UK billionaire’s fashion group offers £166m for takeover of 77.1% of shares in shoe firm it does not already own

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The retail billionaire Mike Ashley has launched his second takeover bid in a week, attempting to snap up Australian footwear business Accent Group, days after announcing a tilt at Hugo Boss.

Ashley’s Frasers Group, which already owns the biggest single stake in Accent at 22.9%, said it will offer 65 Australian cents (34p) a share for the remainder of the business, at the same level as its closing price on Friday.

Donald Trump posts ‘Let the oil flow’ as US-Iran peace deal sparks immediate drop for Brent crude

• Analysis: Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

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Global oil prices have tumbled to a three-month low and stock markets closed at a record high amid fresh hopes that a US-Iran peace deal could end the greatest energy supply crisis in the history of the market.

The price of Brent crude dropped about 4% to about $83 (£62) on Monday amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Wholesale gas prices fell 6% in Europe.

US inflation hits a three-year high in May

European stock markets are taking a more decisive turn downwards now – the UK’s FTSE 100 has fallen 0.5%. The German Dax is down 0.6% and the French Cac 40 is down 0.3%.

The Europe Stoxx 600 is down 0.4%.