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Market Update

Europe Earnings: BG Group, Centrica, Elan, Mulberry, Zara España

Author: Nigel Thomas
Last Update: 10:53 AM ET June 13 2013

3:20 PM Frankfurt – BG Group sold 65.1% stake in India based Gujarat Gas for about $422 million. Centrica buy 25% stake license for total of £100 million. Elan rejected third attempt of revised takeover bid worth $7.9 billion. Mulberry revenue and profit in the year declined.

In London trading, FTSE 100 index edged up 0.03% or 1.73 to 6,301 and in Frankfurt the DAX index fell 0.8% or 61.23 to 8,082.

In Paris, CAC 40 index inched up 0.06% or 2.13 to 3,796.

BG Group Plc gained rose 0.7% to 1,181.50 pence after the UK based natural gas explorer sold of the group\\\''s 65.12% stake in India\\\''s largest private natural gas distributor Gujarat Gas Company Limited for about $422 million.

Centrica Plc gained rose 0.4% to 369.50 pence after the UK based energy utility provider bought 25% stake in the license for Bowland area in Lancashire from Cuadrilla Resources Ltd. and AJ Lucas for £40 million in cash it will also pay exploration and appraisal costs of approx £60 million,

Elan Corporation, Plc, Irish biotechnology rejected the revised third attempt of takeover revised bid for $7.9 billion from the US based Royalty Pharma, a privately held investment firm.

Mulberry Group Plc fell 0.8% to 941 pence after the luxury accessory maker total revenue in the year ending in March slid 2% to £165.1 million from £168.5 million a year earlier. Profit before tax for the year of dropped 27.8% to £26 million compared to £36 million and basic earnings per share slumped 32.2 pence from 43.9 pence a year ago.

Retail revenue in the year climbed 8% to £107.2 million and revenue from the like-for-like jumped 6%. Wholesale revenue declined 16% to £57.9 million.

The Royal Bank of Scotland Group plc dropped 4.2% to 311.80 pence after CEO Stephen Hester will step down by the end of the year and the company plans to eliminate 2,000 positions.

Zara España, S.A., the Spanish textile giant said sales in the first quarter ending in April jumped 5.2% to €3.59 billion. Net profit in the quarter climbed 1.4% to €438 million.

The quarterly profit rose as the retailer pursued global expansion and opened new stores in Japan, China and Russia.

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