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Market Update

BP and Rosneft Gas Agreement, Ipsen Updates Stock Repurchase Plan

Author: Sarla Buch
Last Update: 12:50 PM ET June 05 2017

4:00 PM Frankfurt BP and Rosneft signed long-term gas sales and purchase agreement. Ipsen updated its stock repurchase plan to 1.7 billion ahead of annual meeting next week and stock scaled back from its 11% surge in the day. Private consortium completed the proposed bid for Shawbrook of 868 million.

In London trading, FTSE 100 index fell 14.57 or 0.2% to 7,533.32 and in Paris, CAC 40 index slipped 29.45 or 0.5% to 5,314.01.

BP Plc rose 0.2% to 463.80 pence after the U.K.-based oil and gas producer and Russia-based Rosneft signed a long-term sales and purchase agreement of gas produced by Rosneft to European markets starting 2019.

Separately, today the BP said its BP Trinidad & Tobago made two significant gas discoveries with the Savannah and Macadamia exploration wells and unlocked approximately 2 trillion cubic feet of gas.

BPTT also sanction $500 million for the development of Angelin offshore gas project.

B&M European Value Retail SA fell 0.3% to 360.34 pence after the private equity firms CD&R and SSA sell 12.5% stake in the U.K.-based grocery general merchandise and retailers.

Ipsen SA dropped 0.9% to 119.95 after France-based therapeutic products maker was forced to disclose its plan to acquire additional shares as required by the French regulations.

Ahead of the annual meeting next week, the company updated its stock buyback plan to 83.6 million shares with the maximum purchase price of 200 per share valuing the maximum purchase not to exceed 1.67 billion.

Ocado Group Plc decreased 0.6% to 314 pence after the U.K.-based online grocery retailer confirmed that it had signed an agreement with a regional European retailer to use its Smart Platform but did not disclose the name.

Shawbrook Group Plc slid 0.3% to 338.90 pence after the private equity consortium Pollen Street Capital Ltd and BC Partners LLP completed the proposed bid of about 868 million for the U.K.-based banking services provider after securing competition clearance from the European Commission.

Royal Mail Plc gained 0.5% to 441.20 pence after the U.K.-based postal services provider agreed to sell its two of the seven plots on the site of its former south London mail centre at Nine Elms site to US-based developer Greystar for 101 million in cash.

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