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Market Update

AMC Agrees to Buy Nordic Cinema, Shell to Sells Stake in Saudi Arabia Venture

Author: Sarla Buch
Last Update: 11:48 AM ET January 23 2017

4:00 PM Frankfurt Intesa Sanpaolo is reported to consider a stake in Generali. Nordic Cinema agreed to be acquired by the U.S.-based AMC Entertainment for $929 million. Paddy Power Betfair annual revenues surged 18%. Shell agreed to sell its 50% stake in Shell Arabia to SBIC for $820 million.

In London trading, FTSE 100 index slipped 42.03 or 0.6% to 7,156.53 and in Frankfurt the DAX index dropped 51.99 or 0.4% to 11,580.01.

In Paris, CAC 40 index decreased 20.43 or 0.4% to 4,830.24.

Banca Generali SpA jumped 5.3% to 25.16 after Italy-based newspaper La Stampa said that the insurer and banking services provider Intesa Sanpaolo SpA is interested in considering to acquire a stake in Assicurazioni Generali SpA without providing any further details.

Nordic Cinema Group AB, privately held Sweden-based cinema operator agreed to be acquired by the U.S.-based theaters chain AMC Entertainment Holdings Inc, controlled by China-based Dalian Wanda group for about 8.25 billion Swedish kronor or $929 million in cash.

The transaction is expected to close after approvals from the European Commission, which is expected to be received in the first-half of this year.

Paddy Power Betfair Plc declined 4.3% to 8,305 pence after the Ireland-based online betting and gaming services provider said group revenues in the year ending in December surged 18% from a year ago to 1.6 billion and operating profit is forecasted between 390 million and 405 million.

Sports revenue in the year soared 19% to 1.2 billion and revenues in the gaming segment jumped 14% to 353 million.

Royal Dutch Shell Plc fell 0.9% to 2,205.50 pence after the U.K.-based oil and gas producer agreed to sell its 50% stake in petrochemical joint venture Shell Arabia to Saudi Basic Industries Corp for about $820 million.

Royal Dutch Shell also fell 1% after agreeing to sell its 50% stake in a petrochemical joint venture for $820 million.

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