0918198896

U.K. Stocks Rise, Paced by Imperial Chemicals, British Airways
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By Poppy Trowbridge
Nov. 22 (Bloomberg) -- U.K. stocks rose, led by Imperial Chemical Industries Plc after Givaudan SA of Switzerland agreed to buy a fragrances unit from the company. British Airways Plc led airlines higher after Qantas Airways Ltd. received an offer.
The benchmark FTSE 100 Index rose 21.3, or 0.3 percent, to 6223.9 at 11:18 a.m. in London. The FTSE All-Share Index added 10.46, or 0.3 percent, to 3201.32. Ireland's ISEQ Index climbed 36.54, or 0.4 percent, to 8926.61.
``Almost everyone in the FTSE is in play for acquisitions,'' said Richard Hunter, head of U.K. equities at Hargreaves Lansdown Stockbrokers in London. ``We have the perfect conditions for acquisitions to continue to buoy the market.''
Imperial Chemicals, the U.K.'s largest specialty chemical maker, rose 32 pence, or 8.3 percent, to 419. Givaudan, the world's biggest flavoring supplier, said it agreed to buy Quest International flavors from Imperial Chemicals for 1.2 billion pounds ($2.28 billion).
ICI will use proceeds of the sale to reduce its pension deficit by 230 million pounds.
British Airways advanced 12.75, or 2.7 percent, to 493.75 pence. Europe's third-largest airline rose after Qantas Airways Ltd. received a takeover approach. Australia's biggest airline received an offer from Macquarie Bank Ltd. and Texas Pacific Group. The price was not disclosed.
EasyJet Plc, Europe's second-largest discount airline, added 11 pence, or 2 percent, to 569.
BHP Billiton and Anglo American Plc led advancing mining stocks after copper prices increased. Copper rose to $7,000 a metric ton in London for the first time since Nov. 10, after stockpiles declined for two straight days, suggesting demand for the metal is picking up. Zinc jumped 3.3 percent.
BHP Billiton gained 23 pence, or 2.4 percent, to 989. Anglo American added 47 pence, or 1.9 percent, to 2,480.
The following stocks also gained or fell in the U.K. market. Stock symbols are in parentheses.
Avocet Mining Plc (AVM LN) rose 5.75, or 5.3 percent, to 113.75 pence, an eight-week high. The company that mines gold in Tajikistan and Malaysia reported ``significant'' results from exploration at its Mangkaluku prospect in South Sulawesi, Indonesia.
DSG International Plc (DSGI LN) dropped 9.5 pence, or 4.4 percent, to 209. The U.K.'s largest consumer electronics retailer said first-half profit was little changed because of a slump in revenue at its Italian unit and a decline in net finance income.
Great Portland Estates Plc (GPOR LN) added 9.5 pence, or 1.5 percent, to 627.5. Merrill Lynch & Co raised its recommendation on shares of the London property developer to ``buy'' from ``neutral.''
Kensington Group Plc (KGN LN), a U.K. lender to people with below-average credit records, slumped 84.5 pence, or 9.3 percent, to 820.5. The company said profit will be at the lower range of estimates this year because of competition from new entrants.
Legal & General Group Plc (LGEN LN), Britain's fourth- biggest insurer, climbed 3 pence, or 2 percent, to 156.5. Credit Suisse Group upgraded the stock to ``neutral'' from ``underperform.''
Liberty International Plc (LII LN), the U.K.'s largest shopping-center company, slid 58 pence, or 4.1 percent, to 1,353. The company is raising as much as 346 million pounds in a share sale to cut debt following its August acquisition of London's Covent Garden market.
London Stock Exchange (LSE LN) rose 16, or 1.2 percent, to 1,317 pence. Hedge fund investors, led by corporate raider Samuel Heyman, are buying stakes in London Stock Exchange Plc through the derivatives market, paying more than Nasdaq Stock Market Inc.'s hostile bid on speculation of a higher offer.
Heyman yesterday acquired 8.8 percent of LSE through derivatives including a total return swap and contracts for difference, according to regulatory filings. He paid as much as 3.8 percent more than Nasdaq's 1,243 pence-a-share offer. GLG Partners, which controls about 1.3 percent of LSE through derivatives, paid as much as 1,275 pence, the filings show.
Northern Foods Plc (NFDS LN) gained 5.3 pence, or 5.1 percent, to 107.75. The U.K. maker of Goodfella's frozen pizzas, concluded disposals unveiled in May by agreeing to sell four units to private-equity firm Vision Capital Group Ltd. for 160 million pounds