British Airways-Iberia merger start trading in London, Madrid today

Shares in International Consolidated Airlines Group began trading at 288p in London, a 2.3% uplift on the joint valuation when the markets closed on Thursday, but has since fallen back.

Food groups are seeing some appetising deals.

Northern Foods is due to receive a sweetened offer from the Irish firm Greencore over its planned merger, after the maker of Goodfella's Pizza and Fox's biscuits received a rival bid from the food tycoon Ranjit Boparan.

The Boparan deal would value the company at £342m.

Cocoa prices are expected to surge by 10% when the markets open this morning after the world's largest producer ceases exports.

The newly-elected president of the Ivory Coast, Alassane Outtara, has put a month-long ban the export of the commodity to put pressure on the incumbent president Laurent Gbagbo to give up power.

Also Premier Foods could announce the sale of its Cauldon brand of Quorn products to a private equity group, Sky's City Editor Mark Kleinman has learned.

Kleinman also revealed that Britain's major banks may co-ordinate their chief executive bonus announcements.

Steel production in the UK rose by more than 25% last year on the back of the global economic recovery.

UK Steel said output rose from 7.5 million tonnes to 9.4 million tonnes in 2010.

It said 2010 was the "most challenging year" since it listed.