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Market Update

Anheuser Targets SABMiller; Inditex, Richemont, Zodiac Sales Jump

Author: Nigel Thomas
Last Update: 12:38 PM ET September 16 2015

4:00 PM Frankfurt – Anheuser Busch said it plans to acquire SABMiller. Glencore plans to raise $2.57 billion to reduce net debt. Inditex profit soared 26% on 17% increase in revenues. Richemont sales jumped 4%. Zodiac Aerospace revenues surged 18%.

In London trading, FTSE 100 index jumped 73.80 or 1.2% to 6,210.55 and in Frankfurt the DAX index rose 31.46 or 0.3% to 10,219.49.

In Paris, CAC 40 index advanced 70.80 or 1.6% to 4,640.17.

Anheuser Busch Inbev SA surged 7.8% to €101.80 after the Belgium-based beer and soft drink maker confirmed that it intends to make a proposal to acquire the U.K.-based rival SABMiller Plc.

SABMiller said it had no further information about the terms but ""would review and respond as appropriate to any proposal which might be made.""

SABMiller Plc stock soared 21% to 3,647 pence.

Glencore Plc jumped 3.7% to 132.75 after the Switzerland-based resource conglomerate said it plans to issue 1.31 billion new shares worth about $2.57 billion or up to 9.99% of its existing share capital to institutional investors at a yesterday’s closing price of 125 pence per share, a 2.4% discount.

Inditex SA soared 5.6% to €30.18 after the Spain-based apparel, footwear and fashion accessories retailer reported net sales in the first-half ending in July surged 17% from a year ago to €9.42 billion.

Comparable store sales in the period jumped 7% and store and online sales in local currencies between August 1 and September 10 advanced 16%.

Net profit in the period soared 26% from a year ago to €1.17 billion compared to €928 million.

The retailer said Zara launched online sales in Hong Kong, Macau and Taiwan on September 9, with total online sales in 28 markets.

Compagnie Financiere Richemont SA soared 6.5% to 76.76 Swiss francs after the Switzerland-based luxury goods maker said total sales in the five-months ending in August jumped 4%.

The jewelry maker said sales in Japan surged 48% and in Europe soared 26% but in Asia-Pacific region plunged 18%.

Retail sales in August advanced 14% while wholesale sales declined 6%.

Zodiac Aerospace SA tumbled 19.1% to €22.75 after the France-based aircraft cabin and systems maker said revenues in the fourth-quarter surged 18.1% from a year ago to€4.93 billion.

As of August, the company said net debt is expected to be less than €1.30 billion.

Operating profit may decline to 40% and the company blamed the decline on the difficulties in the aircraft interiors activities, mainly in the seats segment.

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