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  1. Get in touch:
  2. FTSE 100 falls 0.3%
  3. GM sells Vauxhall and Opel to PSA Group
  4. Standard Life and Aberdeen Asset Management to merge

Live Reporting

By Karen Hoggan

All times stated are UK

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Over and out

That's all we have time for tonight on Business Live - thanks for reading. 

We are back bright and early tomorrow from 06:00 - do join us then.

Snap, crackle, popped?

That didn't last long: shares in Snap slid 12% to $23.77 - below the $24 offer price - following a cautious appraisal by an analyst at Needham & Co. 

The social media site had surged last week after floating in New York.

Ten to watch

News at Ten editor Paul Royall gives us a rundown of tonight's bulletin on BBC1: 

View more on twitter

Wall Street falls

Wall Street has ended lower, with banks suffering some of the biggest losses - giving back some of the ground they gained last week. Citigroup lost 1.2%, while JP Morgan shed 1%.

The S&P 500 fell 0.3% to 2,375 points; the Dow Jones industrial average dropped 0.2% to 20,954 points and the Nasdaq was 0.4% lower at 5,849 points.

Peugeot pledge

No great surprise that PSA's deal to buy the European operations of General Motors is the splash in Tuesday's print edition of the Financial Times:

View more on twitter

Ryanair disruption looms

Ryanair plane
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Ryanair is cancelling some flights on Tuesday due to a strike by French air traffic controllers.

The airline is contacting passengers to advise them of their options.  

"The strike may also affect flights overflying France and we expect some flight delays and possible further cancellations," it says.

Customers can check the status of their flight on .

German tycoon in fraud trial

A former giant of German retail - Anton Schlecker - has gone on trial with his wife and two children over the collapse of his pharmacy chain that once employed some 50,000 people.

Mr Schlecker is accused of offences relating to the 2012 bankruptcy, and his family allegedly helped him. 

"The accusations are unfounded," he said through his lawyer in Stuttgart.

The businessman could be jailed for up to 10 years if found guilty.

Read more here 

Anton Schlecker
Getty Images

Keep it in the family

BBC royal correspondent Peter Hunt tweets:

View more on twitter

Shawbrook rejects revised offer

So-called "challenger" bank Shawbrook says it has rejected a 330p a share takeover offer.

The savings and lending bank - which was founded in 2011 - received a revised offer of £825m from Pollen Street Capital, which already owns 38.9% of Shawbrook, and BC Partners, at the end of January.

When that bid became public last Friday, Shawbrook shares leapt by 18%.

Shawbrook said tonight that the board was not prepared to recommend the offer and has rejected it.

Analysts suggest at 350p a share might be needed to win approval.

Shawbrook listed in London in April 2015 and is due to publish its results on Tuesday. 

How does stuff get to us?

BBC Radio 4

How does a can of Italian tomatoes reach the supermarket shelf and a car manufacturer receives its parts in time? 

On The Bottom Line on BBC Radio 4 Evan Davis finds out about the hidden transport networks that bring goods from around the world to our high street shops and factory floors.

A hidden industry that makes globalisation work: Evan Davis and guests discuss logistiscs.

Tariffs a 'big issue' for Vauxhall plants

BBC Radio 5 live

Vauxhall Astra
Getty Images

More now on PSA snapping up General Motors' European operations, including Vauxhall in the UK.

David Bailey is a car industry specialist at Aston University in Birmingham. He said Brexit could have a big impact on the Vauxhall plants.

"If we end up with a hard Brexit and we face tariff barriers in the industry, then that's going to mean 4% tariffs on flows of components,10% on final cars," he told the BBC. 

"Now if you look at Vauxhall at Ellesmere Port, 75% of the components are imported, 80% of the final cars are exported. That's going to be a big issue for them in the viability of that plant," he added.

Sky deal would 'make Murdoch empire even bigger'

More on the proposed takeover of Sky by 21st Century Fox, both of which are controlled by Rupert Murdoch, who also owns The Times and the Sun newspapers.  

In the Commons the Deputy Leader of the Labour Party Tom Watson questioned whether the deal would be right.

The bid would put an even greater amount of media power in the UK in the hands of the Murdoch family. It makes the Murdoch empire even bigger, we might call it empire 2 point 0. Ofcom should look at the whole group of Murdoch owned and controlled companies in assessing whether the Sky takeover would threaten media plurality.

Tom WatsonDeputy leader, Labour Party

Culture secretary 'concerned' about Sky deal

Sky logo

The Secretary of State for Culture, Media and Sport, Karen Bradley, has once again said she's "minded to intervene" in the proposed merger between Sky and 21st Century Fox. 

