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Market Update

Dialog Plunges on Apple Worries, Prysmian Acquires General Cable

Author: Sarla Buch
Last Update: 3:37 AM EST December 04 2017

4:00 PM Frankfurt Aker agreed to divest minority stakes in two North Sea fields. Dialog tumbled after the chipmaker said its largest customer Apple Inc may design its own power management chip. Prysmian agreed to buy the U.S.-based rival General Cable for $3 billion. Tryg agreed to acquire domestic business from Alka Forsikring.

In London trading, FTSE 100 index advanced 34.93 or 0.5% to 7,336.29 and in Frankfurt the DAX index soared 235.80 or 1.8% to 13,096.51.

In Paris, CAC 40 index jumped 73.76 or 1.4% to 5,388.58.

Aker BP ASA, the Norway-based oil explorer today agreed to divest its 10% stakes in two North Sea fields Valhall and Hod to private equity-backed Pandion Energy AS for an undisclosed amount.

However, Aker will retain its 90% stake in both fields Valhall and Hod.

The transaction is expected to close by the end of 2017.

Dialog Semiconductor Plc tumbled 22.9% to 24.08 after Germany-based integrated circuits maker today confirmed that it will continues to supply customized power management integrated circuits to its largest customer, Apple Inc.

However, the microchip maker also added Apple may internally design a PMIC and may do so in the next few years.

The Nikkei reported, Dialog is dependent on its contract with Apple for 74% of its revenues.

Prysmian SpA declined 4.6% to 27.19 after Italy-based cable maker agreed to acquire the U.S.-based rival General Cable Corporation for $30 per share in cash or about $3 billion, including debt and other liabilities.

The transaction is expected to close in the third-quarter of 2018.

General Cable Corporation stock in New York Stock Exchange surged 33.7% to $29.15.

Tryg A/S jumped 4.4% to 158.20 Danish kroner after Denmark-based insurer today agreed to acquire domestic business P&C insurance from the rival Alka Forsikring for total consideration of 8.2 billion kroner or $1.31 billion.

Transaction is expected to close during the first-half of 2018.

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