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Market Update

Deutsche Bank Replaces CEO Team; Shire and Actelion in Merger Talks

Author: Nigel Thomas
Last Update: 11:00 AM ET June 08 2015

4:00 PM Frankfurt – Deutsche Bank replaces current chief executive team. Phoenix IT net swung to profit but revenues declined 7%. Shire is in talk to acquire Switzerland-based rival Actelion for £12.4 billion. Syngenta rejected second $45 billion proposal from Monsanto.

In London trading, FTSE 100 index rose 0.2% or 12.78 to 6,805.42 and in Frankfurt the DAX index dropped 1% or 112.47 to 11,082.43.

In Paris, CAC 40 index declined 1.2% or 58.81 to 4,861.93.

Deutsche Bank AG climbed 5.1% to €29.01 after the lender accepted shareholders demand and announced on Sunday that resignations of co-Chief Executive Officers Anshu Jain and Jürgen Fitschen, from July 1.

John Cryan, will assume the position of sole chief executive.

Diageo Plc soared 7.3% to 1,889 pence after the Brazilian news Veja said billionaire Jorge Paulo Lemann and private equity firm 3G Capital intend to make a €64 billion offer for the U.K. based alcoholic drinks maker.

Phoenix IT Group Plc gained 1.1% to 158.23 pence after the U.K.-based information technology provider said revenues in the year ending in March plunged 9% to £212.4 million from £233.4 million in a year ago period.

Net in the year swung to £7 million compared to a loss of £30.3 million in the period a year ago and diluted earnings per share swung to 8.1 pence from diluted loss per share of 40 pence.

Shire Plc slumped 2% to 5,345 pence after the Sunday Times in the U.K. reported that the pharmaceutical firm is in talks to acquire Switzerland-based rival Actelion Ltd for about 160 francs per share or £12.4 billion or $18.9 billion.

Syngenta AG fell 0.8% to 409.70 Swiss francs after the Switzerland-based crop chemicals maker rejected second takeover proposal of $45 billion from the U.S.-based Monsanto Co.

Monsanto offered $2 billion reverse break-up fee if the company fails to obtain global regulatory approvals.

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