UK Stock Market Shrinks as Takeovers Outpace New Listings

An increasing number of the UK’s larger companies are being taken off the stock exchange through acquisitions, in a blow to domestic fund managers who fear they are being left with a smaller selection of quality stocks they want to buy. Thirty London-listed companies received firm takeover offers for an average value of £1bn in the first half of this year, according to data from investment bank Peel Hunt.

But for managers who need to recycle the cash returned to them from these takeovers, the lack of options among existing UK stocks or new listings is causing concern. “Without many IPOs, the overall quality is eroding over time — as well as the quantity — as good companies exit the markets without equivalent replacements,” said Michael Nicholson, head of mergers and acquisitions at Peel Hunt.

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