(Bloomberg) -- Flutter Entertainment Plc is taking control of Serbia-focused sports betting and gambling operator MaxBet, forking out £123 million cash for a 51% stake. The Dublin-based gambling giant, which plans a secondary share listing in New York, said it hopes to replicate the success it has achieved in markets like Georgia, India and Italy. 

Key Business News

Saga Plc: The specialist in travel and insurance products for people over 50 dialled down plans to sell its Insurance Underwriting business. While Saga had been able to establish terms for a possible deal, it now believes the unit could generate more value once conditions in the insurance market improve.

Pendragon Plc: The car dealer said total operating costs at the UK Motor division rose by 4% in the first half of the year, mainly driven by inflationary pressures.

  • Pendragon announced yesterday that it got a takeover approach from US peer AutoNation, which is now competing with transport firms Hedin Mobility Group AB and Penske to buy the Nottingham-based company

Vanquis Banking Group Plc: The subprime lender tapped Dave Watts, a former finance chief at HSBC UK, as its new finance chief.

  • Neeraj Kapur stepped down as Vanquis' CFO last month for personal reasons

What’s Next? 

Tomorrow’s results from Mitchells & Butlers Plc will be a useful gauge of how Britain’s pub chains have fared over the summer and how the industry expects the cost situation to pan out in the months ahead. The All Bar One-owner’s shares have come off an August high after the company had expressed optimism that cost inflation was starting to ease.

Opinion

Britain’s retailers need to keep their Christmas expectations in check, even if John Lewis thinks the festive season will be a sparkler, says Bloomberg Opinion’s Andrea Felsted. Here’s why.

Key Headlines

  • China Puts Evergrande’s Billionaire Founder Under Police Control
  • UK’s Top 1% Would Gain Most From Inheritance Tax Cut, IFS Says
  • First-Time Home Buyers Can’t Afford to Live in London Anymore

For a more considered take on the UK's economic and financial news, sign up to Money Distilled with John Stepek.

©2023 Bloomberg L.P.