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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 3M’s 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 Co’s 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