She told the House of Commons she was considering all the evidence, but was concerned about the impact of the deal on media plurality and broadcasting standards.

As I have indicated to the parties to the merger, I am concerned about the nature of a number of breaches of broadcasting standards by 21st Century Fox, as well as the behaviour and corporate governance failures of News Corporation in the past. In light of those matters, I am minded to intervene on this ground and to ask Ofcom to investigate them further.

Karen Bradley Secretary of State for Culture, Media and Sport

Imposition of tariffs would be 'difficult'

Matthias Mueller, VW chief executive

The Geneva Motor Show continues and BBC business editor Simon Jack has been interviewing the chief executive of Volkswagen, Matthias Mueller.

He asked Mr Mueller what would say to the Prime Minister Theresa May as the UK approaches Brexit negotiations. 

"I'm not in a position to give advice to the Prime Minister," said Mr Mueller. "Of course, what is true is that we are committed to a united Europe politically and economically and we deeply regret that the UK has chosen to leave this community, will leave this community, and therefore we have to assess the situation soberly and then respond from there. 

Simon then asked him what any potential post Brexit imposition of tariffs under WTO rules would mean for the European car market.

"At the end of the day for the entire car market this is going to be difficult and it's difficult for our customers because... they will have to pay for that and, therefore, I'm wondering who will be the winners, the beneficiaries of these discussions," said Mr Mueller.  

"It's definitely a situation that we have to reassess when it crops up and we have to handle it from there," he added. 

BA owner aims to standardise short-haul legroom

Radio 4 PM

More on the news that BA is to cut legroom on short-haul flights ...

Travel expert Simon Calder says British Airways, which is part of the IAG group and includes Aer Lingus and Iberia, wants to standardise their aircraft, to make sure all their A320 planes have 180 seats.

Legroom on BA planes will now be same as Easyjet

Peugeot powers ahead

Peugeot 3008 on road in hills
Automobiles Peugeot

The 2017 Car of the Year has been announced at the Geneva Motor Show.

It is - Peugeot's new SUV, the Peugeot 3008 ... 

Last year’s winner? The Vauxhall Astra ...

Hush Hush

The secret design of the new London black cab is being tested in the Arctic Circle and the BBC's transport correspondent, Richard Westcott, got a peek at what it's all about. 

Why are black cabs being tested in the Arctic Circle?

BA to cut legroom on short-haul flights

BA plane tails
Getty Images

BA will soon have less legroom than Ryanair, reported the Daily Mail earlier today. It said the airline plans to cut the amount of legroom to 29 inches so it can add an extra two rows of seats on short-haul flights. 

The move, which will be on the Airbus A320 and A321 planes, will make space for an extra two rows of seats, accommodating 12 extra passengers. 

BA has responded to the reports, saying: "We will be flying to more than 78 short-haul destinations this year, with fares starting as low as £39. ​​ 

"So we can keep fares low, from next year we're making a small increase to the number of seats on our A320 and A321 fleet," it added. 

Bigger is better?

Today Programme

BBC Radio 4

Martin Gilbert
Getty Images

More on that merger between Standard Life and Aberdeen Asset Management. 

Martin Gilbert, the boss of Aberdeen was on Today and he was asked why the two companies were coming together. 

"We're complementary businesses and in the world of asset management you really want to be either big or small and this makes us bigger which is better for our clients," he said. 

"It means that we can provide a much better service for them and we are complementary.

"Standard Life is very strong in solutions, we're strong in equities so the combination is a very very powerful global player, the biggest in the UK, the biggest active manager in Europe by revenues, hopefully able to compete against the very big US houses," he added.  

FTSE 100 led lower by miners

London Stock Exchange sign
Getty Images

In London the  FTSE 100   closed down by 24 points or 0.33% at 7,350.12. 

The biggest riser was Standard Life - up by nearly 6% - following news that it had agreed a merger with Aberdeen Asset Management. 

Miners Glencore (down 3.27%), Anglo American (down 2.95%) and Antofagasta (down 2.2%) were all among the biggest fallers following a decline in copper prices. 

On the FTSE 350 Aberdeen Asset Management was up by 4.16%. 

Former GM Europe boss says UK in 'weaker position'

Nick Reilly

I think that PSA has an ambitious programme both for PSA and for Opel Vauxhall and if everything went right and they increased their market share then it could be quite a bright future. However, being realistic, I think there will be excess capacity and the UK is in a relatively weak position compared to other European countries. Not because the plants are inefficient, they aren't they're very productive, very good people, very good quality. But this question of component manufacturing in the UK, they just don't have enough components purchased here so it puts the cost of the car up because they have to import so many components. And so being realistic the UK is in a weaker position then other operations, and as we know the French government has a stake in this and so I don't expect there to be any threat to the French plants and so unfortunately if anybody's going to be a loser from a manufacturing point of view it's pointed at the UK at this time. I think it can be resolved and it's not due to poor performance in the UK, but it is a risk.

