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Market Update

Altice Divests Swiss Operation, Renault November Sales Barely Budged

Author: Sarla Buch
Last Update: 10:56 AM EST December 01 2017

4:00 PM Frankfurt – Altice agreed to sell its Swiss telecom solutions business and Data Center to InfraVia Capital Partners. Fuchs Petrolub agreed to divest its domestic production site to Japan-based CCI Group. Indivior received approval from the U.S. to sell opioid treatment. Renault November sales rose.

In London trading, FTSE 100 index increased 8.88 to 7,335.95 and in Frankfurt the DAX index dropped 65.82 or 0.5% to 12,959.93.

In Paris, CAC 40 index slipped 18.47 or 0.3% to 5,353.82.

For the week, FTSE 100 index slumped 1%, the DAX index decreased 0.7% and the CAC 40 index dropped 0.7%.

Altice SA France-based cable and telecommunications provider today agreed to sell its Switzerland-based telecom solutions business Green.ch AG and Green Datacenter AG to InfraVia Capital Partners. The sale is expected to decrease its €50 billion or $59.6 billion debt burden.

The transaction is expected to close in early 2018.

Fuchs Petrolub SE gained 0.5% to €40.58 after Germany-based lubricants maker agreed to divest its domestic production site in Dormagen to CCI Group, Japan.

Separately, yesterday the lubricants maker agreed to acquire lubricants business of Lubasyst in Romania and merge it in the new subsidiary FUCHS Romania.

Indivior Plc soared 7.2% to 397.50 pence after the U.K.-based specialty pharmaceutical drugs maker received the approval from the U.S. regulatory approval to market its Sublocade injection, opioid addiction drug treatment for once-a-month.

Munich Re Group declined 3.5% to €184.90 after Germany-based insurer’s chief executive officer Joachim Wenning forecasted lower profit compared to a year ago and estimated profit of about €2 billion and added there may not be a ""big jumps to previous earnings levels.""

The chief financial officer earlier said that “We expect prices to rise again in the forthcoming negotiations, particularly in hardest hit by recent natural catastrophes.”

However, earlier Reuter news agency said Ergo dropped its plans to sell run-off life insurance policies, saying non-binding offers received by the company were too low.

Renault SA slipped 1.3% to €84.25 after France based vehicle maker said November sales jumped 0.8% to 25,759 units from 25,550 units in a year ago month on strong exports of SM6 midsize sedan and the QM6 SUV models.

Domestic sales plunged 34% to 8,302 units but exports surged 34.4% to 17,457 units but overall automobile registrations in the month in France soared 10.33% to 180,013 units.

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