Man Group

European markets have fallen sharply this morning with the FTSE 100 down 1.1% or 61.8 points at 5,511.63.

Man Group has won overwhelming shareholder support for its $1.6bn (£1bn) bid for GLG Partners, and has made a senior appointment from GLG for the enlarged group.

GLG Partners is being sued by an investor in the US who argues his shareholding in the group is undervalued in the proposed $1.6bn takeover by Man Group.

Man Group has agreed a deal to acquire GLG Partners for $1.6bn.

Broker downgrades and companies going ex-dividend pulled the FTSE index 25 points, or 0.4% lower this morning.

The FTSE 100 index fell by 0.4% on Friday, the first time it declined in four days. The benchmark index ended the day at 5703.02 points, off by 24.63 points.

The FTSE was up 27.5 points (0.5%) to 5271.63 points, buoyed by gains among mining firms.

Axa Ethical Distribution fund manager Richard Marwood has added to financial stocks this month and offloaded almost all traditional gilts on concerns of inflation.