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Morning news wrap: Burberry, Sage Group, BP, Dana Petroleum

Published: 03:14 16 Jul 2010 EDT

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In the FTSE 100, fashion house Burberry (LON:BRBY) has agreed to acquire the stores and related assets in China currently operated by its long-standing franchisees for £70 million in cash.

Software developer Sage Group (LON:SGE) said the current Chief Executive of Sage's Mainland Europe & Asia operations Guy Berruyer will succeed Paul Walker as Group Chief Executive, effective 31 october.

Oil and gas supermajor BP (LON:BP) has started the well integrity test on the leaking Macondo well in the Gulf of Mexico, temporarily stopping the leak. However, the company said that even if no oil is released during the test, this will not be an indication that oil and gas flow from the wellbore has been permanently stopped.

In the FTSE 250, Dana Petroleum (LON:DNX) said its appraisal well in the Blackbird oil field will be completed and well tested shortly and that it has also spudded well targeting the Nefertiti oil prospect offshore the Gulf of Suez, Egypt.

Machine to machine (M2M) communications specialist Telit Communications (LON:TCM) has issued 2.7 million shares to Bartolini After Market Electronics Services s.r.l. following the transfer from BAMES of its 10% stake in the Company's Italian subsidiary Telit Wireless Solutions.

UK based electrical components producer and supplier Cinpart (LON:CINP) has raised £1.39 million via s share placing.

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