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Morning news wrap: Lloyds, Rolls Royce, Serco Group

In the FTSE 100, turbine manufacturer Rolls Royce (LSE: RR) has agreed to launch a recommended cash offer of £154 million for the 67% of share capital of ODIM ASA not already held by the group.

Business services company Serco Group (LSE: SRP) released its full year results, reporting a 27.1% increase in revenues to £3.97 billion, while pre-tax profits soared 30.1% to £177.1 million and earnings per share improved 30.6% to 26.76 pence.

Part-nationalised bank Lloyds (LSE: LLOY) reported a full year loss of £6.3 billion for 2009 on more writedowns of bad loans.

In AIM, Latin American precious metal miner Minera IRL (AIM: MIRL) has signed an option to purchase the Quilavira Gold Exploration Project from Ingerieria y Tecnologia Minero-Metalurgica SA.

South American Focused explorer Pan Andean Resources (AIM: PRE) has agreed to demerge its North American and Bolivian assets and liabilities and Petrominerales will offer to acquire the entire issued and to be issued share capital of Pan Andean.

Australia focused coking coal producer Caledon Resources (AIM: CDN) released its preliminary results for the full year, reporting revenues of A$67.8 million compared to last year’s A$121.9 million, while making a net loss of A$11.4 million compared to an A$8.2 million profit a year ago. Last year’s earnings per share of 4.3 cents turned into losses of 5.4 cents.

Disclosure: The author holds no positions in the company