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Market Update

Air Liquide, Orange, SVG Capital in Focus; Tesco Net Loss Narrows


Author: Sarla Buch
ticker.com
Last Update: 11:31 AM ET October 05 2016

4:00 PM Frankfurt Air Liquide is in talk to sell its scuba diving-equipment unit to Montagu Private Equity. Orange received regulatory approval to acquire 65% stake of Groupama Banque. SVG Capital agreed to sell 50% of its investment portfolio. Tesco net loss narrowed but sales jumped.

In London trading, FTSE 100 index dropped 40.49 or 0.6% to 7,035.01 and in Frankfurt the DAX index fell 30.95 or 0.3% to 10,588.66.

In Paris, CAC 40 index slipped 10.52 or 0.2% to 4,493.31.

Air Liquide SA fell 0.9% to 96.18 after France-based industrial gas supplier is in talk to divest its Aqua Lung, the scuba diving-equipment-making business to Montagu Private Equity without disclosing financial terms.

Orange SA decreased 1.3% to 13.86 after France-based mobile operator received approval from regulatory and prudential authorities in France and Europe to acquire 65% stake of Groupama Banque and renamed Orange Bank from January 2017.

SVG Capital Plc slipped 0.6% to 670 pence after the U.K.-based private equity investor agreed to sell 50% of its investment portfolio to Pomona Capital and Pantheon Ventures for 379 million and close the operations by the end of 2017.

On Tuesday, HarbourVest urged shareholders of SVG to accept offer of 650 pence per share.

In mid-September, SVG refused takeover offer from its U.S.-based rival HarbourVest for 1 billion or $1.35 billion and the company is in talks with consortium led by Goldman Sachs Group Inc and the Canadian Pension Plan Investment Board.

Tesco Plc surged 11% to 209.45 pence after the U.K.-based supermarkets operator reported revenues in the first-half ending on August 27 jumped 3.3% from a year ago to 24.4 billion.

Comparable sales in the period decreased 0.9%.

Net loss in the period narrowed from a year ago to 91 million compared to the 365 million and diluted loss per share fell to 1.12 pence from 4.47 pence.

Tesco forecasted operating profit in the year of about 1.2 billion and estimated operating margin between 3.5% and 4% by fiscal 2020 and 1.4 billion per year in capital expenditure in the next three years.

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