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Market Update

Europe Earnings: Anglo American, Helvetia, Lafarge, SABMiller, TeliaSonera

Author: Nigel Thomas
Last Update: 11:10 AM ET July 07 2014

4:00 PM Frankfurt Anglo American intends to sell its 50% stake in Lafarge worth 885 million. Helvetia agreed to buy a majority stake in Nationale Suisse at about $2 billion. Lafarge and Holcim plans to sale assets in Europe to raise up to 6 billion.

In London trading, FTSE 100 index slipped 0.5% or 34.63 to 6,831.42 and in Frankfurt the DAX index dropped 0.6% or 61.91 to 9,947.17.

In Paris, CAC 40 index declined 1% or 45.54 to 4,423.44.

Anglo American Plc fell 0.5% to 1,514 pence after the U.K.-based resource and mining company intends to sell its 50% stake in Lafarge Tarmac to Lafarge for 885 million or $1.5 billion and use proceeds to pay debt.

The transaction is expected to close in third-quarter of this year.

Helvetia Holding AG decreased 0.5% to 409.75 Swiss francs after the Switzerland-based insurance company agreed to buy a majority stake in Nationale Suisse at about 1.8 billion francs or $2 billion.

Lafarge S.A slid 0.7% to 64.73 after the France based cement and building materials maker and Switzerland-based Holcim Ltd plans to sale a series of assets in Europe to raise about 5 billion to 6 billion to win regulatory approvals for a $50 billion merger.

SABMiller Plc slipped 1% to 3,362.50 pence after the U.K.-based brewing and beverage maker plans to sale its stake in Tsogo Sun, the South African-listed gaming, hotel and entertainment group for $1.09 billion.

Taylor Wimpey Plc dropped 2.2% to 114.50 pence after the U.K.-based home-builder estimated first-half operating profit margin for the year to be about 16%. Total order book climbed to 1.58 billion compared to 1.26 billion a year ago.

TeliaSonera AB jumped 2.5% to 50.85 kronor after the Sweden-based telecommunication service provider agreed to acquire domestic rival Tele2 AB''s operations in Norway for 5.1 billion kronor or $744 million after Tele2 missed out the frequency auction.

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