TAKING STOCK

MARKET REPORT

o Black & Edgington, the marquee business heading into pharmaceuticals, could be near to its first significant deal. Since Ian Gowrie-Smith, former Medeva chief, arrived it has completed one modest deal, buying an option on two diabetes drugs under development. Now it is thought to be near to taking over a drugs distribution company. Mr. Gowrie-Smith has made no secret of his desire to build the group into a force in the drugs industry.

o Cape, the building materials group controlled by Charter, could be sitting on M25 riches. The Department of Environment is likely to agree to a motor way service area being built on land owned by Cape at Iver, Bucks. The development will transform a near-derelict and lowly rated asset. Shares firmed to 178p.