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Market Update

Bwin. Accepts Higher Bid from GVC; Neopost and Lufthansa Surge

Author: Nigel Thomas
Last Update: 11:39 AM ET September 04 2015

4:00 PM Frankfurt – Bwin.Party accepted a higher offer from GVC and terminated merger plan with 888 Holdings. Altran profit surged 34% on 11% increase in revenues. Aer Lingus passenger traffics in August jumped 5.3%. Emis profit jumped 8%.

European markets traded lower at the opening after German industrial orders declined more than expected in July.

Markets in the euro zone rallied initially after the release of the U.S. employment data but closed down on the worries that the U.S. Fed may raise rates this month.

In London trading, FTSE 100 index slumped 134.18 or 2.2% to 6,059.92 and in Frankfurt the DAX index dropped 259.43 or 2.5% to 10,058.41.

In Paris, CAC 40 index declined 115.46 or 2.5% to 4,538.33.

For the week, FTSE 100 index dropped 2.1% and the DAX index declined 2.3% and the CAC 40 index slumped 2.9%.

Altran Technologies SA slipped 1.8% to €9.78 after the France-based engineering consultant said revenues in the first-half ending in June soared 10.8% from a year ago to €954.5 million from €861.8 million.

Net income in the period surged 33.9% from a year ago to €38 million compared to €28.4 million.

As of June, available cash increased to €383 million from €233 million and net debt jumped to €212 million from €155 million in a year ago period.

888 Holdings Public Limited Company jumped 2.2% to 166 pence after the U.K.-based online gambling services provider launched its poker, casino and sport brands in Romania.

The company will launch similar services in Denmark by next week to compete with the rival GVC Holdings and Bwin.Party.

Aer Lingus Group Plc, the Irish airline acquired by International Consolidated Airlines Group said it carried 1.27 million passengers in August, 5.3% higher than a year ago month.

Passenger count for short-haul soared 5.7% to 965,000 and long-haul surged 16.9% to 173,000.

Emis Group Plc soared 5.9% to 992.08 pence after the healthcare software provider said total revenue in the first-half ending in June soared 17.2% from a year ago to £77.8 million from £66.4 million.

Pre-tax profit in the period jumped 7.9% from a year ago to £13.6 million compared to £12.6 million and earnings per share increased 9% to 16.6 pence.

Deutsche Lufthansa AG increased 4.5% to €11.41 after the Germany-controlled airline’s chief executive in an interview with Reuters reaffirmed profit target in the current year on sustained business in July and August. The airline is also undergoing a turnaround in its short-haul operations.

GVC Holdings Plc plunged 5.1% to 430 pence after the U.K.-based gambling company agreed to acquire Bwin.Party Digital Entertainment Plc after revising the offer to 129.64 pence per share or £1.12 billion.

The agreed offer is 24% higher than the most recent offer of 104.09 pence per share from 888 Holdings.

Bwin Party terminated its offer from 888 Holdings for £898 million.

Shares of Bwin Party declined 3.1% to 111.60 pence.

Neopost SA, France-based shipping and logistics company soared 11% to €33.41 after the company reported 2015 outlook and reported higher sales in the second quarter.

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