholders to accept the offer "without delay". Sports Direct International confirmed it had made an offer to troubled department store chain Debenhams for its Magasin du Nord business in Denmark, which "addresses Debenhams' liquidity concerns". The sportswear retailer said it did not receive any response from Debenhams. Sports Direct added that Debenhams was not open to alternative third party proposals."Regarding the guidance provided to Sports Direct on behalf of the Debenhams board, if guidance as to what might represent a workable solution for Debenhams could result in no equity value for Debenhams' current shareholders, from Sports Direct's perspective and that of Debenhams' wider stakeholders, that is not a workable solution," Sports Direct said. Anglo-Swedish drugmaker AstraZeneca said the European Commission has approved its Forxiga medication for adults with type-1 diabetes. The company said Forxiga is currently under regulatory review in Japan and the US, with a decision expected in the first and second half of 2019, respectively.Elisabeth Bjork, head of the late cardiovascular, renal & metabolism, R&D BioPharmaceuticals unit, said: "Forxiga is the first oral medicine approved in Europe as an adjunct to insulin for people living with type-1 diabetes whose glucose levels are not adequately controlled with insulin alone. We look forward to bringing Forxiga to a patient population that has not had any approved oral medicines available before."The pound was quoted at USD1.3175 early Monday, down from USD1.3207 at the London equities close Friday, amid Brexit-related uncertainty.UK Prime Minister Theresa May is battling to stay in power as members of Parliament seek to seize control of legislative business in a bid to secure a softer Brexit.At the start of another crunch week in Westminster, the Commons is due to vote on an amendment which would force a series of indicative votes on alternatives to the prime minister's withdrawal agreement. The proposal seeks to pave the way for a series of indicative votes in the Commons on Wednesday, effectively taking control of the Brexit process out of the hands of the government.After a weekend which saw two senior ministers dismiss reports of a "coup" to oust the PM, May will convene her Cabinet in the morning before she updates the Commons on the Brexit process following last week's European Council summit where she agreed to delay Britain's departure beyond March 29.Meanwhile, US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer will travel to Beijing for trade talks set to begin on Thursday, the White House said Saturday.Chinese Vice Premier Liu He will visit Washington on April 3, the White House also announced.The new round of talks on Thursday, the fourth since December, comes as both sides have said substantial progress is being made despite negotiators missing the original March 1 deadline to complete the talks.A light economic events calendar on Monday has German IFO Business sentiment at 0900 GMT.