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Market Update

After Rhetoric Greece Seeks Compromise, Canon Proposes to Buy Axis

Author: Nigel Thomas
Last Update: 10:35 AM ET February 10 2015

4:00 PM Frankfurt – Axis received offer from Japan-based Canon for 23.6 billion kronor. Bellway revenues climbed 19% to £820 million. Mediobanca net declined 15% to €261 million but revenues soared 16%. Michelin net plummeted 9% to €1 billion on 4% decline in revenues.

European markets traded sideways as Greek lawmakers vote on a budget proposal that may violate some of the terms of international bailout.

Separately, Greece’s Prime Minister Alexis Tsipras and Austria’s Chancellor Werner Faymann announced at a press conference a compromise ahead of emergency meeting of finance ministers of the euro zone tomorrow.

Finance Minister Yanis Varoufakis said Greece is committed in implementing at least 70% reforms as agreed at the time of international bailout.

Greece is trying to balance the debt commitments and election promises of austerity measures roll back as the nation struggles with jobless rate of 25%.

In London trading, FTSE 100 index fell 0.2% or 10.41 to 6,826.74 and in Frankfurt the DAX index rose 0.9% or 102.49 to 10,766.

In Paris, CAC 40 index jumped 1.2% or 53.38 to 4,704.46.

Axis AB surged 49.9% to 340.20 kronor after the Sweden-based security surveillance and digital video solution provider said Japan-based Canon Inc offered 340 kronor per share in cash or 23.6 billion kronor or $2.83 billion.

The offer period for tendering shares is between March 3 and April 1.

Bellway Plc jumped 2.6% to 1,877 pence after the U.K.-based homebuilder reported revenues in the first-half ending in December climbed 19% to £820 million from £688.2 million and home sales in the period surged 15.7% to 3,754 homes from a year ago.

The homebuilder said average selling price in the period jumped 3% to £219,000 and private home price increased of about £240,000 from a year ago period.

Mediobanca Group climbed 4.1% to €7.80 after the Italy-based bank reported group revenues in the first-half ending in December soared 15.9% to €1.01 billion from €875 million a year ago period.

Net profit in the period declined 14.5% from a year ago to €260.6 million compared to €304.7 million and earnings per share dropped to €0.30 from €0.35.

Michelin SCA declined 3.5% to €83.31 after the France-based tire maker reported net sales in the year ending in December dropped 3.5% to €19.55 billion from €20.25 billion a year ago period.

Net income in the period plummeted 8.8% from a year ago to €1.03 billion compared to €1.13 billion and earnings per share dropped to €0.30 from €0.35.

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