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Dechra Pharmaceuticals has agreed to conditionally acquire the entire issued share capital of Eurovet Animal Health, a vetinary pharmaceuticals business. The business will be purchased for €135m (around £112.5m) on a debt-free, cash-free basis.

"We remain committed to investing in the development of market leading technology to meet demand for identity focused services around the world and in the US in particular. As we continue to grow our sales infrastructure and support capability, we are increasingly better placed to exploit this growth potential," Parris added

"Intercede is in a stronger position than a year ago both financially and operationally despite a depressed global economy; and the orders we have received demonstrate that we remain the technology leaders in our sector," claimed Ricard Parris, who is both Chairman and Chief Executive of Intercede

Market expectations are for profit before tax of £0.6m on revenue of £6.9m. Cash balances totalled £7.0m at the end of March, which compares to £6.0m at the same time last year. House broker finnCap had forecast end-period cash balances of £6.5m.

Intercede, the identity and credential management software provider which issued a profit warning in February, said full-year profits look set to be in line with market expectations. Although the figures have yet to be signed off by the auditors, the company indicated that sales for the year to March 31st will be higher than the previous year.

Commenting, Danson said: "Progressive Digital Media is building a high quality global business platform and today's proposed placing, along with the capitalisation, will enable the company to accelerate its strategy of increasing its presence in profitable, high growth global markets via subscription based content." The deal, which still needs formal shareholder approval, saw the stock rise 19.4% by 08:40. Progressive has had an impressive 12 months, rising 45% since last April

Business information provider, Progressive Digital Media, says it will raise £20m through a share placing to fund acquisitions. A total of 111,111,111 new ordinary shares have been conditionally placed with new institutional investors at a price of 18p per share, a premium of 7.46% to the closing price of 16.75p yesterday. Simultaneously with the placing, Michael Danson, Executive Chairman and 83.89% shareholder, has entered into a capitalisation agreement to convert £8m of a £9.8m loan into shares. Following the placing and the capitalisation, Michael Danson's shareholding in will fall to 67.72%.

Avia will supply NHS Telford with its CareAssess software products. ● CareAssess provides clinical support and advice to health professionals.

Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, has reported that the drilling tools became stuck at the NUR-1 pre-salt well at the Emba B prospect on Block E. Operations are currently underway to retrieve them, the firm said. Following this, the company will set intermediate casing and drill ahead as planned. Total depth of 7,250 metres is currently expected to be reached in early June 2012.

In the Telegraph, Questor flirts with utility company SSE (formerly Scottish and Southern Energy). It said last week it was committed to dividend increases 2% above RPI, since then it has announced several big projects including the financial close on its Yorkshire waste contract worth £750m and a further £300m at its Ferrybridge power station (also in Yorkshire). Combined with a contract to develop a huge wind farm off the coast of the Shetland Islands and Questor admits the company is doing well. However, trading on a price to earnings multiple of 12.1 for 2012 and 11.1 the year after, the recommendation is still hold.

GDF continues to believe that a full merger would provide significant benefits. A merger would simplify the GDF SUEZ group structure and improve further the integration between the businesses. Cost benefits of closer integration have already been seen. During the 2011 financial year cost synergies of €135 million were delivered, 50% ahead of the original target. International Power's 2011 full year results benefited from strong organic growth in Latin America. Approximately one quarter of revenues came from Latin America. As of its full year 2011 results, management highlighted that 2012 would be principally driven by full year contributions from new plants that became operational in late 2011 and is expected to come on line during 2012. Furthermore, it also noted that "its construction programme was progressing well". It expects a further 6.3GW gross (3.5GW net) of capacity to become operational by 2014. A good proportion of energy output in emerging markets is contracted to state distribution companies. This adds to earnings predictability. A total dividend of 11.0 euro cents per ordinary share was announced for the last 2011 financial year (2010: 10.91 pence per share) and representing a payout ratio of 40% of pro forma underlying earnings per share. Sizeable free cash flow provides room for both dividend returns and investment in growth projects.

