BUSINESS LIVE: Currys takeover bid; Hipgnosis makes claim against adviser; Morrisons plots price cuts

Rolls-Royce is expected to report bumper profits of £1.4billion this week as a turnaround plan led by boss Tufan Erginbilgic continues.

City analysts forecast that the British engineering firm, which makes aircraft engines, will see profit more than double in 2023, compared with the previous year.

Hipgnosis Songs Fund’s ex-CEO Merck Mercuriadis and investment adviser HSM have refused to provide protection against any liability arising from an on-going legal battle with a former business of Mercuriadis.

‘The company is concerned, having been assured by Mr Mercuriadis and the investment adviser that these claims are without merit and that they intend to vigorously defend them, that the request for an indemnity was refused,’ HSF said in a statement.

‘The Company now intends to bring a Part 20 Claim in the High Court against the Investment Adviser in which it will seek a full indemnity.’

The boss of Morrisons has stepped up the supermarket’s price war with Aldi and Lidl to win back customers.

Morrisons lost its status as Britain’s fourth-biggest grocer nearly two years ago because shoppers have been switching to the German discounters.

Last month new chief executive Rami Baitieh pledged to tempt back disillusioned consumers, admitting there was ‘work to do’.

Currys has rejected a 62p per share takeover offer from Elliot Advisors as the electronics retailer’s board dismissed the US activist fund group’s bid as having ‘significantly undervalued the company and its future prospect’.

The bid was at a significant premium to Currys’ closing share price of 42.07p on Friday.