StockMarketWire.com - UK stocks opened lower on Monday as mounting US recession fears continued to batter global markets.

At 0843, the FTSE 100 was down 50.82 points, or 0.7%, at 7.156.77.

Sports Direct fell 0.4% on confirming that it had made a takeover bid to struggling retailer Debenhams for its Danish department store chain Magasin Du Nord. Debenhams fell 0.6%.

Contractor company Wood Group dropped 5.4% after it announced that it had sold its Terra Nova Technologies to a Murray & Roberts Holdings unit for $38m.

AstraZeneca fell 0.2%, even as European regulators had approved a treatment for overweight type-one diabetic patients.

Inmarsat soared 8.6% after accepting a takeover bid by a consortium led by private equity groups Apax and Warburg Pincus in a deal that valued the satellite company at $3.4bn.

Textile processor Leeds Group tumbled 11% after it warned on profits, citing increased competition in a weaker market.

Subprime lender Provident Financial declined 1.6% as it announced the appointment of a new chief executive and chairman to its Vanquis Bank unit, while reiterating its rejection of a takeover bid from Non-Standard Financial.

Wine retailer Majestic Wine slid 7.2% on revealing that it was reviewing its dividend amid a plan to invest more capital in its Naked Wines online business unit.

Medical products supplier Convatec gained 2.8% after it poached Genus head Karim Bitar as its new chief executive.

Banknote and product authentication technology group Spectra Systems shed 6.2% despite it posting a 30% rise in annual profit.

Ovoca Bio jumped 19% on news that it had recorded positive results from a trail of a treatment for hypoactive sexual desire disorder in premenopausal women. At 8:54am:

[LON:DEB] Debenhams PLC share price was +0.05p at 1.64p

[LON:LDSG] Leeds Group PLC share price was -3.5p at 20p

[LON:PFG] Provident Financial PLC share price was -5p at 517.6p

[LON:SPD] Sports Direct International PLC share price was -2.2p at 283.4p

[LON:WG.] John Wood Group PLC share price was -28.5p at 517.1p



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