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Market Update

ABB to Buy Power-One for $1 B, Nestle Sales Up 5.4%

Author: Nigel Thomas
Last Update: 10:56 AM ET April 22 2013

3:00 PM Frankfurt ABB agreed to acquire Power-One for approx $1 billion. Betfair rejected takeover bid of 912 million from CVC. Dixons sold its Sweden based Webhallen in 140 million kronor. Delhaize first quarter revenues rose 2.1% to 5.5 billion.

In London trading, FTSE 100 index slid 0.2% or 11.1 to 6,276 and in Frankfurt the DAX index inched lowered 0.1% or 7.2 to 7,453.

In Paris, CAC 40 index fell 0.3% or 12.2 to 3,640.

ABB Ltd the Switzerland based power technology agreed to acquire solar photovoltaic inverters maker Power-One Inc. for approx $1 billion.

Share of Power- One in pre-market surged 56%.

Betfair Group Plc soared 5.3% to 847.92 pence after the UK based online gambling company rejected takeover bid of 912 million or 880 pence a share offered by the private equity firm CVC.

Dixons Retail Plc climbed 5.3% to 37.07 pence after the UK based consumer electronics retailer sold its Sweden based Webhallen to Komplett AS for a cash consideration of nearly 140 million kronor. The transaction is expected to complete by the end of May.

Delhaize Group surged 9.9% to 46.88 after the Belgium based food retailer said revenues in the first quarter rose 2.1% to 5.5 billion. In the U.S., comparable store sales in the quarter increased 1.9%.

The retailer said underlying operating profit in the preliminary result for the quarter soared 13.7% to 214 million and in the U.S. operating margin was 4.2%.

Delhaize expects underlying operating profit for the full year of about 775 million.

Nestle SA the Switzerland based holding company reported sales in the first quarter jumped 5.4% to Sfr21.9 billion. Sales in North and Latin America climbed 5.3% to Sfr6.6 billion and sales grew 1.5% to Sfr3.7 billion from Western, Central and Eastern Europe

The food and beverage group said sales from Oceania region jumped 4.4% to Sfr4.7 billion.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc