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Market Update

Europe Earnings: AstraZeneca, G4S, M&S, Severn Trent, Vue, Xaar

Author: Nigel Thomas
Last Update: 9:46 AM ET June 10 2013

3:20 PM Frankfurt – AstraZeneca agreed to acquire Pearl Therapeutics for $1.15 billion. Marks and Spencer plans to invest £200 million in a new distribution center. Consortium of investors abandoned its £5.3 billion offer for Severn Trent. Vue agreed to an offer of $935 million from Canada based private equity firms.

In London trading, FTSE 100 index slid 0.2% or 10.45 to 6,402 and in Frankfurt the DAX index increased 0.8% or 68.05 to 8,323.

In Paris, CAC 40 index inched lowered 0.1% or 2.63 to 3,870.

AstraZeneca Plc rose 0.8% to 3,328.50 after the UK based biopharmaceutical agreed to acquire a privately held Pearl Therapeutics valued $1.15 billion for respiratory disease.

The proposed transaction is expected to close in the third quarter of 2013.

G4S Plc fell 0.9% to 242.30 pence after the UK based security solution provider said William H. Gates III, the chairman of Microsoft increased his stake of 45,224,081 shares in the company which represents 3.2% of the company''s total voting rights.

Marks and Spencer Group plc added 0.1% to 452.80 pence after the UK based retailer plans to invest £200 million into a new distribution centre at London Gateway.

The distribution center of 900,000 sq ft is to be located at London Gateway Logistics Park.

Severn Trent Plc declined 5.2% to 1,962.28 pence after the UK based water treatment provider said Borealis Infrastructure Management Inc. and LongRiver group forsake its £5.3 billion offer to negotiate with the group.

Borealis chief executive officer Michael Rolland said “The Severn Trent board has no interest in discussing our pre-conditional offer with us.”

Vue Entertainment Group, the UK based movie theater chain operator agreed to an offer of $935 million from Canada based OMERS Private Equity and Alberta Investment Management.

Doughty Hanson, a private equity investor bought the cinema chain for £450 million in 2010.

Xaar Plc surged 23.9% to 790.50 after the UK based inkjet print-head supplier said sales through the period January to May increased on higher demand.

The company lifted its revenue guidance for the full year to a growth of 50% from £86.3 million sales in 2012 and also plans to spend over £12 million in 2013 for research and development.

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