London's FTSE 100 ticked higher on Monday, with the prospect of a blockbuster IPO also adding to the good feeling in the City.
Chinese fast-fashion giant Shein is reportedly close to filing for its London listing in the coming weeks and is expected to receive a valuation of around £52 billion. However, before the listing is approved it is likely to come under scrutiny from both political parties due to allegations of Shein’s unethical operations.
GSK tumbled after a ruling from a court judge in Delaware allowed more than 70,000 Zantac lawsuits to go forward. Under the new ruling, expert witnesses will now be able to testify in court and argue that the heartburn drug may cause cancer.
GSK said it disagrees with the judge’s decision and plans to appeal it, arguing that the expert witnesses’ opinion lacks scientific support.
Finally, Hipgnosis, the embattled music royalty fund, has agreed with Blackstone over a takeover worth US$1.58 billion, or US$1.31 per share.