Investors buoyed by encouraging signs from eurozone ahead of key summitLeading shares enjoyed their best day since the UK general election result on growing hopes of a Greek deal and a smattering of takeover talk.Ahead of summit of EU leaders, there were slightly more positive signs that Greece and its creditors may be edging closer to an agreement, although nothing concrete has yet been decided. What was labelled as yet another crunch day to prevent Greece falling into the financial abyss has so far been another case of hoping for a deal within the next few days, but at least the mood music seems more positive.According to the Washington Post, the US army believes it has paid up to $44m too much for its purchases. BAE Systems issued a press release denying any wrongdoing.If the US Army wins this case under the False Claim Act, it would lead to damages of up to $132m for BAE (triple the overcharging) and civil fines of $5,500-$11,000 per false claim (unknown number). This would represent a charge of 4p per share (3p post tax), notwithstanding the unquantifiable civil fine. The settlement of this case will take some time, as it is likely that BAE Systems would appeal any unfavorable ruling.The company is however aware of reports that Quob Park Estates has been buying shares in the company, and confirms that it has received no notification of an interest in shares from this vehicle and has had no contact with it. Continue reading...
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