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Market Update

Europe Earnings: BMW, Chr. Hansen, Mothercare, NN Group, Roche

Author: Nigel Thomas
Last Update: 11:29 AM ET July 02 2014

4:00 PM Frankfurt – BMW plans to invest $1 billion in a new plant of Mexico. Chr. Hansen net climbed 6% to €37 million. Mothercare surged after rejecting two takeover offers from its U.S. rival. NN Group climbed after ING priced the initial public offering to raise €1.54 billion.

In London trading, FTSE 100 index rose 0.1% or 9.33 to 6,812.25 and in Frankfurt the DAX index inched up 0.03% or 3.03 to 9,905.44.

In Paris, CAC 40 index fell 0.5% or 21.92 to 4,439.20.

Bayerische Motoren Werke AG increased 0.5% to €93.72 and the Germany-based automaker plans to invest approximately $1 billion at a new assembly plant in Mexico.

Chr. Hansen Holding A/S climbed 4.4% to 240.70 kronor after the Denmark-based bioscience company reported revenue in the third-quarter ending in May jumped 3.4% to €198.1 million from €191.6 million a year ago period.

Profit in the quarter climbed 5.5% to €37.4 million compared to €35.5 million and diluted earnings per share rose to €0.28 from €0.26 a year earlier.

Mothercare Plc surged 10% to 255.75 pence after the U.K.-based pregnant woman and infant apparel retailer rejected two new offers from US rival Destination Maternity Corporation and concluded that it significantly undervalued the company’s prospects.

NN Group NV soared 7.3% to €21.42 on its first day of trading after the ING Group N.V. priced the initial public offering of 77 million shares at €20 per share of its Netherlands-based insurance and investment subsidiary to raise €1.54 billion or $2.1 billion and reduce its stake to 71.4%.

In June, ING said it will sell 70 million shares of its NN Group in initial public offering at an estimated price between €18.50 and €22 per share.

ING plans to reduce its stake to less than 50% before end of next year and will sell remaining stakes before December 2016.

Roche Holding Ltd rose 0.4% to 265.90 francs Switzerland-based pharmaceuticals and diagnostics group agree to pay about $1.73 billion to acquire Seragon Pharmaceuticals, a privately-held U.S. biotech company that researches breast cancer treatments.

The transaction is expected to close in the third quarter.

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