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Market Update

Bankia in Spain Acquires BNM, Northgate Plunges

Author: Sarla Buch
Last Update: 11:02 AM ET June 27 2017

4:00 PM Frankfurt Bankia agreed to acquire state owned BMN. Carpetright net plunged. Northgate reported weak demand for vehicles. Schaeffler, Germany based auto parts maker lowered profit forecast. Bain Capital and Cinven canceled takeover plan for Stada Arzneimittel.

In London trading, FTSE 100 index slid 9.11 to 7,437.70 and in Frankfurt the DAX index decreased 81.13 or 0.7% to 12,689.44.

In Paris, CAC 40 index slipped 34.94 or 0.7% to 5,260.79.

Bankia SA jumped 3.9% to 4.18 after Spain-based banking and financial services provider today agreed to acquire state owned Banco Mare Nostrum SA in an all-stock deal through 205.6 million new shares and values BMN at 825 million or $924 million or 0.41 times its book value.

Carpetright Plc soared 8.1% to 194.50 pence after the U.K.-based floor coverings and beds retailer said revenues in the year ending on April 29 rose 0.2% from a year ago to 457.6 million

Net income in the year plunged 93.1% from a year ago to 0.7 million from 10.1 million and diluted earnings per share slumped to 1.1 pence from 14.9 pence.

Debenhams Plc declined 3.4% to 43 pence after the U.K.-based department stores operator said for the 15-weeks ending on June 17 group gross transaction value increased 1% and comparable store sales rose 0.9% while online sales jumped 7.9%.

The retailer forecasted pretax profit will be within the market expectations profit before tax may towards the lower end of the current range if the current market volatility continues.

Northgate Plc plunged 12.9% to 463.20 pence after the U.K.-based freight and logistics service provider reported total revenues in the year ending in April jumped 7.9% from a year ago to 667.4 million

Net income in the year fell 1% from a year ago to 60.9 million from 61.5 million and diluted earnings per share slid to 45.1 pence from 45.5 pence.

Northgate said profit declined after number of vehicles rented in the UK fell to 39,500 from 42,400 in a year ago period.

Porvair Plc declined 5.3% to 540 pence after the U.K.-based filtration and separation equipment maker said revenues in the first-half ending in May soared 7% from a year ago to 55.5 million.

Net income in the year jumped 8.8% from a year ago to 3.7 million from 3.4 million and diluted earnings per share increased to 8.2 pence from 7.4 pence.

Schaeffler AG tumbled 11.5% to 12.63 after Germany-based automobile parts maker lowered fiscal 2017 operating profit forecast in the range of 11% to 12% from the earlier estimated range of 12% to 13% mainly on weak development in the second-quarter.

Schaeffler added free cash flow may decrease to 500 million from 600 million.

Stada Arzneimittel AG slumped 2.7% to 60.12 after Germany-based drug maker said a takeover offer of $6 billion from a consortium Bain Capital LP and Cinven failed to attract enough interest from shareholders.

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