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FTSE 100 news summary: Petrofac, Resolution, Amec, Tullow Oil, Tesco, Smiths Group

Published: 21:20 11 Jun 2011 AEST

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Petrofac (LON:PFC) has agreed to invest up to US$75 million, funded from cash resources, into Seven Energy International Limited. The additional investment will take Petrofac's interest to 24.5 percent on a fully diluted basis.

Resolution (LON:RSL)
announced the results of its work on the cash and capital position and policies of the Friends Life group. Key elements included a targeted return of cash to shareholders of £500 million and the potential to return further cash resulting from further capital synergies and potential releases under the currently proposed Solvency II regime.

AMEC (LON:AMEC)
has completed the acquisition of MACTEC, a US engineering and environmental services company.  As previously announced, the cash consideration was US$280 million.

Tullow Oil (LON:TLW)
has had mixed success with the drill bit in Uganda and Ghana. This week it revealed a new oil find in untested waters offshore Ghana, however this ‘wildcat’ discovery is not commercial at this location. Meanwhile in Uganda Tullow has struck oil in two wells.

Tesco's (LON:TSCO)
relative trading performance has improved slightly in recent months according to data, says City broker UBS Investment Research. In a note, analyst Mike Tattershall looked at the food giant's prospects for sales in the first quarter (to June 14) and questioned whether there are early signs of improvement in the UK.

Smiths Group (LON:SMIN)
said that at constant currencies and excluding the benefit from acquisitions, underlying sales were ahead of last year in the 10 months to 28 May 2011. Headline operating cash conversion has strengthened since the half year; net debt was £797 million as at 28 May 2011, having taken account of the payment of the interim dividend in April, said Smiths.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

12 hours, 3 minutes ago