Business news in brief: Sumitomo Mitsui | Eurotunnel | Wood Group

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Japan’s Sumitomo Mitsui Banking sold half its stake in Barclays for £260 million yesterday, a holding first acquired during the UK bank’s £4.5 billion fundraising just before the financial sector crisis.

Sumitomo said it had sold 84.5 million shares at 308.5p each through an accelerated share placing with institutions.

Tunnel operator has ferry route blocked

Eurotunnel is being banned from operating ferry services from Dover amid fears it could use its dominance of cross-Channel transport to increase prices.

Competition Commission officials said its MyFerryLink venture saw it control more than half of the market.

Wood Group in US pipeline deal win

Oil and gas services company Wood Group has won a major contract with Dow Chemical Company in the US.

The agreement, for an undisclosed amount, will see the Aberdeen-based group provide services for construction of around 140 miles of pipelines at an ethylene facility in Texas.