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Market Update

BHP Divests Stake in Gas Field, BayWa to Buys Solarmatrix

Author: Sarla Buch
Last Update: 11:56 AM ET September 05 2016

4:00 PM Frankfurt – BHP Billiton agreed to sell 50% stake of Australia-based gas field assets to Woodside Petroleum for $400 million. BayWa agreed to acquire Australian-based Solarmatrix. Dechra Pharmaceuticals net plunged 36% but revenues jumped 22%.

In London trading, FTSE 100 index fell 9.67 to 6,884.78 and in Frankfurt the DAX index slid 5.25 to 10,679.98.

In Paris, CAC 40 index edged up 3.45 to 4,545.62.

BHP Billiton Plc rose 0.3% to 998 pence after the U.K.-based integrated mining company agreed to sell 50% stake of Western Australia-based Scarborough gas field assets in the Carnarvon Basin for about $400 million to the domestic oil and gas explorer Woodside Petroleum Ltd.

The transaction is expected to complete by the end of this year.

BayWa AG gained 1% to €30.51 after the Germany-based diversified industrial and agricultural goods retailer’s subsidiary and renewable energy producer BayWa re agreed to acquire Australian-based photovoltaic distributor Solarmatrix for an undisclosed financial terms.

Dechra Pharmaceuticals Plc soared 7% to 1,391 pence after the U.K.-based veterinary drugs maker said revenues in the year ending in June jumped 21.7% from a year ago to £225.9 billion.

Net profit in the period plunged 35.6% from a year ago to £12.5 million compared to the £19.5 million and diluted earnings per share fell to 13.90 pence from 21.99 pence.

Koovs Plc jumped 5.2% to 62.62 pence after the U.K.-based India-focused online fashion products retailer reported sales in the three months ending in July surged 115% to £5 million.

Marks and Spencer Group Plc declined 1.1% to 350.30 pence after the Sky News reported that the specialty department stores operator plans to reduce 500 jobs at its head office in London.

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