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Market Update

Continental Net Climbs, Fosun Acquires 5% Stake in Thomas Cook

Author: Nigel Thomas
Last Update: 11:25 AM ET March 06 2015

4:00 PM Frankfurt Continental net surged 24% to 2.4 billion and lifted sales outlook. Thomas Cook surged 24% after Fosun agreed to acquire 5% stake for 92 million. Unibail-Rodamco agreed to sell its asset to TIAA Henderson for 176 million. Wendel lowered Bureau Veritas stake for 1 billion.

In London trading, FTSE 100 index slipped 0.4% or 30.51 to 6,930.63 and in Frankfurt the DAX index gained 0.4% or 48.17 to 11,552.18.

In Paris, CAC 40 index rose 0.2% or 8.64 to 4,972.15.

Continental AG gained 0.6% to 71.47 after the Germany-based automobile parts maker reported sales in the year ending in December jumped 3.5% to 34.51 billion from 33.33 billion a year ago period.

Net profit in the year surged 23.5% from a year ago to 2.38 billion compared to 1.92 billion and earnings per share climbed to 11.88 from 9.62.

The company forecasted sales for the fiscal 2015 to climb 9% to 37.5 billion and EBIT margin is estimated to be 10.5%.

Thomas Cook Group surged 24.1% to 149.60 pence after the U.K.-based leisure travel group and China-based conglomerate Fosun International agreed to acquire 5% stake for 91.8 million or $140.12 million and plans to increase its stake to 10% in the company.

Unibail-Rodamco SA slid 0.2% to 167.70 after the France-based real estate developer agreed to sell its Sweden-based Nova Lund Shopping Centre to TIAA Henderson real estate for about 176 million or 1.64 billion kronor.

The transaction is expected to close in third-quarter.

Weir Group Plc climbed 5.4% to 1,832 pence on a report that the engineering service provider may be targeted for a takeover offer by the U.S. private equity consortium.

Wendel SA fell 0.4% to 110.90 after the France-based investment company agreed to reduce its stake by 10% in certification group Bureau Veritas at 20.32 per share or for 1 billion.

The company retains its stake of more than 40% and 56% of voting rights in Bureau Veritas.

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