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Market Update

Europe Earnings: Aberdeen, Aveva, Korian, Petrofac, Sanofi, Sonova

Author: Nigel Thomas
Last Update: 9:31 AM ET November 18 2013

3:10 PM Frankfurt – Aberdeen Asset agreed to acquire Scottish Widows for £660 million. Aveva profit soared 8%. Korian agreed to acquire Medica SA for €1.1 billion. Petrofac declined after profit outlook. Sanofi to acquire Mumbai-based Elder Pharma. Sonova profit soared 11%.

In London trading, FTSE 100 index gained 0.5% or 32.43 to 6,726 and in Frankfurt the DAX index increased 0.7% or 62.38 to 9,231.

In Paris, CAC 40 index jumped 0.7% or 29.67 to 4,322.

Aberdeen Asset Management Plc soared 14.8% to 489.80 pence after the U.K.-based asset manager agreed to acquire Scottish Widows Investment Partnership Group Ltd., a subsidiary of Lloyds Banking Group Plc for £660 million.

Aveva Group Plc plunged 7.9% to 2,364 pence after the U.K.-based information-technology company said revenue in the first-half climbed 11% to £108.5 million from £97.6 million a year ago.

Profit for the period soared 8.2% to £19.8 million compared to £18.3 million and diluted earnings per share jumped to 29.59 pence from 26.95 pence a year earlier.

Korian SA dropped 2.8% to €24.83 after the France-based healthcare company agreed to acquire Medica SA for €1.1 billion. Shareholders of Medica will receive €23.01 per Korian share held.

Petrofac Limited tumbled 15.7% to 1,212.88 pence after the U.K.-based oil and gas producer said it expects “flat to modest” profit growth in 2014.

Petrofac added group backlog as of October-end was flat at $14.3 billion and net debt was $0.5 billion. The company set profit-after-tax target of above $862 million in 2015.

Sanofi SA rose 0.4% to €80.19 and the France-based healthcare company is close to acquiring the Mumbai-based Elder Pharmaceuticals, valuing at about Rs 2,200 crore.

Sonova Holding AG climbed 6.5% to 126 francs after the Switzerland-based hearing-aid maker reported group sales in the first-half ending in September jumped 8.6% to 947.8 million francs from 872.4 million francs a year ago period.

Profit for the period soared 11.2% to 163.7 million francs compared to 148.6 million francs and diluted earnings per share rose to 2.39 francs from 2.23 francs.

The hearing-aid maker lifted its fiscal full-year outlook and expects sales growth in the range of 8% to 10% from the previous estimate between 6% and 8% and EBITA growth between 11% and 14% from 9% to 13%.

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