TT Electronics has accused shareholder DBay Advisors of having a “different agenda” in its decision not to back the British manufacturer’s planned £287 million takeover.

On Thursday, Woking-based TT Electronics said it had agreed a takeover approach by Swiss rival Cicor Technologies.

But soon after, its major investor DBay – which has a stake of around 16.5% – revealed it would vote against the 155p-a-share takeover, claiming it was “happy with the progress” TT Electronics is making and therefore would not be backing the sale.

TT Electronics revealed on Friday that DBay had made three takeover approaches for the firm in the past three months.

The most recent was made on October 7 at 130p a share.

“Each of these proposals was unanimously rejected by the TT board,” TT said.

It added: “Against this background, the board of TT believes that DBay may in some respects have a different agenda to other TT shareholders.

“The board of TT remains focused on delivering maximum value for all shareholders and believes the Cicor offer is the best route to achieving this objective.”

Shares in TT were 1% lower in early morning trading on Friday.

Tinned tuna maker Princes Group has kicked off its major London stock market float with a £1.16 billion valuation.

The almost 150-year-old firm, which is best known for its Princes Tuna and Napolina brands, will therefore be valued at the bottom end of a £1.16 billion to £1.24 billion target range set out last week.

Princes said conditional dealings being launched on Friday would see shares in the business priced at 475p per share.

The company, which has headquarters in Liverpool’s landmark Liver Building, was bought last year by Italian food firm Newlat, which will keep an investment in the business.

The float is the latest in a fresh flurry of activity for the London Stock Exchange after a dearth of listings in recent years.

It comes only a day after small business lender Shawbrook Group launched its initial public offering (IPO) at a £1.92 billion valuation.

It then saw shares rise by around 8% in its first day of trading.

Meanwhile, The Beauty Tech Group – which owns beauty gadget brands CurrentBody, ZIIP Beauty and Tria Laser – floated with a valuation of around £300 million earlier this month.

Princes, which also owns Crisp N Dry and licenses brands such as Branston, said it will raise around £400 million through its listing.

The food firm said the cash injection will help support the company to grow further through acquisition deals.

Simon Harrison, chief executive of Princes Group, said: “Today marks a defining moment in Princes Group’s journey as we proudly begin our chapter as a publicly listed company.

“Our listing on the London Stock Exchange reflects not only our heritage but also our ambition for future growth.

“As we look ahead, we remain focused on expanding our international footprint, deepening our category leadership, and delivering sustainable, long-term value for all our stakeholders.”

Business and Trade Secretary Peter Kyle said: “The London Stock Exchange is a renowned global trading hub and the Princes Group is a great British success story.

“The firm’s decision to list is not only a huge vote of confidence in this Government’s reforms to capital markets but in British business.”

Soybean trade between the US and China is set to resume after months of halted purchases. Beijing had refused to purchase American soybean after the two nations got embroiled in tariff tensions.Now, China has agreed to buy 12 million metric tonnes from the United States in the ongoing season till January. However, this is still significantly lower than the 22.5 million tonnes purchased in the previous season.US treasury secretary Scott Bessent confirmed the development on Thursday, saying China has also committed to purchasing 25 million tonnes annually over the next three years under a broader trade agreement. The commitment was reached following talks between US President Donald Trump and Chinese President Xi Jinping in South Korea.The decline in Chinese purchases came as a hit for the US farmers who lost billions in sales. The deal would, hence, come as a return to normalcy with the top US soybean importer. Over the past five crop years, China’s annual purchases averaged 28.8 million tonnes from September to August, Reuters reported.“Our great soybean farmers, who the Chinese used as political pawns – that’s off the table, and they should prosper in the years to come,” Bessent said on Fox Business Network’s Mornings with Maria. He further added that the agreement negotiated in Malaysia over the weekend could be formally signed as early as next week.Alongside China’s commitments, Bessent said other Southeast Asian countries have agreed to buy an additional 19 million tonnes of US soybeans, though he did not specify the timeframe or which countries are involved. According to US Census Bureau data, other Asian importers typically purchase between 8 and 10 million tonnes annually.The commodity markets responded immediately. The most-active soybean contract on the Chicago Board of Trade erased earlier losses and finished 1.2% higher, settling at a 15-month peak of $11.07-3/4 per bushel. Export prices for US soybeans have surged by $20 to $30 per metric tonne this week, driven by expectations of renewed Chinese demand after the Trump–Xi meeting. Roughly 180,000 tonnes, three cargoes, were sold to state trader COFCO just before the summit.Relief among American farmersFarm groups have welcomed the breakthrough after the prolonged trade war slashed soy exports that were worth $24.5 billion last year. US farmers are nearing completion of what is expected to be the fifth-largest soybean harvest on record, but weak Chinese demand and rising costs for fertiliser, seed, labour and machinery have squeezed farm incomes.“This is a meaningful step forward to reestablishing a stable, long-term trading relationship that delivers results for farm families and future generations,” American Soybean Association President and Kentucky farmer Caleb Ragland told Reuters.The breakthrough comes after Trump secured agricultural trade understandings with other Asian economies. American Farm Bureau Federation President Zippy Duvall said, “Expanding markets and restoring purchases by China will provide some certainty for farmers who are struggling just to hold on.”China diversifies soybean purchasesTrump announced on social media after the meeting with Xi that China had authorised purchases of “massive amounts” of soybeans, sorghum and other US farm products. US Agriculture Secretary Brooke Rollins later praised Trump’s comment in a post on X.However, analysts say the arrangement largely resets the trade relationship to previous levels rather than marking an expansion. Even Rogers Pay, director at Beijing-based Trivium China, said the agreement “effectively constituted a return to business as usual”, adding, “It targets a level of trade that has been pretty consistent with the past few years.”Further details will determine whether private Chinese importers return to the US market. Johnny Xiang, founder of Beijing-based AgRadar Consulting, said commercial buyers are waiting to see if soybean tariffs will be lowered from 20% to 10%, or removed entirely.“If the tariff is not completely lifted, commercial buyers will have little incentive to purchase US soybeans,” he told Reuters.China, the world’s largest soybean importer, used its massive demand as leverage during the earlier Trump-era trade war. Facing tariffs of 23%, Chinese buyers shifted towards South American suppliers. Since then, China has intentionally diversified its import sources. Customs data shows that in 2024, only 20% of China’s soybean imports came from the United States, a steep drop from 41% in 2016.