Nick ReillyFormer head of GM Europe

Finding the perfect pooch

Women in some groups 'reversing pay gap'

Model of man and woman standing on pound coins

Working women in some ethnic groups in the UK have not only narrowed the gender pay gap but have overtaken men's earning power, analysis suggests.

The Fawcett Society, which campaigns for equality, said Caribbean and white Irish working women, on average, earn more than men from the same background.

Its report found  that, for most ethnic groups, men earned more than women.

It used hourly pay data from the Office for National Statistics (ONS) covering full-time employees in the UK. Read more here

Clark: No Vauxhall pensioners will be worse off

Greg Clark talking to Commons

In the House of  Commons Business Secretary Greg Clark acknowledged it had been a worrying time for the Vauxhall workforce over the past two weeks.

He said new owner PSA had said it would  honour agreements it had with the company and unions till 2021.

In terms of pensions, he said GM and PSA had given absolute commitments that no pensioners - current or prospective - would be worse off in any way as a result of the sale.

Poor pension prospects?

Pound coins
Getty Images

Four in ten people over 40 have no idea of the cost of even a basic lifestyle in retirement, according to research by Saga Investment Services.

Eighty per cent of people admitted they no idea how big the total pension pot they would need to fund a comfortable retirement should be. 

Experts recommend that people should aim in retirement to have two thirds of the income they enjoy while working in order to have the same lifestyle.

Sally Merritt of Saga Investment Services, said: “The research proves just how desperately affordable advice and guidance is needed and we urge the regulator to address this. It is a real concern that people in their 40s and beyond are so unaware of what they need in their pension pot to give them the lifestyle they want in retirement.  People are in danger of becoming pothole pensioners, who face a bumpy road ahead because they didn’t invest well enough when they had the opportunity."

MPs to debate high heels

High and low heeled court shoes on a shelf

A petition calling for a ban on forcing women to wear high heels at work will be debated in the Commons later this afternoon.

More than  152,000 people signed the petition  set up by Nicola Thorp, from London, after she was sent home from her temp job when she refused to wear shoes with a "2in to 4in heel".

It led to an inquiry by MPs, who told the government to review the law after it heard from hundreds of women.

The government has said no employer should discriminate on gender grounds.

Work dress codes "must be reasonable", it said. Read more here

GM's shares fall in early trade

A quick return to the day's main story now - the sale of General Motors' European business to PSA of France.

At the open in New York General Motors' shares fell by 1.02% to $37.85. 

Wall Street kicks off week lower

Wall Street sign
Getty Images

US stocks fell at the open on Monday amid rising tensions in Asia, where North Korea has fired four ballistic missiles, and President Donald Trump's accusation that his predecessor Barack Obama had hi phone to be tapped. 

Some investors fear this could distract President Trump from his economic agenda of introducing tax cuts and cutting red tape, the prospect of which has driven shares higher.

The S&P 500 and the Nasdaq have risen for six weeks running, but the lack of detail on the President's proposals and political tensions surrounding his relationship with Russia have raised concerns. 

The Dow Jones fell by 61 points or 0.29% to 20,945.10. 

The S&P 500 was at 2,371.12, that's a fall of 12 points or 0.50%.

While the tech-heavy  Nasdaq was at 5,836.79, a fall of 34 points or 0.58%.

Sterling update

Pounds, dollars and euro notes
Getty Images

Sterling dropped to a six-week low of €1.1532 versus the euro in morning trade but has pared losses to trade at €1.1587 by midday. The pound is a shade down on Friday’s closing levels against the US dollar at $1.2260. With Fed Chair Yellen’s speech on Friday seemingly giving a green light to an interest rate hike next week, the last remaining hurdle is likely to be Friday’s US jobs report. The domestic focus for sterling this week is the spring Budget on Wednesday afternoon, which will be accompanied by the Office for Budget Responsibility’s updated forecasts for the economy and public finances. This will be followed by January’s manufacturing and industrial production figures on Friday.

Chris Saint Senior analyst, Hargreaves Lansdown Currency Service

TalkTalk 'targeted by fraudsters'

TalkTalk logo

TalkTalk customers are being targeted by an industrial-scale fraud network in India, according to whistleblowers who say they were among hundreds of staff hired to scam customers of the British telecoms giant.

The scale of the criminal operation has been detailed by the three sources, who say they were employed by two front-companies set up by a gang of professional fraudsters.

