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Market Update

Deutsche Not Ready to Settle U.S. Claims, Unilever in Talks to Buy Honest


Author: Sarla Buch
ticker.com
Last Update: 12:24 PM ET September 16 2016

4:00 PM Frankfurt Deutsche Bank said it has no intention to settle 10.6 billion of potential civil claims cited by the U.S. Department of Justice. Knorr-Bremse lifted its offer for Sweden-based rival Haldex for 5.5 billion Swedish crowns. Unilever in negotiation to buy Honest Co.

In London trading, FTSE 100 index slipped 15.48 or 0.2% to 6,716.09 and in Frankfurt the DAX index decreased 158.05 or 1.5% to 10,273.87.

In Paris, CAC 40 index dropped 48.65 or 1.1% to 4,322.90.

For the week, FTSE 100 index fell 0.9%, the DAX index slumped 2.9% and the CAC 40 index declined 3.7%.

Avanti Communications Group Plc slipped 1.8% to 30.94 pence after the U.K.-based satellite communication services provider secured a new contract worth about 10.7 million from the European Space Agency.

Under the contract, Avanti to provide affordable satellite broadband connectivity to 1,400 community sites across Sub-Saharan Africa for the next two years.

Deutsche Bank AG plunged 8.4% to 11.99 after the Germany-based investment bank said it has no intent to settle the potential civil claims anywhere near the number cited by the Department of Justice in the United States to pay the 10.6 billion or $14 billion.

The bank was asked to resolve the handling of underwriting of residential mortgage-backed securities and related securitization activities between 2005 and 2007.

The Knorr-Bremse AG, after Reuters said Germany-based braking systems maker raise its offer for Sweden-based rival Haldex to 5.53 billion Swedish crowns or $652 million.

Phoenix Group Holdings gained 0.4% to 844.50 pence after the U.K.-based life and health insurance provider confirmed that is in advanced discussions with Deutsche Bank AG to acquire its British insurance business Abbey Life Assurance Company Ltd.

Unilever Plc fell 0.9% to 3,513.50 pence after Wall Street Journal said the U.K.-based home and personal care products maker is in talks to acquire Honest Co., baby care product retailer co-founded by actress Jessica Alba in a deal valued at over $1 billion.

The offer was significantly below the valuation of $1.7 billion that was set during the fund raising in 2015.

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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