Management of GDF SUEZ has subsequently noted that "its offer was still attractive" and that it was considering different options regarding International Power, including withdrawing the £6 billion offer for shares it does not already own. With GDF SUEZ already owning 70% on International Power, a counter bid by a rival is effectively ruled out. Approximately one third of group earnings per share originate in developed markets such as the UK and North America, markets which are already deregulated and less profitable than developing or emerging markets. On announcing full year results back in February, management warned that its target of delivering core earnings of 1 billion euros from projects under construction in 2013 could prove challenging without a recovery in prices for hydro generation in Brazil. Furthermore, the group does not own 100 per cent of some of its most valuable assets, such as its Jirau, Brazilian project (50.1% owned). Management previously highlighted that growth will be impacted by contracts rolling off in North America. The company is exposed to adverse legislation changes on issues such as carbon emissions. In addition, it operates in areas such as the Middle East, where there is greater than average risk of political/economic instability

Following consideration, International Power has concluded that the indicative proposal of 390 pence per share by French utility company GDF SUEZ undervalues the company - GDF SUEZ previously acquired a 70% stake share stake in International Power and had recently made an offer to acquire the balance of 30%. GDF’s board believes that a full merger of International Power and GDF SUEZ would provide significant benefits to both businesses. It would enable International Power to achieve its growth strategy more quickly and with greater certainty than under the existing structure by 1) increasing its presence in emerging markets to accelerate future growth 2) enhancing access to capital for the development of capital intensive projects in these fast-growing markets

International Power plc is a holding company engaged in the generation and sale of electricity, and other closely related activities, such as desalination. The company is a global energy business that focuses on power generation. The international operations are managed as five separate geographic regions, which include North America, Europe, Middle East, Australia and Asia. All five segments derive their revenue from electricity generation. The company which began life as part of the privatised National Power group was created following its demerger from National Power in October 2000. In a deal announced in 2010, and completed in February 2011, International Power combined with French utility GDF SUEZ (who became majority shareholders with a 70% stake) to create the world's largest independent power producer. The group is listed on the London Stock Exchange and is a constituent of the FTSE-100 index.

Having completed the company's strategic investment programme, each operating division is well aligned to service the expansion in demand from the growth in emerging Africa and now has the necessary infrastructure and platforms in place to deliver strong growth and improved margins for 2012 and beyond," claimed Lonrho's Executive Chairman, David Lenigas. The company has not declared a dividend this time round but plans to start doing so in 2013.

Net assets at December 31st 2011 stood at £155.7m. At September 30th 2011 the comparative figure was £151.6m. Cash balances held at December 31st 2011 totalled £12.7m, compared to £14.6m at September 30th 2011. The group said it has started 2012 encouragingly, with important new business wins across all divisions.

The Infrastructure division saw LFL sales grow 30.2%, despite several proposed drilling projects in the waters of the Gulf of Guinea being delayed. The Hotels arm grew LFL sales by 4.5% and the Support Services unit boosted LFL sales by 38.3% from a year earlier, with growth driven by Lonrho IT, its information technology unit. Net operating profit for the quarter was £0.7m on continuing operations, compared to a £3.0m loss in the same period in the prior year. After taking a £4.3m impairment charge reflecting a lower valuation of its investment in Lonrho Mining Limited, the group made a loss before tax of £2.8m.

African investment firm Lonrho saw top-line growth across all of its divisions in the final three months of 2011, capping a year in which management focused on developing each division's infrastructure. Revenue in the final quarter of 2012 rose 67% to £46.1m from £27.5m a year earlier, with like-for-like (LFL) sales growth of 30.2%. The Transportation division (airline Fly540) was the star performer, more than doubling sales on a LFL basis, but even the group's biggest division, Agribusiness, achieved a very creditable 15.4% increase in LFL sales, and now accounts for more than half of group revenues.

"The outlook for the market remains volatile, however our view is that these conditions can provide opportunities for growth," said Chairman Jim Martin. "The market shift to the remodelling and refurbishment of existing buildings plays to our core strengths

Earnings per share was 0.1p, up from a 1.4p loss the year before. However, the firm said it would pay no dividend for 2011 and didi not envisage a payout this year either. The firm acknowledged the economic uncertainty going forward but said it was confident that the group was well placed to selectively capitalise on opportunities across a number of sectors.