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Market Update

EU Blocks LSE and Deutsche Boerse Merger, TUI Reaffirms Outlook

Author: Sarla Buch
Last Update: 10:34 AM ET March 29 2017

4:00 PM Frankfurt – The EU blocked £21 billion proposed merger between Deutsche Boerse and the London Stock Exchange. Scout24 declined on weak fiscal outlook. Stagecoach said revenue growth in U.K. bus segment slowed. TUI reaffirmed operating profit forecast.

In London trading, FTSE 100 index edged up 3.86 to 7,347.40 and in Frankfurt the DAX index gained 58.45 or 0.5% to 12,207.52.

In Paris, CAC 40 index rose 10.12 or 0.2% to 5,056.32.

Deutsche Boerse AG gained 1.7% to €83.23 and the European Commission blocked the £21 billion merger between Germany-based exchange and the London Stock Exchange Group Plc.

""They were not able to demonstrate that these measures would have been effective in practice,"" hence “the Commission has decided to prohibit the merger,"" the European Union said.

""A setback for Europe, the Capital Markets Union and the bridge between continental Europe and Great Britain"" Deutsche Borse chairman Joachim Faber said.

Scout24 AG, formerly Asa NewCo GmbH plunged 8.6% to €30.73 after Germany-based online advertisement platforms provider said revenues in the year ending in December soared 12.3% from a year ago to €442.1 million.

Net profit in the year surged 17.1% from a year ago to €67.2 million form €57.4 million and diluted earnings per share increased to €0.62 from €0.56

The online marketplace forecasted revenues in the fiscal 2017 to jump in high single-digit and operating margin to increase by around one percentage point.

Stagecoach Group Plc jumped 4.8% to 208.81 pence after the U.K.-based passenger transport services provider total bus passengers in the U.K. in the forty four weeks period ending on March 4 dropped 1.7% but rail passengers increased to 1.6%.

TUI AG slipped 0.5% to €13.01 after Germany-based travel and tourism services provider estimated total revenues in the first-half ending in March in Northern Region jumped 11% and revenues in the U.K. surged 20% while revenues in Nordics dropped 4%.

The tour operator reaffirmed group operating profit in fiscal 2017 to soar 10%.

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