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Market Update

Aviva Receives EC Approval, Holcim Rejects 42 B Merger Proposal

Author: Nigel Thomas
Last Update: 9:07 AM ET March 16 2015

4:00 PM Frankfurt Antofagasta may close it Chile-based Los Pelambres project after a court ruling. Eni signed an agreement with Egypt to invest as much as $5 billion. Aviva received regulatory approval for Friends Life. Holcim rejected 42 billion merger proposal from Friends Life.

In London trading, FTSE 100 index gained 0.6% or 41.42 to 6,782 and in Frankfurt the DAX index climbed 1.7% or 206.91 to 12,108.52.

In Paris, CAC 40 index jumped 0.8% or 39.51 to 5,049.97.

Antofagasta Plc edged up 0.1% to 699 pence and the U.K.-based copper miner is likely to close it Chile-based Los Pelambres project after a court ruling required the company to destroy a tailings dam wall.

Eni SpA dropped 2.4% to 15.20 after the Italy-based oil and gas explorer signed an extension agreement of permits with the Egyptian government to invest $5 billion in next five-years.

Friends Life Group Ltd gained 1.1% to 418 pence after the European Commission approved Aviva Plc''s proposed acquisition of smaller rival worth about 5.6 billion.

Holcim Ltd slipped 1.1% to Sfr74.64 after the Switzerland-based cement and building materials producer rejected the terms of a proposed 42 billion merger proposal by the French rival Lafarge.

Shares of Lafarge SA declined 4.6% to 62.01.

Klepierre SA rose 0.08% to 44.24 after the France-based shopping center developer agreed to acquire Madrid-based Plenilunio, shopping centre of about 70,000 square meters with gross value of 375 million.

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