Cineworld falls to £2.7 billion cinema deal

Getty Images

Shares in Cineworld have plunged almost 14% after it confirmed it is in advanced negotiations to buy US cinema chain Regal.

Europe is the second largest cinema group said it would finance the deal with debt and a rights issue.

Cineworld shares were the biggest losers in the FTSE 250, which, on the whole, it was trading higher.

The FTSE 100, London Stock Exchange Group was one of the biggest losers after its ceo left.

The company said Xavier rolet, had “agreed to resign with immediate effect” at the request of the council.

Overall, the FTSE 100 0.6 per cent, to 7,418 points.

On the currency markets, the pound added to Tuesday’s gains and climbed above $ 1.34 for the first time in two months.

Against the dollar has gained almost a penny to trade at $1.3418 and was 0.4% higher against the euro, at a cost of €1.131.

“The pound is in party mode following reports that the UK could bow to the EU, the pressure and the cough £50bn for the divorce bill, a move that could unlock the trade negotiations by the end of the year,” said Connor Campbell, a financial analyst, with SpreadEx.