ASX 200 midday update: Ramsay rockets and Rio Tinto disappoints

Here’s what is happening on the ASX 200 on Wednesday…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decent gain. The benchmark index is currently up 0.35% to 7,591.5 points.

Here’s what is happening on the ASX 200 today:

Ramsay Health Care shares rocket on takeover offer

The Ramsay Health Care Limited (ASX: RHC) share price is rocketing higher today after the private hospital operator received a takeover approach. A consortium led by KKR has tabled a non-binding $88 cash per share offer to acquire the company. This will be reduced by any dividends paid. Ramsay has granted the consortium with due diligence.

Rio Tinto Q1 update disappoints

The Rio Tinto Limited (ASX: RIO) share price is trading lower today after the mining giant’s first quarter update disappointed. Rio Tinto reported production declines across the majority of its operations. Nevertheless, management is confident that things will improve and has reiterated its full year production and cost guidance.

Santos buyback

The Santos Ltd (ASX: STO) share price is in the red today after falling oil prices offset the release of a positive announcement. The latter reveals that the energy giant will be buying back up to US$250 million (A$330 million) through an on-market buyback. The company also unveiled its updated capital framework.

Best and worst ASX 200 performers

The best performer on the ASX 200 today by some distance has been the Ramsay share price with a gain of 25%. This follows the aforementioned receipt of a takeover offer from the KKR consortium. The worst performer has been the AGL Energy Limited (ASX: AGL) share price with a 6% decline after revealing that it has suffered from a generator fault.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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