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Market Update

Aviva Acquires Friends Life for 5.6 B, Aryzta Revenues Soars 14%

Author: Nigel Thomas
Last Update: 10:59 AM ET December 02 2014

4:00 PM Frankfurt Aryzta group revenue soared 14% to 1.3 billion. Aviva agreed to acquire rival Friends Life for about 5.6 billion. Aberdeen profit declined 7% to 307 million and assets under management surged 62%. ITE Group net dropped 4% on 9% decrease in revenues.

In London trading, FTSE 100 index jumped 1.1% or 75.10 to 6,731.47 and in Frankfurt the DAX index fell 0.2% or 20.27 to 9,943.24.

In Paris, CAC 40 index rose 0.3% or 15.01 to 4,392.34.

Aryzta AG rose 0.4% to 76.80 francs after the Switzerland-based bakery products maker said total group revenues in the first-quarter ending in October soared 13.8% to 1.26 billion from a year ago period.

The company reported revenue in the quarter from Europe segment climbed 7% to 404.1 million and revenues from North America segment surged 30.5% to 475.5 million. Total food group revenue soared 17.8% from a year ago to 937.8 million.

Aviva Plc gained 0.4% to 501.50 pence after the U.K.-based insurance company agreed to acquire rival Friends Life Group Limited for about 5.6 billion or $8.8 billion, 15% more than closing price of November 20.

The company said deal would add about 70 billion of U.K. assets of Friends Life and increase funds under administration to about 309 billion.

Aberdeen Asset Management Plc increased 1.1% to 462.70 pence after the U.K.-based investment company reported net revenues in the year ending in September jumped 4% to 1.12 billion from 1.08 billion a year ago period.

Net profit in the year declined 6.6% from a year ago to 307.1 million compared to 328.8 million and diluted earnings per share slumped to 22.79 pence from 26.22 pence.

In the year, new business declined 21% to 34.7 billion compared to 43.9 billion a year ago.

As of September, the company said assets under management surged 62% to 324.4 billion from 200.4 billion a year ago period.

ITE Group Plc unchanged at 153.25 pence after the U.K.-based trade exhibition and conference organizer said revenues in the year ending in September declined 9.1% to 174.8 million from 192.3 million a year ago period.

Net profit in the year dropped 4.5% from a year ago to 34.1 million compared to 35.7 million and diluted earnings per share decreased to 13.8 pence from 14 pence.

Separately today the company signed an acquisition agreement with Turkey-based TF Fuarcilik ve Organizasyon Anonim Sirketi to acquire the Eurasia Rail exhibition from Turkel Fuarcilik Anonim Sirketi for a total consideration of 8 million.

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