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Market Update

Deutsche Bank Right Offering After Major Reversal, PSA in €2.2 B Opel Deal

Author: Sarla Buch
Last Update: 7:33 PM ET March 06 2017

4:00 PM Frankfurt – bet-at-home.com lifted fiscal 2017 revenues. Deutsche Bank plans to raise €8 billion through a rights offering. PSA agreed to buy Opel and Vauxhall unit from GM. Standard Life agreed to buy Aberdeen Asset for £3.8 billion.

In London trading, FTSE 100 index slumped 30.06 or 0.4% to 7,344.20 and in Frankfurt the DAX index slipped 48.04 or 0.4% to 11,979.17.

In Paris, CAC 40 index dropped 19.68 or 0.4% to 4,975.45.

bet-at-home.com AG advanced 2.5% to €104 after Germany-based online sports betting and gaming services provider said revenues in the year ending in December soared 14% from a year ago to €138.7 million.

Net income in the year rose 1.1% to €31 million from a year ago income of €30.7 million.

The online betting services provider forecasted revenues in the fiscal 2017 of about €144 million and operating profit of about €34 million and €38 million.

Deutsche Bank AG declined 5.9% to €18 after Germany-based investment bank said it plans to raise €8 billion or $8.5 billion through rights issue of 687.5 million new shares on March 21 with a price at about 39% discount to Friday closing price of €19.14.

The lender also plans to list small stake in its asset management business and sell off other assets and raise additional €2 billion.

PSA Group, the France-based automobile manufacturer and Citroen today agreed to acquire Opel, including Vauxhall division and European operations of GM Finance, a unit of General Motors in a deal valued at about €2.2 billion or £1.9 billion.

Peugeot said $2.3 billion spending in Opel and Vauxhall brand will return to profit and estimate to save £1.47 billion or $1.8 billion a year by 2026.

In 2016, Opel and Vauxhall sold 1.16 million units in the Europe, one-tenth of GM’s overall 10 million of global sales. PSA has 17% of market share in Europe and second in the region.

""We''re confident that the Opel-Vauxhall turnaround will significantly accelerate with our support,"" chief executive officer of PSA Peugeot Citroen Carlos Tavares said.

Standard Life Plc soared 5.7% to 400 pence after the U.K.-based investment and life insurance services provider agreed to acquire Aberdeen Asset Management for about £3.8 billion or $4.7 billion.

Under the terms, Aberdeen stockholders will receive 0.757 new of Standard Life and shareholders of Standard Life will own 66.7% of the combined group and group headquartered will be in the Scotland.

Uniper SE jumped 3.4% to €13.95 after Germany-based energy producer plans to sell its 25% stake in the Yuzhno-Russkoye gas field in western Siberia to Austrian oil and gas company OMV AG for about €1.75 billion or $1.86 billion.

The transaction is expected to close by the end 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