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Market Update

E.ON Sells Assets to Cut Debt, Vivendi Finalizes SFR Deal for 13.4 B

Author: Nigel Thomas
Last Update: 10:38 AM ET November 28 2014

4:00 PM Frankfurt Axa agreed to acquire Assur Africa for 198 million. Covidien received U.S. regulatory clearance of Medtronic`s planned $43 billion acquisition. E.ON agreed to sell 80% stake to Enbridge for $650 million and sell its Spanish business for 2.5 billion.

In London trading, FTSE 100 index fell 0.2% or 15.19 to 6,708.23 and in Frankfurt the DAX index slid 0.1% or 11.51 to 9,963.36.

In Paris, CAC 40 index decreased 0.3% or 12.45 to 4,369.89.

Axa SA slid 0.2% to 19.26 after the France-based insurance company signed an agreement to acquire Assur Africa Holdings for 198 million cash.

The transaction is expected to close before the end of December.

Covidien Plc gained 0.5% to 79.72 after the Ireland-based healthcare company received the U.S. Federal Trade Commission clearance of Medtronic`s planned $43 billion acquisition on the condition to sell rival''s drug-coated balloon catheter business in Ireland.

E.ON SE fell 0.5% to 14.23 after the Germany-based energy solution provider agreed to sell 80% stake worth $650 million in two wind farms in the United States to Canada-based Enbridge Inc to lower its 31 billion or $38.6 billion debt burden and free up cash reserves.

Separately, today the company agreed to sell its Spanish business to Australia-based Macquarie Group Ltd and a Kuwaiti state fund for about 2.5 billion or $3.12 billion, the Wall Street Journal Deutschland reported.

Rio Tinto Plc rose 0.2% to 3,018 after the U.K.-based mining company deferred its investment plan for the proposed $1 billion iron ore mine in Australia, amid a plunge in iron ore prices.

Vivendi SA increased 0.7% to 20.48 after the France-based communications and entertainment provider closed the sale of mobile carrier SFR to domestic cable company Numericable, a subsidiary of Altice''s for 13.37 billion.

The company said it will use the proceeds to lower its debt.

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