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Market Update

Broad Sell Off in European Markets, Whirlpool Pursues Rangemaster

Author: Nigel Thomas
Last Update: 10:11 AM ET September 01 2015

4:00 PM Frankfurt Whirlpool offered to buy Rangemaster for 129 million. Elekta net loss narrowed. Innovation agreed to be acquired by Carlyle for 499 million. Latchways agreed to be acquired by MSA Safety for 124 million. Rentokil agreed to acquire Steritech Group for $425 million.

European markets plunged more than 2% after China reported lowest manufacturing data in three years.

Markets in Asia and Europe accelerated decline on the growing worries that the Chinese economy may be slowing faster than the economic data suggest.

In London trading, FTSE 100 index declined 151.56 or 2.4% to 6,096.38 and in Frankfurt the DAX index dropped 253.28 or 2.5% to 10,006.18.

In Paris, CAC 40 index slumped 107.92 or 2.3% to 4,545.03.

AGA Rangemaster Group Plc soared 11.9% to 205 pence after the U.K.-based kitchen appliances maker said it was approached by the U.S.-based home appliances maker Whirlpool Corporation for a possible offer of about 129 million or $198 million in cash.

Elekta publ AB jumped 7.7% to 56.50 kronor after the Sweden-based cancer and brain clinical solution provider said net sales in the first-quarter ending in July surged 20% from a year ago to 2.24 billion kronor from 1.87 billion kronor.

Net loss in the quarter narrowed from a year ago to 131 million kronor compared to 137 million kronor and diluted loss per share decreased to 0.34 kronor from 0.36 kronor.

Innovation Group Plc jumped 2.6% to 39.75 pence after the U.K.-based enterprise software services provider agreed on a takeover offer from private equity group Carlyle Group for about 499 million.

Shareholders of Innovation are entitled to receive 40 pence in cash per share, a premium of 13.5% to the closing price of August 27.

Latchways Plc surged 49% to 1,073 pence after the U.K.-based safety devices maker agreed to be acquired by US-based MSA Safety Inc for 124 million, a 53% premium to its closing price on Friday.

Under the deal terms, shareholders of Latchways will receive 1100 pence in cash per share.

Rentokil Initial Plc increased 2.6% to 152.20 pence after the U.K.-based pest control, hygiene services provider agreed to acquire the U.S.-based pest control company Steritech Group, Inc. for about $425 million in cash.

The transaction is expected to close in the fourth-quarter of this year.

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