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Market Update

Deutsche Wohnen Rejects 14 B Offer from Vonovia

Author: Nigel Thomas
Last Update: 11:17 AM ET October 14 2015

4:00 PM Frankfurt ASML net surged 32%. Diageo agreed to sell its U.S. and U.K.-based wine operations to Australia-based Treasury Wine. Deutsche Wohnen rejected formal 14 billion offer from the domestic rival Vonovia. Hargreaves Lansdown revenues soared 11%.

In London trading, FTSE 100 index dropped 64.48 or 1% to 6,278.20 and in Frankfurt the DAX index fell 91.10 or 0.9% to 9,939.13.

In Paris, CAC 40 index decreased 25.81 or 0.6% to 4,617.57.

ASML Holding NV declined 4.5% to 74.48 after the Netherlands-based chip-equipment maker reported total revenues in the third-quarter ending on September jumped 17.4% from a year ago to 1.55 billion.

Net profit in the quarter surged 32.1% from a year ago to 322 million compared to 244 million and diluted earnings per share increased to 0.75 from 0.56.

The company forecasted net sales for the fourth-quarter of about 1.4 billion and gross margin of about 45%.

Diageo Plc slipped 1.6% to 1,815 pence after the U.K.-based alcoholic beverage maker agreed to sell its U.S. and U.K.-based wine operations to Australia-based Treasury Wine Estates Ltd for about $552 million in cash.

Deutsche Wohnen AG jumped 2.4% to 24.77 after the Germany-based residential property developer rejected formal acquisition offer from the domestic rival Vonovia SE and reiterated its commitment to merge with LEG Immobilien AG.

Deutsche Wohnen is in negotiation to acquire the regional rival LEG Immobilien AG for 4.6 billion and is awaiting the shareholder approval.

Vonovia will submit a formal offer to buy Deutsche Wohnen for about 14 billion, if the merger between Deutsche Wohnen and LEG fails to win a shareholder approval.

Vonovia SE slumped 4.3% to 27.72

Hargreaves Lansdown Plc soared 4.3% to 1,338 pence after the U.K.-based financial service provider said net revenues in the first-quarter ending in September soared 11% from a year ago to 78.5 million.

The company said net new business inflows in the quarter jumped to 1.43 billion and the number of total active client surged 140% to 24,000.

Skanska AB plunged 8.3% to 160.60 Swedish kronor after the Sweden-based construction and infrastructure developer estimated to book a 630 million kronor or $77.5 million charges in the third-quarter from its U.S. operations.

For the quarter, group operating income is expected at 900 million kronor while operating income for the year is expected between 5.5 billion kronor and 6 billion kronor.

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