HMV secured crucial allies in its takeover campaign for UK book chain Ottakar’s today when independent directors of the company ditched their support for a management buyout.

Telecoms giant Cable & Wireless led the FTSE 100 Index lower today as investors gave a lukewarm reception to its acquisition of Energis.

Book shop chain Ottakar’s said trading remained challenging today after seeing like-for-like sales dip 1.6% in the first seven weeks of its financial year.