The sources describe working in "call centres" in two Indian cities.

They say as many as 60 "employees" work in shifts in each office, phoning TalkTalk customers and duping them into giving access to their bank accounts. Read more here

Deutsche shares down by 7%

BBC World Service

Deutsche Bank sign

Shares in Deutsche Bank are down by nearly 7% after the German lender said it would boost capital by issuing new shares, reports BBC World Service.

The bank, Germany's biggest, plans to raise about $8.5bn(£6.9bn) through the sale - a move that had previously been declared a last resort. 

Deutsche Bank is going through a major restructuring after grappling with huge losses and multi-billion dollar fines and litigation costs for its role in the sub-prime mortgage crisis.  

FTSE 100 down; Standard Life surges

It's time to branch out from the Peugeot takeover of Opel and Vauxhall.

On the markets Standard Life is the most-eye catching mover. Shares are up almost 6% after it agreed a merger with Aberdeen Asset Management. 

ITV is the next biggest winner with a more than 2% gain.

But overall the FTSE 100 is down by 0.3%, hit by falling mining shares.

Union wants component making to return

BBC Radio 4

Vauxhall, Ellesmere

Tony Burke is the assistant general secretary of the Unite union, he told the World at One.

"It was the Unite members at Ellesmere Port, Toddington and Luton who helped turn this company around and we expect the company to recognise the fantastic work we've done.

"We want them [the government] to start looking at re-shoring components back into the UK. That's something our union has been campaigning for, for quite some time." 

'Brexit good for the UK car industry'

BBC Radio 4

John Longworth was the director general of the British Chambers of Commerce until he resigned over his support for the Leave campaign in March last year.

"Brexit is going to put the UK automobile industry in a better position... the currency is now 17% lower in value than it was on the 23 June, which means British manufactured vehicles are more competitive than they ever were for sale in the European and around the world," he told the World at One.

He also says that Brexit could mean tariffs on imported cars, which could mean that Britons buy more locally produced cars.

Clark: PSA deal 'nothing to do with Brexit'

BBC Business News

Business Secretary Greg Clark

Business Secretary Greg Clark says Brexit has "nothing to do" with the future viability of Vauxhall's UK plants. 

"This is about a reorganisation of the company, and the head of PSA has said today that Brexit isn't a central driver of [where it will choose to make efficiencies]."

He added: "We want to have the best possible trading relationship with Europe, but in any event, Carlos Tavares has said there would be opportunities post Brexit."

Government 'bullish' about PSA/ Vauxhall deal


Norman Smith , BBC

The government's response to the PSA/ Vauxhall deal has been "quite bullish", says the BBC's Norman Smith. 

"They are stressing the economic case for continuing production in the UK... They are arguing that Vauxhall is an iconic brand in Britain, making up 18% of car sales, so why on earth would you want to pull out?"

However, the main difficulties are Brexit - which "creates an element of uncertainty" - and the politics involved, as both the French and German governments will fight to protect their own plants.

Vauxhall gives PSA 'best of both worlds'

Business Live reader Terry Harris says that by owning "UK manufacturing plants and brands", PSA gets the best of both worlds.

"[This includes] ready access to the EU from their European facility, together with UK and other world market access from the trade deals the UK will negotiate quickly following Brexit," he says. 

"As is known, the EU Commission have been pretty dilatory and heavy handed in negotiating trade deals in the past. I am pretty sure this potential featured in the strategic thinking of [PSA boss] Carlos Tavares in making this acquisition."

Where do Vauxhall parts come from?

Richard Westcott

Transport correspondent

Vauxhall tell me that:

75% of Astra parts come from abroad

60% of Vivaro parts come from abroad

 The MAJORITY from Europe (they can't give exact figure).

Vauxhall needs 'government commitments'

Len McCluskey, head of Unite

Len McCluskey, head of Unite, has been talking to the BBC about Vauxhall's future in the UK.

He says: "Whatever the French government and the German government are offering in terms of incentives, we should also be looking at that. 

"And of course, the government has talked about an industrial strategy, but now it has to demonstrate that it's more than just words. We have to make sure that there are proper government-led commitments."

European shares indices down

French stock market
Getty Images

Despite the flurry of M&A activity today, with the Vauxhall-Opel and Standard Life-Aberdeen Asset Management mergers, the main European share indices are all down.

The FTSE 100 lost 0.36%, the DAX shed 0.4% and the CAC 40 dropped by 0.44%.

Connor Campbell of SpreadEx partly blames banks, which fell on news that Deutsche Bank will bolster its finances through a share sale. 

The German lender's stock is down 6%.