Drax, the UK power station group being taken public by Deutsche Bank, has rejected a £2.07bn (€3bn) cash bid and set a deadline by which takeovers need to be lodged. It has received two bids in a month.

The group said it would go ahead with its listing unless a more attractive offer came in by early next November. Drax plans to list by the middle of December.

Nathalie Boschat

Apollo Management

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The lender forecast total income excluding notable items to exceed $21.61 billion as loan growth and structural hedges continue to mitigate the impact of interest-rate cuts.

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The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

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CME Group’s second-quarter earnings and revenue rose sharply as the derivatives-exchange operator benefited from a surge in trading activity due to market volatility.

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The Italian bank lifted earnings and shareholder-distributions guidance after reporting better-than-expected profit, looking to turn the page on its aborted takeover bid for its smaller peer.

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The lender reported a sharp decline in net profit due to a one-off hit related to the sale of its Brazilian subsidiary and an increase in loan loss allowances.

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Drax sets takeover deadline

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