FTSE 100 Set for Flat Open as Genel Rejects DNO Bid

Britain's FTSE 100 is expected to open flat on Friday, with investors weighing a flurry of corporate developments against fresh geopolitical concerns.

In dealmaking, Genel Energy has rejected a £202 million takeover proposal from Norwegian oil firm DNO. The approach was confirmed by DNO, which said the offer had been turned down.

JD Sports has appointed former IKEA CEO Peter Agnefjäll as its new chair, effective September 1. He will succeed Darren Shapland, who had been serving in the role on an interim basis.

Pharos Energy has received a revised takeover offer from Ratio Petroleum Energy worth approximately £146.4 million. The increased bid outpaces an earlier proposal from rival Serica Energy and has won back the backing of Pharos's board.

On the macro front, UK house price growth slowed in July on both a monthly and annual basis, according to mortgage lender Lloyds. The cooling was attributed to higher borrowing costs and uncertainty stemming from the Iran conflict.

Goodwin is reportedly in talks to sell its defence business, according to a Financial Times report citing sources familiar with the matter.

In commodities, oil prices extended gains as concerns grew over the Strait of Hormuz. Iran, working with Oman, has proposed banning vessels deemed hostile from the strait and imposing heavy fines on violators.

Gold rose more than 1% and was on track for its biggest weekly gain since January, supported by softer oil prices. Investors were awaiting US nonfarm payrolls data for clues on the interest rate outlook.

Copper hovered near a six-month high after the Democratic Republic of Congo imposed a ban on copper and cobalt concentrate exports, raising supply concerns.