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Market Update

Dutch Court Rejects Elliott Plea for Akzo Merger, Ryanair Seeks Expansion

Author: Mukesh Buch
Last Update: 11:48 AM ET May 30 2017

4:00 PM Frankfurt Dutch court rejected a plea from the U.S. based activist investor and force Akzo to reconsider merger with the rival PPG. Horizon Discovery plunged. LSE agreed to acquire bond market analysis software business from Citigroup for 532 million. Ryanair profit jumped 6%.

In London trading, FTSE 100 index fell 14.71 or 0.2% to 7,532.92 and in Frankfurt the DAX index slumped 33.52 or 0.6% to 12,594.92.

In Paris, CAC 40 index dropped 32.45 or 0.6% to 5,300.02.

Akzo Nobel NV dropped 1.7% to 75.04 after the Netherlands-based paints and coatings maker adter the domestic court rejected the request of activist investor Elliott Management Corp to take immediate action on the proposed 25 billion or $28 billion bid from the U.S. rival PPG Industries Inc.

However, PPG may plan a hostile takeover bid with direct offer to Akzo shareholders.

Horizon Discovery Group Plc plunged 6.3% to 202 pence after the U.K.-based genetically-modified cells designer said preliminary revenues in the year ending in December 2016 soared 19% to 24.1 million.

The Horizon Discovery forecasted fiscal 2017 revenues to jump between 30 million and 35 million.

The London Stock Exchange Group Plc gained 0.9% to 3,421.26 pence after the U.K.-based stock exchange operator plans to acquire Yield Book and Citi Fixed Income Indices business from the Citigroup for 532 million or $685 million.

The transaction is expected to complete by the second-half of this year.

Ryanair Holdings Plc advanced 1.4% to 18.26 after Ireland-based budget airliner reported revenues in the year ending in March rose 2% from a year ago to 6.6 billion.

Net income in the year jumped 6% from a year ago to 1.32 billion from 1.24 billion and diluted earnings per share slumped 104.64 from 92.08.

The low-cost airliner said revenue and profit increase was driven by 13% increase in customer traffic in the quarter to 120 million and average fares reduction of 13% to 41.

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