2:45 PM Frankfurt – BMW net increased 3% to €1.3 billion on flat sales. Marks and Spencer net soared 14% to £242 million. PPF Group agreed to buy Telefónica Czech Republic for €2.5 billion. Vivendi agreed to sell majority stake in Maroc Telecom for €4.2 billion to Etisalat.
In London trading, FTSE 100 index dropped 0.6% or 41.97 to 6,722 and in Frankfurt the DAX index slumped 0.5% or 48.79 to 8,988.
In Paris, CAC 40 index declined 0.7% or 31.87 to 4,257.
Bayerische Motoren Werke AG
dropped 3.4% to €80.76 after the Germany-based automobile company reported revenue in the third-quarter slid 0.4% to €18.75 billion from €18.82 billion a year ago.
Net profit for the quarter jumped 3.2% to €1.33 billion compared to €1.29 billion and diluted earnings per share increased to 6.12 euro cents from 5.94 euro cents a year earlier.
The company confirmed pretax-profit for the year similar to 2012 and sales volume to increase in the single-digit percentage range.
Marks and Spencer Group Plc
climbed 3.4% to 503.68 pence after the U.K.-based specialty retailer reported group sales in the first-half ending on September 28 climbed 3.6% to £4.88 billion from £4.70 billion a year ago. Comparable stores sales in the period eased 1.3%.
Profit for the year soared 13.7% to £241.9 million compared to £212.8 million and diluted earnings per share increased to 15.3 pence from 13.7 pence a year earlier.
The retailer added underlying profit-before-tax for the period dropped to £261.6 million from £287.3 million and profit-before-tax was nearly flat at £280.6 million from a year ago period.
PPF Group NV
today said it agreed to acquire 65.9% stake in Telefónica Czech Republic including its 100%-owned subsidiary Telefónica Slovakia for a total consideration of €2.47 billion or CZK 63.6 billion.
RSA Insurance Group Plc
declined 6.7% to 120.50 pence after the U.K.-based non-life insurance company said it will miss its profitability target after last week’s European windstorms.
rose 0.2% to €18.75 after the France-based communications and media group agreed to sell its majority stake in Morocco’s Maroc Telecom for €4.2 billion or $5.7 billion to Abu Dhabi-based Emirates Telecommunications Corporation, or Etisalat.
The transaction will be completed by early 2014.