S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

BP in $1.3 B Deal with Woolworths, Loxam Raises Lavendon Offer

Author: Sarla Buch
Last Update: 9:58 AM ET December 28 2016

4:00 PM Frankfurt Elliott Capital increased its stake to 19% in the U.K.-based Alliance Trust. BP agreed to acquire gasoline stations from Australia-based Woolworths for $1.3 billion. Loxam raised its offer for the U.K.-based Lavendon Group Plc to 442 million.

In London trading, FTSE 100 index gained 37.18 or 0.5% to 7,105.35 and in Frankfurt the DAX index added 0.30 to 11,472.54.

In Paris, CAC 40 index edged up 0.38 to 4,848.66.

Alliance Trust Plc increased 0.6% to 638.50 pence after the U.S.-based activist investor Elliott Capital Advisors raise its stake in the U.K.-based investment trust to 19% from 17%.

BP Plc gained 0.7% to 506.40 pence after the U.K.-based oil and gas producer agreed to acquire a chain of gas stations from Australia-based supermarket operator Woolworths Ltd for $1.29 billion.

""The release of A$1.8 billion from the sale will be used to strengthen our balance sheet and reinvest in our core businesses,"" chief executive officer of Woolworths, Brad Banducci said.

The transaction is not expected to complete by January 2018.

Intesa Sanpaolo SpA slipped 0.9% to 2.43 after Reuters said Italy-based banking and financial services provider has narrowed the list of bidders from seven to Apollo Global Management, Cerberus and Christofferson Robb & Company for the sale of 2.5 billion or $2.61 billion bad loan portfolio.

Loxam SAS, the France-based industrial equipment supplier raised its offer of 260 pence per share in cash for the U.K.-based Lavendon Group Plc to 442 million or $542.86 million.

Loxham lifted its offer after higher cash offer of 230 pence per share from Belgium-based industrial equipment supplier TVH Group NV.

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