Energean agrees $945m portfolio sale, NatWest to acquire core Sainsbury's Bank business

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The FTSE 100 is expected to open 17 points higher on Thursday, having closed up 0.17% on Wednesday at 8,205.11.

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Energean said it had signed a deal to sell its portfolio in Egypt, Italy and Croatia to Carlyle International Energy Partners for an enterprise value of up to $945m. The gas explorer and producer said it planned to use the cash to repay a $450m corporate bond and pay out a $200m special dividend. “This sale enables Energean to rationalise the portfolio and focus on its gas-weighted, gas-development strategy, underpinned by the Karish Field in Israel and recent farm-in to the Anchois field in Morocco,” the company said on Thursday.

NatWest has announced that it is acquiring the core banking business of Sainsbury’s Bank, taking over £2.5bn of outstanding credit card, unsecured personal loan and saving accounts. Simon Roberts, chief executive of Sainsbury, said the deal would allow the supermarket chain to focus “all our time and resources going forward on growing our core retail business”.

Phoenix Group has completed the initial phase of its deleveraging programme, it announced on Thursday, involving debt redemption and refinancing exercises. The FTSE 100 company said it had redeemed £250m of Tier 2 notes and refinanced $500m of its RT1 notes, maintaining its annual debt interest costs while reducing its outstanding debt. It said it was aiming to repay at least £500m of debt and achieve a Solvency II leverage ratio of around 30% by the end of 2026.

Newspaper round-up

Labour’s plans for ending Britain’s long-term economic stagnation have been backed by a group of leading economists, including three Nobel prize winners and a former Bank of England deputy governor. In a boost to the shadow chancellor, Rachel Reeves, the 16 UK and internationally based economists said change was “desperately needed” after the policy mistakes and failures of the past 14 years since the Conservatives took power. – Guardian

Officials from the GMB are urging staff at Amazon’s Coventry warehouse to “together, vote yes”, at the start of a month-long ballot process that could trigger a historic union recognition deal. Officials from the union began visiting the West Midlands site on Wednesday after the GMB was granted the right to hold the legally binding ballot by the independent Central Arbitration Committee. Amazon had rejected a request for voluntary recognition. – Guardian

Chinese carmakers have urged Beijing to hit back against European Union tariffs on electric vehicles (EVs) with the “most severe measures” in the latest sign of global trade tensions. At a private meeting organised by China’s ministry of commerce car manufacturers reportedly called on their government to retaliate by imposing tariffs on imported European vehicles with high-powered engines. – Telegraph

The number of children receiving disability benefits has doubled in the past decade amid a rise in learning difficulties, ADHD and autism, the Resolution Foundation has found. In total, there are now 328,000 more children receiving financial support for disability than there were in 2013, the think tank said, taking this year’s tally to 658,000. – Telegraph

Asos has warned staff that virtual meetings have a “detrimental” impact on company performance as it urged staff to adhere to its return-to-office policy. The online fashion retailer has told employees that it will start to take disciplinary action if they do not abide by its flexible working rules. Each department at Asos has different measures, with some teams required to work in the office at least three days a week. – The Times

US close

Stocks remained closed on Wall Street on Wednesday, for the Juneteenth federal holiday.