Home Business News Cineworld tumbles on £2.7bn cinema deal

Cineworld tumbles on £2.7bn cinema deal

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Shares in Cineworld have plunged almost 14% after confirming it is in advanced talks to buy US cinema chain Regal.Europe’s second-biggest cinema group said it would fund the deal with debt and a rights issue.Cineworld shares were the biggest losers on the FTSE 250, which overall was trading higher.On the FTSE 100, London Stock Exchange Group was one of the biggest losers after its chief executive left.The company said Xavier Rolet had “agreed to step down with immediate effect” at the board’s request.Overall the FTSE 100 was 0.6% lower at 7,418 points.On the currency markets, the pound added to Tuesday’s gains and rose above $1.34 for the first time in two months.Against the dollar it gained almost a cent to trade at $1.3418 and was 0.4% higher against the euro at €1.131.”The pound was in party mode following reports that the UK could bow to EU pressure and cough up £50bn for the divorce bill, a move that would potentially unlock trade negotiations before the end of the year,” said Connor Campbell, financial analyst, with SpreadEx.
Source: BBC