Business

UK shares boosted by ARM takeover bid

London stock brokers (file photo) Image copyright AFP

(Close): The FTSE 100 closed higher on Monday, as shares in ARM Holdings soared by more than 40%.

The Cambridge-based chipmaker has agreed to be taken over by Japan's Softbank for £24bn.

The FTSE gained 26 points, or 0.39%, to 6,695, to reach a fresh 11-month high. Other winners on the index were RBS Group, Marks & Spencer and Taylor Wimpey.

On the downside was miner BHP Billiton and the oil firm BP.

Meanwhile shares in another UK chip firm, Imagination Technologies were up by 10%.

The FTSE 250, which is more weighted towards UK companies, was up by 140 points, or 0.84%, at 16,867.

The pound was up 0.8% against the dollar at $1.3289. Against the euro, it was up 0.5% at €1.1995.