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The Scotsman: ‘ABN Amro that said any bid for Shell could see shares hit 3,000p’

Headline: ‘Choppy session’ leaves Footsie little changed

By Alistair McArthur
May 22, 2007

LONDON FTSE 100 CLOSE 6,636.8 -4.1

THE London market closed in negative territory yesterday despite a strong showing from mining and oil shares.

The FTSE 100 index closed 4.1 points down at 6,636.8 – despite peaking 34.1 points ahead during the day – but held steady above the 6,600 barrier breached late last week.

Paul Webb, a trader at CMC Markets, said: “It’s been a choppy session for the FTSE, but the London index remains comfortably above the 6,600 level that had provided some solid resistance in recent weeks.”

Gas producer BG Group benefited from takeover speculation, with ExxonMobil said to be interested in the firm. Its shares were up 11.5p to 791.5p.

Oil giants BP and Royal Dutch Shell also rose on the back of merger and acquisition rumour, with talk of a possible tie-up between the two continuing to buoy their share prices, boosted by a broker note from ABN Amro that said any bid for Shell could see shares hit 3,000p. Shell was ahead 27p at 1,903p and BP rose 8p to 590p.

THE ABOVE ARE EXTRACTS from The Scotsman article published 22 May 2007 under the headline: ‘Choppy session’ leaves Footsie little changed

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