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Market Update

DTZ Acquires Cushman Wakefield Stake for $2 B


Author: Nigel Thomas
ticker.com
Last Update: 11:23 AM ET May 11 2015

4:00 PM Frankfurt Agnelli family divested 75% stake in its U.S.-based Cushman unit to DTZ for $2 billion. GEA profit declined 14% but revenues jumped 6%. Lonmin pretax loss narrowed. Talanx profit jumped 16%.

In London trading, FTSE 100 index edged up 0.04% or 3.13 to 7,049.95 and in Frankfurt the DAX index slipped 0.4% or 43.88 to 11,665.85.

In Paris, CAC 40 index declined 1.1% or 57.27 to 5,033.12.

Dignity Plc slid 0.2% to 2,078 pence after the U.K.-based funeral related services provider reported revenues in the first-quarter ending in March climbed 23.7% to 85.5 million from 69.1 million in a year ago period.

The company said operating profit in the quarter surged 38.8% from a year ago to 35.8 million compared to 25.6 million.

EXOR SpA gained 0.4% to 42.53 after the Italy-based diversified investment company owned by Agnelli family agreed to divest 75% stake in its New York-based real estate unit Cushman & Wakefield to the U.S.-based real estate developer DTZ for about $2 billion.

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

GEA Group AG jumped 2.3% to 44.70 after the Germany-based food and energy process provider reported revenues in the first-quarter ending in March jumped 5.9% to 1 billion from 950.7 million in a year ago period.

Net profit in the quarter declined 14.2% from a year ago to 40.5 million compared to 47.2 million and diluted earnings per share slipped to 0.21 from 0.25.

The company forecasted operating profit for fiscal 2015 in the range of 590 million to 640 million.

HSS Hire Group Plc rose 0.4% to 194.85 after the tool and equipment hiring services provider agreed to acquire All Seasons Hire Ltd aheating, ventilation and air-conditioning recruiter for 11.4 million in cash.

Lonmin Plc fell slid 0.1% to 141.85 pence after the U.K.-based platinum miner said revenues in the first-half ending in March plunged 12.1% to $508 million form $578 million in a year ago period.

Pretax loss in the period narrowed from a year ago to $118 million compared to $278 million and loss per share decreased to 13.6 cents from 35.5 cents.

The miner maintained guidance for saleable metal-in-concentrate at around 750,000 platinum ounces and for sales of around 730,000 platinum ounces.

Talanx AG fell 0.06% to 26.75 after the Germany-based insurance company stated gross written premiums in the first-quarter ending in March soared 12.2% to 9.44 billion from 8.41 billion in a year ago period.

Net profit in the quarter jumped 16.2% from a year ago to 251 million compared to 216 million and diluted earnings per share climbed to 0.99 from 0.86.

""We are confirming our target of generating Group net profit of at least 700 million in fiscal 2015"" chief executive officer Herbert K. Haas said.

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