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Market Update

Eni Sells Egyptian Gas Field Stake, Intesa to Finance Glencore Rosneft Deal

Author: Sarla Buch
Last Update: 3:02 AM ET December 12 2016

4:00 PM Frankfurt Italy controlled Eni agreed to sell its 30% stake in Egypt-based gas field to Rosneft for $1.6 billion. e2v Tech agreed to be acquired by Teledyne for 620 million. Intesa led syndicate will finance 7 billion for Glencore and Qatar controlled funds to acquire a stake in Rosneft.

In London trading, FTSE 100 index dropped 44.58 or 0.6% to 6,909.43 and in Frankfurt the DAX index edged up 5.92 to 11,209.54.

In Paris, CAC 40 index rose 7.83 or 0.2% to 4,771.90.

Eni SpA jumped 4.1% to 14.84 after Italian government controlled oil and gas explorer agreed to sell its 30% stake in Egypt-based gas field Zohr to Russia controlled PAO Rosneft for $1.58 billion.

e2v Technologies Plc surged 47.3% to 273.25 pence after the U.K.-based image sensors provider agreed to be acquired by Teledyne Technologies Inc for 275 pence per share or 620 million or $780 million in cash.

Intesa Sanpaolo SpA fell 0.2% to 2.35 after Italy-based banking services provider with syndicate will finance about 7 billion for commodities trader Glencore Plc and Qatar Investment Authority to buy 19.5% stake in Russia-based Rosneft.

Lavendon Group Plc slipped 1.6% to 225.26 pence after Reuters said the Belgium-based industrial equipment supplier TVH Group NV said it lowered its acceptance condition for the proposed 348 million or $438.62 million takeover from the U.K.-based powered access equipment provider.

Lonza Group AG plunged 5.5% to 168.30 Swiss francs after Switzerland-based pharmaceutical group is in preliminary talk to acquire the U.S.-based capsule and other drug maker Capsugel for about $5 billion from private equity firm KKR & Co.

Zurich Insurance Group AG slid 0.1% to 277.50 Swiss francs after Switzerland-based insurer agreed to buy Australia-based travel insurance provider Cover-More Group Ltd for about A$741 million or $551 million.

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