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Scottish sausage skin maker Devro will delist from the stock exchange today after finalising its £564m takeover by German group Aria.

The North Lanarkshire-based group agreed to a £540m takeover by Aria in November, before the buyer upped its offer in February.

That increased deal, worth 320p a share in cash in addition to a second 10p interim dividend, was overwhelmingly accepted by shareholders in March.

The deal gives Devro, which makes sausage skins for the likes of Richmond, an enterprise value, which includes debt and cash on the balance sheet, of £692m, representing a multiple of 11.3 times.

Along with the delisting of its shares, Devro has announced that the resignations of each of Steve Good, Lesley Jackson, Jeremy Burks, Rikke Mikkelsen and Malcolm Swift from the board are also effective as of today.

Saria representatives Christian Stehmann and Harald van Boxtel have also joined the Devro board are also effective as of today.

At the time of the agreement of the initial deal in November Saria said: ““Saria believes that Devro represents an attractive opportunity to acquire a highly regarded global business of scale which will accelerate the growth of the Bidco group and deliver a number of benefits to the enlarged Saria business, its employees, customers and suppliers.”

Devro chairman at the time Steve Good said: “We believe that Saria’s understanding of our markets, its strong financial position and the cultural fit will benefit the group’s business and employees.

Morning update

On the markets this morning, the FTSE 100 is up another 0.3% to 7,863.8pts.

Early risers include Kerry Group, up 3.3% to €97.34, Ocado, up 1.9% to 512p and THG, up 1.9% to 66.1p.

Fallers include PZ Cussons, down 1.5% to 191.3p, Science in Sport, down 1.1% to 8.9p and Nichols, down 0.7% to 1,132.4p. 

Yesterday in the City

The FTSE 100 was up another 0.1% to 7,853.4pts on its sixth successive day of rises as the markets recover from recent concerns over the banking sector.

Tesco ended the day up 0.6% to 269p as a rally ebbed away late in the day following the publication of its annual results. The supermarket’s falling margins and profits were still ahead of City expectations saw the shares reach 275.5p at one point, which was its highest level since May last year.

Elsewhere, Science in Sport, which rose 5.9% after concluding its strategic review and deciding to remain independent.

PZ Cussons was up 3.7% to 194.2p after seeing a strong rebound in growth in Europe and North America.

Other risers included Nichols, up 3.2% to 1,140p, THG, up 2.6% to 64.9p, Deliveroo, up 2.3% to 97.4p, Just Eat, up 2.1% to 1,330p, WH Smith, up 2.1% to 1,543p and McBride, up 1.9% to 31.6p.

Fallers included Bakkavor, down 3.4% to 97.6p, British American Tobacco, down 1.6% to 2,814p, Hilton Food Group, down 1.5% to 658p, Ocado, down 1.5% to 502.6p and Hotel Chocolat, down 1.4% to 180p.