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By Will Sturgeon, 7 December 2000 09:15

NEWS Rumours that the takeover was close to completion emerged yesterday morning when both companies suspended trading on their respective markets. The all share deal valued Freeserve's shares at 153p, which although is 3p up on the price at IPO last year is considerably down on the company's high of 920p, giving rise in the Financial Times to an accusation of underpayment on the part of Wanadoo. However, the paper agrees it will finally allay investor concerns which besieged Freeserve in its final days... The reshuffling of the FTSE 100 caused further activity in the tech stock sector yesterday with ironic twists that could surely not be lost on even the most casual observer. The Guardian reports that Bookham, relegated from the top flight yesterday, rose by over 20 per cent - riding a wave of investor confidence started by Nokia on Tuesday. The company may well be afforded a wry smile upon hearing the likes of Rolls Royce and Safeway - both deposing Bookham and regaining their places in the FTSE 100 yesterday - lost nearly eight and four per cent respectively over the day. The only notable success on the day that saw the old economy have its revenge on the tech stock upstarts was tech stock upstart Autonomy. New to the FTSE 100 Mike Lynch's company rose 314p to £31... Another company performing well is SurfControl, whose software enables companies to monitor its employees web surfing habits. Perhaps buoyed by recent clamp downs on workplace internet and email abuse, the Guardian reports that the company has changed the calendar of its financial year after second quarter results hit targets a month ahead of schedule. The results show a seventh consecutive quarter of growth above 50 per cent... Finally, The Times brings topical good news for homebuyers in a time of flooding. The Environment Agency has launched an internet site that will enable movers to search by postcode, town or region, using precise Ordnance Survey mapping, to establish whether they are about to invest in a home that lies within a flood plain. While the launch comes a little late for the vast numbers of people still counting the damage of recent flooding - who probably don't need the internet to tell them they live in a high risk area - it will doubtless become a useful resource for future generations of home buyers...