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Mystery stake builder puts Burberry on alert

The FT reckons the fashion brand is on bid alert after a new investor joined the shareholder register.

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Hot off the press - today's City headlines.

It will be interesting to see how shares in Burberry react to one of the main stories in the Financial Times. For the paper says a mystery investor has built up a stake of close to 5% in the fashion house, prompting it to seek help from its financial advisers to defend it against any potential takeover bid.

The FT also reveals that Vale, the world’s biggest iron ore miner, and Fortescue Metals Group have forged an agreement aimed at boosting their competitiveness in the key market of China, and giving the Brazilian company a foothold in the ore-rich Australian Pilbara region.

British Home Stores, the department store chain sold by Sir Philip Green for £1, is seeking to offload a pension deficit worth £571mln, according to the FT. Elsewhere in the sector, struggling store chain Beales has entered into a company voluntary arrangement in an attempt to cut rents and save the business, the Times says.

The Independent carries research that reveals small pubs are growing twice as fast as big pub chains, research shows. The smaller operations, defined as companies with a turnover of under £25mln, saw their turnover jump by 29% from 2010 to 2015.

The paper also notes that Norway has taken money from its sovereign wealth fund for the first time since it was set up in 1996.

The Daily Telegraph says up to 2,000 cashiers and other branch staff will share in stock options worth as much as £10mln when Metro Bank goes public this Wednesday.

The paper also reckons Philips is drawing up plans for €5bn float of century-old lighting arm, dealing a potential blow to UK industrial firm Melrose and its attempts to buy the historic company.

Finally the Tel has a line on City “heavyweight” Crispin Odey, who is among a group of hedge fund giants that have recently lost out on bets against TalkTalk, having increased their “short” positions in the telecoms company shortly before shares rallied.

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