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Market Update

Amundi to Raise 2 B to Buy Pioneer, Sumitomo to Acquire Fyffes

Author: Sarla Buch
Last Update: 11:33 AM ET December 09 2016

4:00 PM Frankfurt Amundi plans to sell new shares up to 2 billion to pay for the purchase of Pioneer Investments. Daily Mail plans to reduce its stake to 49% in Euromoney. Electrolux jumped on outlook. Gemalto agreed to buy the U.S.-based 3Ms identity-management business. Sumitomo to buy Fyffes for 751 million.

In London trading, FTSE 100 index rose 16.43 or 0.2% to 6,949.48 and in Frankfurt the DAX index gained 23.46 or 0.2% to 11,203.15.

In Paris, CAC 40 index increased 17.21 or 0.4% to 4,764.78.

For the week, FTSE 100 index jumped 3.2%, the DAX index surged 6.6% and the CAC 40 index soared 5.2%.

Amundi SA increased 1.2% to 47.60 after Reuters said France-based asset manager plans to sell new shares between 1.5 billion and 2 billion in early 2017 to acquire the U.S. based asset manager Pioneer Investments from Italy-based UniCredit SpA.

Comdirect bank AG slipped 0.8% to 9.49 after Germany-based online banking services provider agreed to acquire the domestic media and internet services provider OnVista AG without disclosing financial terms.

Daily Mail and General Trust Plc gained 0.5% to 796 pence after the U.K.-based media and entertainment group said it plans to reduce its stake in Euromoney Institutional Investor Plc to about 49% from 67% at sell at a price of 975 pence per share and raise gross proceeds of approx 315 million.

The publisher and media company restated revenues in fiscal 2016 to 1.5 billion from the earlier reported revenues of 1.9 billion and operating profit was restated to 304 million compared to the reported operating profit of 364 million.

As of September 30, net debt of the publishing group was 679 million.

Electrolux AB jumped 4.2% to 222.10 Swedish kronor after Sweden-based household-appliance maker estimated moderate growth in fiscal 2016 in Europe but economic pressures in Latin America may lower sales in the region by 5%.

The home appliance maker forecasted appliances demand in fiscal 2017 likely to increase 1% and volume growth in North America between 2% to 3%.

Gemalto NV slumped 2.4% to 16.21 after the Netherlands-based digital security services provider agreed to acquire the U.S.-based 3M Cos identity-management business for $850 million.

Fyffes Plc surged 44.2% to 186 pence after the Ireland-based fruits and banana distributor agreed to be acquired by Japan-based Sumitomo Corp for 751.4 million or $798 million, representing 49% premium on yesterday''s price.

The transaction is expected to close early next year.

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